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1.Consider the potential conflict between corporate social responsibility and ethics while maximizing share holder wealth. How does exercising Christian principles play a part in running a successful business while operating within state and federal regulations?
It should be 250-280 Words and need to respond for one of my classmates( Below) post..
Corporate Social Responsibilities refer to duties and responsibilities that any business firm needs to fulfill towards people of the society where it operates its business (Kotler & Lee, 2018). This is a way how a business firm pays back the benefits that it has taken from the people and other available resources in that society. Some examples of corporate social responsibilities are providing employment opportunities to the local people, sponsoring educational scholarships for children of that community, organizing events for the upliftment of the society, planting trees and so on.
In most of the cases, the shareholder’s wealth maximization goal held by any profit motive business firm is seen to contradict with the corporate social responsibility ethics that any business firm should hold. It’s true that every business firm is started with a motive of profit maximization. However, when business tends to get too much into gaining profits, they start missing out on aspects of taking care of mother nature and health of the locals of the community where it has it has established its manufacturing plant.
For instance, few people from one of the slums in Sri Lanka had filed a case against one business firm that was polluting the nearest river with various harmful chemicals. People from the slum had been relying on water from this river for most of their household chores including drinking. So, the emission of chemicals into that river impacted the health of the locals adversely and this case was taken into the court (Senaratne, 2017).
This is just one example on the contradiction between business ethics and shareholder’s wealth maximization. There are a lot of such incidents all around the world and government of various nations are working towards the resolution of these.
Christian principles always focus on doing good to others. Hence, in a lot of ways a good understanding of Christian principles can guide business firms to earn profit by yet focusing on business ethics.
References:
Kotler, P., & Lee, N. (2018). Corporate social responsibility: Doing the most good for your company and your cause. Hoboken, N.J: Wiley.
Senaratne, S. (2017). Corporate Social Responsibility Reporting System in Sri Lanka. Sri Lanka Journal of Humanities and Social Sciences, 1(1).
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