BCO 121 Ethics In Business Midterm Rubrics Task ✓ Solved

BCO 121 Ethics In Business 4 Ects Midterm Rubrics Task

Individual written task in Harvard style format, cover page, Table of Contents, text alignment and Reference list. The student must build a coherent discussion or argument in essay format, analyzing theories and models. Case studies may be referred to when providing examples. Students must write in complete sentences and develop paragraphs. No bullet points are allowed. Prepare an Introduction, Body, and Conclusion paragraphs. Sources must be used, identified, and properly cited. Format: Word document (no pdf) submitted through Turnitin.

The concepts of ethical behavior and corporate social responsibility have come to the forefront in recent years in both developed and developing countries as a result of a growing sense of corporate wrongdoing. These two concepts can bring significant benefits to a business. The idea that business enterprises have some responsibilities to society beyond that of making profits for shareholders has been around for centuries.

Respond to these ideas by answering the following questions in an essay format:

1. What is the brief history of CSR and how was it viewed in the past as compared to today? Explain the differences. Cite your sources.
2. Why do companies engage in CSR? Give at least three specific examples. Cite your sources.
3. How do companies apply CSR? Give specific examples. Cite your sources.
4. What is the correlation between the use of CSR and financial performance? Give specific examples. Cite your sources.

Word count: 1000 to 1500 words. Cover, Table of Contents, References and Appendix are excluded of the total word count. Font: Arial 11 pts. Text alignment: Justified. The in-text References and the Bibliography must be in Harvard’s citation style.

Paper For Above Instructions

The concept of Corporate Social Responsibility (CSR) has evolved significantly since its inception. Historically, businesses focused primarily on profit maximization, often disregarding the social and environmental impact of their operations. In the early 20th century, CSR as a notion was rudimentary, limited to charitable donations and community engagements by a few select corporations. However, with growing public awareness and scrutiny of corporate practices, especially following high-profile corporate scandals, the perception of CSR transformed. Today, CSR is viewed as a fundamental aspect of business strategy, influencing not only public image but also operational success (Carroll & Buchholtz, 2014).

The history of CSR can be traced back to the 1950s, when economist Howard Bowen termed it the "social responsibility of business" in his book, "Social Responsibilities of the Businessman." Bowen suggested that businesses should take into account the interests of various stakeholders, not just shareholders. Over the decades, the concept expanded, especially in the 1970s and 80s, when stakeholders demanded greater corporate accountability, leading to the establishment of CSR departments within organizations (Freeman, 1984).

Today, CSR encompasses a wide array of practices, including environmental sustainability, ethical labor practices, and community engagement. Companies engage in CSR for several reasons. Firstly, CSR initiatives can enhance corporate reputation, fostering customer loyalty and trust (Bhattacharya & Sen, 2004). For example, Nike’s commitment to sustainable manufacturing and ethical labor practices has positively reshaped its public image. Secondly, engaging in CSR allows companies to mitigate risks associated with regulatory compliance and potential backlash from activists and consumers. Thirdly, CSR can lead to financial benefits, as companies focused on sustainable practices often experience cost savings through improved efficiencies (Porter & Kramer, 2006).

Various companies exemplify CSR in action. Unilever, for example, has integrated sustainability into its core business strategy through its Sustainable Living Plan, which aims to halve its environmental footprint while improving the social impact of its products (Unilever, 2021). Another case is Starbucks, which emphasizes ethical sourcing of its coffee through its Coffee and Farmer Equity (C.A.F.E.) Practices program. This initiative ensures that farmers receive fair prices while adhering to environmental standards (Starbucks, 2021). Additionally, Patagonia, the outdoor apparel brand, is renowned for its commitment to environmental activism and the reduction of ecological footprints by encouraging consumers to buy less and repair products instead of buying new ones (Patagonia, 2021).

The implementation of CSR can manifest in several ways, including corporate policies, community engagement, and environmental sustainability initiatives. Companies can apply CSR by developing comprehensive corporate policies that guide their practices towards ethical behavior. For instance, Google has adopted a number of sustainability initiatives aimed at reducing its carbon footprint and enhancing transparency in its operations (Google, 2021).

Moreover, CSR initiatives correlate positively with financial performance. Research indicates that companies with robust CSR programs tend to outperform their competitors. A 2020 study conducted by Harvard Business School found that companies with high CSR ratings exhibit lower costs of capital and higher profitability (Eccles et al., 2020). For instance, Microsoft’s emphasis on sustainability not only positions it as a leader in eco-innovation but also reflects in its financial success, indicating that businesses can thrive while being socially responsible.

In conclusion, the evolution of CSR demonstrates a paradigm shift in business practices from mere profit generation to a broader responsibility towards society and the environment. Companies engaging in CSR not only enhance their reputations but also foster loyalty, reduce risks, and improve their financial performance. As businesses continue to face scrutiny regarding their social and environmental impacts, the integration of CSR into core strategies is likely to intensify.

References

• Bhattacharya, C.B., & Sen, S. (2004). Doing better at doing good: When, why, and how consumers respond to corporate social initiatives. California Management Review, 47(1), 9-24.
• Carroll, A.B., & Buchholtz, A.K. (2014). Business & Society: Ethics, Sustainability, and Stakeholder Management. Cengage Learning.
• Eccles, R.G., Ioannou, I., & Serafeim, G. (2020). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2844-2861.
• Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Pitman.
• Google. (2021). Sustainability at Google. Retrieved from https://sustainability.google
• Patagonia. (2021). Environmental + Social Initiatives. Retrieved from https://www.patagonia.com/activism
• Porter, M.E., & Kramer, M.R. (2006). Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84(12), 78-92.
• Starbucks. (2021). Ethics & Compliance. Retrieved from https://www.starbucks.com/responsibility/ethics
• Unilever. (2021). Sustainable Living. Retrieved from https://www.unilever.com/sustainable-living/