Corporate Social Responsibility, Corporate Governance, Global Corporate And Global Markets
The main idea of this article is about the views and practices of corporate social responsibility, corporate governance, global corporate citizenship in the context of a globalized economy and global markets. The author discusses the five core concepts for an integrated strategy for corporate engagements, which includes corporate governance, corporate philanthropy, corporate social responsibility, corporate social entrepreneurship, and global corporate citizenship.
The article defines:
• Corporate governance represents following business practices that advance integrity and make ethical use of resources.
• Corporate philanthropy refers to committed and consistent giving to social organizations
• Corporate social responsibility is recognizing and acting in the best interest of diverse stakeholders
• Corporate social entrepreneurship is when business innovation leads to profitability while addressing social needs.
• Global corporate citizenship is an engagement at the macro level on issues of importance to the world, and contributing to enhancing the sustainability of the global marketplace.
Schwab, argues that among all, global corporate citizenship is imperative for a business and it is in a corporation’s enlightened self-interest to engage and address global issues such as climate changes, public heath care, energy conservation, water shortages, infectious diseases, terrorism, providing access to food, etc, and not engaging can affect the…