ECON 330 Week 1: Triple Bottom Line, Corporate Social Responsibility, and Sustainability
ECON 330 Week 1: Triple Bottom Line, Corporate Social Responsibility, and Sustainability
The triple bottom line, corporate social responsibility, and sustainability are all related concepts that focus on the idea of companies being responsible not just to their shareholders, but also to the environment and to the communities in which they operate. The triple bottom line refers to the three primary ways in which a company can be responsible: financially, environmentally, and socially. The triple bottom line is a business model that takes into account not just profit, but also social and environmental factors. Corporate social responsibility is a narrower term that generally refers only to a company’s social responsibilities (Ahlering et al., 2021). In other words, corporate social responsibility is the responsibility of businesses to improve their social impact. Sustainability includes both environmental and social components, but also emphasizes the importance of maintaining ecological balance over time. In other words, sustainability refers to the ability of businesses to continue operations while minimizing their environmental impact. All three of these concepts are connected because ultimately they all aim to create a more sustainable future for businesses and for society as a whole.
An example of a socially responsible action by a corporation would be to reduce the environmental impact of their operations. This could mean reducing energy consumption, investing in renewable energy sources, or reducing the amount of waste produced. Reducing the environmental impact can often be costly for a company, but it can also improve sustainability and increase profits in the long run (Raza et al., 2020). For instance, implementing energy conservation measures can save a company money on its energy bills in the short term. And companies that invest in renewable energy sources can often receive government subsidies or tax breaks. Finally, reducing waste can lead to cost savings from reduced disposal and cleanup costs.
From this assignment, I learned that there is a cost to corporations when they do not behave responsibly and sustainably. When a corporation does not take into account the environmental and social costs of their actions, it can lead to negative externalities (He & Harris, 2020). For example, if a company dumps toxic waste into the river, it can cause health problems for the local community. This is an externality because the company does not have to pay for the damage that it causes. In order for corporations to be socially responsible and sustainable, they need to factor in the costs of their actions (Shabbir & Wisdom, 2020). By taking these costs into account, corporations can make more informed business decisions that will benefit not only shareholders but also society as a whole.
Click here to ORDER an A++ paper from our Verified MASTERS and DOCTORATE WRITERS ECON 330 Week 1: Triple Bottom Line, Corporate Social Responsibility, and Sustainability :
ECON 330 Week 1: Triple Bottom Line, Corporate Social Responsibility, and Sustainability References
Ahlering, M. A., Kazanski, C., Lendrum, P. E., Borrelli, P., Burnidge, W., Clark, L., … & Wilson, C. (2021). A Synthesis of Ranch-Level Sustainability Indicators for Land Managers and to Communicate Across the US Beef Supply Chain. Rangeland Ecology & Management, 79, 217-230. https://www.sciencedirect.com/science/article/pii/S1550742421001020
He, H., & Harris, L. (2020). The impact of Covid-19 pandemic on corporate social responsibility and marketing philosophy. Journal of business research, 116, 176-182. https://www.sciencedirect.com/science/article/pii/S0148296320303295
Raza, A., Rather, R. A., Iqbal, M. K., & Bhutta, U. S. (2020). An assessment of corporate social responsibility on customer company identification and loyalty in banking industry: a PLS-SEM analysis. Management Research Review, 43(11), 1337-1370. https://www.emerald.com/insight/content/doi/10.1108/MRR-08-2019-0341/full/html
Shabbir, M. S., & Wisdom, O. (2020). The relationship between corporate social responsibility, environmental investments and financial performance: evidence from manufacturing companies. Environmental Science and Pollution Research, 27(32), 39946-39957. https://link.springer.com/article/10.1007/s11356-020-10217-0
Please note that if you edit your initial response (original post), you will not get credit for the original post. The discussions are set up as “Must post first.”
Watch and read the following resources:
“Prof. Neil Drobny Discusses Sustainability in Companies”
“Introduction to special issue on sustainability and the triple bottom line within the global clothing and textiles industry”
“Corporate Social Responsibility”
Address all of the following in your initial response to the topic:
What is the difference between the triple bottom line, corporate social responsibility, and sustainability? How are they connected?
Give an example of a socially responsible action by a corporation and explain how it may affect the profit and sustainability of the company.
Reflection: Include a paragraph in the initial response in your own words using microeconomics terminology, reflecting specifically on what you learned from the assignment and how you think you could apply what you learned in the workplace or everyday life.
Your answers should be written in your own words. Don’t use quotes from the articles.
You are expected to make your own contribution in a main topic as well as respond with value-added comments to at least two of your classmates as well as to your instructor.
