There are many definitions in which corporate social responsibility can be defined. It is the corporate belief that a company needs to be responsible for its actions- socially, ethically, and environmentally. It is the continuing commitment by a business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. In this essay, I will talk about two arguments for corporate social responsibility and two counter arguments. The two arguments for corporate social responsibility include that it is a companies duty to the right thing and how being socially responsible can lead to an increase in profit. Also, I will explain how these two arguments can be used against corporate social responsibility.
The simplest argument for corporate social responsibility is that it is the right thing to do. When a corporation is doing the right thing it motivates its employees. It helps retract and retain its employees. Many corporations have created some of societies problems such as pollution and poverty level wages and it is the ethical responsibilities of businesses to correct these wrongs. A counter argument to this is that many believe that this “do good” desire of a company is simply motivated by cost, regulation, and risk management. In fact, it has been said that the majority of corporations environmental actions (CSR activities) such as reducing pollution emissions, were motivated by three things such as, opportunities for cost savings, external regulations being imposed on their firm or industry, and the desire to mitigate risk. However, the employees wanted to believe that their companies were reducing emissions because it was morally right.
One argument for corporate social responsibility is that it can be profitable to companies. Michael Porter, a Harvard Business School Professor, put forward this...