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A socially responsible business (SRB) is a generally for-profit venture that seeks to leverage business for a more just and sustainable world.The objective of the SRBs involves more than just maximizing profits for the shareholders; it is also about creating positive changes and making valuable contributions to the stakeholders such as the local community, customers, and staff. [1]
An early reference to the term itself came in Emerson and Twersky's 1996 book New Social Entrepreneurs: The Success, Challenge, and Lessons of Non-profit Enterprise Creation. [5] One example of a double bottom line enterprise is the Khushhali Bank's microfinance program in Pakistan. While the bank wants to generate profits so that it can grow ...
Corporate social responsibility (CSR) or corporate social impact is a form of international private business self-regulation [1] which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in, with, or supporting professional service volunteering through pro bono programs, community development ...
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
Social responsibility is an ethical concept in which a person works and cooperates with other people and organizations for the benefit of the community. [ 1 ] An organization can demonstrate social responsibility in several ways, for instance, by donating, encouraging volunteerism , using ethical hiring procedures, and making changes that ...
There is an alternative way of thinking about conscious business emerging in the U.K., and perhaps other countries, which tries to avoid reification, regarding it less as a thing or a type of business which can be categorised, and more as an ongoing process including awareness, self-awareness, awareness of purpose, practice (social theory) and ...
Creating shared value (CSV) is a business concept first introduced in a 2006 Harvard Business Review article, Strategy & Society: The Link between Competitive Advantage and Corporate Social Responsibility. [1]
Corporate responsibility is a term which has come to characterize a family of professional disciplines intended to help a corporation stay competitive by maintaining accountability to its four main stakeholder groups: customers, employees, shareholders, and communities.