Corporate Social Responsibility

A set of vocabulary flashcards to help review concepts related to Corporate Social Responsibility (CSR). Each card contains a term and its definition.

Corporate Social Responsibility (CSR)

The responsibility of the corporate sector to contribute to activities that increase social welfare.

Triple Bottom Line

The three Ps: profit, people, and planet, used to measure a company's commitment to sustainable social and environmental practices.

Social Reporting

A method of communication to society about a company's desired actions or the actions it has performed.

Sachar Committee Report

A report that emphasized the corporate sector's obligation to be socially responsible and suggested measures for accountability and transparency.

Friedman Model

The view that a business's only social responsibility is to maximize profits for its shareholders, arguing that engaging in social responsibilities diverts from this goal.

Carroll Model

A model that proposes four levels of corporate social responsibility: philanthropic, ethical, legal, and economic.

Reverse Robinhood Effect

A method of financing CSR initiatives by raising prices or unethical practices that may harm consumers.

Corporate Citizenship Model

A model that asserts that a business is entitled to corporate citizenship if it satisfies its philanthropic, legal, and economic obligations consistently.

Best Practices of CSR

CSR practices that are effective and create social capital, promote community engagement, and are sustainable.

Ethical Rooting

The principle that a company's ethical foundation or commitment affects its ability to undertake corporate social responsibility.

Types of Social Responsibilities

Five basic responsibilities towards: society, government, employees, shareholders, and consumers.

Social Capital

The sum of social goods relations that a society generates in the course of its development.

Need for CSR

CSR is necessary for societal welfare, to enhance corporate performance, and to build goodwill among stakeholders.

Arguments Against CSR

The view that CSR detracts from profit maximization and violates the fundamental responsibility of businesses to their shareholders.

Arguments in Favor of CSR

The belief that corporations have moral and social obligations, and that CSR can enhance profit through improved public image and employee relations.