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BUILDING RESPONSIBLE COMPANIES

An exploration of Corporate Social Responsibility (CSR) and its impact on business value. Discover how authentic CSR can benefit companies ethically and financially, with insights on embedding CSR in strategy and driving innovation. Learn the stages of CSR development and its significance in economic, social, and environmental realms. Unveil the business case of CSR, its alignment with societal values, and its role in sustainable competitive advantage. Find out how responsible companies navigate crises and enhance consumer trust while fostering community growth. Explore the journey from traditional CSR to Creating Social Value (CSV) for lasting impact.

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BUILDING RESPONSIBLE COMPANIES

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  1. OIKONOMIKO ΠΑΝΕΠΙΣΤΗΜΙΟ ΑΘΗΝΩΝ BUILDING RESPONSIBLE COMPANIES Λιούκας Σπύρος

  2. DOES CSR ADD VALUE? • An old question, with new answers • YES, IT ADDS VALUE • At least it does not harm the company (reviews • It depends on the depth and type of CSR • On embedding CSR in strategy • Authentic CSR which is based on internal values • The benefits pass through learning and innovation

  3. Most companies hesitate • They do not understand the potential • They have misconceptions • They do not know how… • The majority of SMEs do nothing…

  4. Stages of CSR development • Peripheral to bore business, some actions, for cost savings • Integrated into the business model, more comprehensive, RRR, green products • Strategic innovation, leadership in CSR, joined value creation Peripheral Integrated Strategic leadership

  5. Criteria in the past... Economic Social, enployment Environmental, ecological

  6. Integration opens new mental maps, model, innovation Human, social Profitability Environment Development in the communities

  7. CSR in the crisis • Companies high in CSR were more resilient • They proved their values in real dilemmas • E.g. sack people or retain • More well embedded with communities • Are the first to benefit from recovery: Why? • Consumers prefer responsible companies, ceteris paribus • Consumers have memory • Are willing to pay a premium for its products • Attract talent, devoted people • Can find more opportunities in the communities

  8. Responsibility: a unique corporate “ethos” • Embodied in internal values • People live the values of sustainability • Part of corporate identity • Committed employees • Innovation, creativity • Creates sustainable competitive advantage • Joined value creation

  9. CSR & the business case (2010’s) Source: 2012 Edelman Trust Barometer, May 2012

  10. CSR and the business case CSR matters to all of us “Corporate Social Responsibility (CSR) matters because it mirrors the core values of the society in which we wish to live. It matters to those who buy from companies, to consumers, who are paying more and more attention to the social and environmental credentials of the products and services they buy. It matters to the local communities where companies operate, who want to know that they are living amongst organizations that share their values and concerns. It matters to investors since responsible business behavior needs to be encouraged and rewarded. .. And it matters to our children and future generations who expect to live in a world which respects people and nature. “ E.U. Business Alliance for CSR, 2006 CSR is howcorporations take responsibility for contributing while not becoming a barrier to sustainable social, environmental and economic development

  11. Leadership for sustainability

  12. The “ladder” of engagement Step 1 Information: Providing information / gathering information Step 2 Consultation: Asking opinions Step 3 Involvement: Seeks more than just opinions; participants may be part of the solution Step 4 Partnership: Direct involvement in decision-making and action Step 5 Devolved power: Giving away decision making, resources and control

  13. CSR Value: Doing good Philanthropy, citizenship, sustainability Discretionary, or in response to external pressure Separate from profit maximization CSV Value: economic and societal benefits relative to cost Joint company and community value creation Agenda internally generated Integral to profit maximization From CSR to CSV (Creating Social Value)

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