Management Glossary

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corporate social responsibility
There is considerable debate on the point, but many people believe that corporations have a responsibility to consider more than profit maximization, limited only by regulatory requirements, in their business decisions. People who take this view argue that there is a corporate social responsibility (typically abbreviated as CSR) to consider the impact of their actions on society and to temper their profit maximization activities with considerations of the impact that those activities will have on society. CSR initiatives may be strictly outside of the normal course of business operations (other than any public relations benefits that the company may gain through CSR initiatives), such as contributing time and/or human resources to an unrelated charity. Or they may involve altering ongoing business practices to benefit (or to reduce a negative impact on) society, such as reducing the greenhouse gases emitted by the company's operations.
Contributed by: Managerwise Staff

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