which statements define corporate social responsibility? course hero

What is Corporate Social Responsibility (CSR)?

Although corporate social responsibility is a very broad concept that is understood and implemented differently by each firm, the underlying idea of CSR is to operate in an economically, socially, and environmentally sustainable manner. Generally, corporate social responsibility initiatives are categorized as follows: 1.

How does corporate social responsibility boost a firm’s competitiveness?

However, it goes beyond that, as corporate social responsibility can also boost a firm’s competitiveness. The business benefits of corporate social responsibility include the following: 1. Stronger brand image, recognition, and reputation

What is the difference between economic responsibility and corporate social responsibility?

Economic responsibility initiatives involve improving the firm’s business operation while participating in sustainable practices – for example, using a new manufacturing process to minimize wastage. In a way, corporate social responsibility can be seen as a public relations effort.

What are the types of Corporate Social Responsibility initiatives?

Generally, corporate social responsibility initiatives are categorized as follows: 1. Environmental responsibility. Environmental responsibility initiatives aim at reducing pollution and greenhouse gas emissions, and the sustainable use of natural resources. 2. Human rights responsibility

Which of the following statements best define corporate social responsibility?

Answer» b. a corporation's obligation to society that goes beyond the requirements of the law and economics to take into account the social and environmental impact of its decisions.

How is corporate social responsibility defined quizlet?

A manner of doing business that takes into account the economic, social and environmental impact of the company's actions. The measure of business performance which includes social, environmental and economical impacts. You just studied 4 terms!

What are the 4 elements of corporate social responsibility?

Corporate social responsibility is traditionally broken into four categories: environmental, philanthropic, ethical, and economic responsibility.Environmental Responsibility. ... Ethical Responsibility. ... Philanthropic Responsibility. ... Economic Responsibility.

What describes corporate social responsibility?

Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.

Which of the following are examples of corporate social responsibility?

Some of the most common examples of CSR include:Reducing carbon footprints.Improving labor policies.Participating in fairtrade.Diversity, equity and inclusion.Charitable global giving.Community and virtual volunteering.Corporate policies that benefit the environment.Socially and environmentally conscious investments.

Which of the following is one of the seven types of corporate social responsibility?

In this episode we discuss several types of corporate social responsibility (CSR) including diversity, equity and inclusion, supply chain, environmental/sustainability, employee engagement, corporate philanthropy, and governance.

What are the 3 corporate social responsibility?

For a comprehensive CSR strategy, businesses should make multiple commitments that address all branches of corporate social responsibility: environmental, social, and supply chain/sourcing.

What are the 6 CSR principles?

6 ideas for bringing CSR principles into your daily business...Socially responsible procurement. In today's business climate, consumers are looking for ways to shop responsibly. ... Creating sustainable offices. ... Conscious hiring. ... Sustainable transit. ... Social experiences & leisure activities. ... Conscious shopping. ... In summary.

Which of the following statements is true of the common view of corporate social responsibility CSR )?

Which of the following statements is true of the common view of corporate social responsibility (CSR)? It holds that the primary responsibility of managers is to serve shareholders.

What are five corporate social responsibilities?

Five Ways Corporate Social Responsibility Promotes Sustainable BusinessPositive Press and Reputation Building. ... Consumer Appeal. ... Talent Attraction and Employee Retention. ... Stronger Client and Community Relations. ... Bottom Line.

What do you mean by corporate social responsibility Mcq?

What do we mean by Corporate Social Responsibility? The responsibility of an organisation to use its resources solely to increase profits. The responsibility of an organisation to fulfil its economic, social and environmental obligations to all of its stakeholders.

What is corporate social responsibility according to authors?

The most earliest and prominent definitions ascribed to CSR is the one given by Howard Bowen who (Carroll, 1999) refer to as the father of Corporate social responsibility “the obligations of businessmen to pursue those policies, to make those decisions, or to follow those lines of action which are desirable in terms of ...

What is corporate social responsibility?

Corporate social responsibility (CSR) refers to strategies that companies put into action as part of corporate governance that are designed to ensure the company’s operations are ethical and beneficial for society.

How does corporate social responsibility help a company?

However, it goes beyond that, as corporate social responsibility can also boost a firm’s competitiveness. The business benefits of corporate social responsibility include the following: 1. Stronger brand image, recognition, and reputation. CSR adds value to firms by establishing and maintaining a good corporate reputation and/or brand equity.

How does CSR add value to a company?

CSR adds value to firms by establishing and maintaining a good corporate reputation and/or brand equity. Brand Equity In marketing, brand equity refers to the value of a brand and is determined by the consumer’s perception of the brand. Brand equity can be positive or. . 2.

What is human rights responsibility?

Human rights responsibility initiatives involve providing fair labor practices. Business Ethics To keep it simple, business ethics are the moral principles that act as guidelines for the way a business conducts itself and its transactions. (e.g., equal pay for equal work) and fair trade practices, and disavowing child labor.

What are the two types of environmental responsibility?

Environmental responsibility initiatives aim at reducing pollution and greenhouse gas emissions, and the sustainable use of natural resources. 2. Human rights responsibility. (e.g., equal pay for equal work) and fair trade practices, and disavowing child labor.

What is corporate development?

Corporate Development Corporate development is the group at a corporation responsible for strategic decisions to grow and restructure its business, establish strategic partnerships, engage in mergers & acquisitions (M&A), and/or achieve organizational excellence.

What is economic responsibility?

Economic responsibility initiatives involve improving the firm’s business operation while participating in sustainable practices – for example, using a new manufacturing process to minimize wastage.