what is the relationship between social responsibility and economic performance?
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Social responsibility is associated with strong increases in economic performance D. There is generally a small positive relationship between social responsibility and economic performance.
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A successful business must meet all of its economic, social, and environmental objectives. Business and society, thus, form an interactive social system. Each needs the other, and each influences the other. They are entwined so completely that any action taken by one will surely affect the other.
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Importance of Corporate Social Responsibility. ... CSR demonstrates that you're a business that takes an interest in wider social issues, rather than just those that impact your profit margins, which will attract customers who share the same values. Therefore, it makes good business sense to operate sustainably.
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Social responsibility is an ethical framework and suggests that an individual, has an obligation to act for the benefit of society at large. Social responsibility is a duty every individual has to perform so as to maintain a balance between the economy and the ecosystems.
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A company's social responsibility to obey society's laws and regulations as it tries to meet its economic responsibilities. Ethical Responsibility: A company's social responsibility not to violate accepted principles of right and wrong when conducting its business.
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Corporate social responsibility (CSR) is a company's commitment to manage the social, environmental and economic effects of its operations responsibly and in line with public expectations.
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Social responsibility means that businesses, in addition to maximizing shareholder value, must act in a manner that benefits society.
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Corporate Social Responsibility(CSR) 1. DEFINITION OF CSR “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workplace and their families as well as of the local community and society at large”.
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Answer: This statement argues that business exists only for maximizing profits and businesses fulfil their social responsibility best by maximizing profits by increasing efficiency and reducing costs. They need not take up any additional obligations.
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Organizations that are engaged in CSR will have high CSP. Organizations that are engaged in CSR will have higher financial performance. The relationship between CSR and Organizational profitability is strongly positive with a higher corporate social performance and financial performance.
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The economic efficiency implies the relation of the effect with the effort and the results obtained to those known during a period of comparison or the reference to the best international performances, while for the insurance of a sustainable development, the economic process, the increase of the welfare level and life ...
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Socioeconomic view is the view that management's social responsibility goes beyond making profits and includes protecting and improving society's welfare.
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The business and society are very closely related and business also has some responsibilities towards the society which is known as Corporate social responsibility (CSR) it is a business approach that adds to the reasonable improvement of society, by conveying monetary, social and ecological support.
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CSR ensures that companies conduct business ethically and responsibly. This means that you need to consider the impact of you business operations on society, including things like: Your company's carbon footprint and environmental impact. Your company's impact on the South African economy.
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Corporate social responsibility (CSR) is the promise by business organizations to behave in a way that is ethically acceptable and at the same time contributing to the economic development and improvement of the living conditions of the employees, the catchment community and the larger society.
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Perspectives on Corporate Social Responsibility Classical view of CSR = is that business should focus on profits. It focuses on the single bottom line of financial performance. Socio-economic view of CSR = is that business should focus on broader social welfare as well as profits.
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Social responsibility is defined as the obligation and commitment of managers to take steps for protecting and improving society's welfare along with protecting their own interest.