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May 01, 2023

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Introduction

Corporate social responsibility refers to the degree of responsibility that aims to contribute to social activities and goals to support society in the form of charity and other ways. This report, it is being discussed the importance of CSR and why companies are supporting this initiative. Also, discussing the academic views on CSR by four components through example. 

Main Body

Analyzing The Reason For Supporting CSR Initiative By Heavily Polluting Industries

Following are the reasons are as follows-

  • Pressure From Consumers- Consumers nowadays have become more aware of the social responsibility that every company has to follow and were demanding to encourage CSRR initiative as soon as possible. So, most companies were now focusing on enhancing these activities and programs in their management to attract more consumers to their policies and mission. Hence, firms that were polluting industries were also emphasizing this value and making a significant move towards that.
  • Ethics- This is also another reason why most polluting industries were fully concentrating on improving their image in the market and the government as well through taking various initiatives on CSR. Ethics were something that is not possible to avoid nowadays to stay for a longer period in the market so, they usually look forward to enhancing their CSR task and activities as this has now counted in the ethics of the firm that must be followed by every firm in the market.
  • Attract the Investors- CSR is something that usually attracts the investor to invest in their company because it raises the overall standards of the firm. So, heavily pollutant companies were also trying their best to attract the investors like shareholders, governments bodies to take participate in the company. So, all companies were focusing on implementing these CSR policies and rules to ensure maximum participation and engagement of investors.

Importance Of CSR And Its Reason

CSR is being an important part of every small and big organization that helps in improving the ethical and sustainable way to deal with the social trends and impacts. Its emphasis is on operating the human rights, community rights, and environmental practices in the society to achieve effectiveness in the company. Some of the importance of CSR is as follows-

  • Helps in Improving Public Image- This is the main importance of CSR that it helps in improving the public image as many consumers used to assess the companies that whether they are performing CSR or not. They want that every firm should follow this practice as they find it most important nowadays as this shows what companies think about their society and environment.
  • Enhanced Brand Awareness- If a company is rigorously following this initiative in their management they will be able to improve the brand image and recognition through this. As many consumers will get to know about their brand this helps in creating brand awareness. 
  • Cost Savings- Through this, companies were able to achieve a low cost in their operational and manufacturing process such as using less packaging will assist in decreasing low cost. So, this will be a win-win situation for the firm also who use this practice as they can reduce the cost and also get appreciation and recognition from the consumer and market.

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