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Pages:
7 pages/≈1925 words
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APA
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Business & Marketing
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Essay
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English (U.S.)
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Topic:

Corporate Social Responsibility Activities of Companies in GGC (Essay Sample)

Instructions:

Summary: The task was to write about corporate social responsibility (CSR), the dimensions of CSR (economic, ethical, environmental, and philanthropic), and the principles of CSR (sustainability, accountability, and transparency) and their implications. The essay described why companies should engage in CSR and provided examples of CSR activities conducted by companies in the Gulf Corporation Council (GCC) region.

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Content:


Corporate Social Responsibility
Student’s Name
Institutional Affiliation
Corporate Social Responsibility
What is CSR?
Corporate Social Responsibility (CSR) is the process by which organizations consider the interests of society by taking responsibility for the impacts of the operations on their stakeholders (Brennan, 2011). Traditionally, firms have been thought to exist for the sole purpose of making profits. The narrow-centered view of the corporation views shareholders as the primary stakeholders and whose financial interests of profit and wealth maximization take precedence over those of other stakeholders (Camilleri, 2017). The development of the concept of CSR is based on the recognition that an organization does not exist in isolation but rather coexists with others in a larger external environment. The obligations of a company extend beyond its statutory commitments. It should voluntarily take further steps to ensure that it considers other stakeholders, including customers, employees, government, suppliers, communities, and the environment, in all aspects of its operations (Al-Abdin et al., 2017).
CSR has four dimensions, namely, economic, environmental, ethical, and philanthropic responsibilities (Malecki, 2018). Economic responsibility implies that firms should value long-term financial sustainability over short-term profits. While business managers are tasked with ensuring a reasonable return to shareholders, they should not do so at the expense of other stakeholders such as employees and customers. It should also guarantee fair compensation to workers and produce quality goods at a reasonable price. According to Malecki (2018), when a firm considers the effects of its economic activities, it can improve its operations and enhance its bottom line. For instance, integrating recycling into production activities benefits society by consuming fewer resources and lowering the costs of production, leading to increased profitability.
The focus of the environmental facet of CSR is the effects of production and operational processes of a business and their impacts on the environment (Crane & Matten, 2016). Corporations should contribute towards environmental integrity by ensuring that their activities are sustainable. Firms should also take measures to limit water, air, soil, and noise pollution. In addition, they have a responsibility to maximize energy efficiency through the use of renewable energy sources such as solar and hydropower. Shifting to the circular economy and embracing the 3Rs principle of reducing, reusing, and recycling is central to environmental protection (Crowther & Seifi, 2018).
Additionally, corporations have a responsibility to abide by ethical principles in their operations. Ethical responsibility means doing what is right, even if not legally bound to undertake certain moral actions (Crowther & Seifi, 2018). For example, organizations have a duty of ensuring that their employees have a conducive working environment and are treated with dignity and should desist from discriminating against employees based on their race, gender, or religion. Customers should be provided with quality goods. The firm should also adopt fair competition practices. Managers ought to refrain from 

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