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Corporate Governance and Strategy of TESCO

INTRODUCTION

Corporate social responsibility is board term that helps to integrates social and environmental concern in business operations (McWilliams, 2015). It can be defined as term through which firm can able to achieve balance of economic, environmental and social benefits. This is one of effective term that helps to enhance the profitability and productivity in the enterprise. In this, corporate governance and strategic direction plays vital role in terms to streamlining the growth of enterprise. There are various beneficial aspects of corporate social responsibilities as better brand recognition, positive business reputation and that all leads to enhance the sales and customer loyalty.

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The present report is based on business activities of Tesco, it is global leading brand engaged in retail sector. In this, impacts of CSR are needed to be identified on the business operations of Tesco. The main aim of this report is to determine the beneficial aspect of corporate social responsibility so that brand image of firm can be sustained for longer period.

Background of the project

The one of the main objective is to carry out the business function in more proficient manner so that Tesco is taking initiatives to promote CSR activities. In addition to it, well and effective services always attract the customers and this assist to gain competitive advantage in the market. In this report is based on business activities of Tesco. It a term that used to define the function of the enterprise in more effective manner. It is kind of isself regulation that works as to regulate its operational activities and takes the whole responsibility so that business can be conducted in more effective and efficient manner (NDRECA, BRAHIMI and DIBRA 2015). Thus, CSR regulates the business function in more expertise manner that also works as to attract the customers. The more customers to the firm will leads to gain the competitive advantage. Furthermore, report is based on identifying the impact of corporate social responsibility over the firm so that it is possible to improvise the business performance and it leads to enhance brand image of the enterprise.

Aim- The aim of the present research study is To determine the impact of CSR on business performance to enhance competitive advantage.

Objectives- Thus, summarised objectives to underpins the aim of study. It has been defined in the following manner as are-

  • To identify the significance of CSR in order to enhance growth of the enterprise.
  • To analyse the impact of corporate social responsibility on performance of business.
  • To identify the challenge faced by the management in the process of implementing CSR.
  • To recommend the ways to improvise businesses performance with use of corporate social responsibility.

Research questions-

This are fundamental core of undertaking research study in proper manner. In term to gain the aim of the study it is essential to frame the research questions effectively. Thus, researcher will answer the following questions in manner as are-

  • What is the significance of CSR in enhancing growth of the enterprise?
  • What is the impact of corporate social responsibility on business performance?
  • What are the challenges faced by the Tesco in order to implement CSR activities?

METHODOLOGIES

Research methodology’s-

In this, researcher will work as to gather the depth information with the help of proper sources so that they can able to conduct the things in more appropriate manner. It has been presented in below context manner as are-

  • Research philosophy- It is kind of belief with help of data can be collected and gathered. It must be used, analyzed and specific so that better information can be conducted. Thus, pragmatism, positivism, interpretivism and realism philosophies are there, in this researcher will have the use of interpretivism as it aids to interpret the main elements of the study (Visser and Tolhurst, 2017).
  • Research approach- It is plan and procedure that will be consisting of the broad assumptions so it can show the detailed collection of the things with help of this things can be done in more expertise manner. Thus, the types of research approach as are deductive, inductive and abductive. In order to determine the impact of CSR the researcher will have the use of inductive approach so that things can be undertaken in well effective and efficient manner.
  • Data collection- it can be conducted with help of primary and secondary approach. This will be effective technique in order to gather the systematic information about the implications of CSR. It can be determined with the first hand information. The secondary information can be collected with help of books, online articles, journals etc. This will be also helpful in order to gather the depth information about the CSR activities.
  • Research design- it is kind of general plan that formulated with the help of the researcher in terms to attend the aim and objectives of the research study (Moore, 2014). In order to carry out the present research study, researcher will have the use of exploratory research design.
  • Research strategy- these are the plan that helps the researcher in terms to gain the object of the study. In order to carry out the present research study, researcher will have the use of quantitative research strategy.
  • Sampling- It is kind of technique that takes the small proportion for data collection so that data can be collected effectively and efficiently. In this research, researcher will have the use of sample of 20 managers working at Tesco randomly and provide them questionnaire to conduct the depth information.
  • Data analysis- It is process that works as collect the raw data into meaning full information. Thus, researcher will have the use of thematic analysis to interpret the things effectively.
  • Ethical consideration- These are essential in research study. With help of it, researcher will elaborate the motive of the study towards the participants so that consent can be gathered effectively. It has been define in the following manner as are-

