Concern businesses have for the welfare of society, this is Corporate Social Responsibility. The social performance of a company has several dimensions:
- Corporate philanthropy, this includes charitable donations to non-profit groups of all kinds. Strategic philanthropy involves companies making long-term commitments to one cause, such as McDonald’s founding and support Ronald McDonald Houses, which house families whose critically ill children require treatment away from home. Philanthropy isn’t limited to large corporations. The Spotlight on Small Business box describes how small businesses can become involve.
- Corporate responsibility, includes everything from hiring minority workers to making safe products, minimizing pollution, using energy wisely, and providing a safe work environment – that is, everything that has to do with acting responsibly with society.
- Corporate policy, refers to the position a firm take on social and political issues.
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