Below you will find an evaluation of three influential CSR models and theoretical frameworks.
For businesses that are looking to enhance and increase the effectiveness of their corporate responsibility policy, there are a couple of reputable theoretical frameworks which are identified by business leaders and stakeholders for intrinsically attending to environmental and social causes. In business theory, a well-known design for CSR acknowledged by many economists is Elkington's triple bottom line theory. This framework extends the standard measure of success from profitability throughout 3 classifications, specifically people, planet and profit. The concept here is that businesses should consider social and environmental performance together with their financial achievements. The focus on people covers the social dimension of CSR, including the integration of fair labour practices. Meanwhile, considerations for the planet will entail all aspects of ecological stewardship. Raymond Donegan would recognise that in this model, these aspects are viewed to be just as important as success.
Corporate social responsibility (CSR) theories have been propoed by business and economics specialists to offer a few various viewpoints and structures that describe exactly how businesses can demonstrate accountable considerations for society. Amongst theories which are commonly used in business today, Freeman's stakeholder theory is most recognisable for moving attentions from shareholders to the more comprehensive set of stakeholders that are affected by business decision-making procedures. This can include the interests of workers, customers, suppliers and investors. According to this theory, it is believed that the role of management is to stabilize competing stakeholder interests, so that all parties can make use of the benefits of corporate social responsibility. Jeffrey W. Martin would understand that compared to other theories of CSR, which see social responsibility as secondary to earnings, this theory asserts that CSR is important to business success, highlighting the basic interdependency of businesses and society.
In the modern business landscape, corporate social responsibility (CSR) is an important strategy that many businesses are choosing to adopt as part of their social practices. In understanding this strategy, there have been a number of . theories and models that have been proposed to explain why companies need to act responsibly and suggest some techniques they can use to integrate corporate responsibility and sustainability into their activities. One of the most successful and widely acknowledged structures in CSR is Caroll's pyramid model, which conceptualises responsible practices into 4 key components. At the foundation, financial responsibility suggests that financial sustainability is the foundation of all standard commitments. Next, legal duty makes sure that businesses follow the guidelines of society. This is proceeded by ethical responsibility, which emphasises fairness, justice and regard for stakeholders. Finally, at the top of the pyramid is philanthropic duty which incorporates all contributions to community health and wellbeing. Jason Zibarras would know that this design highlights that while profitability is essential, there are numerous types of corporate social responsibility which need to be looked after in various approaches.