Corporate Social Responsibility (CSR) Essay Example | Topics and Well Written Essays - 2250 words - 1

Corporate Social Responsibility (CSR) - Essay Example From this discussion it is clear that before going to understand the contribution and role of Wal-Mart towards the CSR, it is utterly significant to clearly define and understand the entire concept of CSR. This understanding would clearly help critically evaluate the role and commitment of Wal-Mart and other corporations towards the CSR.This paper outlines that  undoubtedly, this broader definition with a wider range of stakeholders may have distinct preferences for the socially responsibly activities they would prefer to see a corporation invest in. In addition, these preferences do not remain the same; they vary as the currency of social and environmental issues evolves over period of time. More clearly, CSR involves extending corporate accountability to other stakeholders, who are either directly or indirectly affected by the corporate activities of corporations. Under the framework of CSR, corporations are required to publish their corporate activities that put either negative or positive effects on the other stakeholders. Normally, corporations add an additional portion to their annual reports. The additional portion defines and explains the aggregate bearing of a corporation towards the CSR. Employees, customers, suppliers, social and environmental groups, communities, governments, current and potential creditors, suppliers, and those other groups whose interests are directly or indirectly affected by corporate activities of corporations, are defined as the stakeholders.... In order to justify with the requirements of this paper, first, a corporation, Wal-Mart, and its CSR role has been included in this paper. Afterwards, the contribution of CSR towards corporate strategy is highlighted. Subsequent to that, the importance of CSR is discussed; and a critical evaluation of CSR comes before the part of conclusion. Wal-Mart and CSR Before going to understand the contribution and role of Wal-Mart towards the CSR, it is utterly significant to clearly define and understand the entire concept of CSR. This understanding would clearly help critically evaluate the role and commitment of Wal-Mart and other corporations towards the CSR. Corporate Social Responsibility has a wide variety of definitions (Margolis & Walsh, 2003). However, one particular definition has been given to understand the term: corporate social responsibility defines to be as voluntary actions of corporations, these actions are designed to improve social or environmental conditions (Davis, 1973 ; Wood, 1991; Wood & Jones, 1995; Waddock, 2004). Additionally, corporate social responsibility is also called as corporate social performance, sustainable responsible business (SRB), responsible business, corporate responsibility or corporate citizenship (Wood, 1991). Undoubtedly, this broader definition with a wider range of stakeholders may have distinct preferences for the socially responsibly activities they would prefer to see a corporation invest in. In addition, these preferences do not remain the same; they vary as the currency of social and environmental issues evolves over period of time (Clarkson, 1995; Davis, 1973; Moskowitz, 1975; Wartick &Cochran, 1985; Wood, 1991a). More