Informed consent- In this, information is need to be gather before disclosing any personal information. The researcher are not able to disclose anything that can impact the working of the enterprise. Disclosing any information will leads to create the negative impact on the working of the enterprise.

Introduction, background and problem of the research.

Introduction

The corporate social responsibility is broad term and it is useful in terms to integrate the social and environmental concerns in their business operation (NDRECA, BRAHIMI and DIBRA 2015). Thus, proper implementation of the CSR process helps to bring long term competitive advantage to the enterprise. It is beneficial in terms to access to the capital, increment in sales and profits, operational cost saving, improvement in productivity, enhancement in customer loyalty, effective risk management process.

Thus, present report is based on business activities of the Tesco, it is large retail sector of the UK and working as to provide effective services to the customers. In addition to it, report will be inclusive of the things as to conduct the primary and secondary research so that better discussion can be undertakes. Lastly, recommendation are needed to be given in terms to determining the impact of CSR on performance of business.

Background

The present report is based on determining the impact of CSR in performance of enterprise in terms to gain the competitive advantage. Thus, CSR aims to ensure the firm to conduct the business activities in ethical manner. It is the concept that benefits to the society as well enterprise. It is assistive in terms to contributes maximum to the sustainable development by delivering economic, social, environmental benefits to the stakeholders. In this way, it can be said that working with the CSR strategy will helps to evaluate the business function in more effective and efficient manner. The main aim of this report is to put major consideration on identify the impact of Corporate social responsibility on the performance of the enterprise.

Aim-

The aim of the present research study is To determine the impact of CSR on business performance to enhance competitive advantage.

Objectives-
Thus, summarised objectives to underpins the aim of study. It has been defined in the following manner as are-

  • To identify the significance of CSR in order to enhance growth of the enterprise.
  • To analyse the impact of corporate social responsibility on performance of business.
  • To identify the challenge faced by the management in the process of implementing CSR.
  • To recommend the ways to improvise businesses performance with use of corporate social responsibility.

Problem statement

The present report is based on business activities of Tesco. In order to determine the impact of CSR on performance of the enterprise the major problem is being faced is the challenges faced by management in the process of imp' of Corporate social responsibility in firm.

Literature Review-

This will help the depth information about the topic of the research. It is assistive in terms to gain collect the whole data in the systematic manner. With help of it, thing can be done in systematic manner. It has been defined in the following manner as are-

Theme 1: Significance of Corporate social responsibility on business performance.

The implementation of CSR activities leads to improvise the quality management strategy of the enterprise. It is effective terms in order to enhance the innovation procedure in the firm. This is one of the crucial terms as it enables the employees to contribute maximum to the enterprise. As per the view of Abdullah and Said, (2018) it can be stated that it is one of the effective as it is helpful in order to bring improvement in employee engagement. If the worker of entity believe that her employees are ethical and more helpful then it is easier to build better relation with the co-workers. Thus, this kind of function leads to enhance the creativity among the employees. According to the view of Bianchi Martini, Corvino and Doni, (2016) it can be stated that with help of executing corporate social responsibility it will be assistive to have better brand recognition, positive firm reputation and helps to enhance the sales and customer loyalty. In contrary to Abdullah and Said, (2018). states that CSR improvise customer attitude towards the company. If the customer likes the activities of the firm that they tends to buy the more product and services. The policy of CSR hales to improvise the firm profitability and value. In addition to it, this policy helps to enhance the firms accountability and its transparency with the shareholder and the local communities. So, it is also helpful in order to enhance its reputation among the investors such as the mutual funds that works as to integrate the CSR into the stock selection.

