Required: a) Explain the above statement in the context of corporate social responsibility. b) Further, do you think such a statement would impact the perceived ‘legitimacy’ of companies? Explain.
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The following quote appeared in an article entitled ‘Business and society in the coming decades’, which was available on the website of McKinsey & Company (accessed in October 2015).
“There are compelling reasons companies should seize the initiative to drive social and business benefits. First, in an interconnected world facing unprecedented environmental and social challenges, society will demand it. Increasingly, a basic expectation among customers, governments, and communities will be that the companies they do business with provide a significant net positive returnfor society at large, not just for investors. This will be part of the implicit contract or license to operate”.
Required:
a) Explain the above statement in the context of corporate social responsibility.
b) Further, do you think such a statement would impact the perceived ‘legitimacy’ of companies? Explain.
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Solved in 2 steps
- The following quote appeared in an article entitled ‘Business and society in the coming decades’, which was available on the website of McKinsey & Company (accessed in October 2015). “There are compelling reasons companies should seize the initiative to drive social and business benefits. First, in an interconnected world facing unprecedented environmental and social challenges, society will demand it. Increasingly, a basic expectation among customers, governments, and communities will be that the companies they do business with provide a significant net positive return for society at large, not just for investors. This will be part of the implicit contract or license to operate”. Now a) Explain the above statement in the context of corporate social responsibility. b) Further, do you think such a statement would impact the perceived ‘legitimacy’ of companies? Explain.The following quote appeared in an article entitled ‘Business and society in the coming decades’, which was available on the website of McKinsey & Company (accessed in October 2015). “There are compelling reasons companies should seize the initiative to drive social and business benefits. First, in an interconnected world facing unprecedented environmental and social challenges, society will demand it. Increasingly, a basic expectation among customers, governments, and communities will be that the companies they do business with provide a significant net positive return for society at large, not just for investors. This will be part of the implicit contract or license to operate”. Required: a) Explain the above statement in the context of corporate social responsibility.b) Further, do you think such a statement would impact the perceived ‘legitimacy’ of companies? Explain.The following quote appeared in an article entitled ‘Business and society in the coming decades’, which was available on the website of McKinsey & Company (accessed in October 2015). “There are compelling reasons companies should seize the initiative to drive social and business benefits. First, in an interconnected world facing unprecedented environmental and social challenges, society will demand it. Increasingly, a basic expectation among customers, governments, and communities will be that the companies they do business with provide a significant net positive return for society at large, not just for investors. This will be part of the implicit contract or license to operate”. Required: a) Explain the above statement in the context of corporate social responsibility
- The following quote appeared in an article entitled ‘Business and society in the coming decades’, which was available on the website of McKinsey & Company (accessed in October 2015).“There are compelling reasons companies should seize the initiative to drive social and business benefits. First, in an interconnected world facing unprecedented environmental and social challenges,society will demand it. Increasingly, a basic expectation among customers, governments, and communities will be that the companies they do business with provide a significant net positive return for society at large, not just for investors. This will be part of the implicit contract or license to operate”.Required:a) Explain the above statement in the context of corporate social responsibility. [Word limit 150-200words] b) Further, do you think such a statement would impact the perceived ‘legitimacy’ of companies?Explain. [Word limit 200 – 250]The following quote appeared in an article entitled ‘Business and society in the coming decades’,which was available on the website of McKinsey & Company (accessed in October 2015).“There are compelling reasons companies should seize the initiative to drive social and businessbenefits. First, in an interconnected world facing unprecedented environmental and social challenges,society will demand it. Increasingly, a basic expectation among customers, governments, andcommunities will be that the companies they do business with provide a significant net positive returnfor society at large, not just for investors. This will be part of the implicit contract or license to operate”.Required:a) Explain the above statement in the context of corporate social responsibility. [Word limit 150-200words] b) Further, do you think such a statement would impact the perceived ‘legitimacy’ of companies?Explain."Organisations all over the world are increasing their social and environmental responsibility activities in response to the COVID-19 crisis. Stakeholders should distinguish between genuine Corporate Social Responsibility (CSR) during the COVID-19 pandemic and firms greenwashing in the name of CSR". Evaluate this statement with practical examples.
- Achieving sustainable development will likely require the cooperation of communities, governments, and businesses. The World Business Council for Sustainable Development (WBCSD) claims that ecoefficiency is the business contribution to sustainable development. Required: 1. What is sustainable development? 2. Explain why the WBCSDs claim about ecoefficiency may be true. 3. WBCSD has recently noted (http://www.wbesd.org): the good news is that ecoefficiency is working in the companies that try it. The troubling news is that it is not being tried on a large enough scale, even though it makes good business sense. Why do you think the ecoefficiency paradigm is not as widely accepted as it perhaps ought to be? What would you suggest to increase the number of companies involved in ecoefficient projects?More and more companies are making serious efforts to measure their corporate social responsibility outcomes because A.such efforts are easy and cheap to implement and provide good public relations. b.the government has legislated that pollutants be eliminated by 2020. their shareholders and customers require it. c.they realize that their long term profitability and sustainability is closely linked to environmental and community well being just like the rest of us. A b or c? Save for LaterAccording to the ACCA 2019 report Social and environmental value creation "As the demands have become more precise and increasingly strategic, there is a clear role for finance teams to be more engaged in the creation of sustainable value." Based on this, identify specific ways that business model innovation can embrace social and environmental value creation. Include examples of current businesses adopting this approach.
- Apply your critical-thinking ability to the knowledge you’ve gained. These cases will provide you an opportunity todevelop your research, analysis, judgment, and communication skills. You also will work with other students, integratewhat you’ve learned, apply it in real-world situations, and consider its global and ethical ramifications. This practice willbroaden your knowledge and further develop your decision-making abilities.The financial community in the United States has become increasingly concerned with the quality of reportedcompany earnings.Required:1. Define the term earnings qualityPlease answer in your own words After the pandemic ended, most of us are back to in-person work. However, the remote work and study format has a long-term impact on our society and economy. Also, with the introduction of AI-Generated Content like ChatGPT, our life and labor markets will change. Please discuss how the above one or two new norms will influence your investment decisions, such as which companies and/or industries will benefit from the change, and how you should change your investment strategy (i.e., investing in more stocks or bonds or real estate, investing in which companies, sectors, and industries).After the pandemic ended, most of us are back to in-person work. However, the remote work and study format has a long-term impact on our society and economy. Also, with the introduction of AI-Generated Content like ChatGPT, our life and labor markets will change. Please discuss how the above one or two new norms will influence your investment decisions, such as which companies and/or industries will benefit from the change, and how you should change your investment strategy (i.e., investing in more stocks or bonds or real estate, investing in which companies, sectors, and industries).