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Questions and Answers
What is corporate social responsibility (CSR)?
CSR is a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public.
Which of the following is a key principle of CSR?
What does accountability mean in the context of CSR?
Accountability means recognizing that an organization's actions affect the external environment and assuming responsibility for those effects.
Transparency in CSR means that the organization disguises the effects of its actions in its reporting.
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What is the foundation upon which Carroll's CSR Pyramid is built?
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What three responsibilities are included in Carroll's CSR Pyramid, in order?
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How can CSR benefit a company?
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Study Notes
Corporate Social Responsibility Defined
- Corporate Social Responsibility (CSR) is a self-regulating business model that promotes social accountability.
- CSR, also known as corporate citizenship, emphasizes the impact of businesses on economic, social and environmental aspects.
- A company practicing CSR operates in ways that benefit society and the environment.
- CSR programs, philanthropy, and volunteer efforts can positively impact society and boost brands.
- CSR fosters stronger bonds between employees and companies, boosts morale, and connects employees and employers with the world around them.
- CSR benefits both consumers and companies, promoting a positive workplace environment.
- CSR is a strategy often employed by large corporations that have the capacity to give back to society.
- Successful corporations have a responsibility to set ethical behavior standards for their peers and industries.
Key Principles of CSR
- Sustainability: Focuses on the long-term impact of present actions on future resource availability.
- Accountability: Recognizes the impact of organizational actions on the external environment and assumes responsibility for those effects.
- Transparency: Ensures that all actions and external impacts are clearly communicated through organizational reporting.
CSR Pyramid
- Carroll's CSR Pyramid outlines a framework for understanding corporate responsibilities.
- Profit forms the base of the pyramid, signifying the primary goal of any business.
- Legal Compliance represents the next layer, emphasizing the adherence to all laws and regulations.
- Ethical Duties are the next level, highlighting the need for businesses to operate ethically.
- Philanthropic Options are at the top, showcasing a company's commitment to contributing to society.
Arguments for and Against CSR
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Arguments for CSR:
- Enhanced brand reputation and increased consumer trust.
- Improved employee morale and increased job satisfaction.
- Attracting and retaining top talent.
- Reduced risk and improved risk management.
- Access to new markets and investors.
- Increased competitiveness and innovation.
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Arguments against CSR:
- Increased costs and decreased profits.
- Competitive disadvantage compared to non-CSR companies.
- Difficulty in measuring and assessing CSR impact.
- Confusion and ambiguity in CSR definitions and standards.
- Moral hazard, where companies use CSR to cover up unethical practices.
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Description
This quiz explores the concept of Corporate Social Responsibility (CSR), its significance, and the impact it has on society and the environment. Learn how CSR serves as a self-regulating business model that enhances social accountability and benefits both companies and consumers through ethical practices and sustainable initiatives.
