Corporate Social Responsibility (CSR) is a subject of much current interest within the managerial world. CSR has the attention of the business community, investors, customers, and the business media.Ā CSR as both the philosophy and practice of for-profit organizations voluntarily acting to positively assist society in ways beyond that required to obtain profit objectives. The concept of CSR is becoming transformed such that it is no longer a radical concept concerning the responsibilities of corporations to society, but simply a tool of managing stakeholders and improving reputations. CSR is the idea that it reflects the social imperatives and the social consequences of business success. Corporate Social Responsibility is business decision making linked to ethical values, compliance with legal requirements and respect Continue reading
Business Ethics
Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and business organizations as a whole. Business ethics can be both a normative and a descriptive discipline. As a corporate practice and a career specialization, the field is primarily normative. In academia descriptive approaches are also taken. The range and quantity of business ethical issues reflects the degree to which business is perceived to be at odds with non-economic social values.
Case Study on Business Ethics: The Napster Case
Napster is an online service that allows computer users to share high-quality digital copies (MP3s) of music recordings through the Internet. The San Mateo-based company does not actually store the songs but instead provides an access to every userās hard drive if he is currently logged on to the service. Napster therefore functions as a sort of clearinghouse, which collects stores and disseminates music recordings. Members can log onto this service, search for the song of their choice, by artist or song title, identify where MP3s of interest are and then download them from another userās computer hard drive. Napster claiming to have around 15 million users in just a yearsā time, has become one of the most popular sites Continue reading
Case Study: The Microsoft Antitrust Case
In fall 1998, the U.S. Justice Department sued Microsoft, the world’s largest software company, accusing it of illegally using its Windows operating system near monopoly to overwhelm rivals and hurt consumers. Specifically, the government accused Microsoft of merging its Web browser into its Windows operating system in order to crush Netscape Communication Corporation, its chief competitor in the browser business. By bundling the browser with Windows and using exclusionary contracts to prevent personal computer makers form hiding or removing the Microsoft browser, Microsoft prevented consumers from using rival browsers (particularly Netscape’s) and also discouraged systems other than Windows. Furthermore, the government accused Microsoft of conducting a campaign to curtail other potential threats form Intel, Sun Micro Systems, Apple Computer, and Continue reading
Case Study on Financial Ethics: The Bernie Madoff Case
On December 11, 2008, as the arrest of Benard Madoff, the former non-executive chairman of NASDAQ and chairman of Bernard L. Madoff Investment Securities LLC, many investors, big firms, banks, charities, universities and even governments were in panic, realizing that they were involved in a giant financial fraud, āall just one big lie’. According to an official document on March 12, 2009 from the Department of Justice of United States, Madoff pleaded guilty to eleven felony counts related to a massive Ponzi scheme and faced a statutory maximum sentence of 150 years in prison. Actually, what Mr. Madoff did was simple; He continually paid high returns to existing clients with the funds injected by new investors without engaging in any Continue reading
Business Ethics and Social Responsibility
Ethics also known as moral is determined by the class of philosophy to addresses about morality i.e. concepts such as good vs. bad, right vs. wrong and matters of justice, love, peace and virtue. The term is used to indicate how individuals or organization choose to conduct themselves in relation to universal moral behavior and actions. Ethics involve choosing actions that are right and proper and just. The individual behavior can be right or wrong, proper or improper and the managerial or individual decisions can be fair or unfair. Ethics are vital in businesses and all aspects of living. The foundation of society is built on Ethics. Without ethical principles a business/society is bound to be unsuccessful sooner or later. Continue reading
The Importance of Corporate Social Responsibility in Business
Corporate Social Responsibility (CSR) is a hot issue among companies and CEOs like talking about what their company gives back to society. CSR encompasses an organization’s commitment to behave in an environmentally sustainable manner while honoring the interests of its stakeholders. Firms have realized that socially-responsible business practices are beneficial not only for their employees but also the society at large. Social responsibility reshapes the way business is done, both for profit and when not-for-profit. Corporate Social Responsibility is a concept that frequently overlaps with similar approaches such as corporate sustainability, corporate responsibility, corporate sustainable development and corporate citizenship. Many see CSR as the private sector’s way of integrating the social, economic and environmental activities. In addition to integration into Continue reading