Corporate Social Responsibility - Assignment Sample
Added on 2021-05-30
8 Pages2249 Words120 Views
CSR 1Corporate Social ResponsibilityNameUniversityCourseInstructorDate
CSR 2IntroductionCorporate governance is the process of transforming the company into meeting itsset objectives. Corporate Social Responsibility (CSR) is a significant component of corporate governance structure in terms of reputation risk management. The evaluation ofthe social, environmental and ethical risk assessment has been carried out to ensure the success of the corporate governance (Valor 2005). CSR in organizations is a model debated upon and has attracted arguments in academic discourse for sometime now. The significance of CSR in organizations and the relationship that they portend for organizational structure and management cannot be overlooked (Leat 2007). This is especially because; it is seen as important aspect that functions to bring justice in organizations. Becker (2009) notes that the search for justice and broadened organizational performance in the work place in line with business and professional ethics are closely toed to corporate social responsibility. This essay will assess CSR in the context of Pfizer pharmaceutical company as a case study. Corporate Social Responsibility: Case Study of PfizerThe responsibility that a business play in the society in which it is carried out has been subject to various kinds of debate. While it is reckoned that the basic objective of any organization is maximization of profit, others feel that a business should go far beyond just profit maximization to embrace issues such corporate social responsibilities. Moreover, Zain (2008) believes that social responsibilities must be performed by businesses entities. She reinforces this by arguing that the primary responsibility of a
CSR 3company is to meet the expectations of every stakeholders of earning then dividends for their invested capital (Zain 2008, para 2). This calls for not mistreating the employees of an organization even if the primary aim should be shareholder profit maximization. Provided the firms operate within the regulations that are provided for by the pre-defined legislation, and having taken into account the interest of the shareholders, all the other supposed roles should automatically be fulfilled (Zain 2008). Friedman argues that if business organizations simply capitalize on profit maximization while operating under the established legal procedures, then the firm is assured a continued business life, as there will be funds for inventory maintenance and expansion. In his (Friedman’s) view, the management of a firm or business enterprise that engages itself in additional social responsibility may be faced with difficulties in executing its duties to be able to continue with the growth as well as development of the firm, an issue that Zain dismisses. Friedman opines that every firm should engage in free and open competition without engaging in any form of unethical activities or those that does not add value to stakeholders’ capital. Hence, by engaging in social responsibilities that benefit a society, it would be going against the business primary responsibility. Furthermore, he argues that a business that spends its earnings to benefit the society would compromise shareholder’s earnings (Zain 2008, Para 6). Indeed, Zain (2008) agrees that Archie Carroll has a larger view of the supposed responsibility of business. In the context of the socio-economic school of thought, Carrollconsiders the responsibility of business as four-fold and extends beyond shareholder’s profit maximization. In his view, business plays economic roles, ethical roles, legal roles as well as other voluntary roles that help shape the society in general (Zain 2008, para.5).
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Stakeholder Theory Assignment | CSR Assignmentlg...
|10
|2537
|274
Corporate Social Responsibilitylg...
|4
|504
|137
Corporate Social Responsibility from SAGE Key Concepts Series: Key Concepts in Critical Management Studieslg...
|3
|1749
|320
Business Studies: Ethics and CSR in Sainsbury'slg...
|8
|2613
|302
Corporate Social Responsibility Is a Subversive Doctrine in a Free Societylg...
|4
|460
|92
Corporate Social Responsibility and Ethical Dilemma in Businesslg...
|9
|2482
|130