Warning: Use of undefined constant no - assumed 'no' (this will throw an Error in a future version of PHP) in /home/austra01/public_html/allacademicanswers.com/wp-content/plugins/content-for-money/contentformoney.php on line 162
Executive Summary – Impact Of Corporate Social Responsibility On An Organization’s Success
The manner in which organizations conduct their business operations has changed drastically due to increased globalization, market liberalization, technological advancement and changes in consumer demands. These changes have encouraged companies to act in socially and environmentally responsible manner to attract and retain customers as well as to adhere to the set rules and regulations. This study focuses on the significance of corporate social responsibility as a new marketing strategy and its impacts on organizational success. Impact Of Corporate Social Responsibility On An Organization’s Success.
In the current business world, competition in every sector has increased forcing managers and business owners to device new strategies of achieving success and sustainability in the market. Corporate social responsibility initiatives are viewed as good marketing strategies where organizations influence the well being of the stakeholders such as employees, customers, suppliers and the surrounding community. The aim of this study is to investigate and examine the impacts of corporate social responsibility strategy on the success of an organization. Impact Of Corporate Social Responsibility On An Organization’s Success.
The study is based on three theories of corporate social responsibility namely; managerial theory, utilitarianism theory, and relational theory. These theories explain why companies engage on social responsible behaviors and their outcomes in terms of performance. Several studies have investigated the significance of corporate social responsibility initiatives especially in relation to financial performance and have given mixed reactions. However, based on the studies reviewed in the literature review section, companies engage in corporate social responsible initiatives to maximize their profits, therefore, there is positive relationship between corporate social responsibility activities and organizational performance. Impact Of Corporate Social Responsibility On An Organization’s Success.
Relational theory is based on the complex company- environment relationships. The theory was developed to explain stakeholder approach. The proponents of this theory are mainly concerned on explaining and analyzing the relationship between the environment and business processes. In this case, practitioners explain the role of a business or an organization in a society. Impact Of Corporate Social Responsibility On An Organization’s Success.
As mentioned by Uecker-Mercado and Walker (2012) any business operation influence the livelihood of the surrounding communities socially, economically, politically, and environmentally. Thus, businesses should conduct their operations in a manner that does not negatively impact on the surrounding communities. The Deepwater Horizons oil spills of 2010 in the Gulf of Mexico by British Petroleum Company was against the premise of relational theory because the business operations that led to the oil spill were not conducted in a way that would benefit but harm the community. Impact Of Corporate Social Responsibility On An Organization’s Success.
LIST OF REFERENCES
Abiodun, B. (2012) ‘The impact of corporate social responsibility on firm’s profitability in Nigeria.’ European Journal of Economics and Administrative Sciences, 3(45): 40- 50
Aguinis, H. & Glavas, A. (2012) ‘What we know and don’t know about corporate social responsibility: A review and research agenda.’ Journal of Management, 38(4): 932-968.
Carroll, A. & Shabana, K. (2010) ‘The business case for corporate social responsibility: a review of concepts, research and practice.’ International Journal of Management Reviews, 2(4): 85-105. Impact Of Corporate Social Responsibility On An Organization’s Success.
Danner-Odenwelder, T. (2015) ‘Impact of Corporate Social Responsibility on an Organization’s Culture: A Multisite Case Study of a Global Nonprofit Organization.’ Doctoral dissertation, The George Washington University.
Fontaine, M. (2013) ‘Corporate social responsibility and sustainability: The new bottom line?’ International Journal of Business and Social Science, 4(4): 110-119
Friedman, (2008) ‘The social responsibility of business in to increase its profits.’ New York Times Magazines, 13 Sept., 32-33. Impact Of Corporate Social Responsibility On An Organization’s Success.
Heavey, C., Simsek, Z., Roche, F., & Kelly, A. (2009) ‘Decision comprehensiveness and corporate entrepreneurship: The moderating role of managerial uncertainty preferences and environmental dynamism.’ Journal of Management Studies, 46(8): 1289-314.
Hillman, A. & Keim, G. (2001) ‘Shareholder value, stakeholder management, and social issues: What’s the bottom line?’ Strategic Management Journal, 22 (2): 125-139.
Ismail, M. (2009) ‘Corporate social responsibility and its role in community development: An international perspective.’ The Journal of International Social Research, 2(9): 199-209
Jones, T. & Felps, W. (2013) ‘Shareholder Wealth Maximization and Social Welfare: A Utilitarian Critique.’ Business Ethics Quarterly, 23(2): 207-238. Impact Of Corporate Social Responsibility On An Organization’s Success.
