Corporate responsibility gained importance in the market from "summary" of A Business History of India by Tirthankar Roy
In recent years, there has been a noticeable shift in the way corporations are viewed by the public. No longer are they seen solely as profit-making entities, but as entities with a broader responsibility towards society and the environment. This shift can be attributed to a growing awareness among consumers and investors about the impact of corporate actions on various stakeholders. Corporate responsibility has gained importance in the market as consumers are becoming more conscious of the ethical and social implications of their purchasing decisions. They are increasingly seeking out products and services from companies that demonstrate a commitment to responsible business practices. This has put pressure on corporations to not only focus on maximizing profits but also on making a positive impact on society. Investors are also playing a crucial role in driving corporate responsibility. They are increasingly considering environmental, social, and governance factors when making investment decisions. Companies that fail to meet certain ethical standards risk losing out on investment opportunities and facing reputational damage. Furthermore, governments and regulatory bodies are starting to impose stricter regulations on corporations to ensure they operate in a socially responsible manner. This has forced companies to take corporate responsibility more seriously and integrate it into their business strategies.- Corporate responsibility has become a key consideration for businesses operating in today's market. Companies that fail to address social and environmental issues risk losing out on market share, investment opportunities, and face regulatory scrutiny. It is clear that corporate responsibility is no longer just a nice-to-have but a must-have for businesses looking to thrive in a competitive market.
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