Corporate social responsibility has become highly relevant around the world. The companies are responsible to perform some certain activities for the welfare of society. This blog will tell you about the important theories of corporate social responsibility. The students can get detailed information about this by taking the corporate social responsibility assignment help from the experts of BookMyEssay. Now let’s move on to learn more about it.

Three Major Theoretical Approaches to Corporate Social Responsibility

If we see it from the corporation’s traditional point of view then making profits is the primary goal for all of them. Along with this money-centric perspective, business ethics are also vital to consider for corporations. The businesses have responsibilities toward both economic and civic activities.  Here are the three theories of corporate social responsibility.

Corporate social responsibility: Corporate social responsibility in general terms means that corporations should focus on performing both the duties to make profits and deal ethically with society. By taking the assignment writing services from professionals you can get extensive details about it. The CSR is composed of four major obligations:

Economic responsibility: It is about earning profits and making money. According to simple economic requirements, this is the basic obligation for every business. In modern economic markets, companies who fail to earn profit lose their existence. The non-profit organizations are the exception. These organizations make money through grants and donations.

Legal responsibility: The legal responsibility of every corporation is to follow all the rules and regulations. It should be considered as proactive for all kinds of organizations. Companies should not only think about profits. They should operate in accordance with regulations and laws of local, state and federal authorities.

Ethical responsibility: The ethical responsibility is associated with doing the righteous thing even when there is no apparent way to deal with the condition. It is very common among entrepreneurs to face issues especially when they have to choose between profits earning activities and ethical practices.

Philanthropic responsibility: Philanthropic responsibilities are always voluntary. These can be implemented by devoting the time of employees and utilizing the money of the company for social activities. This societal approach defines that corporations are obligated to society.

The Triple bottom line: Another form of corporate social responsibility is the triple bottom line. This form dictates the tabulate bottom-line results of the corporate leaders. The results are not justified in economic terms only but also tells about the social realm. These are the two major concerns of the triple bottom line. The three major parts of these theories are as follows:

Economic Sustainability: The triple-bottom-line model defines that corporations should develop plans that allow prolonged and scalable actions.

Social Sustainability: Social sustainability maintains the balance in the lives of people and how they live. It focuses on bridging up the gap between rich and poor.

Environmental Sustainability: This is about affirming that natural resources are not degrading with business operations. These resources include natural energy in the form of oil & gas, air, water, and so on.

Stakeholder Theory: It is considered very similar to corporate social responsibility. The stakeholder theory describes individuals and groups that will be affected by the operations of the business. It focuses on combining groups and public responsibility principles who are at stake in the corporation in order to make managerial decisions.

Hire BookMyEssay for Best Assignments on Corporate Social Responsibility

These are the important theories of corporate social responsibility. The students who need extensive details about these theories can approach the experts of BookMyEssay. This assignment writing service provider Company has a special team of subject matter experts who use their best knowledge to provide corporate social responsibility assignment help. So. If you are asking who can write my assignment then hire them today!