Broad and Narrow View of Corporate Social Responsibility
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Added on 2023/05/28
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This essay highlights the broad and narrow view of corporate social responsibility (CSR) and argues that organizations need to take into effective consideration both the broad and narrow views of CSR before its active use.
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Running head: BUSINESS ETHICS Business Ethics Name of the Student: Name of the University: Author’s Note:
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1BUSINESS ETHICS Ni and Van Wart (2015)are of the viewpoint that the construct of Corporate Social Responsibility (CSR) can be seen as a self-regulatory model which helps the business enterprises to be socially accountable to the different individuals who are related to them. As opined byLins, Servaes and Tamayo (2017),the contemporary business enterprises are required to contribute in a substantial manner towards the planet as well as the environment and also to mitigate the adverse effects of the damage that their business operations are causing.As stated byCheng, Ioannou and Serafeim (2014),the focus of the contemporary organizations is on the attainment of competitive advantage as well as sustainability and the effective usage of the tool of CSR helps the organizations to achieve these ends in a congenial manner.This essay will highlight the broad and the narrow or the classical view of corporate social responsibility (CSR). .Cheng, Ioannou and Serafeim (2014)have argued that one of the most important aspects of the narrow or the classical view of the construct of CSR is the fact that the business enterprises have only responsibility, that is, to make profit. In this regard, it can be said that the primary focus of the different business enterprises should to make as much profit as possible and thereby contribute towards the economic growth of the nation or the region in which they are operational. More importantly, this view of the construct of CSR argues the fact that this is the only sustainable means through which the different business enterprises can contribute in a substantial manner towards the development of the world and thereby take responsibility for their actions.This is important because of the fact that the modern business enterprises are more concerned regarding the brand image of their organizations, employee performance, the socio-economic aspects of their business and other aspects (Lins, Servaes & Tamayo, 2017). The net result of this is the fact that this has shifted the focus of the contemporary business enterprises from the aspect of profitability to the other areas like
2BUSINESS ETHICS social growth, planetary growth, improvement of the condition of the environment, planet, society and others. According toGrayson and Hodges (2017),the broad view of the construct of CSR is mainly concerned with the aspect of socio-economic growth of the nation or the area in which they are operational. This is important because of the fact that in the contemporary times the argument that the business enterprises need to take responsibility for the damage that are causing has gained much prominence (Ni & Van Wart, 2015). The net result of this is the fact that the contemporary organizations need to take into effective consideration the aspects of environment, planet and society (Grayson & Hodges, 2017). Thus, the business enterprises have an obligation to contribute in a meaningful manner towards the growth of the society as well as the planet at large. This is being done by the different organizations through their endeavor to solve the different kinds of wicked problems that the world is facing currently. The different contemporary business enterprises are thus taking extra initiatives for the improvement of the societal condition of the world and help in the resolution of different kinds of issues like gender inequality, global warming and others. Thus, it can be said that the broad and the narrow view of the construct of CSR offer different sides of the same concept. To conclude, the construct of CSR has gained an unprecedented prominence within the cannon of contemporary business world and is being increasingly used by different organizations because of the plethora of benefits that they offer to the organizations.In this regard, it needs to be said that the narrow view of CSR articulates the fact that the fact that the business enterprises need to focus only on profitability. On the other hand, the broad view of CSR requires the organizations to help in the socio-economic growth of the planet. Thus, the organizations need to take into effective consideration both the broad and narrow views of CSR before its active use.
3BUSINESS ETHICS References Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance.Strategic management journal,35(1), 1-23. Grayson, D., & Hodges, A. (2017).Corporate social opportunity!: Seven steps to make corporate social responsibility work for your business. Routledge. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis.The Journal of Finance,72(4), 1785-1824. Ni, A., & Van Wart, M. (2015). Corporate Social Responsibility: Doing Well and Doing Good. InBuilding Business-Government Relations(pp. 175-196). Routledge.