Summary
The performance of the firms in corporate sector is heavily dependant upon the corporate governance practices (Nazir et al. 2009) as well as consideration of social responsibility into the general managerial practices of firms, the dimensions of socio-cultural environment into business procedures and compliance with other ethical and regulatory issues. The researchers have focused on the incorporation of corporate environmental governance issues into business practices in order to gain a competitive advantage for the firms (Wise and Ali, 2008; Mitra et al. 2008). However, a little has been found on the corporate environmental governance issues and practices of Pakistani firms in tobacco industry since the concept of corporate governance and corporate social responsibility is newer for the emerging economies like Pakistan. This shows study tells about the two companies and their corporate responsibility towards the society. Pakistan Tobacco Company and Lakson both are in same business which is risky to health for customers but they are considering Corporate Social Responsibility and environment safety for generating goodwill in the minds of customers and stakeholders.
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Extract
Reviewing Corporate Social Responsibility Initiatives of Tobacco Industry in Pakistan
1. Introduction
The performance of the modern corporations is heavily dependent on business activities as well as its role for sustaining long term reputation and good will, which in general called Corporate Social Responsibility (CSR) of firms. CSR is the subset of firms' overall corporate governance practices regarding business procedures, legal and ethical practices with the focus on investors' rights protection and social stakeholders of the firm. During the past few decades, this role of the firms in the society has been as issue of growing public awareness. Many firms contributing towards economic growth have been blamed for creating social problems in the society. Some of the issues researched most frequently include long corporation power, employer safety and health, environmental proactiveness, waste management, resource depletion and product quality (Mitra et al. 2008). The corporations are induced to be accountable to a wider set of authence than share holders only. Friedman's (1962) doctrine, that the only social responsibility of the manager i...See the full content of this document
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