As per the view of it can be stated that CSR works as to share positive stories online and with the help of traditional media. In this way, entities do not have to make more investment on the expensive advertising campaigns. Thus, they are able to generate free publicity and it will provide more benefits with aspect of mouth marketing. According to the view of Bianchi Martini, Corvino and Doni, (2016) it can be stated that with help of it cost can be reduced in manner as hiring efficient staff and retention, implementation of the energy saving programs, Management of the potential risk and liabilities in more effective manner and to have the less investment in the traditional advertising. It is very helpful term in order to achieve the long term result and it leads to perform business function in continue manner. According to the view of Abdullah and Said, (2018) it can be stated that with help of having development in the product and services the enterprise is able to perform its business function in more proficient manner. The legal authorities may allow strong positive social agenda so it will be better for the company bottom line. With the help of implementing the effective policies the firm is able to undertake its business activities in the more proficient manner. In this, it can be stated that effective corporate social responsibility leads to bring long term profitability to the enterprise. With help of it, there are more chances to develop the sustainable society so that they can able to undertake business operation in systematic manner. As per the view of Ahen and Zettinig, (2015) it can be states that the one of foremost benefit of the CSR is to have the proper implementation of the CSR in terms to focusing of stockholder and to benefiting the stakeholder to the enterprise. Furthermore, the socially responsible firms may have fast track permits for expanding and relocating their business activities at the new place. Thus, Fallon, (2015)states that effective social agenda help to improvise the bottom line of the entity. The firm that has adopted the corporate social responsibilities can helps to improvize the company performance and publicize the CSR programs can also affect the mind set of customer and it can also attract them. With help fo it, financial performance of the firm could get improvised.

Theme 2: Impact of corporate social responsibility on performance of business.

In this, it can be said that successful business functions helps to bring the effective organisation culture and it leads to encourage employees to feel dedication and commitment towards the firm. In this, it can be said that corporate social responsibility provides invaluable feeling to employees and they work as to contribute maximum to enterprise. As per the view of Bianchi Martini, Corvino and Doni, (2016) states that effective social responsibility will works as to facilitate cost effective marketing program and this will leads to enhance brand image in the market. In addition to it, Ahen and Zettinig, (2015) states that with help of reduction in the use of resources, waste, emission can works as to build the environment safe. With help of it, the enterprise can find ways to make changes in the services or the value chain so that actual benefits can able to deliver to the society. It also affect the business performance in the manner as perceiving brand quality and that can also influence the preference of brand image in the market. Thus implementation of CSR can also helps in terms to have greater ability to attract talent and retain the staff and it also allows to easier access to capital. With help of having sustainable and ethical practice the firm so able to operate its business function in the more appropriate and expertise manner. According to the view of Ahen and Zettinig, (2015) states that implementation of the CSR, employees of the firm can able to being return and more productive just because of executing CSR programs can also be key reason to maintain the business function in well and effective manner. It is one of the effective concept in terms to have the long term sustainability of the enterprise in the market.

According to the view of Bianchi Martini, Corvino and Doni, (2016) it can be stated that the one of the foremost benefit if implementing corporate social responsibility is to generates the positive public image of the enterprise so that each thing can be undertaken effectively and efficiently. As per the view of Marsden, Shirai and Wilkinson, (2018) it can be states that corporate social responsibility to business will helps to improvise employee engagement. This will leads to enhance the creativity among the employees. In this way, it can be stated that effective CSR strategy will helps to attract and retain high quality employees so that firm can able perform its business activities in more appropriate manner. According to the view of Huda and et.al., (2018) states that before measuring the impacts of social causes supported by the small business must create the programs and it also helps to connect with the social responsibility. With help of it, firm can able to focus over the firm goals in term to making the differences among the society as well as maximising the profits. In addition to it Marsden, Shirai and Wilkinson, (2018) states that with help of being sustainable responsible it is essential to access the finance, attract positive media attention, reduction in the regularity burden and identification of the business opportunities. The one of the major aim Behind implementing the CSR is to recruit the new talents and retain the existing one and it is also assistive in terms to reduction in the cost and disruption of recruitment and retaining. With help of this firm is able to perform its business function in more appropriate and effective manner. Furthermore, the major aim of CSR is to drive the changes towards the sustainability of the enterprise in the market. This is one of the effective term in order to enhance the profitability and productivity.

