NITTE Management Review

V. Basil Hans ¹

Affiliations
1 Dept. of Economics, St Aloysius Evening College, Mangalore, IN

Abstract

No Abstract.

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Marie Joseph Gerard Rassindren ¹, V. Basil Hans ²

Affiliations
1 Department of Economics, Christ University, Bangalore, IN
2 St Aloysius Evening College, Mangaluru, IN

Abstract

Globalisation has brought about tremendous changes to the nature and structure of the market. In addition to pursuing attainment of economic gain, market participants both on the demand and supply side directly or indirectly affect and contribute to society. One aspect of such contribution is through Corporate Social Responsibility (CSR). Business ethics and CSR are getting increased attention in corporate decisions and consumer choice. CSR emerges through a social discourse that focuses attention on the fact that business enterprises besides making profits for their investors, have commitments and responsibilities to society. It has come to the forefront of public discussion only after the Second World War especially since the decades of the 1950s and 1960s and has seen significant progress since then. The concept and practice of CSR has moved ahead from mere philanthropy to strategic social responsibility. It is more than a knee-jerk reaction to open market business today i.e. to laissez faire. This transition opens the opportunity and the need to trace the evolution of the concept as well as the practice of CSR by corporates. There is now not only a wide spectrum of CSR system based on civil regulation, but also a rising trend of counter arguments regarding the principles and performance in relation to firms. Hence the main theme of this essay is to trace an evolutionary outline of the phenomenon of CSR and through this chronicle foreground the various nuances of the concept. We attempt to link business environment (including corporate culture, and strategies) with actors, agenda and actions focusing on moral conduct that drive choice behaviour of participants.

Keywords

Business Ethics, Choice Behaviour, Corporate Citizenship, Corporate Social Responsibility (CSR), Financial Performance, Philanthropy, Strategies.

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V. Basil Hans ¹

Affiliations
1 Department of Economics, St Aloysius Evening College, Mangaluru, Karnataka State, IN

Abstract

An appreciation of economics and the general workings of the economy have become increasingly necessary to make sense of government policy-making, the conduct of businesses and the enormous changes in economic systems, which are occurring throughout the world. With the increasing importance of behavioural economics, for business and management, especially with the recent global downturn, managers need to be effectively equipped with economic theories, tools and techniques. Their expertise, efficiency and experience, then will enable them to manage any crisis, adequately. Both theoretically and practically, it is a bridge-building exercise between business and economics. The excellence that managers attain will be rewarding to them and the business environment. This paper highlights how modern manager ought to be a strategist and an economist in terms of her role, responsibilities and qualities.It analyses the emerging parametric convergence between economics and business. It calls forincentivising smart people to engage more in productive rather than unproductive entrepreneurship. The intent is to make way for empowering business, with both firm and market advantages.

Keywords

Business, Corporations, Economics, Managers, Responsibilities, Strategy.

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