Corporate Social Responsibility and its Benefits

The assignment provided is a detailed analysis of corporate social responsibility (CSR) and its impact on businesses. It explores the concept of CSR, its importance, and its benefits, including increased sales, customer loyalty, positive business reputation, and operational cost savings. The document also reviews relevant literature and research studies on CSR, highlighting its effects on business performance. This assignment is suitable for students studying business ethics, management, or sustainability-related courses.

STUDY SKILLS
INDIVIDUAL REPORT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
What is Literature Review and what does it achieve?................................................................1
Literature review on Corporate Social Responsibility................................................................2
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The literature review is a comprehensive summary and scholarly paper of previous
research on a topic whose main aim of describe and clarify this previous research. Present report
describes the literature review and what does it achieve. This present report shows about the
importance and meaning of literature review and the purpose of doing this review. It describes
and refers to the knowledge about concept in a particular area like corporate social responsibility.
With the helps of literature review on CSR find out the ways of improving the relationship
between business and society for long run. This study also shows the importance of corporate
social responsibility and find out the ways of removing problems related to society and
environment.
MAIN BODY
What is Literature Review and what does it achieve?
Literature Review can be defined as the review article or narrative review. Conducting
literature review means that author effectively demonstrate the knowledge regarding the
particular study field and it may include different theories, vocabulary, key variables,
phenomena and different methods (Carroll, 2018). Literature review refers to the simple
summary of the sources but it is also an organisational pattern that includes both summary and
synthesis. Literature review includes both summary and explanation of complete and current
state of knowledge on a particular topic. The main objective of the literature review is to provide
the foundation of knowledge on a topic. It also provides an easy process to research on a topic by
selecting high quality articles that are relevant and meaningful and then summarising them into a
complete assignment. Literature review also identified the gaps and contradictions in the
literature and produce a constructive analysis of the approaches and methodologies for
researchers.
The literature review is defines as the significant part of the research study because it
shoes the readers that a researcher have a depth knowledge of the given particular subject and it
also discusses the information of the specific subject area (Porter and Kramer, 2016). It includes
four important literature reviews such as exploratory, evaluative, systematic and instrumental.
The literature review needs to concentrates on research questions and try to identify and
summarize all arguments as well as research evidence which are related to questions (Kim, Kim
and Qian, 2018).
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In the literature review each and every statement and report are supported by the
reference. It also provides an evidence to committee that research scholar have a deep
understanding and knowledge of this study and published statistical research (Hart, 2018).
Literature review plays an important role in collecting more data and information about the
current research project. For direction of future research and guidance it uses the result of
previous research (Branco, and Rodrigues, 2016). All the literature review produce and share the
common characteristics and feature in order to make a justification for the research. It can also
produce an insight and tips for making their own study in order to make their own report in the
effective manner through using the best methodologies and methods(Vagia, Transeth and
Fjerdingen, 2016).
For achieving the literature review scholar need to demonstrate its intellectual ability to
recognise relevant information and to evaluate it according to the research questions or the
statement you have developed. The objective of literature review is to discover research
strategies and particular data collection approaches that have been productive in investigation of
topics which are similar to report topic. It suggests various approaches and activities which are
previously not considered(De Mauro, Greco and Grimaldi, 2015).
The process of literature review can be effectively done through using various steps, in
which the first step defines the topic or selecting a specific topic and the research questions and
start writing sown the questions which are related to research (McWilliams, Siegel and Wright,
2016). The second step decide the scope of your review which is based on the report because it
helps in identifying the number of sources require report and the third step select the data base
which will use to search the comprehensive data base and it can be find out through research
guidelines(Machi and McEvoy, 2016). The fifth of literature review that the person need to do
searches and find the literature and the final step evaluate and review the literature in terms of its
betterment.
