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Benefits of Corporate Social Responsibility to Stakeholders Analysis

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Analytical Review

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Benefits of Corporate Social Responsibility to Stakeholders

Corporate Social Responsibility involves different types of initiatives to different

stakeholders of the company. The article is specifically about the difference in CSR

initiatives to the community, consumers, shareholders, employees and suppliers. This

study also suggests the differential effects of such CSR initiatives on different

stakeholders. It also explains about the value creation by the CSR activities to the

stakeholders. CSR is one of the major strategies that helps in setting a long-term

relationship with the stakeholders. CSR in most of the situation sets a positive impact

its stakeholders. The companies that are not concerned with ethical and moral

principles that impacting negatively to the environment and the society will be

betrayed by the stakeholders. CSR initiatives is the vital part of the company that

helps in fulfilling the needs and desire of the stakeholders thereby building long-term

relationship. CSR practices oriented to the improvement in environment and people’s

life brings a major benefit to the stakeholders. It exercises a strong influence of the

products/services to the consumer.

The competitiveness in business environment has demanded the companies to find the

new ways to carry out its CSR activities. Stakeholders plays an important role in

decision making. Hence, companies CSR activities should be directed towards

fulfilling the expectations and core values of the stakeholders. According to CSR

ranking (2014), Google, Microsoft, Walt Disney, BMW and Apple have been

successful in aligning their corporate performance to CSR with positive impact on the

stakeholders.

The major question addressed by the article is how the stakeholders are influenced

and benefited by those CSR strategies in Romanian market. Currently, the state of

CSR activities is at surface level in Romanian market. The companies must learn

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needs of the society and new generation are becoming dynamic and complex and

company should embed its CSR activities in day to day activities and its business

model. (Crisan-Mitra & Broza, 2015)

Abstract

Company’s strategies and values must be in accordance to stakeholder’s

expectations and needs because their role and influences on company’s activity are

decisive for company’s future development. Corporate Social Responsibility is a

meaningful way through which companies can pursue sustainable development by

having a coherent economic, social and environmental perspective on how the

business should be managed. CSR must become an integral part of corporate

management system, because it has a major role in distressing the relation between

company and major stakeholders, both internally and externally. CSR is a global

phenomenon, which draws the attention of a growing number of partisans, from

public private and social sector. To demonstrate the applicability of the theoretical

approaches deduced from the existing literature, the authors recourse to an empirical

qualitative research, conducted through a questionnaire implemented to top managers,

HR managers and heads of CSR departments within large companies that operate in

Romania. The research is based on the analysis of a number of 87 questionnaires and

aims to highlight major stakeholders and finding how companies ‘responsible

activities can influence stakeholders. This study is designed to highlight how

prioritization of stakeholders influences CSR initiatives within large companies that

operate in Romania, and to present a perspective of company ‘s approach towards

shared value influence major stakeholders. The conclusions drawn have a greater

relevance both theoretically and especially practically because provides insights on

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Benefits of Corporate Social Responsibility to Stakeholders Corporate Social Responsibility involves different types of initiatives to different stakeholders of the company. The article is specifically about the difference in CSR initiatives to the community, consumers, shareholders, employees and suppliers. This study also suggests the differential effects of such CSR initiatives on different stakeholders. It also explains about the value creation by the CSR activities to the stakeholders. CSR is one of the major strategies that helps in setting a long-term relationship with the stakeholders. CSR in most of the situation sets a positive impact its stakeholders. The companies that are not concerned with ethical and moral principles that impacting negatively to the environment and the society will be betrayed by the stakeholders. CSR initiatives is the vital part of the company that helps ...
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Tags: corporate social responsibility CSR practices CSR initiatives CSR activities Company Strategies