According to the view of Huda and et.al., (2018) states that implementation of CSR leads to alter the attitude of customer towards the firm as they are able to share the positive stories online and with the help of social media. Thus, they also needs open, outside oriented approach. In this, it can be said that firm must be in the constant dialogue with customer, suppliers and other parties that can affects the working of the enterprise in the large manner. As per the view of Carroll, (2015) states that by maintaining the contiguous interaction with the other parties the firm can able to know about the business opportunities. Furthermore, Abdullah and Said, (2018) states that the main aim of the CSR program is to deliver the sustainable society in which the business and stakeholder can able to prosper for the long term. It will be also beneficial in terms to have enhancement in the profitability and productivity to the enterprise.

In addition to it, Bianchi Martini, Corvino and Doni, (2016) states that it is assistive in terms to generate the positive publicity and media opportunities due to media interest in ethical business activities. Infect, it can be said tat the social responsible firm are far better than the profitable entity in terms to determine that how much employees are identify with the workplace. Furthermore, Abdullah and Said, (2018) it can be stated that bringing corporates social responsibility to the enterprise is essential as it also works as to enhance employees creative involvement and it is also inclusive of generating new but the practical ideas that leads to solve issues. In this manner employees can also able to be more engaged with the work just because it leads to enhance working within the enterprise.

As per the view of Bianchi Martini, Corvino and Doni, (2016) it can be stated that corporate social investment e to lead will helps to build reputation so it can able to lead e to hire the competitive advantage in the market. In addition to it, Fallon, (2015) it can be stated that being the highly responsible the firm can able to hire the best talented staff. They will work as motivated employees to stay longer, reducing the costs and disruption of recruitment and retaining. It is also assistive in terns to maintain good relationship with the local authorities so that business activities can be conducted effectively and efficiently. As per the view of Bianchi Martini, Corvino and Doni, (2016) it can be stated that effective employee turnover positively affects the firm’s productivity and profitability. It is also assistive in terms to enhance organisational performance b focussing over two dimensions as employee turnover and customer satisfaction.

Theme 3: Challenges faced by the firm at time of implementing CSR activities-

The prime purpose of each enterprise is to earn maximum amount of profitability. For this, firm should have sustainability so that they can work in more effective and efficient manner. As per the view of Fallon, (2015) states that the culture of the enterprise can be sustainable in three ways as social, economical and environmental. In order to achieve this, firm need to implement CSR policies so that they can attract the customers. There are many corporation that faces the difficulties in terms to implementing CSR. As per the view of it can be stated that in adequate financial resources must have so that firm can train the staff in appropriate manner. Thus, to put focus over the changes required for effective CSR will also leads to follow up how changes can be carried out effectively and efficiently.

According the view of Ahen and Zettinig, (2015) it can be stated that one of the most greatest challenge for implementing and developing CSR is to have steady competitive tension, the improper backing from the legal authorities and other non government organisations and it also involves the huge cost of implementation. In addition to it, this can be said that lack of support from the customers and investors can be termed out as additional challenge. Moreover, the lack of expertise manager and capability to successfully implements the desired changes can also creates the challenge in terms to implement the CSR. In this, it is must to put the major focus over changes that could be actively done. Mainly, Corporate social programs keep their main target on the society related issues. Thus, vital issue in corporate governance and management due to the influence of the CSR on the performance of the firm. In this, CSR is costly and if firm starts to being the social responsible then it also incurred the additional expenses. Being social responsible means to take initiatives in terms to pollution reduction, employee benefit packages, sponsorship and donation to the company.

