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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 ...
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.
Professional responsibility is a set of duties within the concept of professional ethics for those who exercise a unique set of knowledge and skill as professionals. [ 1 ] Professional responsibility applies to those professionals making judgments, applying their unique skills , and reaching informed decisions for, or on behalf, of others, as ...
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 ...
Adam Smith said in 1776, "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices." [3] Governments use laws and regulations to point business behavior in what they perceive to be beneficial directions. Ethics implicitly ...
Corporate personhood or juridical personality is the legal notion that a juridical person such as a corporation, separately from its associated human beings (like owners, managers, or employees), has at least some of the legal rights and responsibilities enjoyed by natural persons. In most countries, a corporation has the same rights as a ...
Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources. Not all stakeholders are equal.