Research method of business Essay Example | Topics and Well Written Essays - 2750 words

Research method of business - Essay Example To demonstrate credential towards its stakeholders (society, consumers, and investors), that is concerned about ethical and environmental issues. Ongore & K’Obonoye (2011) defines corporate social responsibility as, ‘the idea of triple bottom line –people, planet and profit which aims to evaluate the social, environmental and financial performance of business enterprise (Ongore & KObonoye, 2011)’. The idea emphasizes that the organizations should not be focused to maximize its profit but also act responsibly towards environment and society. The increasing advancement in the social media has amplified the consumer to raise concerns regarding business practices of an organization. It has increase accountability of the organization toward society, consumers and stakeholder by undertaking ethical and environmental practices in its operations. However, Corporate Social Responsibilities remains to be debatable phenomena with respect to competitiveness, sustainabi lity, and globalization. Until now no particular definition for Corporate Social Responsibility is prose. Some of the researchers claim that CSR is the combination of approach towards social performance, social responsiveness, corporate governance, sustainable development, etc. However, the organization inclined to attain sustainable business practices to improve its positioning in the market for a longer period. Corporate Social responsibility is becoming and important phenomena for the business entities to benefit its stakeholders nu involving in social and environmental activities. Also, it is also argued that the CSR activities allow improving product quality, attaining customer loyalty and service quality. Corporate Social Responsibility associated with the internal production, distribution regulation, employment, and environmental protection/regulation and wages level. A report highlights that the retail sector accounts for one fifth of nonfinancial business enterprises in European Union