Define the Secondary and primary research undertaken.

Questionnaire

  1. Do you think Tesco is implementing CSR policies in their daily operational working.
  • Yes
  • No
  • May be
  1. Doe there is any relation between the CSR and profitability of the enterprise.
  • Yes
  • No
  • May be
  1. What are the beneficial aspects of corporate social responsibility.
  • Enhancement in brand reputation
  • increment in profitability
  • Raising awareness towards customers
  • legal compliance
  1. Does Tesco have separate allocation of funds for CSR implementation.
  • Yes
  • No
  • May be
  1. Do you think company evaluate CSR activities effectively.
  • Yes
  • No
  • May be
  1. Does CSR helps to enhance satisfaction of customers to run business operation appropriately.
  • Yes
  • No
  • May be
  1. Do you think enterprise raise awareness within the company in terms to above CSR issues.
  • Training and awareness programme
  • Internal communication
  • Management briefing
  • others
  1. Is CSR affect the financial performance of the enterprise.
  • Yes
  • No
  • May be
  1. Does Corporates social responsibility leads to improvize performance of the enterprise.
  • Yes
  • No
  • May be 

Theme 1: Yes, CSR policies implement in daily operation working of Tesco.

Do you think Tesco is implementing CSR policies in their daily operational working.

Frequency

%

Yes

13

65.00%

No

4

20.00%

May be

3

15.00%

Total

20

100.00%

Theme 2: The CSR helps to enhance the profitability to the enterprise.

Doe there is any relation between the CSR and profitability of the enterprise.

Frequency

%

Yes

15

75.00%

No

3

15.00%

May be

2

10.00%

Total

20

100.00%

Theme 3: Increment in the profitability is one of the core aspect of executing CSR.

What are the beneficial aspects of corporate social responsibility.

Frequency

%

Enhancement in brand reputation

5

25.00%

increment in profitability

6

30.00%

Raising awareness towards customers

5

25.00%

legal compliance

4

20.00%

Total

20

100.00%

Theme 4: Yes, Teco has separate allocation of funds.

Does Tesco have separate allocation of funds for CSR implementation.

Frequency

%

Yes

15

75.00%

No

3

15.00%

May be

2

10.00%

Total

20

100.00%

Theme 5: Yes, entity is taking initiatives to evaluate the CSR activities effectively and efficiently.

Do you think company evaluate CSR activities effectively.

Frequency

%

Yes

15

75.00%

No

3

15.00%

May be

2

10.00%

Total

20

100.00%

Theme 6: Yes, CSR leads to enhance satisfaction of customer to run business functions appropriately.

Does CSR helps to enhance satisfaction of customers to run business operation appropriately.

Frequency

%

Yes

13

65.00%

No

5

25.00%

May be

2

10.00%

Total

20

100.00%

Theme 7: Yes, CSR leads to raise awareness within company in term to raise awareness by provide training programs.

Do you think enterprise raise awareness within the company in terms to above CSR issues.

Frequency

%

Training and awareness programme

8

40.00%

Internal communication

6

30.00%

Management briefing

4

20.00%

others

2

10.00%

Total

20

100.00%

Theme 8: Yes, CSR impact the financial performance of the enterprise.

Is CSR affect the financial performance of the enterprise.

Frequency

%

Yes

12

60.00%

No

6

30.00%

May be

2

10.00%

Total

20

100.00%

Theme 9: Yes, CSR leads to improvise the performance of the enterprise.

Does Corporates social responsibility leads to improvize performance of the enterprise.

Frequency

%

Yes

14

70.00%

No

5

25.00%

May be

1

5.00%

Total

20

100.00%

Critical review of the result of research.

