IMPACT OF SOCIAL RESPONSIBILITY ON BUSINESS ORGANIZATIONS IN AKWA IBOM STATE
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IMPACT OF SOCIAL RESPONSIBILITY ON BUSINESS ORGANIZATIONS IN AKWA IBOM STATE
Chapter one
INTRODUCTION
1.1 Background for the Study
Sustainable development and poverty alleviation are now universally acknowledged as crucial concerns that governments, particularly in developing nations, must tackle. The government, on the other hand, will be unable to meet this challenge without the help of the private sector. Policymakers are closely monitoring the private sector’s potential contribution to such aims.
As the topic of sustainable development grows more relevant, CSR has grown into a component that tackles these issues, increasing its importance in business operations. Being a socially responsible corporation can benefit a company’s image and brand.
According to Segun, O.J. (2018), employees who feel a sense of social obligation can use company resources to help others. Formal corporate social responsibility programmes can boost staff morale and workplace productivity.
Corporate social responsibility refers to how a company’s operations affect the interests of its stakeholders. CSR has a huge influence on an organization’s performance.
Corporate Social Responsibility (CSR) is a concept that refers to the voluntary integration of both social and environmental upliftment into corporate entities’ business strategies and activities. A business enterprise exists primarily to create value by creating commodities and services that society requires.
company Social Responsibility (CSR) is one of the ethical and moral issues that influence company decision-making and behaviour. As a result, whether a firm should engage in particular activities or avoid from doing so because they are good or detrimental to society is a critical subject.
Social issues require moral consideration on their own, and managers should examine the social implications of corporate activity when making decisions, regardless of stakeholder pressures.
However, some believe that the contribution of notions such as Corporate Social Responsibility (CSR) is only a reminder that the pursuit of profit should be restrained by social considerations rather than expanding (Heslin, P. & Achoa, J. 2018).
Corporate Social Responsibility (CSR) is the process by which a company identifies its stakeholder groups and incorporates their needs and beliefs into strategic and operational decision-making. It is a method of examining the interdependent interactions between enterprises, the economic system, and the communities in which they operate (Umar, G. 2018).
Corporate Social Responsibility (CSR) is a method of discussing the scope of a company’s obligations to its immediate society; it is also a tool for proposing policy ideas on how those obligations can be met, as well as identifying the benefits to a company of meeting those obligations.
As a result, the environmental aspect of Corporate Social Responsibility (CSR) is seen as the duty of business organisations to cover the environmental implications of their operations, products, and facilities, eliminate waste and emissions
maximise the efficiency and productivity of their resources, reward for externalities, and minimise unethical practices that may adversely affect the enjoyment of the community where they are located and the country’s resources.
Corporations around the world are dealing with this new responsibility, which is to meet the requirements of the current generation without jeopardising the ability of future generations to meet their own needs. Organisations are being asked to take responsibility for how their operations affect society and the natural environment.
They are also expected to demonstrate the incorporation of social and environmental concerns into company operations and relationships with stakeholders.
Too often, Corporate Social Responsibility (CSR) is understood in terms of business generosity to community projects and charitable donations, but this misses the most valuable contributions that a company can make as its focus shifts from promoting product differentiation at the product and firm levels to looking outside their business environment.
1.2 Statement of the Problem
In the expanding global economy, where the Internet, news media, and the information revolution have cast light on worldwide business practices, corporations are increasingly being judged on their environmental stewardship.
Business partners and customers alike are curious in what goes on behind the scenes. According to Anyanwu E. (2021), many businesses regard themselves as trapped between meeting societal needs and maximising short-term profits.
It is now thought that stakeholder value is incompatible with shareholder value. As a result, today’s firms have a fiduciary duty to shareholders while also fulfilling a social responsibility to stakeholders.
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