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Corporate Social Responsibility: Stakeholder Theory

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Question:

Discuss about the Corporate Social Responsibility for Stakeholder Theory.

 

Answer:

Stakeholder Theory asserted by Edward Freeman has emerged as the current trend in the corporate scenario. This hold true as the significance and valuation of this concept have drastically being involved with the outcomes and aspects of organizational culture which assimilates the philanthropic theory and concepts (Doda, 2015). The application of the practices of Corporate Social Responsibility is an asset oriented determinant of the specific set of organization carried out by almost all the organization. Although there are a number of purposes which are fulfilled by the corporate in the name of CSR, but in reality there is no such observation involved in their accounts.  The main motivations of CSR are not only limited to social aspect and this essay argues on the relation and dynamics of the real cause of sustainable management (Nedelko, 2014).

7eleven is consumer based accessory and necessity chain with global reach and therefore the elements of providing to the society are also inclined with their business policies. It is a retail chain which has a remarkable appeal due to its availability of products through the conventional engagement of the retail scenes all over the world as often the products are misused by the consumers.  In fact over the years it has introduced the culture and cooperation with the sustainable manufacturing and services. The stakeholder management and the theories in the terms of the relevant structures of 7eleven have led to the engagement and integration of all the processes of social stimulation and healthy practices (Jamali, 2015). The utility of corporate social responsibility is in accordance with the equal distribution of some necessities to the areas which can provide a number of survival kits and good treats to the less privileged sections. 7eleven has been chosen due to the practices that are involved in its criteria of the schemes of responsibility and awareness of the environment on which it resides and operates the business strategies.

Moreover, this essay is achieved through the arguments based on the oppositional perspective that suitable management is possible only when the purposes are honest and precisely based for meeting the social responsibility for providing to the less fortunate and supervising the social gap with diverse worth to all. Sustainability is the argumentative statement of the essay which has emerged forms the views of Schermerhorn who posits that aspect of CSR activities of an organization entails many purposes.  The purpose of conducting or incorporating Corporate Social Responsibility must be aligned according to the needs and strategic goals of the organization. The concept of CSR can be deciphered as a socially motivated role on the part of the organization and the private sector holdings specially in order to remit some socially improving activities that must enhance the social and environmental challenges prevalent in the society (Nedelko, 2014). The role of sustainability is central to the development of the Corporate Social Responsibility which must maintain, coordinate and continue its practices. The impact and significance of social responsibility must be streamlines to the non profit activities with a holistic and sound outcome. The notion of giving back to the society in terns of the welfare and well being can be termed as the ideology behind the sustainable procedure of corporate responsibility. In order to implement and operate the basics of the scenario which also enhances the process of improvement and orientation of the organization, the organization must exhibit strong CSR policies.  

 

The optimum utilization of resources for the production and contribution to the society other than the finished product entails the mechanism of corporate social responsibility. Moreover there a number of ecological factors those are involved with the benefits of the reputation of the organization which has been referred in the discussion (Pouliopoulos, 2014).  A number of theories have been developed on the lines of the nature of the roles and importance of corporate social responsibility which has been aligned with this account and views of the essay. The involvements of laws and key legislations in a corporate set have been analyzed in the form and nature of the sustainability and requirement of the firms. The correlation between all the aspects of legal, social and cultural elements form an integral part and culture of the corporate work scenario. The environmental theories involve the basis like the proper wastage treatment, less implied harm and destruction to the society, maintaining and optimum use of the renewable source of energy along with the strength and ecologically driven motives and culture for establishing and coordinating the course of the corporate engagement (Popa, 2014).

