Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 750 words - 4

Corporate Social Responsibility - Essay Example f the big business enterprises, initiating litigations against irresponsible corporate behaviour, and demonstrations against big business houses either involved directly or indirectly in environmental degradation activities. The Internet provides an easy means of making people aware of irresponsible corporate behaviour either in the form of their business ethics, or in the environmental degradation activities, and the NGOs utilise this means besides the other avenues of publicity to create public awareness. Big businesses have started to feel the pinch of this. The public have started showing their concern for business ethics and the environment. Estimates from the United Kingdom have started ringing alarm bells, as it is estimated that companies have lost $72 billion every year as a result of public action. Additional data from Europe and U.S.A. demonstrate that 67% of the consumers have resorted to a boycott of a product for ethical or environmental reasons, and thus have asserted their buying preferences. Companies are beginning to realise the meaning of the famous American investor Warren Buffet’s words, â€Å"it takes 10 years to build up your company’s reputation, but 10 seconds for you to lose it†. Companies are starting to act so that they are not hit by public buying preferences, as can be seen from the publishing of Nike of the work environment audit that it had conducted on not just its working environment, but also on its supply chain. There is an increase in the number of corporate businesses that are displaying such activity. (1) NGOs have resorted to litigations in the recent past even using laws that were made more than a couple of years back. There is an increasing amount of litigation against business enterprises on ethical and environmental grounds. These litigations are having an impact on all business enterprises, as insurance companies, financial analysts, and institutional investors are making existing litigation or the possibility of