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oElaine Sternberg alleged that there is a human rights case against CSR, implying that a stakeholder approach to management denies shareholders of property rights (Sternberg, 2009). PERIOD:●1980’s - Johnson & Johnson Tylenol recall; the company lost millions of dollars in the short-term, but customers continued to purchase its product and the company became profitable long-term ●2001 - Malden Mills filed for bankruptcy and closed down due to cost of employee wages, lawsuits filed by injured employees, and the $100 million cost to rebuild the factory after it burned down in 1995. ●2004 - Philip H. Mirvis & Bradley K. Googins developed a five-stage model of global corporate citizenship●2005 - Bobbi Stein served as Sr. VP of Global Responsibility and President of Gap Foundation, which she oversaw the company’s global community investments in women’s advances and jobs for the youth ●2009 - Sodexo developed “The Better Tomorrow Plan” addressing 14 different issues, including the reduction of the firm’s carbon and water usage. PLACES: ●Africa is a developing country operating multinational companies that uses the co-regulatory approach as a method of regulation (mujih, 2008). ●United States businesses freely acknowledge their ethical and social obligations (Forte, 2013, p. 816)●The European Commission presented the Green Paper, which laid the foundation for CSRin Europe ●CSR legal framework and its meaning for businesses operating in Australia, United Nations, the United States, France, and any country that operates multinational companies
○The Corporation Act 2001 - Australia ○2008 UN Protect, Respect, and Remedy Framework and the UN Guiding principles - United Nations ○Fair Trade affect rights that fall into the scope of CSR PHRASES:●Meaning “to pledge back” creating commitment to give back●Europe typically use the term corporate sustainability to refer to corporate social responsibility ●CSR is known by different other names (Jain, Kumar Datta, & Roy, 2014, para. 1). ○Corporate responsibility○Corporate citizenship○Sustainable responsible business ○Corporate social performance○Corporate social opportunityPICTURES:This image shows CSR impact on employee engagement and responsible citizenship (pi-slice.com, 2014). “companies with engaging CSR activities have increased their pool of loyal clients in comparison to companies with lacking CSR initiatives”
PROSPECTS:●Arguments for CSR include (Lawrence & Weber, 2017, p.53-55)oMost people believe that CSR balances corporate power with responsibility oVoluntary socially responsible acts may discourage government regulationoSocial initiatives by organizations promotes long-term profits for business oMany managers believe that developing a powerful social agenda and variety of social programs will improve the company’s stakeholder relationships oCSR enhances business reputation, which is an important element in establishing trust between a company and its stakeholders.