The legal criteria and theories involve the basic agendas and fulfillment of all the humanistic regulation like work culture polices in association with the safe and protective nature and specification of the corporate venture. As long as there is a responsibility towards the social community the theories and policies of CSR should be integrated with the strategies and corporate operations and interactions with the varied state of the social corpus. Stakeholder Theory asserted by Edward Freeman has emerged as the current trend in the corporate scenario. This hold true as the significance and valuation of this concept have drastically being involved with the outcomes and aspects of organizational culture which assimilates the philanthropic theory and concepts.  CSR regulations and legislations and its application of these practices are an asset oriented determinant of the specific set of organization carried out by almost all the organization. Although there are a number of purposes which are fulfilled by the corporate in the name of CSR, but in reality there is no such observation involved in their accounts (Ydlapalli & Rahman, 2013).

 The main motivations of CSR are not only limited to social aspect and this essay argues on the relation and dynamics of the real cause of sustainable management. The fair trade movement, the social sustainability along with the economic sustainability forms the nature of the determinant and the impact and culture of the CSR phenomena in serving the social elements. The infrastructure and the politically motivated development of any society range through the activities of CSR in maintaining the role in operating and executing the various practices (Nedelko, 2014).  The concerns and influence of the stakeholders in analysis of their return of investment is a crucial part of the derivative of sustainability in managing their social objectives. The concept of Socially Responsible Investing is an important tool developed on the guideline and accounts of the key framework developed for the corporate executions and enterprises formed by the UN Nations. The contribution to encourage, adopt more and learn about enriching social values with models which are more environment friendly and aid in accessing a global concerns  have been reviewed through the systems of corporate activities. ISO2600, GRI and the A1000 modules which have been set and regulated as the ethical values of social integration has been possible due to the impacts and reasons of social responsibility. The capability and the change in the approach or green production or the stake of future years to arrive have been a huge driving force for the application and maintenance of the corporate social responsibility. The streamlining of the several issues that indulge in looking after the concerns of the societal values have been supported through the act of social objectives of a profit based organization. The accountability towards the society as well as to the stakeholders in a broad environmental scope determines the constituents of sustainability in relation to this phenomenon of fair optimization within the business framework.  The decisions of linking corporate governance with the aspects of sustainability are congruent in this noble approach. In fact, trading is a huge process and all that is involved in this are way more than one can expect. It says much about the way one business operates and with more new techniques getting involved this itself is becoming an enormous market (Popa, 2014). Now for anything to occur systematically one should know the in ways and out ways of trading that certainly involves systems like knowing the trend of the market and what is the current standing scenario as it is essential. Therefore one can get confused about selecting the best signal services as there are a number of service providers. Whether you are a novice in this field or an experienced trader we always need to be really careful in making a selection of the service providing company. But the appropriate use of these should be made to good use and only then does the service make sense. It has happened for centuries and not has been a spontaneous phenomenon. It requires substance and many more aspects which will lead to a sound outcome from the collective perspectives. Goods and services of 7eleven are what one attempts to trade for and it generally involves selection of parties who are well aware of the whole drama and that are what matters rather than forwarding it to people who have no idea about it.  In spite of all the approaches it is necessary to execute and make the response to social accountability more of an obligation and necessity. The negative impacts of strategic assessment in social coordination must be identified and which must be controlled and minimized through the Corporate Social Responsibility Strategies. 

 

Bibliography

Doda, S. (2015). The Importance of Corporate Social Responsibility. Journal of Sociological Research , 86-91.

Jamali, D. R. (2015). Exploring HRM role in Corporate Social Responsibility: CSR-HRM co-creation model. Business Ethics: A European Review , 125-143.

Nedelko, Z. P. (2014). Perception of corporate social responsibility by the employees: Evidence from slovenia. Empowering organizations through corporate social responsibility , 51-72.

Popa, M. &. (2014). Corporate social responsibility versus corporate social irresponsibility. . Management & Marketing , 137.

Pouliopoulos, L. G. (2014). The existence of an autonomous department of CSR (Corporate Social Responsibility) and its impact on managers perceptions about CSR. Journal of European Economy , 68-79.

Ydlapalli, A., & Rahman, S. (2013). Developing a consensus definition of CSR. In 27th Australia and New Zealand Academy of Management (ANZAM) Cionference: Management on the Edge . Australia and New Zealand Academy of Management., (pp. 1-28). Australia.

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