logo

Corporate Social Responsibility Assignment (Doc)

   

Added on  2020-04-21

7 Pages1480 Words29 Views
Running head: FINANCIAL, SUSTAINABILITY AND INTEGRATED REPORTINGFinancial, Sustainability and integrated reportingName of the universityName of the studentAuthors note

1FINANCIAL, SUSTAINABILITY AND INTEGRATED REPORTINGIntroduction:Corporate social responsibility and corporate philanthropy are closely related conceptsand philanthropy is a part of social responsibility of business or organization. Both the concepthave the potential of creating positive impact on the overall performance of company. Acorporate social responsibility (CSR) is a program that is built by company based on sharedexperience. Corporate philanthropy is the dimension of corporate social responsibility(Kozlowski et al., 2015). Discussion:The concept of corporate social responsibility can be referred to as voluntary softregulations that organizations adopt for improving several aspects of company such as issuesrelating to environmental, labor and human rights. There exist ambiguity in defining thecorporate social responsibility concept despite several efforts to bring an unbiased definition.Employment of programs of corporate social responsibility is about companies taking actionsand having responsibilities that is beyond their economic, business and legal obligations. Onother hand, one of the specific type of activity involved in the CSR program of business iscorporate philanthropy. It is the actions on part of corporations donating resources and profits tononprofit companies. Corporate giving or philanthropy can either be done through corporatefoundation or handled directly by corporation (Beare et al., 2014). Philanthropy is the primary and first CSR activity of many organizations and thecharitable actions is done using corporate resources for engaging in activities such as charitableactivities and donations and voluntary working by engaging personnel. Such activities does notseek any direct benefits to business and they take place outside the immediate business of

2FINANCIAL, SUSTAINABILITY AND INTEGRATED REPORTINGorganization. However, organizations or corporation are able improve their reputation byminimizing invasive public policy. Employment of activities of corporate social responsibilityleads to collaboration and integration of shareholders with other group of stakeholders forbuilding credibility, managing potential risks and trust creation in society. Philanthropy isconsidered as social and voluntary dimension of CSR activities as these activities are notprescribed by laws and it is more a voluntary actions of organization.CSR is understood by business activities that helps in addressing philanthropy that can bea source for non-government organization. From the perspective of company, philanthropy isabout donating charities that leads to taking efforts for assisting distressful people by fundingthem. Some of the example of corporate philanthropy involves donating funds or money toorphanages, charities, old age homes, financing clothing and food to people hit by Tsunami andto countries that are hit by natural calamities. CSR activities adopted by organization is about the integration of economic, social andenvironmental considerations into the processes and decision making structures of business.Employment of such programs helps in producing direct benefits for the bottom line. Some ofthe examples of CSR activities of organization is recycling of materials and reduction of waste.An organization can have economic and environmental benefits simultaneously by adoption ofco efficient actions (Ioannou & Serafeim, 2014). This would help in generating positiveprofitability by contribution to stronger financial performance. Organizations are able to derive ample benefits for engaging in CSR activities. Suchbenefits involves development of better relations with stakeholders and communities, improvedbranding, innovation and productivity. CSR is becoming part of strategic behavior ofincreasingly small, medium and corporations operating at international level. Organization

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Corporate Social Responsibility (CSR)
|5
|1324
|17

Corporate Social Responsibility: Beyond Philanthropy
|11
|2212
|361

Corporate Social Responsibility
|9
|1592
|22

CSR Impact on Financial Performance
|11
|2023
|39

G4S PLC Corporate Social Responsibility
|9
|2033
|29

Resources for Manufacturing Products
|6
|1388
|384