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1. What is your overall perspective on CSR after reviewing Chapter 5? If the market does not encourage responsibility for social causes, should a firm engage in this behavior? Does social responsibility apply only to firms, or do we have a responsibility as well to support firms that take socially responsible action and withhold our support from firms that fail to exhibit socially responsible behavior? If we stand by and allow irresponsible actions to take place using profits made on our purchases, do we bear any responsibility?
What is your overall perspective on CSR after reviewing Chapter 5?
The overall perspective on Corporate Social Responsibility is that a company may lose out on business objectives if it adheres to Corporate Social Responsibility. Why should a company follow high standards of corporate governance if it gives advantages to competitors? A firm that complies with environmental standards is likely to earn less profit at least in the short run. If a company protects the interests of its employees, the costs of the companies go up. If the firm conforms to labor standards, the competitor gets a cost advantage, if a firm carries out responsible sourcing; the costs of its product go up. In simple words the company that has Corporate Social Responsibility loses competitive advantage.
If the market does not encourage responsibility for social causes, should a firm engage in this behavior?
Yes, the ...
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