question_answer

Why should a business do anything for society at large?

Answer:

Ans.     The term "Corporate Social Responsibility" is still widely used even though related concepts, such as sustainability, corporate citizenship, business ethics, stakeholder management, corporate responsibility, and corporate social performance, are vying to replace it. In different ways, these expressions refer to the ensemble of policies, practices, investments, and concrete results deployed and achieved by a business corporation in the pursuit of its stakeholders' interests. There is no single CSR business case—no single rationalisation for how CSR improves the bottom line. Over the years, researchers have developed many arguments. In general, these arguments can be grouped based on approach, topics addressed, and underlying assumptions about how value is created and defined. According to this categorization, CSR is a viable business choice as it is a tool to:

1. implement cost and risk reductions;

2. gain competitive advantage;

3. develop corporate reputation and legitimacy; and

4. seek win-win outcomes through synergistic value creation.