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Mgmt1001

In: Business and Management

Submitted By treery
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The issue of corporate social responsibility (CSR) has become an increasing concern among individuals and society. CSR has thus become an integral part of arguably most businesses in light of topical issues. However, much skepticism towards businesses’ agendas underpinning their CSR initiatives is abounding. This may be justifiably so. Evidence suggests that CSR initiatives undertaken by both large businesses as well as small and medium enterprises (SME) are largely resultant of strategic and profit driven imperatives rather than humanitarian and altruistic aspirations. This essay will explore the underlying factors that compel Australian businesses’ CSR ventures by analysing their stances on CSR as well as extrinsic drivers of CSR, further citing CSR’s pertinence to businesses’ financial performance, hence evincing that altruistic reasons are not the foremost impetus for the undertaking of CSR for corporations in Australia.

Definitions of CSR differ widely in literature (Truscott, Bartlett & Tywoniak, 2009). This essay will draw upon Carroll’s (1979) construct of CSR, comprising of economic, legal, ethical and discretionary responsibilities assumed by business entities, as a yardstick in determining the degree of CSR undertaken by firms. Economic dimensions of CSR encompass profit generation through effective business management, legal dimensions entail compliance with codified law, ethical dimensions embody adhering to ethical and moral parameters and discretionary dimensions denote engagement in philanthropic activities that transcend legal and ethical expectations. An altruistic impetus for CSR would hence be predicated by a firm’s demonstrable initiative in ethical and discretionary CSR.

Torugsa, O’Donohue & Hecker’s (2011) study sheds light on Australian companies’ espousal of CSR, citing a general consensus amongst firms in regards to their

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