Corporate governance social responsibility and business ethics

How does corporate social responsibility relate to business ethics?
Whereas business ethics includes the moral principles and standards that guide behavior in the world of business; corporate social responsibility (CSR) is an integrative management concept, which establishes responsible behavior within a company, its objectives, values and competencies, and the interests of .
What is business ethics and social responsibility corporate social responsibility?
While ethics, in general, are concerned with right and wrong, business ethics focus on doing what is best for the shareholders and stakeholders.
On the other hand, social responsibility is focused on the company's impact on the environment and community..
What is corporate social responsibility and corporate ethics?
Corporate Social Responsibility, or “CSR,” refers to the need for businesses to be good corporate citizens.
CSR involves going beyond the law's requirements in protecting the environment and contributing to social welfare.
It is widely accepted as an obligation of modern business..
“transparency”, “fairness”, and “Independence”.
Corporate governance ensures the application of best practices and legal mechanisms under the umbrella of these main principles.
Accountability ensures that management is accountable to the board, and that the board is accountable to shareholders and the company.

Both Corporate Governance and CSR focus on the ethical practices in the business and the responsiveness of an organisation to its stakeholders and the environment in which it operates. Corporate Governance and CSR results into better image of an organisation and directly affects the performance of an organisation.

Does corporate social responsibility offer a new ethical framework for business?

In effect what is now emerging is an integration of corporate governance, corporate social responsibility and corporate sustainability which potentially offers a new framework for ethical business.
This newly-emerging ethical framework for business provides a stronger base for the exercise of moral values and ethical reasoning.

Image Credits

Figure 11.3: Kindred Grey (2020). “Business responsibilities.” CC BY-SA 4.0.
Retrieved from: https://commons.wikimedia.org/wiki/File:Business_responsibilities.png.
Figure 11.4: Chick-fil A. (2020).
Photo used under Fair Use.
Scholarship winners.
Retrieved from https://thechickenwire.chick-fil-a.com/news/chick-fil-a-to-award-17-million-in-team-membe.

Is corporate governance ethical?

This suggests an ethical alignment of individuals, corporations, and the economic system, which is captured in the definition of corporate governance offered by Cadbury, and adopted by the World Bank:

Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals.

Measuring Corporate Social Performance

TOMS Shoes’ commitment to donating a pair of shoes for every pair sold illustrates the concept of social entrepreneurship, in which a business is created with a goal of improving both business and society (Schectman, 2010).
Using a CSR model, firms such as TOMS exemplify a desire to improve (CSP) in which a commitment to individuals, communities, a.

References

Chen, J. (2020, February 22).
Corporate Social Responsibility (CSR).
Investopedia. https://www.investopedia.com/terms/c/corp-social-responsibility.asp.
Porter, M.
E., & Kramer, M.
R. (2006).
Strategy and society: The Link Between Competitive Advantage and Corporate Social Responsibility.
Harvard Business Review, 84(12), 78-92.
Porter, M.
E., & Kram.

What is Corporate Social Responsibility (CSR)?

A Green Paper released by the European Commission defines Corporate Social Responsibility (CSR) as actions which allow companies to not only meet their legal obligations but also to go beyond and invest in human capital, in the environment, and in strengthening relations with stakeholders.

What Is Corporate Social Responsibility?

As introduced early in this chapter, (CSR) “is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public.
By practicing corporate social responsibility, also referred to simply as social responsibility, companies can be conscious of the kind of impact they are having on all aspects of .

What is the relationship between corporate governance and corporate social responsibility?

Corporate governance (CG) and corporate social responsibility (CSR) have been important research issues for decades.
The relationship between CG and CSR has been studied in financial literature in conjunction with the relationship between CSR, risk and corporate financial performance (CFP).