In recent lectures of economics and business fundamentals the issue regarding firms being socially responsible was brought up. In commerce class, we discussed why it is important for businesses to act ethically, advantages of acting ethical may include attracting consumers as well as the possibility of motivating employees. However in economics class the professor stressed how it is now “cool to be green”. Which begs the question of whether or not businesses can act socially responsible as a business strategy or whether they really care.
In companies in the Fortune 500 firms in America, all firms would publish either sustainability, CSR or environment reports. This illustrates how in order to survive in today’s competitive market a firm has to in one way or another be socially responsible.
In my opinion whether or not the firm really cares about being socially responsible or using it as a business strategy to remain in the market would come down to the culture of the business. The culture of the business would have its own boundaries which creates distinction from one organization from another. In the end it comes down to a lot of factors and it would ultimately be up to you the consumer to decide whether or not the business or firm is socially responsible.
Sources: http://www.sustainable-supplychain.com/fortune.html
