Salma Benzhirou

FIN3301 06
ETHICS ESSAY

The resolution or approach to the conflict between "doing well" and "doing good" is
contingent upon multiple factors.
However, a lot of companies have found in the last several years that integrating social
responsibility into their daily operations can lead to increased revenue and commercial
growth. A wider interpretation of corporate responsibility has emerged, one that considers the
effects of an organization's operations on all relevant parties, such as the environment,
consumers, and employees. Additionally, as more and more stakeholders and investors realize
the long-term benefits, they are more likely to support and invest in businesses that place a
high priority on sustainability and social responsibility.
Including social responsibility can also result in :
- More people becoming aware of and supporting the business.
- Increased consumer and staff engagement.
- Diminished dangers related to a bad reputation..
Enhancing consumer and staff involvement; minimizing the danger of a negative reputation;
raising brand awareness and fortifying the brand.
In conclusion, it is possible for a company's value-boosting policies to coexist with socially
conscious rules, and in many instances, these policies may even reinforce one another. By
employing a balanced strategy that considers both the financial and social impact, businesses
can achieve long-term success and positively impact society.
Businesse' propensity to behave morally may be significantly influenced by government rules
and regulations. As per the findings of What Is Social Responsibility (SR) ? | ASQ, n.d., firms
can be incentivized to prioritize doing good through various government rules and
regulations.
• Mandating corporate social responsibility: Governments have the power to impose legal
requirements on companies to fulfill specific social and environmental obligations.
• Creating policies and standards : Lawmakers have the power to enact policies and standards
that encourage companies to engage in socially and ecologically conscious operations.
• Applying fines or penalties : Governments have the authority to apply fines or penalties to
companies that engage in activities that endanger the environment or society.
In general, government legislation and regulations are a good thing when it comes to pushing
corporations into doing good and leaving a positive impact, by setting rules and regulatitons.
And promoting positive change.
Pollution-related decisions made by businesses can be influenced by taxes or fees, which
might encourage them to reduce their pollution levels by raising the costs and penalties
involved. Companies are able to compare the costs of pollution increase and decrease with
this method. A business may choose to reduce pollution emissions in some situations rather
than pay taxes or other costs. Taxes and levies can also encourage companies to use greener
practices, such lowering their pollution output and investing in renewable energy sources,
which may help them pay less in taxes. As a result, there is a good chance that taxes will
increase.
It's important to define the term before exploring the several strategies the government uses to
balance corporate and public interests. In order to promote particular actions or choices that
are in line with the public interest, governments frequently offer rewards or incentives to
people, organizations, or other entities. Both non-financial benefits like regulatory relief,
licenses, or preferential treatment in government programs as well as financial benefits like
tax credits, subsidies, grants, or loans might be included in these incentives. "Why Do
Governments Provide Incentives?" (n.d.) provides a number of illustrations of the incentives
that governments utilize to balance the interests of the public and private sectors:

- Tax credits: Governments have the authority to offer tax breaks to businesses and institutions
that finance socially conscious endeavors, such putting money into staff development
initiatives or renewable energy projects.
- Grants: Governments have the authority to provide financial support to organizations or
persons engaged in initiatives that advance the benefit of society as a whole, such as
environmental conservation or the development of new technology.
- Subsidies: Governments give money to businesses that manufacture items or render services
that advance the common good, such public transit or reasonably priced housing.
- Regulation: To guarantee that companies function in the public interest, governments may
impose restrictions on them. These regulations may include adhering to safety or
environmental protection statutes.
In summary, striking a careful balance between achieving financial success and ensuring the
general welfare of society is a difficult task that calls for a sophisticated strategy.
Governments are crucial to this effort because they enforce laws, create clear rules and
regulations, and encourage corporate social responsibility through mandates. Taxes and levies
can also be effective tools for encouraging companies to use environmentally friendly
methods and cut down on pollution. Governments can also use tools like tax breaks, grants,
subsidies, regulatory frameworks, and public acknowledgment to encourage private
companies to match their goals with the common good. Governments work to create a
mutually beneficial connection between the interests of the private sector and society at large
by utilizing a combination of incentives and enforcement procedures.
Corporate social responsibility: Doing well by doing good. (2007, March 23). Corporate
Social Responsibility: Doing Well by Doing Good - ScienceDirect.
https://doi.org/10.1016/j.bushor.2006.12.002]
Why Is Social Responsibility Important to Some Businesses? (2022, May 31). Investopedia.
https://www.investopedia.com/ask/answers/041015/
why-social-responsibility-importantbusiness.as
SANDAL, L. K., & STEINSHAMN, S. I. (2008, April 25). OPTIMAL ENVIRONMENTAL
TAXES: EFFECTS OF POLLUTION DECAY AND CONSUMER AWARENESS. Natural
Resource Modeling, 21(3), 436–465. https://doi.org/10.1111/j.1939-7445.2008.00019.x
Why do governments provide incentives? (n.d.). Why Do Governments Provide Incentives? -
Baker Tilly. https://www.bakertilly.com/insights/why-do-governments-provide-incentive