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HomeHomework HelpeconomicsCorporate Social Responsibility

Corporate Social Responsibility

The economic effects of corporate social responsibility (CSR) refer to the impact that a company's ethical practices and community engagement have on its financial performance, stakeholder relationships, and overall market competitiveness. These effects can manifest through enhanced brand reputation, customer loyalty, and operational efficiencies, ultimately influencing profitability and long-term sustainability.

intermediate
3 hours
Economics
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Overview

Corporate Social Responsibility (CSR) is a vital aspect of modern business that focuses on the ethical obligations of companies towards society. By engaging in CSR, businesses can positively impact their communities, enhance their brand reputation, and improve their financial performance. The econom...

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Key Terms

Corporate Social Responsibility
Business practices that involve initiatives that benefit society.

Example: A company donating a portion of profits to local charities.

Stakeholder
Any individual or group that has an interest in the success of a company.

Example: Employees, customers, suppliers, and the community.

Sustainability
Meeting the needs of the present without compromising the ability of future generations to meet their own needs.

Example: Using renewable resources in production.

Brand Loyalty
The tendency of consumers to continue buying the same brand over time.

Example: A customer consistently choosing a specific brand of coffee.

Economic Impact
The effect of an event, policy, or initiative on the economy.

Example: A new factory creating jobs in a community.

CSR Metrics
Tools used to measure the effectiveness of CSR initiatives.

Example: Surveys measuring customer satisfaction with a company's social initiatives.

Related Topics

Sustainable Business Practices
Explores how businesses can operate sustainably while being profitable.
intermediate
Ethics in Business
Examines the moral principles that guide business behavior.
intermediate
Corporate Governance
Focuses on the systems and processes that direct and control companies.
advanced

Key Concepts

CSR DefinitionEconomic ImpactStakeholder TheorySustainability