Nowadays, evolution of the commercial process by developing

Nowadays,
the competition among companies is extremely fierce due to the rapid development
of the markets. It is believed that boosting net profits and shareowner
interest are the main basic tasks of corporations (Beck et al., 2014). However,
companies’ duties require more than that which can result in improving their
image and reputation in the market to have competitive advantage over the
competitors. The concept of Corporate Social Responsibility (CSR) was established
in order to move beyond the economic purpose which can be given via
contributions to the social welfare and moral behaviour (McWilliam 2015).
Thus, this essay will attempt to provide some fundamental knowledge about
Corporate Social Responsibility (CSR) and its benefits to business. First, the
definition of CSR from different aspects will be briefly provided. Then the six
basic characteristics that is needed in both theory and practice of any CSR’s
definition are presented. After that, the CSR’s benefits to business are
measured.

            Corporate Social
Responsibility (CSR) is a theory by which is volunteer activities that combine
the enterprises’ anxiety to the society and the surrounding environment in their
commercial progress and dealing with their consumers,
suppliers or employees (CEC, cited in Beck et al. 2014). Moreover, the
Commission of European Communities (cited in Beck et al. 2014) declares that companies’
duties to the community are not only to comply with the law, but also to reach
outside the range of adherence and to contribute more to human resources, the
surrounding environment and the relationship with their stakeholders. In
addition, the Confederation of British Industry (cited in Crane et al. 2008,
p.6) defines that Corporate Social Responsibility is the companies’ recognition
to perform a further action to the environment and society rather than
financial purposes. While the social responsibility of corporations, according
to World Business Council on Sustainable Development (cited in Beck et al.
2014), is the contribution of business undertake to the constant evolution of
the commercial process by developing the living standard of society. Due to
these differences in the meaning of Corporate Social Responsibility, the Australian
Corporations and Markets Advisory Committee (cited in Beck et al. 2014) reports
that the quotation of Corporate Social Responsibility “does not have a precise
or fixed meaning”. As a result, Corporate Social Responsibility has been a
controversial issue for its correct and exact definition worldwide. In all
applications, companies can engage in numerous activities through CSR to have
positive societal and environmental impacts.

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