IMPACT OF CORPORATE SOCIAL RESPONSIBILITY
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IMPACT OF CORPORATE SOCIAL RESPONSIBILITY
Chapter one
GENERAL INTRODUCTIONS
1.1 Background of the Study
Corporate social responsibility has taken on a serious dimension in modern business. The awareness is so high that the operational environment/society develops expectations of what they expect from the business, and the organisation believes it has social and moral duties to contribute to the society in which it operates.
The upshot of these two strands, if correctly and efficiently managed, is a company’s society interactions. It also promotes development by incorporating the environment into the company, providing infrastructure, and offering scholarships, all of which contribute to the development of society.
Baker (2004) argues that corporate social responsibilities have become an important element of the wealth development process, which, if correctly managed, should increase business competitiveness and maximise the value of societal wealth creation. Corporate social responsibilities, if not addressed effectively, can lead to strained relationships and a lack of progress.
Corporate social responsibilities are essentially a notion in which businesses choose to contribute to the growth of society and the preservation of the environment on their own initiative.
Bromstorm (1976) defines social corporate duties as “the obligation of decision makers to improve the welfare of society while also serving their own interests.”
It is also represented by the contributions that businesses and organisations make to society through their business activities and social investments.
Drucker (1954) defines corporate social responsibility as investment in and contribution to the overall organisation. It is also intended to assist in the creation of a healthy atmosphere in which an organisation can exist and run effectively.
Despite the foregoing, determining that the call for corporate social responsibility has not been successfully overblown. The concerns, however, are where this or such duties begin and finish;
should a firm’s plan prioritise shareholders’ interests over those of society or the environment? Should a company be held accountable for the social repercussions of its operation?
Drucker (1974) proposed two approaches to meeting the demand for social influence from corporate organisations.
The negative consequences of corporate operations such as pollution, deceit and advertising of products offered for sale in the market, tax aversion and avoidance, and so on may stem from societal problems.
Falling living standards, illiteracy, poor infrastructure, insufficient social amenities, and growing dissatisfaction with the government’s ability to handle key social problems.
As a result, society has come to expect businesses to successfully carry out this mission of alleviating a large portion of their problems by adopting social responsibility objectives and processes. There is a general belief that corporate bodies in the country as a whole, and in Akwa Ibom State in particular, bear social duty.
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