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Corporate Ethics: The Importance Of Corporate Social Responsibility

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Corporate Social Responsibility (CSR), by definition, refers to the responsibilities of business that go beyond that of its obligatory economic, legal and technical requirements and more towards philanthropic actions for sustainability. It is rooted from the belief that a business owes certain responsibilities towards the society and stakeholders beyond that of making profits. Corporate ethics, which are the morals of right and wrong regulating the conduct of businesses, works side by side with CSR.
In today’s increasingly globalized and corporate world, plagued by exploitation, inequalities and corruption of corporate irresponsibility, ethical behavior and CSR has grown in importance and has turned into an evident priority for business leaders. …show more content…

For multinationals, CSR plays the role of opening up new market opportunities where multinationals can aid poverty-stricken, less developed companies and open up new customer bases. Cutting edge CSR provides organizations to learn from projects they invest in and to improve their own core competencies. The healthy image of a company gained by practicing CSR also helps retain more and better quality workforce, as they feel more honoured working in a company with socially responsible. Furthermore, with much of the developing world moving towards growing economies, customers value quality, brand image and ethics more than prices. Even in terms of investing and financing, there is a growing trend of shareholders investing in socially responsible companies. Practicing CSR also helps the company earn a reputation of a good corporate citizen that increases brand awareness and attractiveness and companies also do some cost saving in terms of escaping expensive fines and court …show more content…

It’s products range from air-conditioners, television, lights, home appliances and many other electronic products and is now one of the largest electronic companies in Japan.
Panasonic’s aims have always been directed towards environmental sustainability due to their long- standing philosophy of a company as a public entity of the society. It’s mission and objective is to contribute in advancement of the world by improving society through their products. With their vision to become the number 1 green innovation company in the electronics industry, they have integrated their CSR activities with their business nature.
Out of the model of determinants of ethical behavior, as in figure 2, in the case of Panasonic, personal ethics of the President, the organizational culture and leadership are most likely to be the roots of their ethical behavior. As Konosuke Matsushita says that companies and society are a single entity rather than separate ones and this is how he expects his employees to look at their corporate

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In using metro CSR report, they company’s approach is to reducing lighting (energy) by using LED, and also like Loblaw’s, Metro monitors refrigeration leaks and waste (Metro Inc., 2015), (CDP, 2015). Therefore in terms of global warming and pollution, Loblaw’s is least advanced of the three industries due to lowest score; even despite the fact they meet more regularly than

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Verizon’s CSR shows the strategy dimension of ‘high centrality’ (Burke and Logsdon 1996). It can be found that some of Verizon’s CSRs are targeted to improve the environment, which includes reducing the carbon footprint, helping customers reduce their energy use and environmental impact and so forth (Verizon 2015). The effort that Verizon takes towards society shows that Verizon’s CSR is highly central with their purpose which is to sustain the environment (Verizon 2015). Verizon’s CSR strategy is to be economically efficient and its CSR helps to reduce the operating cost and deals with environmental issues (Conley and Williams 2005). In this way, Verizon shows satisfactory CSR performance.

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CSR is a concept of practice. The CSR information and documentation has also criticism in present year (AASB 2015). The studies has documented that a rise in the demand for the information related to CSR activities of the company. The studies have shown numerous methods for the discloser of CSR activities of the company (ACCC 2015).

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Retrieved from http://dx.doi.org/10.1016/j.orgdyn.2015.02.200 Carroll, A. B., & Shabana, K. M. (2010). The Business Case for Corporate Social Responsibility: A Review of Concepts, Research and Practice. International Journal of Management Reviews, 12 (1), 85-105. doi:10.1111/j.1468-2370.2009.00275.x Chan, L. Y. (2014). Corporate Social Responsibility of Multinational Corporations.

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Davis (as cited by Khalidah, Zulkufly, & Lau, 2014) defined Corporate Social Responsibility (CSR) as “… the firm’s consideration of, and response to, issues beyond the narrow economic, technical, and legal requirements of the firm. It is the firm’s obligation to evaluate in its decision-making processes the effects of its decisions on the external social system in a manner that will accomplish social benefits along with the traditional economic gains, which the firm seeks. It means that social responsibility begins where the law ends. A firm is not being socially responsible if it merely complies with the minimum requirements of the law, because this is what any good citizen would do.” A firm will not survive without the support of both the stakeholders and shareholders, thus the CSR proposes the indication which stats that a firm can never exist In a vacuum (Khalidah et.