Kaufman, R. & Guerra-Lopez, I. (2013) Needs assessment for organizational success. New York: Sage
Korschun, D., Bhattacharya, C. & Swain, S. (2014) ‘Corporate social responsibility, customer orientation, and the job performance of frontline employees.’ Journal of Marketing, 78(3): 20-37.
Lauren, A. (2014) ‘Corporate Social Responsibility and Financial Performance in the Consumer and Nonconsumer Sectors.’ CMC Senior Theses. Paper 855.
Li, J., Lam, K., Qian, G. & Fang, Y. (2006) ‘The effects of institutional ownership on corporate governance and performance: An empirical assessment in Hong Kong.’ Management International Review, 44: 259–276. Impact Of Corporate Social Responsibility On An Organization’s Success.
Luo, X. & Bhattacharyc, C. (2006) ‘Corporate Social Responsibility, Customer Satisfaction, and Market Value.’ Journal of Marketing, 70(4):18-25
Mackey, A., Mackey, T. B. & Barney, J. (2007) ‘Corporate social responsibility and firm performance: Investor preferences and corporate strategies.’ Academy of Management Review, 32(3): 817–835.
Makinen, J. & Kourula, A. (2012) ‘Pluralism in Political Corporate Social Responsibility.’ Business Ethics Quarterly, 22(4): 649-678. Impact Of Corporate Social Responsibility On An Organization’s Success.
Martinuzzi, A. &Krumay, B. (2013) ‘The good, the bad, and the successful–How corporate social responsibility leads to competitive advantage and organizational transformation.’ Journal of change management, 13(4): 424-443.
McGuire, J., Sundgren, A. & Schneeweis, T. (1988) ‘Corporate social responsibility and firm financial performance.’ Academy of Management Journal, 31(3): 854-872
McWilliams, A. & Siegel, D. (2000) ‘Corporate social responsibility and financial performance: Correlation or misspecification?’ Strategic Management Journal, 21(5): 603-609. Impact Of Corporate Social Responsibility On An Organization’s Success.
Parast, M. & Adams, S. (2012) ‘Corporate social responsibility, benchmarking, and organizational performance in the petroleum industry: a quality management perspective.’ International Journal of Production Economics, 139(2): 447-458.
Persic, A. & Markic, M. (2013) ‘The impact of social responsibility vision and strategy on successful corporate operations.’ Managing Global Transitions, 11(1): 27-40
Prasertsang, S., Ussahawanitchakit, P., & Jhundra-indra, P. (2012) ‘Corporate Social Responsibility Effectiveness, Firm Competitiveness, Business Successes and Corporate Sustainability: An Empirical Investigation of ISO 14000 Businesses in Thailand.’ International Journal of Business Strategy, 12(4): 137-164. Impact Of Corporate Social Responsibility On An Organization’s Success.
Rahim, R., Jalaludin, F. & Tajuddin, K. (2011) ‘The importance of corporate social responsibility on consumer behaviors in Malaysia.’ Asian Academy of Management Journal, 16(1): 119-139
Reinhardt, F. & Stavins, R. (2010) ‘Corporate social responsibility, business strategy, and the environment.’ Oxford Review of Economic Policy, 26(2): 164–181
Secchi, D. (2007) ‘Utilitarian, managerial and relational theories of corporate social responsibility.’ International Journal of Management Reviews, 9(4): 347-373.
Strike, V., Gao, J. & Bansal, P. (2006) ‘Being good while being bad: Social responsibility and the international diversification of U.S. firms.’ Journal of International Business Studies, 37(6): 850–862
Tarabella, A. & Burchi, B. (2013) ‘Systematic review of the business case for CSR.’ International Journal of Economic Practices and Theories, 3(1): 10-29. Impact Of Corporate Social Responsibility On An Organization’s Success.
Ubius, U. & Alas, R. (2012) ‘The Impact of Corporate Social Responsibility on the Innovation Climate.’ Engineering Economics, 23(3): 310-318
Uecker-Mercado, H. & Walker, M. (2012) ‘The Value of Environmental Social Responsibility to Facility Managers: Revealing the Perceptions and Motives for Adopting ESR.’ Journal of Business Ethics, 110(3): 269-284
Wu, S. & Lin, H. (2014) ‘The correlation of CSR and consumer behavior: A study of convenience store.’ International Journal of Marketing Studies, 6(6): 66-81
Yiu, C. (2014) ‘Corporate Social Responsibility of Multinational Corporations.’ Global Honors Theses. Paper 18. Impact Of Corporate Social Responsibility On An Organization’s Success.