Corporate Social Responsibility Overview NC

These flashcards cover the essential aspects and implications of Corporate Social Responsibility (CSR) as discussed in the lecture notes.

What is Corporate Social Responsibility (CSR)?

CSR is a concept whereby companies integrate social and environmental concerns in their business operations and in their interactions with stakeholders on a voluntary basis.

What does CSR aim to achieve according to the Triple-Bottom-Line approach?

CSR aims to balance economic, environmental, and social imperatives while addressing the expectations of shareholders and stakeholders.

Give an example of a company known for its CSR efforts.

Robinsons Land Corporation, which focuses on environmental sustainability.

What are some advantages of CSR?

Reputation, respect from customers, and stronger relationships.

What is a disadvantage of CSR?

Not helping the environment or perceived unfair costs associated with CSR initiatives.

List alternate names for Corporate Social Responsibility.

Corporate Responsibility, Corporate Accountability, Corporate Ethics, Corporate Citizenship, Responsible Entrepreneurship.

What is the significance of sustainable development in CSR?

Sustainable development respects all life forms, improves human life quality, and minimizes resource depletion.

How does globalization relate to CSR?

Globalization allows businesses to trade internationally, leading to interconnectedness that influences CSR initiatives.

Why is ethics important in business operations?

Ethics is crucial for achieving organizational goals and enhances corporate governance, transparency, and accountability.

What are potential benefits of implementing a CSR approach?

Better risk management, improved reputation, enhanced ability to recruit and retain staff, and access to capital.