Discuss the Following Statement Using Relevant Examples and Theories: ‘Today, Corporate Responsibility Is the Best Strategic as Well as Financial Path That Most Businesses Can Follow.’

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Corporate social responsibility is an ever evolving concept that is fast becoming part of the business strategy of many organisations due to globalisation. And with the environment and global warming dominating news articles, science papers and government policy for the past few decades, many organisations are fast embracing a 'social conscience'. However the success or otherwise of including policies or programs based on corporate social responsibility, is highly dependent upon the country or countries in which the consumers are located. So what is corporate social responsibility? The website ‘Small Biz Connect’ (Reference 8) describes it as “the way that businesses are increasingly taking into account the financial, social and environmental impacts of their decisions and actions”. In essence, it is when a business incorporates social policies and plans into their business operations, predominantly in the areas of ethics, social responsibility and sustainability. A business can choose to follow any or all of the abovementioned areas however their choices are guided by their management approach, corporate culture and stakeholder participation. In regards to ethics within an organisation, there are no formal guidelines and are generally based on the level of moral development of the managers, employees and stakeholders within each organisation. Ethics are formally defined as “the code of moral principles and values that governs the behaviour of a person or a group with respect to what is right or wrong” (Reference 11) and they vary from organisation to organisation and country to country. In Australia, we have multiple groups who promote ethical organisations and ethical investment whilst many organisations have a Code of Ethics that dictates their policies and procedures. Social responsibility has a similar standing as ethics. Being a socially

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