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Corporate Social Responsibility

Corporate Social Responsibility

Ethical Accounting Environment

 

Corporate Social Responsibility

Corporate social responsibility may also be referred to as “corporate citizenship” and can involve incurring short-term costs that do not provide an immediate financial benefit to the company, but instead promote positive social and environmental change.

Importance of Corporate Social Responsibility:

  • Iron law of responsibility:- The iron law states that ” in the long run, those who do not use power in a manner which society considers responsible will tend to lose it”. Society gives business the license to exist and this can be amended or revoked at any time if the business fails to fulfill its Corporate Social Responsibility and live up to the expectation of the society. Therefore, there arises a Corporate Social Responsibity of the business towards the society if it wants to retain its powers.
  • Achievement of long term objectives:- Better environment helps an entity to grow, fulfill its Corporate Social Responsibity and thus, achieve its long term objectives.
  • Enhanced brand image and reputation:- Now a days, consumers are selective and sensitive to an entity’s image. They are drawn towards entities enjoying good reputation. Corporate Social Responsibility activities results in a positive press coverage. Corporate Social Responsibility enhances an entity’s reputation with the public, customers and within the business community.
  • Checks government regulation and control:- An entity which has Corporate Social Responsibility complies with all laws. So it is subject to lesser regulatory intervention, and fewer inspections and paper work. It helps an entity avoid wastage of money and time, loss of reputation, and loss of flexibility in decision making.
  • Helps minimize ecological damage:- A socially responsible entity makes all possible efforts to save the environment. This helps in resolving major environment issues like pollution,ozone depletion, acid rain and global warming.
  • Improved financial performance:- Several academic studies have shown that stakeholder balanced companies witnessed manifold growth rate when compared to companies that are stakeholder only focused. Enhanced brand image reduce operating costs, increased sales and increased productivity, all these factors go a long way in improving the financial performance of the company.

THANK YOU,

REAGRDS,

RISHABH SITANI.

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