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Social responsibility impacts stakeholders by fostering trust and loyalty among consumers, employees, and investors, as businesses that prioritize ethical practices are often viewed more favorably. It can lead to an enhanced reputation, attracting customers who value sustainability and ethical conduct. Additionally, socially responsible practices can improve employee morale and retention, as workers are increasingly seeking employers who align with their values. Ultimately, a strong commitment to social responsibility can drive long-term success and create shared value for all stakeholders involved.
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Is a concept whereby organizations consider the needs of all stakeholders when making decisions?
Corporate Social Responsibility
What is the scope of social responsibility?
help me to know the scope of social responsibility
Where does social responsibility of business have to begin?
The social responsibility of business must begin with a commitment to ethical practices and transparency in operations. This includes understanding the impact of business decisions on stakeholders, including employees, customers, communities, and the environment. By prioritizing ethical sourcing, fair labor practices, and sustainable environmental practices, businesses can establish a foundation for responsible conduct. Ultimately, a genuine dedication to social responsibility should be woven into the company's culture and core values.
What are the two theories of corporate social responsibility?
The two primary theories of corporate social responsibility (CSR) are the stakeholder theory and the shareholder theory. The stakeholder theory posits that companies have obligations to a wide range of stakeholders, including employees, customers, suppliers, and the community, emphasizing ethical considerations and social impact. In contrast, the shareholder theory, often associated with economist Milton Friedman, argues that a corporation's primary responsibility is to maximize shareholder value, suggesting that social initiatives should only be pursued if they align with profit-making objectives.
Companies that take a social obligation approach to social responsibility?
What companies take a defensive approach to social responsibility
What is the difference between corporate governance and corporate social responsibility?
Corporate governance is for the accountability to shareholders, corporate social responsibility is for the accountability to remaining other stakeholders.
CSR Corporate Social Responsibility?
Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public.
How does social responsibility business positively affect the consumer?
How does social responsibility by businesses affect the consumer community negatively
Is a concept whereby organizations consider the needs of all stakeholders when making decisions?
Corporate Social Responsibility
Is there a difference between philanthropy and social responsibility?
Yes, philanthropy is an optional, and often very generous, donation, while social responsibility is an obligation set upon by the government (such as paying taxes, etc.) Social responsibility also is a responsibility for ALL citizens so the country may keep running .
The guiding practices and beliefs through which a particular company and its managers view their responsibility toward their stakeholders are called?
These guiding practices and beliefs are referred to as a company's corporate social responsibility (CSR) or corporate responsibility. It encompasses how a company conducts its business in an ethical and sustainable manner, considering the impact on various stakeholders such as employees, customers, communities, and the environment.
What is the scope of social responsibility accounting?
Social responsibility accounting encompasses the measurement and reporting of a company's social and environmental impacts alongside its financial performance. It aims to provide stakeholders with a comprehensive view of how a business affects society and the environment, focusing on areas such as ethical practices, sustainability, and community engagement. This type of accounting helps organizations assess their contributions to social goals and improve transparency, thereby enhancing accountability to stakeholders. Ultimately, it supports informed decision-making and promotes corporate accountability in the pursuit of sustainable development.
How Organizations can Choose to Respond to Societal Demands for Social Responsibility?
Social responsiveness is a company's response to stakeholders' demands for socially responsible behavior. There are four social responsiveness strategies. When a company uses a reactive strategy, it denies responsibility for a problem. When it uses a defensive strategy, it takes responsibility for a problem but does the minimum required to solve it. When a company uses an accommodative strategy, it accepts responsibility for problems and does all that society expects to solve them. Finally, when a company uses a proactive strategy, it does much more than expected to solve social responsibility problems.
How accounting information help different stakeholders?
it doesnt actually affect stakeholders
What are demerits of social responsibility?
demerits of social responsibility
Should a company share the results of a social audit with all constituents and stakeholders?
Yes, a company should share the results of a social audit with all constituents and stakeholders to promote transparency and accountability. Sharing these results fosters trust and encourages stakeholder engagement, as it demonstrates the company's commitment to social responsibility and ethical practices. It also provides an opportunity for dialogue and collaboration in addressing any identified issues or areas for improvement. Overall, transparency in social audits can enhance the company's reputation and strengthen relationships with its stakeholders.
What are the classical and socioeconomic views on social responsibility?
The classical view of social responsibility is to minimize profit and maximize the best interest of the owners. The socio economic view of social responsibility the primary responsibility is to enhance and protect societies welfare and maximizing profit is secondary
