Write 10 page essay on the topic BMAN20600.The CSR is defined as actions that corporations engage in to further some social good, and which are beyond the firms’ interest and are legally required. I

Write 10 page essay on the topic BMAN20600.

The CSR is defined as actions that corporations engage in to further some social good, and which are beyond the firms’ interest and are legally required. It is also viewed as achieving commercial success through means that honour ethical values and people, communities, as well as the natural environment. In broader terms, the CSR denotes a comprehensive set of policies, programs and practices that are integrated into the business strategies and decision making processes and include issues related to governance, human rights, environmental concerns, community investment, business ethics, the marketplace and the workplace2.

This concept receives different views from its supporters and detractors. Broadly, those against it, use the classical economic arguments as put by Milton Friedman. that the management should serve to maximise the shareholders profits. This is different from the CSR practices that serve many stakeholders. The second objection is that business managers are not meant to handle social activities as they lack social skills and should handle financial and operational matters. The third objection is that the engagement in social activities dilutes the business’s primary purpose. On the other hand, the proponents of CSR argue that CSR practices are useful for a business that would want to function in the future since it makes it create a healthy climate. The next support for CSR is that the government regulation is reduced, and the companies have the necessary and adequate resources to fulfil society’s expectations of it. Another argument for CSR is that being proactive is better than being reactive because being proactive helps an organisation to plan and is less costly than reacting to social problems after they have occurred.

The concept of social responsibility and sustainability have become of great interest to businesses and investors.