Corporate Social Responsibility (CSR) Fundamentals
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Questions and Answers

What is the primary focus of Corporate Social Responsibility?

  • Improving societal and environmental well-being (correct)
  • Maximizing shareholder profits
  • Meeting legal obligations
  • Reducing operational costs
  • What is the concept that emphasizes the creation of economic value while addressing social and environmental challenges?

  • Corporate Philanthropy
  • Shared Value (correct)
  • Triple Bottom Line
  • Stakeholder Theory
  • What is the framework that assesses a company's performance based on three dimensions?

  • CSR Initiative
  • Shared Value
  • Stakeholder Theory
  • Triple Bottom Line (correct)
  • What is the benefit of CSR that helps companies mitigate risks associated with social and environmental issues?

    <p>Risk Management</p> Signup and view all the answers

    What is the CSR initiative that includes charitable donations, volunteer programs, and community outreach?

    <p>Philanthropy</p> Signup and view all the answers

    What is the term for companies considering the needs and interests of various stakeholders?

    <p>Stakeholder Theory</p> Signup and view all the answers

    What is the benefit of CSR that improves a company's reputation and brand image?

    <p>Enhanced Reputation</p> Signup and view all the answers

    What is the CSR initiative that aims to reduce carbon footprint, energy consumption, and waste?

    <p>Environmental Sustainability</p> Signup and view all the answers

    What is the term for the evolution of CSR from a focus on philanthropy to a strategic approach?

    <p>Strategic CSR</p> Signup and view all the answers

    What is the benefit of CSR that drives innovation and increases competitiveness?

    <p>Innovation and Competitiveness</p> Signup and view all the answers

    Study Notes

    Definition and Evolution

    • Corporate Social Responsibility (CSR) refers to a company's voluntary efforts to improve societal and environmental well-being, beyond its legal obligations.
    • CSR has evolved from a focus on philanthropy to a strategic approach integrating social, environmental, and economic considerations into business operations.

    Key Concepts

    • Stakeholder Theory: Companies have a responsibility to consider the needs and interests of various stakeholders, including shareholders, employees, customers, suppliers, and the community.
    • Triple Bottom Line (TBL): A framework that assesses a company's performance based on three dimensions: social, environmental, and economic.
    • Shared Value: A concept that emphasizes the creation of economic value while addressing social and environmental challenges.

    Benefits of CSR

    • Enhanced Reputation: CSR initiatives can improve a company's reputation and brand image.
    • Risk Management: CSR helps companies mitigate risks associated with social and environmental issues.
    • Innovation and Competitiveness: CSR can drive innovation and increase competitiveness by identifying new business opportunities.

    CSR Initiatives

    • Philanthropy: Charitable donations, volunteer programs, and community outreach initiatives.
    • Environmental Sustainability: Efforts to reduce carbon footprint, energy consumption, and waste, as well as promote sustainable practices.
    • Diversity and Inclusion: Initiatives to promote diversity, equity, and inclusion in the workplace and supply chain.
    • Supply Chain Management: Ensuring responsible practices throughout the supply chain, including labor rights and fair trade.

    Challenges and Limitations

    • Greenwashing: The practice of making false or misleading claims about a company's CSR efforts.
    • Cost and Resource Constraints: CSR initiatives may require significant investments, which can be a challenge for small or resource-constrained organizations.
    • Measuring CSR Impact: Difficulty in quantifying the effectiveness and impact of CSR initiatives.

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    Description

    Learn about the evolution of Corporate Social Responsibility, its key concepts, benefits, and initiatives. Understand the importance of CSR in today's business world.

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