CSR Corporate Social Responsibility
Key responsibility
financially viable
Principles
Ethics
Stewardship
Charity
various stakeholders
focus on needy
more holistic approach
more targeted (on one beneficiary)
see that firm is embedded
in the society - interdependence
more one way, simplistic approach
Philanthropic
discretionary
visionary
obligation to other stakeholders
"Smart thing to do"
"Good thing to do"
Legal
Philanthropic
CDL
Approaches
stewardship
holistic approach
try to engage key stakeholders
foresee in hindsight that
environmental consciousness would
be a big thing in the future
chose to focus on the right issues
manage to gain from it (Strategic)
forsee the global warming issue
eco friendly building
directly related to their business
charity
founder's value system
giving back to society
Employee volunteering program
engaged in community
to solve community problem
team building
leadership
Benefits
Business reputation
decrease employee turnover rate
long term benefits in
engaging the youths
future investment
awards and recognitions (publicity)
earning of trust
way of competing
Increased
competitive advantage
leader in eco friendly building
convince gov to set higher standards after
they have followed the learning curve
(spoil market)
Relationship between
social performance
and financial
performance
SP can lead to FP,
Do good and do well
FP lead to SP (do well
then can afford to do CSR)
SP reinforces FP
placing more confidence in
financial performance
Targeting specific activities
for each stakeholder
smart thing to do
good thing to do