corporate social responsibility

corporate social responsibility

a business philosophy which stresses the need for firms to behave as good corporate citizens, not merely obeying the law but conducting their production and marketing activities in a manner which avoids causing environmental pollution or exhausting finite world resources. Some businesses have begun to behave in a more socially responsible manner, partly because their managers want to do so, and partly because of fear of environmentalist and consumer pressure groups and the media, and concern for their public image. It is argued that socially responsible behaviour can pay off in the long run, even where it involves some short-term sacrifice of profit. See CONSUMERISM, COMPANY IMAGE, CORPORATE GOVERNANCE.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson