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ITS TIME.

ifechukwu Anunobi Written by Anunobi ifechukwu · 3 min read >

It’s the day for exams and so far so good. It has to be good these are what I have learnt all around.A statistical method called regression links a dependent variable to one or more independent (explanatory) variables. A regression model can demonstrate whether changes in one or more of the explanatory variables are related to changes in the dependent variable.

Meaning  firm’s ethical responsibilities.

The actions of the company that are required by society but are not specified by legislation are included in its ethical duties. The need that the company be environmentally friendly is one of the ethical responsibility criteria. The company should be constantly mindful of its operations and how they impact the environment.

Business’s social responsibility 

A commercial firm should conduct its operations and generate revenue in a way that satisfies societal expectations since it is a significant component of society. A company’s obligation to make choices and do activities that are desirable in light of societal goals and values is referred to as having social responsibility. It entails creating businesses with a good relationship to the society in which they operate. It is the belief that firms should balance profit-making operations with actions that serve society.

legally accountable 

In addition to the companies in the community, people in the society are also held accountable under the law. Business must abide by laws and regulations since it is a separate legal entity. Every company has a duty to conduct its operations within the restrictions established by the different commissions and agencies at all levels of government. These guidelines have been established to preserve balance and advance societal welfare. 

A business that upholds the law is also a business that values social responsibility. The company is free to operate whatever it sees fit, but only within the confines of the rules set down by numerous laws, including labor, environmental, and criminal laws. For instance, a company must pay taxes to the governmentand maintain orderly accounting records so that the government may monitor the business’s financial health.

Discretionary Authority/Responsibility

One of the most crucial pillars of society is business. And therefore, wherever possible, it should aid in and advance society. If a company is producing sizable profits, it is the obligation of the company to give back to society by providing monetary or in-kind donations. 

The firm has a charitable obligation to support many societal organizations. By establishing educational institutions and training facilities and aiding those afflicted by natural disasters like floods and earthquakes, it should also seek to provide free education. The management of the firm has a duty to protect the capital investment by abstaining from speculative behavior and engaging exclusively in profitable commercial operations.

CORPORATE SOCIAL RESPONSIBILITY (CSR): WHAT IS IT?

According to the online course Sustainable Business Strategy, corporate social responsibility (CSR) is the notion that a company has a duty to the society in which it operates. 

Corporate social responsibility-adopting businesses are often set up in a way that gives them the freedom to be and behave in ways that are socially responsible and have a beneficial influence on the world. Depending on the objectives of an organization, it is a type of self-regulation that can be represented through initiatives or strategies. Through corporate social responsibility reports, many firms let internal and external stakeholders know about their activities. 

From organization to organization, “socially responsible” is defined differently. The triple bottom line is a theory that frequently serves as a guidance for businesses.

CORPORATE SOCIAL RESPONSIBILITY TYPES 

Environmental, charitable, ethical, and economic responsibility are the classic divisions of corporate social responsibility. 

1. Environmental stewardship 

Environmental responsibility is the idea that businesses should act in a way that is as ecologically beneficial as feasible. One of the most widespread examples of corporate social responsibility is this. Some businesses refer to these programs as “environmental stewardship.” 

There are numerous methods for businesses to embrace environmental responsibility: (Sustanability)

  • lowering water use, pollution, greenhouse gas emissions, use of single-use plastics, and trash in general 
  • increased dependence on sustainable resources, recyclable materials, and renewable energy sources to control energy usage 
  • reducing harmful environmental effects, such as through sponsoring research, planting trees, and making donations to organizations that support similar causes.

Responsibility for Giving

Philanthropic duty is the goal of a company to actively improve society and the planet. 

Organizations motivated by philanthropic duty frequently donate a percentage of their profits in addition to conducting themselves as ethically and ecologically friendly as feasible. While many businesses support organizations and charities that share their guiding principles, others support deserving causes unrelated to their line of work. Some people even go so far as to start their own charity trust or organization in order to give back and improve society.

4. Financial Accountability 

Economic responsibility is the practice of a company committing to do good in the aforementioned areas while supporting all of its financial decisions. The ultimate objective is to ensure that corporate activities have a good influence on the environment, people, and society, not just to increase profits.

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