Literature review on Corporate Social Responsibility
As per the views of Saeidi, Sofian and Saaeidi, (2015), corporate social responsibility can
be defines as the self regulating business model that helps to the enterprise to be socially and
accountable. In this consideration, practising corporate social responsibility also conscious kind
of impact that considered in society. In this regard, businesses manager their process that helps to
create overall positive impact on the society. It is continued commitment by the business that
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helps to lead and behave ethically which contribute for economic development to improve
quality of life. On the other hand, Schrempf-Stirling, Palazzo and Phillips, (2016) stated that in
local community, it is defines as the evidence that helps to deal across the world. CSR is about
capacity building for sustainable livelihoods. It also respects with cultural differences and helps
to find different business opportunities in building skills of staff members. In the community and
government CSR giving positive outcomes in the society. European model more focused on
operating the core business in socially responsible way. It is complemented by investment in
communities for different business case.
According to the views of Schrempf-Stirling, Palazzo and Phillips, (2016), social
responsibility become an integral part of the enterprise which determine wealth creation which is
properly managed which increase competitiveness in the business. It also assists to maximise
value of wealth creation that ascertained positive results in the society. Furthermore, sometime
companies contribute their employees part voluntary so that it helps to increase society and
cleaner environment as well. This concept is integrated social and environmental concerns in
which business operations and their interactions with stakeholders analysis in appropriate way.
On the other hand, Crane, Matten and Spence, (2019) stated that Wang, Tong and George,
(2016) argued that corporate social responsibility considered at the organisational level so that it
is generally understood as a private firm policy. In this regard, it can be also stated that it must
align and integrated into business model to be successfully so that firm can implement CSR
which goes beyond compliance with regulatory requirements. Overall, business also engage in
many aspects that helps to deal in CSR that encourage the company to make positive impact on
the outcomes.
As per the views of Schrempf-Stirling, Palazzo and Phillips, (2016), corporate social
responsibility is broad term which describes efforts that improve society in some way. In this
consideration, efforts can range from donating money to implementing in money term to
implementing environment friendly policies in the business. CSR aims to ensure that companies
need to conduct their operations in right way. It can include different activities such as working
in partnership with local communities. It creates several benefits that helps to develop customer
loyalty as well. Beside this, Crane, Matten and Spence, (2019) argued that, CSR is also important
for stakeholders to report them in right manner. In the business, isolation is not existing so that it
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relies on multiple interdependent relationship with customers, employees and communities.
Stakeholders can successfully take part in business with taking more and effective care.
Porter and Kramer (2016) states that business organisation investing in corporate social
responsibility can get many benefits and advantages. As corporate social responsibility helps in
creating awareness and building brand reputation and image. Business can turn this for gaining
competitive advantages and sustain in intense competitive markets. Some companies also favour
suppliers that maintain social policies and responsibilities. As this reflects how target customers
see the business organisation. Business following social responsibilities focus on reducing the
waste of resources and emission. Thus it leads to help business for reducing the cost and also
helps the natural environment. Corporate social responsibility helps business organisation to
increase the customers loyalty and profitability and sales. Business can also increase the product
safety and decrease the liability of business through adopting the social and ethical practices.
Business organisation can effectively manage to lower down the utility bills through following
the corporate social responsibility. Sustainable and responsible business may also find it easier
for attracting and recruiting talented and skilled candidates. The sustainable businesses find it
easier for motivating and encouraging customers and employees as well. This helps in reducing
the employee turnover rate and also the cost of disruption through recruitment and training. The
corporate social responsibility followed by business organisation lead to bring positive impacts
on the overall operations and activities of business. It can get financial access easily as investors
are generally more likely to back for reputable and sustainable companies. Organisations takes
part in community activities as a part of CSR and thus it can easily attract the attention of media
in positive manner. The corporate social responsibilities also ensures that business manages good
relationship with other local and social authorities which can help in making business activities
better and easier. Thus, CSR helps in reducing the regulatory burdens and organisation can focus
on finding effective business opportunities. It can focus on identifying new and innovative
business ideas and developing new products and services.
Whereas, Branco and Rodrigues (2016) argues that running organisational activities and
operations in a socially responsible manner is a challenging task and it may lead to bring various
issues for business organisation. Business organisation finds it difficult for managing
profitability, attracting and retaining customers and employees, managing business policies,
government rules and regulations, relationship with other stakeholders and also social
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responsibilities. The act of balancing all these aspects of business and effective social changes
and also exceeding strategic objectives of company is one which companies are trying to find.
