Corporate Social Responsibility That is Practising in Self Regulation Research Paper

Corporate Social Responsibility That is Practising in Self Regulation - Research Paper Example In general, the focus is usually to improve the public’s standards of living. The communal interests are incorporated into the business decision making process. â€Å"Corporations are now expected to deliver the good, not just the goods; to pursue values, not just value, and to help make the world a better place† (Bakan, 2004). However, critics of CSR argue that the ultimate goal of companies is to make profits from their capital outlay. It would be wrong to assume that a company can be established with the mission of helping the public to overcome the problems that they face in their day to day lives. This paper defines various concepts associated with corporate social responsibility. It identifies relevant issues, analyzes recent developments as well as an evaluation of arguments and finally, it presents and explains a personal opinion concerning CSR. CSR is faced with various issues concerned with the manner in which organizations operate to accomplish business strategies aimed at boosting profitability while on the other hand maintaining ethical principles for the sake of the public. In essence, every business venture is usually intended to make a profit, and as William (2010) argues, the business strategies are developed to help an organization to counter the factors that might hinder its profitability. The reaction of the public to the externalities emanating from the business operations is one factor that may hamper the realization of organizational objectives. Engaging in CSR is one of the tools applied by companies to ensure that its own externalities are viewed positively by the public. For example, large petroleum industries are the major contributors of the greenhouse gases emitted into the atmosphere, which contributes to the degradation of the ozone layer and eventually global warming.