An analysis of how adherence with CSR helps out the companies to fulfill their financial and non financial targets and goals
Abstract
It is more than important for the organizations to stay in the business for a long span of time and comply with the ethical standards in an effective and well organized manner. The main perspective of this research paper is to apply relevant techniques to analyze that companies which are ethically perfect and adheres with CSR are the one which do economically sound activities as compared to the companies which are not. From this particular research, we would analyze that how CSR and its related strategies could be effective for the organization from both financial and non financial perspectives.
Introduction
Organizations are made to earn economic profit from different aspects and with the adherence of Corporate Social Responsibility (CSR) in particular. CSR is specifically known as Corporate Governance (CG) and it is equally applied on different organizations of the world (Brejning, 2013). CG and CSR are the set of responsibilities and ethical behaviors which have to be complying by the organizations in order to reach on a certain focal point.
Theoretically, organization is a place where in people belongs to different demographics and mindset work together merely for the achievement of a single and pre-specified goal in particular which usually referred as Employees of the company (Coombs & Holladay, 2012). Therefore, the implementation and application of CSR is more than important for the organizations in all over the world and organizations are now focusing on this particular stance in order to bring effectiveness in their operations.
Research problem
The current era has been referred as the era of industrialization and technology and there are certain pre-requisites that deems necessary for the organizations to cope up with. One of the major problems which the organizations throughout the world are experiencing is not adhering with the ethical standards and regulations which are creating a number of problems for the companies across the globe (Hopkins, 2012).
There is still a large gap is there between the companies and adhering to the ethical standards and operative regulations. There are numerous examples in which the company went bankrupt or reaches on the brink of the bankruptcy by not complying with the ethical behaviors and standards. Therefore there is a special need of such behavior and stance from which organizations can comply with the CSR in particular. This is the basic research problem about CSR (Lee & Kotler, 2013). The need of such study is extremely famous because we want to have such companies in our database which have the tendency to increase their financial and economic belongings by adhering with the basic principles and ethics in life.
Studies that have Addressed Problem
There were numerous authors who have found the greatness and effectiveness of having a sizzling and effective behavior of CSR and physical and practical implication over the financial based effectiveness of an organization. CSR is basically set of standards which have to be undertaken by an organization in order to increase their financial and economical belongings accordingly and effectively simultaneously (Mallin, 2009). In the past and even in the current scenario, the utilization of CSR and adherence with corporate based Governance is increasing day by day and it is now emerged as an essential for an organization to have effectiveness in their corporate and strategic movement (Zerk, 2010).
There is a distinction found in the current research and old researches do on the same topic that old topics mainly focus over the financial capability and effectiveness of the company; however we would like to analyze some non financial benefits as well by adhering with the CG (Mullerat & Brennan, 2011).
Deficiencies in the Study
There are certain deficiencies which have been found specifically in the past researches like the past researches would only have the tendency to apply the skills on the financial aspect but not over the non financial aspect and the approach used in the past researches of the CSR was also not practical (Paetzold, 2010). Apart from that the sample take and data collection techniques used in those projects were also not up to the mark.
Significance of the Study
As the stance of CSR and utilization of Corporate Governance is increasing, the companies which are actively trading part in these practices are also increasing their financial belongings which are an effective sign for the companies. The main reason why this particular study is quite significant and important is due to the fact that it provides effectiveness to the companies as far as achieving their short and long term goals accordingly (Schwartz, 2011). Business managers as well as students would get the flair of idea regarding the CSR and its applicability on the business.
The Purpose Statement
An analysis of how adherence to CSR helps out the companies to fulfill their financial and non financial targets and goals
The theoretical framework which will be used throughout this particular analysis would be qualitative in which all of the data would have been selected from past researches and then would be analyzed through different statistical tools application (Urip, 2013).
CSR, Corporate Governance, Effects of CSR on organization, Compliance with CSR, Compliance with Corporate Governance, are some of the major keywords which could be used by a researcher.
References
Brejning, M. (2013). Corporate Social Responsibility and the Welfare State: The Historical and Contemporary Role of CSR in the Mixed Economy of Welfare (1st ed.). London: Ashgate Publishing, Ltd.
Coombs, W., & Holladay, S. (2012). Managing corporate social responsibility (1st ed.). Chichester, UK: Wiley-Blackwell.
Hopkins, M. (2012). Corporate Social Responsibility and International Development: Is Business the Solution? (1st ed.). Dallas: Routledge.
Lee, N., & Kotler, P. (2013). Corporate social responsibility (1st ed.). Hoboken, N.J.: Wiley.
Mallin, C. (2009). Corporate social responsibility (1st ed.). Cheltenham: Edward Elgar.
Mullerat, R., & Brennan, D. (2011). Corporate social responsibility (1st ed.). Alphen aan den Rijn: Kluwer Law International.
Paetzold, K. (2010). Corporate social responsibility (CSR) (1st ed.). Hamburg: Diplomica Verlag.
Schwartz, M. (2011). Corporate Social Responsibility: An Ethical Approach (1st ed.). New York: Broadview Press.
Urip, i. (2013). Csr strategies (1st ed.). Hoboken, N.J.: Wiley.
Zerk,. (2010). Multinationals and Corporate Social Responsibility: Limitations and Opportunities in International Law (1st ed.). Chicago: Cambridge University Press,.
