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Corporate Social Responsibility (CSR) is the obligation of firms to pursue long-term goals that benefit society, not just their economic interests. This responsibility extends to all stakeholders, including shareholders, employees, suppliers, customers, and the broader community. Businesses must act ethically, guiding their decisions based on what is considered morally right. By integrating ethical practices, companies can contribute positively to society, enhancing their reputation and fostering loyalty among consumers and employees alike.
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Corporate Social Responsibility obligation for a firm to pursue long-term goals that are good for society (not only economic goals) obligation to all stakeholders, not just shareholders = person, group, organization or system who influences or is affected by a company's action - shareholders - employees - government - society - creditors broader list: - suppliers - trade unions - customers - schools …….. narrowly defined: A socially responsible firm must also act ethically business ethics ethics is about morally correct behaviour (question: what is right/wrong?)