CSR is commonly known as “corporate social responsibility”. CSR is a form of corporate self-regulation crammed into a business model. CSR basically functions as a self-regulatory mechanism in which a business monitors and ensures its active compliance within certain regulations of code and laws. CSR is important in aiding a companies’ mission as well as a guide for to what the company stands for in face of consumers. All in all, CSR strives to provide a positive impact in all sectors of their environment such as stakeholders, employees, and consumers. CSR is good for business. After reviewing a scholarly article by Avi Sharma, I have gained some insight on how CSR affects business and it’s consumers. According to Avi, good CSR can affect the security enhancement in volatile regions by forging relationships with civil society partners. Also, investment in sustainable development has also proven that it can generate measurable returns for shareholders (Avi, 2015). Since CSR is good for business, 90% of all consumers polled across ten countries specified that they would boycott a firm that appeared to engage in irresponsible or risky practices (Avi,2015). The consumers stated this because they believe that a corporation should go above and beyond the minimum legal requirement. The benefits of a company implementing CSR can be seen as positive in the economic perspective.
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According to Kotler & Lee, good CSR increased sales and market share, brand development, and image expansion. CSR can also decrease operational costs which will appeal to investors and partners. This is another example of how CSR is good for business. Since communicating and reporting CSR is beneficial, the competition between companies is also manifested in the field of establishing good business practices, reporting CSR is increasingly more done worldwide (KPMG, 2011, p.17). Even more, companies are more and more reporting quantitative and qualitative data on their positive performances (KPMG Advisory, 2010, p.3) (Zbuchea, 2013). A study was conducted for pharmaceutical companies in America that noted good CSR does impact an organization. One respondent from the study stated that: “We view CSR as a spectrum ranging from philanthropy to non-profit activities, to shared value activities where we pursue initiatives that generate societal value and economic value for the company (Droppert, Bennett, 2015). From the study, three organizations that implemented CSR to their practices noted that a high value trust was coming from both the communities and enterprises that the companies serve. This is just another example of how CSR benefits a company and how it is good for business. After reading a scholarly journal on CSR in the Philippines, I have come to the obvious conclusion that CSR is good for business. Since the Philippines is a developing country, the aim for CSR here is to give back to the community. Corporations across the Philippines took part in this initiative in steps that benefit a sector of the population (Habaradas, 2013). The first step is to help farmers become reliable suppliers. The second step is to hire community residents for industrial projects. The third step is connecting public high schools to the internet. Lastly the fourth step is to create an outreach program in one of the Philippines super malls in order to help residents relax, shop and unwind from their hectic lives. All of these steps were contributed by corporations in the Philippines. Last but
According to Kotler & Lee, good CSR increased sales and market share, brand development, and image expansion. CSR can also decrease operational costs which will appeal to investors and partners. This is another example of how CSR is good for business. Since communicating and reporting CSR is beneficial, the competition between companies is also manifested in the field of establishing good business practices, reporting CSR is increasingly more done worldwide (KPMG, 2011, p.17). Even more, companies are more and more reporting quantitative and qualitative data on their positive performances (KPMG Advisory, 2010, p.3) (Zbuchea, 2013). A study was conducted for pharmaceutical companies in America that noted good CSR does impact an organization. One respondent from the study stated that: “We view CSR as a spectrum ranging from philanthropy to non-profit activities, to shared value activities where we pursue initiatives that generate societal value and economic value for the company (Droppert, Bennett, 2015). From the study, three organizations that implemented CSR to their practices noted that a high value trust was coming from both the communities and enterprises that the companies serve. This is just another example of how CSR benefits a company and how it is good for business. After reading a scholarly journal on CSR in the Philippines, I have come to the obvious conclusion that CSR is good for business. Since the Philippines is a developing country, the aim for CSR here is to give back to the community. Corporations across the Philippines took part in this initiative in steps that benefit a sector of the population (Habaradas, 2013). The first step is to help farmers become reliable suppliers. The second step is to hire community residents for industrial projects. The third step is connecting public high schools to the internet. Lastly the fourth step is to create an outreach program in one of the Philippines super malls in order to help residents relax, shop and unwind from their hectic lives. All of these steps were contributed by corporations in the Philippines. Last but