Impacts And Importance Of Corporate Social Responsibility

Rationale for Research

It has been noticed that in order to gain competitive advantage and maintain the organizational growth, organizations need to take up multiple corporate social responsibilities. In addition to this it has been noticed that in order to gain a wide recognition and make defective advertising strategies, the role of corporate social responsibility is highly important. It has been monitored that an organization that is implementing corporate social responsibilities tend to gain more competitive advantage and eventually grab more attention of the consumers. Along with getting greater attention from the consumers, the CSR is also helpful in attaining more media coverage (Servaes and Tamayo 2013). The report hence will focus on the impact of corporate social responsibility on the organizations. In addition to this a comprehensive research will be done in order to understand the importance of CSR and the consequences that an organization might face if it fails to implement the CSR policies within the organizational environment.

In the present context it has been monitored that the role of corporate social responsibility is regarded as highly important. In addition to this it can also be said that it has been noticed that the consumers as well as the other stakeholders of the organization tend to appreciate such initiatives taken up by the organization.  However, it has been highly debated and argued that the philanthropic activities that are being taken up by the organizations or the activities that can be taken up by them in order to realize the social responsibilities of an organization, should be voluntary (Crane, Matten and Spence 2013). In this regard it is to be mentioned that along with the increasing competition amongst the industries and the process of globalization the organizations are increasingly adopting strategies of philanthropic activities in order to gain customer attention. As a result the organizations that lag behind in these philanthropic activities are being highly affected.

The aim of the present study hence is to identify and analyze the impacts of ineffective and unsustainable corporate social responsibility. In addition to this the research is aimed at identifying the importance of CSR.

The research objectives hence are:

• To analyze the importance of Corporate Social Responsibility within the organizational environment.
• The effective CSR strategies that are to be taken up by the organizations in order to gain competitive advantages.
• To analyze the aspects that create negative impacts on the CSR policies of an organization.

Corporate social responsibility or CSR is a term that has a vast usage in the present organizational context, it is to be monitored that in order to take active participation in the process of improving the society, most of the organizations are relying on the policies and frameworks of corporate social responsibility. It is also to be mentioned that in order to gain competitive advantage as well as long term sustenance of the organization, the role of corporate social responsibility is highly effective (Ni and Van Wart 2015). Moreover, it has been noticed that the corporate social responsibility is equally important for the employees and other stakeholders of an organization. According to (Carroll 2015), the organizations that adopt effective strategies of corporate social responsibility are more likely to gain an improved public image. To elaborate it furthermore it can be said that the organizations that takes active participation in the improving various social aspects and demonstrate their willingness to serve the communities are regarded as significant as well as more philanthropic than the organizations that do not practice corporate social responsibility in an extensive manner. In addition to this, (Cheng, Ioannou and Serafeim 2014) has opined that the organizations can effectively increase the public image by helping various non-profit organizations that are working towards community development.

Research Aims and Objectives

As opined by (Tai and Chuang 2014), by adopting effective CSR strategies, the organizations will also be able to increase media coverage to a great extent. In this regard it is easily understandable that the organizations aim at adopting corporate social responsibility in order to build positive image and grab the attention of the customers. Hence, gaining the attention of the media helps in the process in a significant manner. Along with that, it has also mentioned by (Schwartz 2017) that the positive image and philanthropic activities are not only helpful in gaining attention of the customers, but it is also helpful in generating employee satisfaction significantly. In this regard it has also been monitored that as a result of the effective corporate social responsibility the organizations are also able to attract as well as retain investors for the organization. As a result of a positive image within the existing within the industry, it has been noticed that the investors can rely the organizations that have adopted corporate social responsibility in an efficient manner. As opined by (Tai and Chuang 2014), this also results into more chances of acquiring capable partners for the organization.

In this regard, (Schwartz 2017) have pointed out that the organizations need to follow certain strategies that can be helpful in the process of maintain and practicing corporate social responsibility. In this regard, it is to be mentioned that primary importance is to be given towards maintaining organizational transparency. It has monitored that the organizations that are open and transparent regarding their business policies and strategies are more likely to perform better corporate social responsibility. Along with that (Cheng, Ioannou and Serafeim 2014) have also mentioned that organizations need to take active role in taking up organizational decisions that also ensures elimination of any negative impact on the community as well as the environment. Hence, it can easily be understood that corporate social responsibility does not only signify philanthropic activities that are being performed by organization, but also it indicates the environmental sustainability.

