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CSR AND BUSINESS ETHICS
Are they one and the same? 2019-2020
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EXECUTIVESUMMARY
> ThisarticleattemptstodrawafinelinebetweenthenotionofCSR(CorporateSocialResponsibility)andbusinessethics.
> Thearticledrawsfrompastliteraturetohighlightthesubtlevariationsbetweenthetwoconcepts.
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BusinessandManagement2 | CSR and Business Ethics
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Ethicsinbusinessgenerallytakesintoitsambitissuesper-tainingtocorporategovernanceandcodesofconduct,mor-alprinciplesanddecisionmaking.Ithasbeenarguedthatthereisscopetofindthatbusinessethicsmightcompriseofafundamentaldislocationassociatedwithphenomenalexperiencesthatemergeintheeventthatthingsmightnotbeinplace.Atthetimeofrecognizingpracticesthatprojectethicsinbusiness,researchersoftenfindthemselvesinthedomainofmoralityandadefinitionpertainingtowhatactuallymakesupmorality.Later,actionsinbusinesswouldbejudgednotonthebasisofactionsthatareeffectiveorefficientbutwhethertheactionsweredefensiblefromamoralperspective.Itcanbecomprehendedthatethicsinbusinessasanotionisgraduallychanging,withregardstoinnovativemannerofhowresourcesarebeingmobilizedandutilized,innovativetechnologies,evolutioninprac-ticeswithinthesocietyandgraduallygrowingtowardsabusinessnetworkwhichisconnectedglobally.Anincreaseintheawarenessofthelimitationsofnaturalresources,thegrowthinthedivideofwealthandtheeverpervadingexistenceofbusinesswithinthelifeofanindividualcitizenthroughtechnologieslikecloudcomputingandbigdata,bringtotheforetheissueofethicsinbusinesswithincon-versationonsocietalnorms.
Nonetheless,isitpossibletorecognizeethicsinbusinessasanarrayofstandardsthatorganizationsareknowntopractice?Howdifferentisbusinessethicsfromcorporate socialresponsibility(CSR),atermthathasbecomeabuzzwordacrosscorporatecirclestoday?ApparentlyethicsandCSRhasbeenperceivedbysomeasoneandthesamehowever,thereisafinethinlinethatdissectsthetwo,thisarticleattemptstoexploreCSRfromabusinessethicssetting.
INTRODUCTION
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ThenormativestakeholdertheorywithinCSRhasbeenknowntodrawitsideafromethics.Thusitconfirmsthatorganizationsinvolvedinbusinessareobligedmorallytoconsideranyconcernsexpressedbyabiggerstakeholdergroupcomprisingofcustomers,employees,owners,vendorsandcommunityinsteadoftheownersexclusively.
ThenotionsofCSRandbusinessethicshaveunique identities. Nevertheless, they are fre-quently utilized in reference to the very samecodeorargument.Businessethicsasatermismeanttobeanamalgamationoftwowell-knowntermsviz.,businessandethics.Businesspeo-plemightreachtheveryedgeoforevenmoveover to traditional standards of morality, whilepursuingacreativedestruction,inpursuitofanobjectivethatcouldbeaformofthe‘meansbe-ingjustifiedbytheend’.
CSRisthenviewedasafeethathasbeenleviedontheoutcomesextractedthroughthewrongdoingbybusinessasapenaltytopayforsomeoftherights.Thereby,theincomegeneratedthroughtaxeslinkedwithwrongdoingandex-ploitationarefrequentlyreservedtowardsrestoringtheenvironmentandhealth,ifnotprovidingdownrightincentivesformanufacturingproductsthataremoresalutoryinnature.
CSR from a Business Ethics Context
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BusinessandManagement4 | CSR and Business Ethics
Source : PTTEP 2013
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CSRforlonghasbeenanintegralaspectofresponsibleandethicalpracticeofbusiness.Nonetheless,thenotionhasgainedincreasedtractioninviewoftheeconomicenvironmentwhichisratherglobalizedcurrently.CSRfunctionsaspertherulethatbusinessesareresponsibletocatertotheirresponsibilitiestowardsawiderspectrumofstakeholdersascomparedtoitsshareholders.CSRshouldneverbeapolicythatisadded-onbyanorganization,butitissomethingwhichisincorporatedwithinthestrategyandstructureofgovernance.Accordingtoareport,ithasbeenobservedthatCSRinitiativestheworldoverhaswitnessedaremarkableincrementinrecenttimesas
“Businesses realize their value not only commercially, but also in terms of boosting employee value, cutting costs and attracting staff”.
Present Pertinence of CSR
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Butthequestionherewouldbe;willcomplyingwitheveryregulationandstandardsaslaiddowninCSRessentiallyensurethatthebusinessentityispractic-ingethicsinbusiness?Isthereacorrelationbe-tweentheactivitiesinitiatedbytheorganizationfromaCSRsettingandbusinessethics?TherehavebeenseveralinstancesoforganizationthatadheretoalltheprescribedstandardsofCSRoutward-ly,butthereisnoindicationthattheyhavebeenethicalintheirbusinesspractices.Instanceswhereunethicalbusinesspracticeshavecometolightisevidentthroughthe‘Enron’fiasco.Duringtheyear2001,EnronwasaleadinggiantandvociferouslyadvocatedandpracticedCSR.However,itwaslaterrevealedthatbusinesspracticesatEnronwerenotentirelyethicalastheymanipulatedtheirfinancialstatements.Thisinstanceandseveralotherclear-lyindicatesthatadheringtoCSRisonethingandbeingethicalinbusinessisanentirelydifferentthingaltogether.
Equating Good CSR Practices with Ethics
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SUMMARY
PerceivingCSRthroughthenormativestakeholdertheory,itcanbeproposedthatCSRisactuallyassubclassofbusinessethics.Stakeholdertheorycommencesontheassumptionthatvaluescouldbeopenlyandessentiallyanintegralaspectofconductingbusiness.CSRisrestrictedinitsdefinitionoftheresponsibilitiesandmandateforabusinesstowardstheirstakeholders.CSRiswhattheorganizationisexpectedtodotogivebacktosocietyorbeingsociallyresponsiblewhereasbusinessethicswouldrequirebusinessownertobesensibleinalltheirbusiness
actionsorbeingmorallyresponsible.
Future Scope
Researchinthisdomaininfuturecouldpossiblyexplorestrategiesthatcanbesetforthtoensurebusinessethicsarebeingfollowedbyorganizations.
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Knowledge@Wharton.(2011).CorporateSocialResponsibilityinIndia:NoClearDefinition,butPlentyofDebate.RetrievedOctober8,2019,fromhttps://knowledge.wharton.upenn.edu/article/corporate-so-cial-responsibility-in-india-no-clear-definition-but-plen-ty-of-debate/
ManagementStudyGuide.(2019).ResolvinganEthi-calDilemma.RetrievedOctober8,2019,fromhttps://www.managementstudyguide.com/insider-trad-ing-and-strategies-to-combat-it.htm
Metcalf,J.,&Crawford,K.(2016).WherearehumansubjectsinBigDataresearch?Theemergingethicsdivide.BigData&Society,3(1),205395171665021.https://doi.org/10.1177/2053951716650211
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