CSR and corporate ethics Essay Example | Topics and Well Written Essays - 1500 words

CSR and corporate ethics - Essay Example Considering from a general standpoint, it can be affirmed that an organisation cannot flourish until and unless the environments in which it is operating are healthy. Similarly, maintaining ethics in workplace is equally important. Ethics guides an organisation to maintain moral, ecological and social consciousness within a specific organisation (Gangone & et. al., 2010). Definition of Main Terms Corporate Social Responsibility (CSR) In this competitive market, the main responsibility of the businesses has been to make money and boost shareholders’ value. In precise, corporate finance responsibility has been noted to be one of the prime objectives of businesses. However, in the previous few decades, wider corporate responsibility for the environment, local communities, working conditions and ethical practises has gained momentum. This particular notion can be related with the notion of Corporate Social Responsibility (CSR) (Rionda, 2002). ... al., 2002). Corporate Ethics In this present day context, the market economy is driven by consumer preference and consumer capacity. However, during the preceding four decades, there has been an escalating requirement for acquiring information on social along with environmental impact of corporate policy and appraisal effects. Ethics is not a new term for the corporates. As a matter of fact, corporate possesses certain rules, standards and norms for conducting business. However, these practices can be changed from one country to other having social along with cultural basis. Thus, when corporate apply these standards or norms as a part of practice or responsibility, then it is often termed as ‘ethical code of conducting business’ or corporate ethics. In general, corporate ethics is regarded as the proper study of business policies along with practices relating to certain significant aspects that include unfairness, trading, CSR and corporate governance among others (Crow ther & et. al., 2008; Berenbeim, 1987). It has been apparently observed that corporate ethics and CSR are interrelated with each other and thus require to be understood in detail. However, it is often viewed that both these terms have different meanings. The former concerns the impact of the entire business activities on the environment and the latter is related to an individual or work group consideration that society judges as right or wrong. Critical Arguments Role of CSR in Travel and Tourism Industry In today’s frequent changing business environment, the industry of travel and tourism is facing quite competitive situation in the global market. In order to determine the role of CSR in this particular industry, it can