This is not an article that will talk about why you should apply corporate social responsibility, but one that explains the importance of pursuing the study of it. One could study CSR and not fully apply it in their work, but still have an important use for the theories and its application. There are several reasons why people study corporate social responsibility, from ethical reasons to the thought that it could affect the bottom line, positively or negatively, among other reasons we might discuss here. One thing is certain though, whether or not a company applies the study, as students and professors of business and economics, it is important that we explore the concepts and applications, as it will affect us as a whole one way or another.
There are two basic approaches to corporate social responsibility, the first is the approach formed by the Nobel prize winning economist, Milton Freedmen, which uses a pretty straight forward simple approach that states; that a company’s main focus should be profitability, without breaking the laws, nor committing deception and fraud. Another approach concentrates on purely ethical reasons, such as the welfare of the community, environment, and your workers, making profit only a byproduct of your endeavors.
Both sides of the approaches have their points and both have a significant following, and though it might seem pointless to be a part of the debate, it is the discussion of the two ideas which allows you to pursue new ideas and thoughts that can reach to your own theory and approach to corporate social responsibility. And if it to your conclusion that CSR is not something that should be at the top of a corporation’s priority, you can still apply what you learn through the prediction of the movements of your competitors. The jury is still out on the thought that CSR definitely affects the bottom line of a company though.
Personally, I think that corporate social responsibility is essential for any corporation. A corporation is an entity of its own, in fact if you look at things into perspective it is a citizen of the country of which it stands. The same as an individual who is part of a country, it is his and her responsibility that the he or she will not harm the community and environment through their actions, that their actions is to uplift themselves along with the community or at least do it no harm.
Corporations that hold great power, or are responsible of resources and productions that could have catastrophic consequences, are those that should definitely apply and study Corporate Social Responsibility, as they have the ability to cause the most harm if they are negligent of their responsibilities.
In conclusion, the study of corporate social responsibility is essential to anyone, whether the application of it is your priority or not. Any new study in a field must be explored and examined in order for you to truly understand the industry and field as a whole and not fall behind the times.