Business ethics and corporate social responsibility initiatives then can be used to create further competitive advantages and support the companies' efforts within the fiercer business climate. Ultimately, the effects of engaging in social responsibility initiatives can only be quantified once the company has engaged in these efforts and has compared the gains and the losses of the initiative (Cramer and Bergmans, 2003)
Given the numerous changes within the society, the development and implementation of corporate social responsibility and business ethics endeavours is a necessity. In other words, it is firmly concluded that firms should engage in more ethical and responsible behaviour, due to the social changes emerged, as well as the need to adapt to these changes in order to survive within the competitive business environment (Ferrell, Fraedrich and Ferrell, 2010)
Still, in a generic setting, it is assumed that corporate social responsibility generates the following advantages for the firm: Improvements in operational efficiency, as the managers are better able to identify and solve inefficiencies. "Educating employees on CSR can improve profitability by supporting greater efficiency through less waste, water and energy usage" (Garrett, 2012)
Today, competition within the economic sector is stimulated at multiple levels, such as hiring and retaining the best staffs, as well as attracting and retaining the most profitable customers. And the competition is further strengthened by the processes of globalization and market liberalization, which intensify economic activity within the domestic and foreign markets (Ocampo and Stiglitz, 2008)
The practice of business ethics has nevertheless existed throughout the entire history of mankind, yet academic interest has only been placed on it starting with the past five decades. During the 1960s and 1970s, the United States of America underwent a series of social changes, generated by social factors such as the civil rights movements of the minorities, the pursuit of gender equality by women, the protection of the physical environment or the insurance of health and safety within the workplace (Prakashan)
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