Chapter 5: Corporate Social Responsibility

Corporate Social Responsbility
The responsibilities that businesses have to the societies within which they operate.
Philanthropic Model of CSR
This model of CSR suggests that business is free to contribute to social causes as a matter of philanthropy or charity, but has no strict obligation to contribute to social causes.
Social Web Model of CSR
The view that business exists within web of social relationships. The social web model views business as a citizen of the society in which it operates and, like all members of a society, business must conform to the normal range of ethical duties and obligations that all citizens face.
Stakeholder Theory
A model of corporate social responsibility that holds that business managers have ethical responsibilities to a range of stakeholders that goes beyond a narrow view that the primary or only responsibility of managers is to stockholders.
Social Entrepreneurship
A movement that seeks to address social problems through the creativity and efficiency of market forces. Social entrepreneurship involves the standard entrepreneurial characteristics of innovation, creativity, and risk-taking, but marshals these skills to address social needs. Social entrepreneurship differs from the work of nonprofit groups such as NGOs and corporate foundations in that social entrepreneurs explicitly aim to be profitable.
Integrative Model of CSR
For some business firms, social responsibility is fully integrated with the firm’s mission or strategic plan.
Reputation Management
The practice of caring for the “image” of a firm.