corporate social responsibility
CSR The encouragement of correct social and environmental practice by organizations. The term corporate social responsibility (CSR) is used widely, in contexts as varied as the following: (i) environmental considerations (as elaborated by organizations like the *Coalition for Environmentally Responsible Economies); (ii) ethical and transparent conduct in relation to investors, employees, customers, vendors, and the other *stakeholders of an organization; (iii) *ethical investing; (iv) the encouragement of volunteer work by an organization’s employees to improve local communities; and (v) contributions to nation-building in recently independent countries. Corporate social responsibility is a controversial and disputed area, both in its principles and its advocacy of *social and environmental reporting. For example, the concept of the "triple bottom line reporting" of financial, environmental, and social matters to underpin sustainable economic activity is not universally accepted. The economist Milton Friedman has argued that "Few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much *money for their *stockholders as possible. This is a fundamentally subversive doctrine" (Friedman, 1982, 133). See also *sustainability. Further reading: Bruntland Report (1997); Davis (1975); Deegan (2002); Henderson (2001); Lehman (2001); Woodward et al. (2001)

Auditor's dictionary. 2014.

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