Question: please assist with Harvard citing for this question Question 1 Introduction Corporate Social Responsibility ( CSR ) has transformed into a strategic component of business
please assist with Harvard citing for this question Question Introduction Corporate Social Responsibility CSR has transformed into a strategic component of business that encompasses social, environmental and financial operations. Initially, CSR was perceived as a voluntary gesture of contributing positively to society by corporations. However, differing theoretical frameworks have propelled CSR to the forefront of contemporary business strategy. The ongoing discussions surrounding CSR challenge the conventional concept of business, raising the question of whether profit maximizing should be the singular objective of companies or if it should live with broader societal obligations. Trace the development of CSR as a concept: As a result of fluctuating social expectations, commercial difficulties and environmental issues, the notion of Corporate Social Responsibility CSR has evolved over time. It may be followed throughout the following stages of development: Early Philanthropic Stage In the US Andrew Carnegie, and in India, the Tata family, among other industrialists, started out with voluntary charity and philanthropy as part of their CSR initiatives. Businesses made charitable contributions out of a sense of moral responsibility rather than as a business plan. For instance, before the concept of CSR was officially established the Tata Group sponsored schools, hospitals and rural development. The Development of CSR as a Business Concept "Social Responsibilities of the Businessman", which is regarded as a key CSR document was written by Howard Bowen in The notion that companies had responsibilities toward their employees, clients and the larger community in addition to profits began to take hold. Emphasis on Strategy and Ethics CSR started to become institutionalized as businesses implemented official CSR programs and started to publish data on social effect. The Triple Bottom Line strategy People, Planet and Profit placed a strong emphasis on achieving a balance between socialenvironmental accountability and financial success. For example, Tata Motors implemented environmentally friendly manufacturing methods such installing solar panels and creating electric vehicles. Integration into Business Strategy CSR went from being an afterthought to being the foundation of the company's business plan. Standardized CSR reporting and accountability were advocated by the UN Global Compact and the Global Reporting Initiative GRI CSR became necessary for fostering brand value, investor confidence and stakeholder involvement.
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