Quiz sa Wednesday Flashcards
is the responsibility of companies to act and behave
ethically to satisfy their stakeholders needs.
❑ is a mechanism by which companies hold
themselves to a set of legal, ethical, social and
ecological standards
Corporate Social Responsibility
The basic idea behind CSR is?
Doing well while doing good
When did the foundation for the modern definition of Corporate Social
Responsibility (CSR) begin?
The first half of the 20th century
When did interest in Corporate Social Responsibility (CSR) intensify due
to the growing threat of climate change?
1990s
What framework emerged as a way to increase corporate accountability
by measuring a company’s social, economic, and environmental impact?
Triple Bottom Line
Also during the 90s, Burke and Logsdon (1996) posed five dimensions to
strategic CSR: these are?
centrality, specificity, proactivity, voluntarism, and visibility
In 1991, Archie Carroll updated his CSR definition to include four dimensions
that build in significance:
ECONOMIC
LEGAL
ETHICAL
PHILANTHROPIC
An expectation of profit is natural when shareholders from corporations,
Economic
➢ A corporation is created through law and, as such, must abide by the rules and regulations imposed for fairness and justice
Legal
Doing what is right for stakeholders is what companies should aim for
Ethical
To fulfill this responsibility, companies need to truly embrace this, meaning, issues that pertain to the improvement
of human lives must be addressed without compromise.
Philanthropic
What are the four dimensions/stages of Social Responsibility?
Stage 1: Financial Viability
Stage 2: Compliance with Legal and Regulatory Requirements
Stage 3: Ethics, Principles, and Values
Stage 4: Philanthropic Activities
provide a framework that companies must
comply with.
Regulation
Benchmarks have been established because of companies best
practices that use CSR as a builder of reputation; how the
market behaves and influences; and how companies engage in
their respective CSR initiatives and have become a source of
competitive advantage.
Market Behavior
How stakeholders in society react and voice out their concerns to corporations publicly through various means have impacted
how organizations behave.
Social Activism
a mixture of beliefs, norms, symbols, and the heritage that a particular country or geographic area shares and
practices. This serves as a driver of CSR by shaping societal
expectations, influencing stakeholder behavior, guiding
regulatory frameworks, and impacting organizational values
and practices. Companies that understand and align with the
cultural context in which they operate are better positioned to implement meaningful CSR initiatives and build sustainable relationships with stakeholders
Culture
Integrating CSR in its planning from the different functional areas of a company fortifies the relationship and becomes a
creator of value that benefits the corporation in the long term
Strategy
A company needs to be profitable and take care of its own needs before it has the ability and resources to engage effectively in
social responsibility
Limited Financial Resources
A company that single mindedly focuses on operational
efficiency is usually driven by this. According
to Kolstad(2007), most executives support Friedmanian view of
maximizing returns to shareholders despite the growing
literature on CSR’s positive effects on corporate financial
performance, persistence and acceptance of maximizing profits
act as barriers to CSR
Profit Maximization
No matter how good the intentions are in promoting CSR in
organizations, it will need efficient mobilization through
employee involvement and engagement in its programs.
Without the support of human resources in its implementation.
CSR activities will be lackluster.
Availability of Human Resources
what are the three aspects of triple bottom line?
Economic (Profit)
Social (People)
Environmental
(Planet)
is a world authority on corporate
responsibility and sustainable capitalism, a bestselling author
and serial entrepreneur.
John Elkington
