Thursday, November 21, 2019

Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 1250 words

Corporate Social Responsibility - Essay Example Corporate Social Responsibility reporting usually brings company graph higher which encourages more stakeholders, shareholders and investors. Many researches reveal the fact that through communicating CSR reports whether internally or externally, the ultimate benefit goes to the corporation. CSR reporting is usually related with positive virtues of the corporations which confirms that corporation is working in accordance with societal obligations specified by the law. CSR reporting helps its stakeholders to create their critical opinion upon firm’s activities and these opinions keep firm under the regulatory control. Number of researches supports the argument that CSR communication and information mostly attract stakeholders to the firm but besides attraction too much communication and information can also be seen as company is hiding some of its unlawful actions and through CSR communication they are trying to maintain their public relations. CSR regulatory surveillance and c ritical opinion of shareholders have been developed strongly and are increasing continuously. Nowadays, the critical opinion of regulators or stakeholders does not only influence company’s decisions but its impact can be seen throughout the society and throughout the production process of the company.... Now it depends upon managers how do they overcome this challenge but in the process a clever manager may overrule the critical opinion of shareholders and just provide CSR information just to maintain public relations fooling both regulatory surveillance authorities and shareholders around (Craig-Lees, 2001). Over decades many theories, models and strategies have been developed to ensure beneficial CSR reporting which explains actions of the company and environmental performance too. Over past decade few strategies have developed specifying models for public relations in the process of CSR communication. These model unfold company’s information strategies to their stakeholders and feedback from shareholders. These strategies over period have attempted to ensure sophisticated two way communication though one way communication is necessary but that is not enough for continuous delivery of environmental performance (Freeman, 1984). Three CSR communication strategies are as stakeh older information strategy, stakeholder response strategy and stakeholder involvement strategy. First strategy of stakeholder information is a one way communication model which flows information from company to shareholders (Grunig & Hunt, 1984). According to this theory CSR communication is considered as a process of informing stakeholders which purposefully publicise information related to welfare deeds and environmental performance. The only purpose of this strategy is to publicise information objectively through publications, through press conference and through media to enlighten general public, regulators, politicians and shareholders. This strategy only consider

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