But what exactly does"corporate social responsibility" mean and what are the advantages it brings to the company? The aim of this paper is to answer those questions.
Since the Corona crisis, many companies have devoted themselves to various corporate strategies to ensure their existence. The concept of 'corporate social responsibility' is currently a hot topic. Several companies or organizations such as Sportheads GmbH, the Federal Ministry of Labor and Social Affairs and Beiten Burkhardt address the topic of 'corporate social responsibility'.
Table of Contents
- Introduction
- Corporate Social Responsibility
- Definition
- Structuring according to areas of responsibility
- Scientific concepts
- Milton Friedman
- Sustainability
- Advantages
- Conclusion
Objectives and Key Themes
This paper explores the concept of corporate social responsibility (CSR) and its implications for businesses. It delves into the definition and structuring of CSR, examining different areas of responsibility and their relationship to a company's profitability. The paper also analyzes the opposing viewpoints of Milton Friedman and the stakeholder model, contrasting the shareholder-centric approach with the broader stakeholder perspective.
- Definition and scope of corporate social responsibility (CSR)
- Structuring CSR activities based on areas of responsibility
- The contrasting views of Milton Friedman and the stakeholder model
- The relationship between CSR and sustainability
- The advantages of implementing CSR strategies
Chapter Summaries
- Introduction: This chapter sets the context by highlighting the significance of CSR strategies in the wake of the Corona crisis. It introduces key concepts such as CSR and sustainability, and explores the question of what CSR entails and its benefits for companies.
- Corporate Social Responsibility: This chapter delves into the definition of CSR, emphasizing its role as an independent responsibility towards society. It examines social, ecological, and economic aspects of CSR, including fair business practices, employee relations, and environmental protection.
- Scientific Concepts: This chapter focuses on the influential views of Milton Friedman, a prominent critic of CSR. It explores Friedman's arguments against social responsibility, emphasizing his belief that a company's primary responsibility is to maximize shareholder profits.
- Sustainability: This chapter explores the connection between CSR and sustainability. It examines the role of sustainability in CSR strategies and highlights the advantages of implementing CSR initiatives.
Keywords
This paper focuses on key terms and concepts such as corporate social responsibility (CSR), sustainability, stakeholder model, shareholder model, Milton Friedman, areas of responsibility, environmental protection, ethical development, and social responsibility.
- Quote paper
- Bekim Berisha (Author), 2020, What Does the Concept of CSR Mean? Its Importance in Times of the Coronavirus Pandemic, Munich, GRIN Verlag, https://www.grin.com/document/940750