Theme 1: Yes, CSR policies implement in daily operation working of Tesco. 17

Interpretation- Based on the above report it can be concluded that Corporate social responsibility plays essential role and Tesco is implement in daily its operational working. With help of incorporating it, firm is able to perform business function in more appropriate and efficient manner. Thus, there are total number of 20 respondents. In this, 13 said Tesco is following CSR activities into its function, 4 said no and others did not respond anything towards it. In this, it can be said that effective CSR policies helps to streamline the operational working of the enterprise.

Theme 2: The CSR helps to enhance the profitability to the enterprise.18

Interpretation- As per the above graph it can be interpreted that Corporate social responsibility helps to incorporates the business functions in appropriate manner. It is also assistive in terms to enhance the profitability to the enterprise. Thus, there are total number of 20 respondents. In addition to it, 15 responded said yes, 3 said no and 2 are not sure of it. In this way, it can be said that it implementation of CSR leads to enhance the long term profitability to the enterprise. It is beneficial in terms to have long term sustainability.

Theme 3: Increment in the profitability is one of the core aspect of executing CSR. 19

Theme 4: Yes, Tesco has separate allocation of funds. 20

Interpretation- Based on the above report it can be interpreted that it define the firm sense of responsibility. With help of maintaining separate allocation of funds for having effective implementation of CSR will be helpful in order to determining the long term profitability of the enterprise. In this, there are total number of 20 respondents. Thus, 15 said yes, 3 said no and other 2 are not sure of it. It will be helpful to maintain the things in effectively and efficient manner.

Theme 5: Yes, entity is taking initiatives to evaluate the CSR activities effectively and efficiently.  21

Interpretation- Based on the above report it can be concluded that the activities of CSR are needed to be evaluated in timely manner. With help of it, they are able to undertake operation activities in sufficient manner. Thus, there are total number of the 20 respondents. In this, it can be said that 15 employees said yes, 3 said no and 2 are not sure about having evaluation of the CSR activities. Furthermore, CSR approaches are holistic and integrated with the core of business strategy in terms to address the social environmental aspects of business. 

Theme 6: Yes, CSR leads to enhance satisfaction of customer to run business functions appropriately.22

Interpretation- Based on the above chart it can be concluded that effective corporate social responsibility will be helpful in terms to enhance the satisfaction of the customers. The approaches of CSR tends to have customer loyalty and it attracts the number of respondent in the enterprise. In this, there are total number of the 20 respondents. Under it, 13 said yes, 5 said no and 2 are not sure of it. It is also helpful in terms to enhance brand image of the enterprise. Thus it leads to enhance the customer satisfaction. 

Theme 7: Yes, CSR leads to raise awareness within company in term to raise awareness by provide training programs.23

Interpretation- Based on the above diagram it can be concluded that after the implementation of CSR practices in the firm it is crucial to provide training programs to employees so that business activities can be conducted effectively and efficiently. Thus, there are total number fo 20 respondents. In this, 8 said yes on to provide training programs, 4 said that management briefing will be helpful to incorporate function successfully, 6 said that it is helpful in terms to improvize internal communication. Thus, it can be said that firm must perform business function in more appropriate and coordinated manner.

Theme 8: Yes, CSR impact the financial performance of the enterprise.24

Interpretation- Based on the above diagram it can be concluded that CSR also helps to enhance the financial performance of the enterprise as it is helpful in order to enhance brand image of the enterprise. It is effective process as it is helpful to build brand image in the market, due to it number of the customer gets attracted towards the working of the enterprise. In addition to it, there are total number of the 20 respondents. Under it, 12 said yes that financial performance of firm can be enhanced with help of CSR approach, 6 said no and 2 are not sure about it. 

Theme 9: Yes, CSR leads to improvise the performance of the enterprise.25

Interpretation- Based on the above diagram it can be concluded that CSR works as to improvise the overall performance of the enterprise. Thus, it is one of the effective in terms to enhance brand recognition in market. With help of it, firm can able to undertake it business operation in effective and efficient manner. Thus, there are total number of 20 respondents. In this, 14 said yes, 5 said no and 1 is not sure of it. This is one of the assistive function as with help fo it employees will be more creative and they perform their business function in appropriate manner.

