CORPORATE SOCIAL RESPONSIBILITY 579Corporate social responsibility refers to a company’s obligation, beyond that required by law or economics, to
pursue long-term goals that are good for society. CSR refers to various types of activities and behaviours, such as
ethical behaviour, sustainable development, environmentally-friendly behaviour and philanthropic activity. CSR is a
synonym for ‘good citizenship’. Social responsibility can be used to build strong brands and a positive corporate
image and reputation. In a pilot study involving 40 managers and directors of Cypriot companies, the CSR practices
were identified. They are summarised in the following table. The figures refer to the percentage of respondents
indicating that they practise the principle. Although, on the basis of these results, CSR appears to be of major
concern to companies in Cyprus, the low response rate of 1% in this study seems to indicate the opposite.^126General
Engages in fair and honest business 68
Sets high standards of behaviour for all employees 54
Exercises ethical oversight of the executive and board levels 37
Initiates and engages in genuine dialogue with stakeholders 32
Develops and publishes both internally and externally a Code of Conduct 37
Applies confidentiality and anonymity with regard to privileged information 54
Community
Fosters a reciprocal relationship between the corporation and the community 73
Invests in the communities in which the corporation operates 51
Launches community development activities 27
Encourages employee participation in community projects 42
Consumers
Respects the rights of consumers 68
Offers quality products and services 83
Provides information that is truthful, honest and useful 76
Avoids false and misleading advertising 68
Discloses all substantial risks associated with product or service usage 34
Avoids engaging in price fixing 37
Employees
Provides a family-friendly work environment 63
Provides an equitable reward and wage system for employees 61
Engages in open and flexible communication with employees 54
Engages in employment diversity in hiring and promoting women 46
Encourages employees to treat one another with dignity and fairness 59
Investors
Strives for a competitive return on investments 37
Engages in fair and honest business practices in the relationship with stakeholders 54
Suppliers
Engages in fair trading transactions with suppliers 76
Environment commitment
Demonstrates a commitment to sustainable development 54
Demonstrates a commitment to the environment 73Source : After Doukakis, I., Krambia-Kapardis, M. and Katsioloudes, M. (2003), ‘Corporate Social Responsibility: A Pilot Study into the Realities of
the Business Sector in Cyprus’, in Bennett, R. (ed.), New Challenges for Corporate and Marketing Communications. Proceedings of the Eighth International
Conference on Marketing and Corporate Communications. London: London Metropolitan University, 64–80.RESEARCH INSIGHT
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