Explanation:
The significance of CSR in terms of employee relations lies in fostering a positive workplace culture and enhancing employee engagement. When companies involve employees in CSR activities and commit to social and environmental responsibilities, it can lead to increased job satisfaction, loyalty, and a sense of pride among employees.
Explanation:
CSR contributes to corporate innovation by fostering an environment where creativity and sustainability are prioritized. This approach encourages companies to develop new products and services that are not only profitable but also socially and environmentally beneficial, leading to innovative solutions that meet the demands of consumers and society.
Explanation:
Sustainability refers to the concept of conducting business in a way that considers the long-term interests of future generations, including one's grandchildren. It involves making decisions and taking actions that balance economic growth, environmental protection, and social responsibility. By prioritizing sustainability, businesses can ensure that their operations and practices are not only profitable but also contribute to the well-being and prosperity of future generations.
Explanation:
Engaging in Corporate Social Responsibility (CSR) activities can significantly enhance a company’s reputation by building trust and goodwill among community members. When a company actively contributes to societal and environmental improvements, it demonstrates responsibility beyond its business operations, which can lead to increased respect and loyalty from both customers and the local community.
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Sustainability in corporate strategy involves integrating long-term economic, social, and environmental considerations into business planning and decision-making. This approach ensures that the company can maintain its operations and profitability over time while also addressing important social and environmental issues, leading to sustainable development.
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The relationship between standards of CSR and potential legal requirements governing corporate operation lies at the heart of the business community. This means that the business community plays a central role in determining and implementing CSR standards, as well as adhering to any legal requirements related to corporate operations.
Explanation:
The principle of corporate responsibility encompasses the trusteeship principle, the principle of stewardship, and the principle of charity. The trusteeship principle refers to the responsibility of corporate leaders to act as trustees for the resources and interests of various stakeholders. The principle of stewardship emphasizes the responsible and sustainable management of resources and assets. The principle of charity highlights the importance of corporate social responsibility and giving back to the community. Therefore, all of these principles are considered part of corporate responsibility.
Explanation:
CSR has a positive impact on a company’s long-term success by enhancing its corporate image and building trust with stakeholders, including investors, customers, and employees. This trust can lead to greater loyalty, more favorable business conditions, and sustained profitability over time.
Explanation:
The primary focus of environmental CSR is to minimize waste and reduce greenhouse gas emissions. By addressing these areas, companies not only help protect the environment but also improve their operational efficiency and potentially reduce costs associated with waste management and energy use.
Explanation:
CSR, or Corporate Social Responsibility, is a concept that involves companies taking responsibility for their impact on society and the environment. It includes various aspects such as corporate reporting practices, investment strategies, supply chain management, and public relations. However, the statement that "Its primary concern is about maintaining a competitive edge in the global market" is untrue. While maintaining a competitive edge may be a secondary benefit of CSR, its primary concern is about meeting stakeholders' expectations, striking a balance between economic performance and social responsibility, and recognizing the importance of operating in partnership with the outside world.
Explanation:
The social responsibility of business towards the owners includes all of the options mentioned. Providing maximum return on investment is a way for businesses to fulfill their responsibility towards owners. Additionally, reporting progress and profit is necessary to keep owners informed about the performance and financial health of the business. Therefore, all of these actions contribute to fulfilling the social responsibility towards owners.
