Corporate Social Responsibility

Corporate Social Responsibility

Corporate Social Responsibility (pronunciation: /ˈkɔːp(ə)rət/ /ˈsəʊʃ(ə)l/ /rɪˈspɒnsɪˌbɪlɪti/), often abbreviated as CSR, is a business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Etymology

The term "Corporate Social Responsibility" is believed to have been coined in the mid-20th century, although the concept has been in existence for much longer. The term "corporate" originates from the Latin word "corporatus", which means "formed into a body". "Social" is derived from the Latin "socialis", meaning "allied" or "associated". "Responsibility" comes from the Latin "responsus", which means "to respond".

Definition

By practicing CSR, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental. It involves a company's initiatives to assess and take responsibility for the company's effects on environmental and social wellbeing.

Related Terms

• Sustainability
• Stakeholder Engagement
• Environmental Impact Assessment
• Social Impact Assessment
• Ethical Business Practices

See Also

• Business Ethics
• Corporate Governance
• Sustainable Development

References

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