Corporate Social Responsibility And Reputation: Literature Review
For a long time now, particularly over the course of the past ten years, there has been developing interest in characterizing and estimating corporate reputation in business and the scholarly community. Investors, analysts, clients, and other stakeholders' loss of confidence has been recognized as potentially damaging for the long-term viability of a corporation (Resnick, 2004); therefore,the significance of properly monitoring and managing this intangible asset. The view of an organization by its various stakeholders determines its reputation. Its reputational attitude can aid the organization in gaining societal trust and credibility, which will help it achieve its aims and goals (Baur & Schmitz, 2011, Mahon & Wartick, 2003).The job of business in society has evolved over the years, from being mainly concerned with profit for shareholders to a stakeholder and community approach with an attention on corporate social obligation (Covey & Brown, 2001). With this broadening of responsibilities comes a more multidimensional reputation, and the age of globalization has made it harder for organizations to be the sole managers. Less privacy and increasing accountability have made a more proactive strategy necessary from organizations to prevent damages to its image and reputation (Roper & Fill, 2012). All brands must maintain a strong reputation among their various stakeholders, as it can assist organizations in dealing with hostile environments; it is an important source of goodwill when dealing with crises; it can be a competitive advantage, allowing the organization to attract the best employees furthermore, guaranteeing their reliability; and it very well may be an upper hand, allowing the organization to attract the best employees furthermore, guaranteeing their loyalty (Foreman & Argenti, 2005).