Corporate Social Responsibility Research Paper Example | Topics and Well Written Essays - 1500 words

Corporate Social Responsibility - Research Paper Example Some of the activities that signify CSR include ethical conduct of activities; establishing stakeholder partnerships; engaging in environmentally-friendly activities; transparency in operations; complying with existing regulations and correction of social inequalities(world bank, 13) Firms participate in projects such Religious organizations; Culture; HIV / AIDS awareness , prevention and control; Sport; Support to ethnical minorities; Drinkable water; Technical training; Housing; Health ;Community development; Education(World Bank, 25). . In the following part, the paper will give insightful and exploratory explanations with few examples where companies and organizations have supported or declined to support the CSR projects. Reasons for CSR The optimistic observers see great scope for CSR to support a more open-minded form of capitalism, avoiding the worst examples of labor exploitation among other positive reasons. World Bank (23) notes that it is a way of gaining better reputatio n from amongst the entire stakeholder group. Furthermore, through CSR projects such as education and health, firms indirectly carry out social marketing activities with an aim of increasing its value in the community. ... Better integration promotes strength in cultural diversity and may promote a better understanding of the community perceptions about the firms’ products, values, and beliefs. This will encourage the product liking and adoption that can later increase the sales volume of the participating firm. By enhancing the relationship between the company and the community, there is a reduction in conflicts and general hostilities, thus promoting peace and harmonious co-existence between the two stakeholders. Through involvement in CSR, there is a promotion of the local brand recognition, adoption, and acceptance by the community members (World Bank, 36) Some companies are culturally obliged to participate in acts of charity so that they gain recognition in the internati onal scale. Employees volunteer as a way of giving back to the community (World Bank, 35). The adoption and implementation of IFRS by some companies that emphasizes on transparency, honesty, and integrity in reporting of their financial statements have been one of the major core values pursued by the management of the company. For instance, Toyota Multinational Corporation constantly emphasizes on the International reporting standards that uphold integrity, honesty, and transparency in disclosure of financial information to the shareholders and to the potential investors. It leads potential investors making wise and informed investment decisions (Aaronson and Reeves). The Aaronson and Revees also argue that they get involved in CSR to achieve a fair degree of legitimacy and consistency in their operations to the external environment. The relationship between the firm and the community is consolidated from the CSR activities.  Ã‚