Corporate Social Responsiblity Essay
The concept and framework of CSR has been established by the European Union in relation to promote the CSR to the business society and environment. Corporate Social Responsibility refers to the “firm’s consideration of, and response to, issue beyond the narrow economic, technical, and legal requirements of the firm…(to) accomplish social benefits along with the traditional economic gains which the firm seek.”(Husted 2003).
CSR was defined by European Commission (2007) is “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with the stakeholders on a voluntary basis” following increasingly aware that responsible behaviour leads to …show more content…
Economic theory reflects the degree of association of CSR and financial performance by taking consideration of cost-related advantages, market advantages and reputation advantages (Chamburi & Wan Noramelia 2004). In the business, CSR is concerned with employment, lifelong learning, consultation and participation of workers, equal opportunities and integration of people towards restructuring and industrial change. Basically, the formation of policies is influenced by the authority employment strategies, the initiatives on social responsible restructuring, the initiatives to promote quality and diversity in the workplace and health and safety strategy.
The social issues include