Corporate Social Responsibility Embrace Social Benefits

Question: Describe about the Corporate Social Responsibility for Embrace Social Benefits. Answer: Introduction In this study, we will learn about the importance of corporate social responsibility in organization not only for their own interest but also for the stakeholders and the entire society in which the business operations are running. Corporate social responsibility is a vital concept that helps the business organization to embrace social benefits for the organizations. In this essay we will study different type of corporate social responsibility and its theories that are helping many companies like Sony in Australia. These companies are promoting social responsibilities in the minds and hearts of other people also. We will also understand the practical applicability of such theories in the company. Analysis CSR, corporate social responsibility, is an important concept that embraces the social well being of the society, its people and the other members related to the organization. It helps to promote the interest of the public through the business activities performed in the business without focusing on the financial gains and economic benefits for the company. In this concept, we will learn about the impact and influence that a business organization can creates on the employees, natural and business environment, society, community, stakeholders, etc. In other words, we can say that a business should be socially friendly in nature, implementation of all the social goals objectives, which includes their decisions, actions, activities and policies. . It also affects the bottom line people like profit, plane and people that are the most important part of every business. It is advisable for all the business to run its operations according to the corporate social responsibility (Aguinis, Glavas, 2012). As we know that the corporate social responsibility has become one of the major concerns for all the organizations. It is a key element that presents in all the organizations. It is observed that companies like Sony are building their brand through CSR activities. It helps to boost the reputation and status of the company. The public image of the company rise as the customers seeks these companies more valuable as compared to others. The customers can feel that these companies have goodwill, trust and reputation is also good (Sony, 2016). It is helping Sony to have competitive advantage against the competitors. They have a significant use of corporate social responsibility to create good position in the minds of customers. The decision making of the customers is depends on the CSR activities performed by the companies. Corporate social responsibility not only helps in building image but also to have economic benefits though increase sales and revenues in the company. The cost reduced due to the fact that the company is involved in CSR activities. Customers want more participation of companies in CSR activities (Luo, Bhattacharya, 2006). The stakeholders and shareholders also find it as beneficial activities. They invest in the companies who follow theories of CSR. They are motivated and provide financial aid to the companies like Sony. The government of the country also helps such companies as they find that the company is not working for themselves but also for the nation. In this way, the risk of finance and other types of risk reduced. The stakeholders are the basis for this failures and success of any business. Stakeholders are termed as the individuals that directly or indirectly related to the business and seek some kind of interest, ownership in the activities of the organization. They are the suppliers, customers, employees, shareholders, creditors, debtors, etc. they seek interest that how organization treat them and managed them. The success of the companies is the success of the stakeholders (Syed, 2009). It refers to the responsibility of the organization like Sony towards the society and the stakeholders. It is the first and foremost responsibility of the corporate social responsibility. Sony has applied this theory in their organization as they follow all the rules and regulation that comes under the CSR. In this approach, the company has to focus on the social realms and not o the economic benefits. The companies have to rely on the sustainability in the organization in order to achieve corporate social responsibility (Dhaliwal, et.al. 2011). If we observe the company Sony, there aim is to achieve a sustainable development in their organization. The notion of the sustainability plays a vital role in the Sony as they norms are framed according to sustainability. Sustainability can be of different types like economic sustainability, social, environmental, etc. It is theory that is the mirror image of the corporate social responsibility. Instead of going out and making reforms for the external environment of the company, this theory emphasizes that the organization should look towards the stakeholders of the company. Sony has adopted this theory in t year 2001 when they decide to solve the internal and external CSR problems before looking for any other issues. The ethics and values of the business should be designed in a way that they can meet the demands of the stakeholders (Morimoto, Ash, Hope, 2005). Sonys global vision- Sony is a company which is strongly connected and committed to the new talents who can develop the innovative approaches and effective practices of sustainable society for the future generation.. Environment- This Company has recognizes the value of preserving of natural resources in order to have sustainable development in the future. They have eco and innovation techniques that support environment. Community- They believes to create a positive environment in the community in which they are working and living. They engage the employees in helping the other people of the local and global societies. They also help to meet the future generation issues CSR report- The annual CSR report of Sony shows that they have established effective relations with the stakeholders. Sony group conduct many CSR activities to promote the same in the entire world (Brusseau, 2016). Conclusion At last we can conclude that Sony is an organization that is performing their operations according to the stakeholders and the corporate social responsibility. In orders to treat the stakeholders in and ethical and socially way, Sony has adopted the corporate social responsibility to serve their stakeholders. In this, the company has to build social behavior for the stakeholders and try to fulfill the demand of them ethically. It comprises of self-regulations, adhere of laws and rules of government, norms carried by the industries, serving interest of internal and external stakeholders, etc. References Aguinis, H., Glavas, A. (2012). What we know and dont know about corporate social responsibility a review and research agenda. Journal of management, 38(4), 932-968. Brusseau, J., (2016). The business ethics workshop, [Online], and Accessed on: 10 December 2016, Available at: https://catalog.flatworldknowledge.com/bookhub/1695?e=brusseau-ch13_s02 Dhaliwal, D. S., Li, O. Z., Tsang, A., Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100. Luo, X., Bhattacharya, C. B. (2006). Corporate social responsibility, customer satisfaction, and market value. Journal of marketing, 70(4), 1-18. Morimoto, R., Ash, J., Hope, C. (2005). Corporate social responsibility audit: From theory to practice. Journal of Business Ethics, 62(4), 315-325. Syed, F., (2009). Stakeholders and corporate social responsibility, [Online], and Accessed on: 10 December 2016, Available at: https://totalqualitymanagement.wordpress.com/2009/03/12/stakeholders-and-corporate-social-responsibility/ Sony, (2016). Corporate social responsibility, [Online], and Accessed on: 10 December 2016, Available at: https://www.sony.com.au/section/csr Sony, (2016). Corporate social responsibility/environment, [Online], Accessed on: 10 December 2016, Available at: https://www.sony.net/SonyInfo/csr/