Business organisations focus on keeping salaries and wages of employees low so that they can
maximize the profits and can manage the other activities and operations of business effectively.
But, the corporate social responsibility ensures that business has to pay fair and/or above average
salary to employees and worker. This lead to bring loss for business as it increases the cost for
company. Business that works with various suppliers may find it challenging and difficult for
addressing social irresponsible practices of supplier's business. Business organisations needs to
ensure that there are rigorous and tight balances and checks so that it can identify products which
do not meet the safety standards. Business may also finds it challenging for making sure that
both employees and customers safety and security is set to priority according to set standards of
corporate social responsibility. The priority needs to set so that different products and services
can be effectively provided in safe, secure and responsible way. Organisation also find issues in
managing and also remaining committed for training employees regarding the incorporation of
sustainable practices in the day-to-day activities and operations. These practices needs be
employed company-wide and also to be effectively tracked and measured. It also leads to bring
great pressure on business through the investors as they are changing their way, view and
perspective for analysing performance of company. Investors make business decisions generally
based on ethical and social concerns.
CONCLUSION
From the above study it has been concluded that literature review plays vital role in
research study. Literature review refers to demonstrating skills and knowledge of the authors on
given or particular study topic. In the present report, literature review is conducted on the
Corporate Social Responsibility. It has founded some ways of solving problems or issues related
society such as supply chain management and environmental sustainability in order to improve
living standard of people. It has also find out the reason which created various problems related
to society and environment. It showed some importance of corporate social responsibility like it
increased sales and customer loyalty, increased positive business reputation and also helped in
saving operational costs.
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REFERENCES
Books and Journals
Branco, M. C. and Rodrigues, L. L., 2016. Corporate social responsibility and resource-based
perspectives. Journal of business Ethics. 69(2). pp.111-132.
Carroll, A.B., 2018. A history of corporate social responsibility: Concepts and practices. The
Oxford handbook of corporate social responsibility. pp.19-46.
Crane, A., Matten, D. and Spence, L. eds., 2019. Corporate social responsibility: Readings and
cases in a global context. Routledge.
De Mauro, A., Greco, M. and Grimaldi, M., 2015, February. What is big data? A consensual
definition and a review of key research topics. In AIP conference proceedings (Vol.
1644, No. 1, pp. 97-104). AIP.
Hart, C., 2018. Doing a literature review: Releasing the research imagination. Sage.
Kim, K. H., Kim, M. and Qian, C., 2018. Effects of corporate social responsibility on corporate
financial performance: A competitive-action perspective. Journal of
Management. 44(3). pp.1097-1118.
Machi, L. A. and McEvoy, B. T., 2016. The literature review: Six steps to success. Corwin Press.
McWilliams, A., Siegel, D. S. and Wright, P. M., 2016. Corporate social responsibility: Strategic
implications. Journal of management studies. 43(1). pp.1-18.
Porter, M. E. and Kramer, M. R., 2016. The link between competitive advantage and corporate
social responsibility. Harvard business review. 84(12). pp.78-92.
Saeidi, S.P., Sofian, S. and Saaeidi, S.A., 2015. How does corporate social responsibility
contribute to firm financial performance? The mediating role of competitive advantage,
reputation, and customer satisfaction. Journal of business research. 68(2). pp.341-350.
Schrempf-Stirling, J., Palazzo, G. and Phillips, R.A., 2016. Historic corporate social
responsibility. Academy of Management Review. 41(4). pp.700-719.
Vagia, M., Transeth, A.A. and Fjerdingen, S.A., 2016. A literature review on the levels of
automation during the years. What are the different taxonomies that have been
proposed?. Applied ergonomics. 53. pp.190-202.
Wang, H., Tong, L. and George, G., 2016. Corporate social responsibility: An overview and new
research directions: Thematic issue on corporate social responsibility.
Online
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Corporate social responsibility (CSR). 2019. [Online]. Available through:
<https://www.nibusinessinfo.co.uk/content/business-benefits-corporate-social-
responsibility>
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