Topic 1 Which areas does CSR cover?

In this topic we will cover the following areas:

  • Economic responsibility
  • Legal responsibility
  • Ethical components
  • Philanthropic responsibility
  • Environmental responsibility

Economic responsibilities are the core of a business as they need to be effective and produce profits

Legal responsibilities also play an important role as companies are expected to behave according to law addecuance

Use economic and legal aspects as the base of its work with social responsibilities.

Hermansson and Olofsson (2008)

Ethical responsibilities

‘The ethical responsibility is the voluntarily responsibility by the company to act in a manner that is fair and justice and to avoid or at least minimize the risk that the shareholders of the company is affected in any negative manner’.

Hermansson and Olofsson (2008)

This means that startups need to engage with stakeholders beyond their legal responsibilities.

Philanthropic responsibility

  • It addresses all the corporate activities that cover society awareness.
  • It is voluntary and requires time from the employees and the startup in their efforts on improving the society
  • Donations and charity programmes are examples of philanthropic responsibility

Hermansson and Olofsson (2008)

Post a comment

Leave a Comment

Your email address will not be published. Required fields are marked *