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Discussion on the recommendation and action plan.

Based on the above report it can be concluded that Corporate social responsibility will be helpful in terms to bring sustainability in the working of the enterprise with help fo maintaining social and economical business environment. The present report is based on business activities of Tesco. in this, it is essential to determine impact of CSR on business performance in order to gain competitive advantage in the market. In this, it can be stated that CSR approaches leads to enhance the working of the enterprise. The report will be inclusive of the following things as are aims, objectives, methodologies and take essential steps in order to determine the impact of CSR so that one basic aim to the enterprise can be achieved. The main of this report is to identify the impact of CSR approaches and its usefulness in order to gain the competitive advantage in the market.

On the basis of the above report, there are some recommendation has been given that helps to determine the impact of CSR on performance of the enterprise. Thus, it has been presented in the below context manner as are-

  • The Tesco should maintain allocation of funds so that they can able to have the use of that amount at the time of implementing CSR activities in the enterprise.
  • Thus, quoted firm should work with CSR as it provides customer well made, reasonably price products that performs as advertised. With help of it, enterprise can able to maximise its profitability and financial performance of firm can be enhanced.
  • The entity should also work in reliable and systematic information on social affects of the business enterprise. Thus, with help of developing the CSR the firm can able to perform its business function in the more appropriate manner. The intensive communication will be inclusive of increased level of brand awareness that helps to contribute maximum to the enterprise.
  • The including CSR aspects of the business at the initial stage of the project the firm is able to meet its long term plan and sustainable development of the firm can be possible.
  • The Tesco should implement CSR activities as it leads to enhance the employee retention. The working worth of the employees can also be increased and it helps to build brand image of the enterprise.
  • The CSR is one of the effective approach that leads to achieve the economical, environmental and social benefits to the firm so that they can perform in more appropriate and effective manner.
  • The CSR policies need to be adopted as it allows to have access to the capital, better brand recognition, increment in the sales and customer loyalty. With help of it, firm cam able to perform its business in more appropriate and effective manner.
  • With help of implementing the CSR approaches the firm is able to have better financial performance and it also allows greater ability to attract talent and retain staff within the enterprise. This kind of activities leads to enhance the organisational growth. With help of implementing the environmental friendly policies it is possible to have the reduction in operation cost savings.
  • Corporate social investment can helps the firm in terms to build reputation as a responsible business and it will be also helpful in terms to gain the competitive advantage in the market. There are the many firm that can favour the suppliers who are not having the responsible policies.
  • The firm that adopts CSR polices have chances to develop new products and services. In addition to it, employees may be motivated to stay longer, reduction in cost and disruption in the recruitment and retaining helps the outsiders to attract with the functioning of the firm. Furthermore, this kind of function leads to gain the competitive advantage in the market.

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REFERENCES

  • Abdullah, W.N. and Said, R., 2018. The Influence of Corporate Governance and Human Governance towards Corporate Financial Crime: A Conceptual Paper. InRedefining Corporate Social Responsibility(pp. 193-215). Emerald Publishing Limited.
  • Ahen, F. and Zettinig, P., 2015. Critical perspectives on strategic CSR: what is sustainable value co-creation orientation?.critical perspectives on international business. 11(1). pp.92-109.
  • Ahen, F. and Zettinig, P., 2015. What is the biggest question in CSR research?.Foresight. 17(3) pp.274-290.
  • Bianchi Martini, S., Corvino, A. and Doni, F., 2016. In the Corporate Governance Model, What Is the Influence of CSR Practices on Firm Social Performance? The Case of the European Oil & Gas Industry. InInternational GARI Conference" The Globalisation of Corporate Governance: does Compliance Kill Values and Enterprise?". GB.
  • Brejning, J., 2016.Corporate social responsibility and the welfare state: the historical and contemporary role of CSR in the mixed economy of welfare. Routledge.
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