Concept of Corporate Social Responsibility
Corporate Social Responsibility which is also referred to as corporate citizenship, corporate responsibility, corporate social performance is a kind of corporate self regulation which is built into business model. Corporate social responsibility operates as an inbuilt, self controlling device sued by an organization to monitor and ensure its adherence to law, ethical stipulations and international norms. An organization takes responsibility for the impact of its environmental activities, employees, consumers, communities and members of the public. Apart from obeying environmental laws, companies become socially responsible by aggressively promoting public interest through voluntarily avoiding activities which are harmful. Social responsibility is an ethical or theory that an entity, either an organization or individual has an obligation to act for the benefit of the society at large.
The obligation a business assumes towards a society is referred to as social responsibility and when managers take responsibility for the consequences of their decisions not only for their own short term profits but also for the natural environment, for society generally and for all groups that may be affected by those decisions, they are said to be involved in corporate social responsibility. Therefore is the act or process of operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has of business. To be socially responsible is to maximize positive effects and minimize negative effects on the society.
The European Commission defines corporate social responsibility as the integration by companies of social and environmental concerns in their business operations and in the interaction with their stakeholders on a voluntary basis. Social responsibility is a duty every individual or organization has to perform so as to maintain a balance between the economy and the ecosystem. It can also be understood as the administration of companies in a socially responsible way (ICAN, 2010).
2.2 Background and Debate in Social Responsibility
In 1970, Friedman Milton published a short essay The Social Responsibility of Business is to increase its profits in the New York Times Magazine, which has generated a lot of controversy ever since.
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