Corporate Social Responsibility (Research Paper Sample)

CORPORATE SOCIAL RESPONSIBILITY
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Corporate Social Responsibility
Corporate social responsibility (CSR) is important because it enhances a company’s reputation. A company that participates in CSR activities earns a good reputation and achieves positive outcomes. A good CSR reputation enables a firm to attract more investment and increase its sales. It also contributes to customer preference when other firms’ products are available at similar prices and quantities. In addition, it enables a firm to charge a premium for its products (Gottschalk 2011, p. 33).
CSR is also important because it ensures the long-term sustainability of an organization. An organization participating in CSR programs can win brand loyalty, retain good employees, and build goodwill with the community. Brand loyalty, employee retention, and goodwill are important in the creation of a healthy climate, an important factor in a firm’s long-term sustainability. Indeed, organizations focusing on these issues end up doing business in particular countries for many years (Mullerat 2010, p. 34).
Behaving in a moral way informs corporate social responsibility. Some companies always prefer to act in certain ways that can improve their public image. Other companies adhere to specific business principles, which conform to the culture of acting morally. Thus, companies are not necessarily influenced by long-term financial gains in order to contribute to CSR. Although it is not mandatory for companies to contribute to CSR, their desire to improve the quality of life in the society forces them to do so (Van de Ven & Graafland 2006, p. 4).
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