It has been noticed that failure to implement these practices within an organizational scenario, the organizations fail to manage a long term sustenance within a competitive environment.

The research methodology is regarded as the technique that is employed by in order to conduct research. As opined by (Vaioleti 2016), the research methodology indicates the process that is to be applied in order to perform the entire process in an organized and systematic manner. In addition to this, the research methodology is effective in analyzing the various techniques and methods that have been used during the process. It is to be noticed that in order to perform a research three types of research investigation can be selected. Descriptive, exploratory and explanatory are the three different types of research design that can be selected in order to perform the research in an effective manner (Panneerselvam 2014). In the context of the present research it can be said that the descriptive or analytical research design is to be selected in order to effectively analyze the role and importance of corporate social responsibility in order to ensure longer sustenance of an organization. In addition to this it can be said that the analytical or descriptive design of research is highly effective in gaining a detailed idea regarding the relevant theories and concepts.

Moreover, it is also to be mentioned that in order to perform the research in an effective manner the secondary data collection method has been selected. The relevant theories and previous researches will be helpful in reaching to the findings of this research (Gast and Ledford 2014). In addition to this the primary data collection method is also to be selected to understand the views and ideas of the managers as well as the customers regarding the impact and significance of corporate social responsibility in the present competitive environment (Choy 2014). In order to question the managers and the customers, the method of surveys as well as interviews will be adopted. Questioners will be prepared in order to perform the surveys.

The chosen sample size for the survey will be based on both probability and the non-probability technique. This sampling method will be adopted while surveying the managers of the organization, probability and the non-probability technique will be adopted (Flick 2015). However, in order to survey and analyse the views of the customers, simple and random sampling method will be selected. In addition to this, it is also to be mentioned that around 50 customers will be asked to participate in the survey, while 5 managers from five different organizations are to be asked to participate in the interview. The data and information obtained from the survey and interview hence will be analysed by both qualitative and quantitative method.

It can be said that every research is bound to certain unintentional limitations. For this particular research it is to be mentioned that the primary problem that has been identified is the shorter time line. In addition to this availability of secondary resources and willingness of the customers to participate in the survey can be a problem. In addition to this, obtaining permissions regarding the interview of the managers, can also be a time consuming process.

Activities	1st to 3rd Week	4th to 10th week	11th to 13th  Week	14th to 17th  Week	18th to 21st  Week	22nd  to 23rd  Week	24th  Week
Topic Selection	ü
Data Collection	ü	ü
Creating layout		ü
Literature Review		ü	ü	ü
Analysis and interpretation of  data				ü	ü	ü
Findings of the data					ü	ü
Conclusion of the study						ü
Formation of draft						ü	ü
Submission of final work							ü

(Source: Created by Author)

Reference

Carroll, A.B., 2015. Corporate social responsibility. Organizational dynamics, 44(2), pp.87-96.

Cheng, B., Ioannou, I. and Serafeim, G., 2014. Corporate social responsibility and access to finance. Strategic management journal, 35(1), pp.1-23.

Choy, L.T., 2014. The strengths and weaknesses of research methodology: Comparison and complimentary between qualitative and quantitative approaches. IOSR Journal of Humanities and Social Science, 19(4), pp.99-104.

Crane, A., Matten, D. and Spence, L., 2013. Corporate social responsibility in a global context.

Flick, U., 2015. Introducing research methodology: A beginner’s guide to doing a research project.Sage.

Gast, D.L. and Ledford, J.R. eds., 2014. Single case research methodology: Applications in special education and behavioral sciences. Routledge.

Ni, A. and Van Wart, M., 2015. Corporate Social Responsibility: Doing Well and Doing Good. In Building Business-Government Relations (pp. 175-196). Routledge.

Panneerselvam, R., 2014. Research methodology. PHI Learning Pvt.Ltd.

Schwartz, M.S., 2017. Corporate social responsibility. Routledge.

Servaes, H. and Tamayo, A., 2013. The impact of corporate social responsibility on firm value: The role of customer awareness. Management science, 59(5), pp.1045-1061.

Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility. Ibusiness, 6(03), p.117.

Vaioleti, T.M., 2016. Talanoa research methodology: A developing position on Pacific research. Waikato Journal of Education, 12(1).