Question

Today, it is stressed even more that companies go beyond just making a profit and take into consideration the environment and philanthropic initiatives. This is known as practicing ______. Multiple choice question. association economies of scale whistle-blowing corporate social responsibility benchmarking

Answer 1

The practice of firm taking into consideration the environment and philanthropic initiatives is known as corporate social responsibility.

Corporate social responsibility is basically the policies undertaken by firms which is intended to have a positive influence on the environment around them..

The reason for the Corporate social responsibility policy is to allow the firm pursue other pro-social objectives in addition to maximization of profits.

Some examples of Corporate social responsibility objectives include:

• Donation to charity.
• Efforts to minimize environmental externalities.
• Promotion of volunteerism among company employees.

Therefore, the practice of Corporate social responsibility is when firms take into consideration the environment and philanthropic initiatives which is beyond the primary objective of profit-making.

Learn more about CSR here

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