Assignment Solutions Spot: Corporate Social Responsibility

Contents Page No

1) Introduction 2
2) What is Corporate Social Responsibility? 2
3) The Purpose of Corporate Social Responsibility 3
4) Corruption and Bribery 3
5) Failures in Corporate Governance Structures 4
6) The Impact of Corruption and Bribery 4
7) Conclusion 5
8) References 6

1) Introduction

Although the CSR concept is not a new dimension of business, it is a relatively modern concept. The theory of CSR originated in the early 1950’s and was made famous by Adam Smith where he had written, in the ‘Wealth of Nations’, that maintaining ethical behaviour in order to maximize growth was a necessity. He proclaimed that ‘honesty is profitable’ and that the business objective is profit maximization in the long term.
During the 1970s when the Body Shop was avidly promoting fair labour practices and creating environmental awareness, other companies simply admired them from afar rather than emulating them. “Today, more than 1000 companies in 60 countries have published sustainability reports proclaiming their concern for the environment, their employees, and their local communities” (Horne and Wachowicz, 2009, p.6).
With the recent spate of scandals, such as Enron and WorldCom, directors realised that they will be held accountable by everyone if they did not take proactive steps towards corporate responsibility. Per se the discussions are now over and companies are converging on corporate responsibility as a typical component of business management.
2) What is Corporate Social Responsibility?

McWilliams and Siegel (2001, p.117) describe CSR as “actions that appear to further some social good, beyond the interest of the firm and that which is required by law.”...

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