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Firms which are managing environmental affairs their relations with consumers, vendors, regulators, and other industries are increasing and improving their sustainability to the success. The environmental strategies include developing green business, divesting environmental-damaging business, Struggle to become low cost producer, through energy conservation and waste minimization, and implementing different strategy through green product features. The firms can include environmental representative in their board of directors, announce bonus for the favorable environmental results, establish environmental oriented objectives, include environmental values in mission statements, and provide environmental training program for firm managers and employees. WHY FIRMS SHOULD “BE GREEN”

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Corporate Social Responsibility (CSR) relates to the actions of an organization and the effects on the environment and social wellbeing. It is about the way that the company assesses its actions and takes responsibility for this. (Investopedia, n.d.) CSR is a management concept whereby companies integrate social and environmental issues in their business operations and interactions with stakeholders . The company aims to achieve a balance of economic, environmental and social objectives, while also listening to the needs of stakeholders.

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In the recent years more and more companies in the retail and food industry are concerned about the environmental consequences of their action and also the social ethics for the people involved in the production process. This is a shift from the philanthropic actions companies used to take in 1970’s and by following basic international standards to a ‘business case’ perspective of CSR (Customer Social Responsibility). According to the World Business Council for Sustainability Develpoment ( WBCSD) CSR is: ‘’ the commitment of business to contribute to sustainable economic development, working with employees, theirfamilies, the local community and society at large to improve their quality of life’’ (World Bank, 2002)

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Corporate Social Responsibility (CSR) relates to the actions of an organization and the effects on the environment and social wellbeing. It is about the way that the company assesses its actions and takes responsibility for this. (Investopedia, n.d.) CSR is a management concept whereby companies integrate social and environmental issues in their business operations and interactions with stakeholders. The company aims to achieve a balance of economic, environmental and social objectives, while also listening to the needs of stakeholders.

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UNIQLO, 66-year-old Fashion and Retail industry was established in 1949 in Japan. It is a wholly owned subsidy which was bought by Fast Retailing Co Ltd since November 2005.With its head quarters in Tokyo it has managed to expand its clothing business in fourteen countries globally. An article from the Business Insider says that this Japanese chain has become the envy of retailers worldwide. It started in 1949 in Hiroshima as “Unique Clothing Warehouse”. The words were later joined to make “UNIQLO”.

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Particularly, the reports focus was placed on consumer electronics and related component manufacture. The main value adding processes for these product streams were determined to be firstly, innovation through research and development through investment in SAIT and R&D centres worldwide. Secondly, customer service which is enhanced by providing multi-platform service options and consumer focused development through feedback facilities. Finally, that value added to consumers by sustainability measures, including recyclable packaging, a green supply chain and bio-product

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This also evident from above discussion that ethical leadership is also crucial in developing the ethical culture within an organization. The employee performance can also incredibly increased by ethical and moral behavior in a workplace that practice good ethics. Finally, the overall performance of an organization in term of its financial outcomes is also benefited from the ethic practice. The case study of L’Oreal also provides a good example of all

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Business ethics also referred to as corporate ethics can be considered as either a form of applied ethics or professional ethics. Its purpose is to analyse ethical principles and also moral as well as the ethical problems that might arise in a business environment. Business ethic is applicable to all parts of business conduct and also takes into consideration the conduct of individuals and the business organizations as a whole. Business ethics can be divided into normative and descriptive discipline. For the purpose of this assignment, the Nestle Company has been chosen.

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Review of Literature Unethical behavior can tarnish a company’s image and reputation. If a company is unethical, they may have to spend additional money to improve their public image, as well as gain back as many customers as possible. The reason I have chosen to use articles that are quite a few years old and that are not so recent is because I feel that they are very good examples of what I am trying to prove in the terms of ethical behaviour within companies and these specific articles relate well to my chosen topic.

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The earlier opinion stated that a business cannot be ethical, but this opinion is not used anymore in the modern business. Today business has belief that they must be responsible for social since they live and operate within a social structure. The key factors that make business ethics is important at the quarter of the 20th century are corporate social responsibility, corporate governance, and globalized economy. The culture of an organization, or else we can call it as the philosophy of an organization which is related with ethics have a great relationship with the performance of a business in long and short term. As a business is manage by human being, the people who manage a business

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