Business Ethics Corporate Social Responsibility Essay

Seydina M. Fall E-Business Ethics A corporation must try to avoid egregious negative externalities, must actively promote corporate social responsibility (CSR), and must engage in philanthropy. Let’s take the example of the mining industry, in which 75% of mining companies (diamonds, copper, uranium, cobalt, etc.) are listed on the Toronto Stock Exchange1. For Canada, mining is a source of economic prosperity that brings along with it some risks. To maintain their competitive advantage, it is crucial for Canadian firms involved in mining to invest in programs that bring about long term prosperity for Canada as well as the populations in countries where the natural resources are extracted. One way that CSR is linked to competitive advantage is that it allows firms to anticipate potential negative changes in the firm’s external environment. For example, global capital markets adversely reacting to a Canadian mining firm’s exploitation of workers in the Congo, or increased pressure from sophisticate d Non-Governmental Organizations using the media, or boycott campaigns. In this paper, I will be arguing that CSR falls within the category of competitive strategy specifically smart risk management and cost minimization. CSR helps create win-win situations that make good business sense. It is not an act of theft from shareholders. Instead, I believe that CSR investments should be analyzed within the context of a firm’s (or a country’s) competitive strategy rather than businessShow MoreRelatedBusiness Ethics And Corporate Social Responsibility Essay1382 Words   |  6 PagesSOLUTION Business Ethics Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual’s actions also apply to business. 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