Introduction
Corporate social responsibilities include environmental conservation, fair trade participation, and providing social amenities such as hospitals and charity works. Companies engage in CSR to improve their relations with their employees and the surrounding communities by reducing the business’ implications to the surroundings (Gehlo & Pati, 2019). The research aids in identifying the major areas of concern for the business. Identifying the concerns helps businesses correct their mess and engage in more constructive actions that protect society from hazardous activities. The business acknowledges the vital areas where it may participate in improving the state of society. Additionally, the research targets providing a proposal about key areas where the company may contribute to society’s development and containment of the business’ implications on the environment. Researching corporate social responsibilities helps businesses identify their roles towards adherence to laws and acknowledge all government regulations and directives that control their attitude towards society.
Theoretical Literature
Most businesses aim at making profits and should therefore engage in activities that maintain the clients and keep attracting new customers. Corporate social responsibilities are ways that commercial entities may use to control customers’ flow in and out of business (Lombardi, 2019). The company’s attitude towards society determines whether more consumers will approach the business or not. Prosperous industries know how to identify the most influential corporate social responsibility that improves their brand image. They identify these opportunities by conducting regular market research to understand the community’s perception of its activities. The studies are essential since they meet their objectives of recognizing areas of strength and weaknesses that require improvement to protect the firm’s reputation.
Investors in a business have the right to access all information regarding the company’s progress. The information they receive must be truthful and transparent to ensure that the decisions they make are the most suitable for their finances. Lack of transparency in the general corporate idea and neglect of the main stakeholder are common challenges organizations face while incorporating CSRs in their plans (Lombardi, 2019). The research identifies these encounters and provides new remedies to deal with the divided attention and meet the organizational goals. Corporate social responsibilities are critical since they contribute to business success. However, they should not be draining attention and funds from the company. Firms should evaluate their CSRs more frequently to decide whether they are beneficial or detrimental to the overall success. This way, they will understand some of the measures they can apply to control their impact on the corporate’s achievement rate.
Some of the theories that explain the interrelation between corporate social responsibilities and other business variables are the theory of the firm, stakeholder’s theory, and normative theory. The firm’s approach explains its nature and structure during its reign to maximize profits. It focuses on how the business may conduct itself during its existence to relate with the market and maximize profits. Conversely, the stakeholder’s theory defines the relationship between the company and other stakeholders like customers, owners, suppliers, and employees, which may influence its productivity. The normative theory explains the organizational behavior and how it may impact the company’s sales directly or indirectly. These theories may describe the relationship between corporate social responsibilities and other variables in the business.
Empirical Literature
Corporate social responsibilities influence the business’ prosperity since it brings alternative methods of dealing with product development while still conserving the environment and society, and meeting financial goals. Management departments are bound to undergo tremendous changes to allow the corporation to take control over the new investment options generated from the CSR. At times, the investigation findings halt the normal company operations to respond to the management’s discovery of new profiting ideas (Fazey et al., 2018). Research greatly contributes to a transformation in the administration plans. It affects the majority of duties the management assigns to each other. The business redirects the more confidential roles results to top-level executives from their subordinates. The redirecting often involves activities that require decision-making, for instance, the amount of the company’s financial spending. Many managements’ roles change based on recent business responsibilities since labor roles are redistributing. The impact of exploration discoveries on the management is consequential to the future expectations on the business’ prosperity.
Corporate social responsibilities help businesses create better brand recognition and allows companies to develop their customer base. The responsibilities create awareness among the community about an existing brand in the area that helps it meet its demands. For instance, providing education facilities for the public builds the brand’s image since it is associated with the organization. Corporate social responsibility is a form of free advertising that businesses should utilize to grow their brand name and exploit them (Fazey et al., 2018). Corporate social responsibilities encourage employee satisfaction by ensuring the workers receive proper treatment and do not undergo traumatizing events in their line of duty. The corporation protects staff members from harmful activities such as exposure to carbon emissions. In this case, they enjoy operating in a hazardous-free environment and gain the courage to work since they know they are protected. Corporate social responsibilities play a critical role in ensuring that businesses grow and engage pro-actively to develop society and their trades.
Conceptual Framework
The conceptual framework indicates that corporate social responsibilities have economic, environmental, and societal impacts. Economic impacts include the business’ financial stability by increasing its spending hence experiencing more financial growth. An organization that applies corporate social responsibilities in its operation uses the money to facilitate the provision of these essential products to society. Such a business employs people to specialize in service delivery to the community. The economic value of the business increases since the company gets more revenue from the increased buyers and investors. Corporate social responsibilities promote the brand image, thus attracting more people to purchase from the business. They also increase the number of potential investors since the company is advertised as an ethical business. Every investor is willing to invest in an organization that has a solid acknowledgment by society, to be honest in its operations. Economic progress is one of the many ways a business that offers corporate social responsibilities encounters its operations.
Another way that the company benefits is by ensuring there is environmental protection. The surroundings are essential for businesses since they provide the industry with resources. Companies must be careful when operating in the environment to affirm that the domain does not become degraded due to their activities. A strong business ensures that it controls the pollution in the market. It should apply waste management policies to prevent disposal into the environment causing hazardous effects such as global warming (Nwaiwu, 2018). Some ways the business may decrease pollution are by reducing, recycling, reusing, and many others. These environmental protection policies ensure that the company gains customers who advocate for environmental protection and create a substantive brand image. The business enjoys many benefits attributable to maintaining ecological conservation policies.
Corporate social responsibilities are also advantageous to society since they help provide social amenities. Among the many ways a business may employ corporate social responsibilities in its operations is by providing social amenities to the surrounding communities. An organization may create social service providers such as hospitals and education facilities for the community. This improves the community and creates a supportive environment for the district to maintain the business growth to ensure that the societal services they provide do not end because the company makes losses (Almaz, 2021). They ensure that the business thrives in its operations and sells many products to generate high profits that fund the social amenities. Therefore, there is a mutual relationship between the company and its surrounding communities, making development in both institutions. Corporate social responsibilities play a critical role in ensuring there is a strong relationship between the firm and its finances, environment and society.
Conclusion
Corporate social responsibilities are dependable in businesses since they correlate with other variables such as profitability, innovation, and transformational leadership through management. Corporate social responsibilities affect the industry prosperity by influencing more customers to join the company and consumer products since they are reliable and safe for general public consumption. CSR provide essential goods and services to the community and often help the employees to maintain morale by relieving them from stress. Moreover, CSR are essential as they assure innovation and prosperity within the organization, they recognize employees’ efforts, and maintain customers. Business research undertakes a theoretical approach and uses a conceptual framework to identify the key areas of concern in the research. The theoretical approach provides a literature explanation of the qualitative findings. Study is essential in every business since it provides information on the important aspects of the management process the firm may incorporate in daily operations.
References
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