The newspaper headlines are littered with corporate scandal news. Boeing Corporation paid a settlement of $10 million in a charge that it had illegally exported satellite-launch technologies. Later, they paid a $15 million settlement charge in an age discrimination suit brought by the EEOC. Merrill Lynch paid $15 million as settlement in its commodities scandal, and $400 million in 1998 as settlement for a suit that it had given reckless investment advice leading to Orange County, California’s bankruptcy. Enron, Arthur Anderson, WorldCom, and more have underscored the problems that are arising due to corporate greed (Kinard, Smith, & Kinard, 2003).
Yet, despite this disturbing trend of corporate mismanagement and greed, another trend is emerging, one of social responsibility. This paper will discuss what corporate social responsibility entails and why corporations are more frequently deciding to participate in these types of programs. Finally, an overview of some of the programs currently in place will be given.
Table of Contents
Abstract
Introduction
Corporate Social Responsibility Overview:
Why Corporations Participate:
Examples of Programs in Place:
References
Abstract
The newspaper headlines are littered with corporate scandal news. Boeing Corporation paid a settlement of $10 million in a charge that it had illegally exported satellite-launch technologies. Later, they paid a $15 million settlement charge in an age discrimination suit brought by the EEOC. Merrill Lynch paid $15 million as settlement in its commodities scandal, and $400 million in 1998 as settlement for a suit that it had given reckless investment advice leading to Orange County, California’s bankruptcy. Enron, Arthur Anderson, WorldCom, and more have underscored the problems that are arising due to corporate greed (Kinard, Smith, & Kinard, 2003).
Yet, despite this disturbing trend of corporate mismanagement and greed, another trend is emerging, one of social responsibility. This paper will discuss what corporate social responsibility entails and why corporations are more frequently deciding to participate in these types of programs. Finally, an overview of some of the programs currently in place will be given.
Corporate Social Responsibility
Introduction:
The newspaper headlines are littered with corporate scandal news. Boeing Corporation paid a settlement of $10 million in a charge that it had illegally exported satellite-launch technologies. Later, they paid a $15 million settlement charge in an age discrimination suit brought by the EEOC. Merrill Lynch paid $15 million as settlement in its commodities scandal, and $400 million in 1998 as settlement for a suit that it had given reckless investment advice leading to Orange County, California’s bankruptcy. Enron, Arthur Anderson, WorldCom, and more have underscored the problems that are arising due to corporate greed (Kinard, Smith, & Kinard, 2003).
Yet, despite this disturbing trend of corporate mismanagement and greed, another trend is emerging, one of social responsibility. This paper will discuss what corporate social responsibility entails and why corporations are more frequently deciding to participate in these types of programs. Finally, an overview of some of the programs currently in place will be given.
Corporate Social Responsibility Overview:
According to law, corporations are an artificial, legal being that posses a variety of rights, duties and powers, including some of the obligations of a person. The thought that this entity should also have a corporate conscience is not a new one. For more than 70 years, some have believed that corporations have a duty to society and should encourage humane and constructive social policies (Kinard, Smith, & Kinard, 2003).
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Frequently Asked Questions
What is the definition of Corporate Social Responsibility (CSR)?
CSR refers to the idea that a corporation, as a legal entity, has a "corporate conscience" and a duty to society to encourage humane and constructive social policies.
Why are corporations increasingly participating in CSR programs?
Corporations participate to counter negative trends of greed and mismanagement, improve their public image, and fulfill what many see as a moral obligation to society.
Which corporate scandals are mentioned in the paper?
The paper cites scandals involving Boeing (illegal exports), Merrill Lynch (reckless investment advice), Enron, Arthur Anderson, and WorldCom.
How long has the concept of a "corporate conscience" existed?
According to the text, the idea that corporations have a duty to society has been discussed for more than 70 years.
What are the legal rights of a corporation mentioned in the overview?
By law, corporations are artificial, legal beings that possess a variety of rights, duties, and powers similar to those of a person.
- Quote paper
- Kimberly Wylie (Author), 2003, Corporate Social Responsibility, Munich, GRIN Verlag, https://www.grin.com/document/60424
