15 Aug 2022

87

The Relationship Between Social Responsibility and Financial Performance

Format: APA

Academic level: University

Paper type: Coursework

Words: 609

Pages: 2

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Reply 1 

I acknowledge your take that the notion of corporate citizenship and corporate responsibility comprises of the principles of charity and stewardship, however, it entails more than the "social" aspect. It also comprises of environmental and ethical mandates (Schooley, 2019) . Reports on corporate citizenship are tightly associated with corporate history. The corporate history is made up of all things said, done or told concerning evil and good. In the current socially conscious business environment, customers and employees prioritize on working for and buying from businesses that put a premium on corporate social responsibility (Schooley, 2019) .

Business corporation practice corporate citizenship and responsibility based on certain motives: value-centered motives, stakeholder motives, performance motives and most importantly enhancing the image of the business and building a business brand (Schooley, 2019) . Hence a business has the authority and mandate to conduct itself in a manner that benefits both the shareholders, employees, the environment, customers, the community and the whole of the society. Therefore, a business should never prioritize corporate entity as its ultimate mission (Rodrigues, 2016). I believe that corporate entities genuinely in business to restore and assure their duties to stakeholders, a business should constantly implement corporate values and implement new legislation and policies that agree with their guarantee to establish community trust.

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I want to acknowledge your inclusion of Isaiah 1:17 in your post. I think the verse emphasizes how integral it is for businesses to operate ethically by instigating corporate citizenship and responsibility. The verse shows the need to include consumer views and employee views in business decisions. I believe this means that businesses should accept that the common good is very integral than the right to acquire dividends. Besides, implies that environmental and social performance must be at equilibrium with economic performance. The International Organization for Standardization (ISO) in 2010 provided an array of voluntary standards intended to assist firms in executing corporate social responsibility (Rodrigues, 2016). The ISO sheds light on social responsibility and helps companies to transform principles of CSR into actual actions.

Reply 2 

In your article you have mentioned several business or individuals are increasingly engaging in illegitimate and unethical practices to remain competitive. Corruption and bribery are a common practice in many countries and influence the manner in which international business is normally carried out (Craag, 2016) . Though bribery is illegal in these countries, corrupt activities persist in being a normal "culture" of business operations. As you have defined, briber can be simplified as an attempt to pay a person to violate their duty (Lumen Learning, 2016) . I believe it is not difficult to note that it is unethical to pay a person to engage in an unethical activity (Craag, 2016) . Bribery often presents an unfair advantage and disrupts markets and derails economic growth.

Transparency International is an organization that is mandated to track illicit conducts, such as embezzlement and bribery in the public domain in 180 countries (Lumen Learning, 2016) . Transparency international does this by surveying executives of international businesses and allocates a Corruption Perceptions Index (CPI) ranking to each nation. The head of Federal Bureau of investigation Joseph Persichini Jr., once said that corporate executives viewed bribery as a business plan pf normal operating procedures (Lumen Learning, 2016) .

As you have stated in the bible verse, you have highlighted Deuteronomy 16:19, in my opinion, bribery in whatever manner only increases the cost of business operation. The business, in turn, must shoulder the cost or channeled to the consumer or buyer in one way or the other. Though businesses acknowledge that bribery is undesirable and costly, losing the opportunity for a profitable business to firms that do not uphold ethical practices can be detrimental (Lumen Learning, 2016) . For us to successfully eliminate bribery and corruption, the governments in each nation must continuously enforce and monitor anticorruption legislations. Otherwise, bribery will persist in being a thorny issue for the global business.

Reference

Cragg, W. (2016). Bribery, Corruption and Moral Norms Across National Boundaries A work in progress for the Routledge Companion to Business Ethics. 

Lumen Learning. (2016). Introduction to Business. Retrieved from https://courses.lumenlearning.com/baycollege-introbusiness/chapter/reading-ethics-and-corruption/ 

Rodriguez-Fernandez, M. (2016). Social responsibility and financial performance: The role of good corporate governance. BRQ Business Research Quarterly , 19 (2), 137-151. 

Schooley, S. (2019, April 22). What Is Corporate Social Responsibility? Retrieved from https://www.businessnewsdaily.com/4679-corporate-social-responsibility.html 

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StudyBounty. (2023, September 14). The Relationship Between Social Responsibility and Financial Performance.
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