What is the major premise of the efficiency perspective regarding corporate social responsibility?
The perspective of efficiency debates that the “business of business is business”, thus the management of an organization should try and maximize the returns of shareholders (Emerging business ethics issues, 2020). However, social responsibility viewpoint debates that the management of a company are supposed to offer a return that is reasonable to shareholders while meeting the community concerns. The values of a community are only mirrored in the decision of a manager when the values are codified (Emerging business ethics issues, 2020). The ideal social responsibility is the one which develops a shared value for business and society.
Corporate Social responsibility is the level of efficiency and effectiveness a company shows in focusing at its social responsibilities (Emerging business ethics issues, 2020). The higher the level of efficiency and effectiveness, the more socially responsive the company is said to be. An organization that is socially responsive is both efficient and effective and is able to meet its communal roles without wasting company resources along the way(Emerging business ethics issues, 2020). Establishing precisely which social roles a company should focus and then making a decision how to follow them are maybe the two most crucial decision making elements of keeping a high level of social responsiveness. That is, managers must make a decision whether their company should undertake the actions on its own or get the assistance of outsiders with more expertise in a particular area (Emerging business ethics issues, 2020).
As a positive theory, the perspective of social innovation on Corporate Social Responsibility supposes that the search for prospects for social innovation is a significant driver of Corporate Social Responsibility. As a normative theory, the social innovation viewpoint prescribes contribution to innovative engagement in solving social challenges as a key vehicle for a fruitful development of a business.
Emerging business ethics issues. (2020). Ethical Issues and the Institutionalization of Business Ethics Chapter 3, 4, 5. . Presentation
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