As the effectiveness of CSR practices has been previously analyzed for Western countries with regard to their economies, it was necessary to see how effective such practices can be for developing economies such as one the United Arab Emirates. As a result of the research, I enhanced my understanding of how CSR is manipulated to gain positive stakeholder engagement.
The main outcome of the research is that the CSR practices demonstrated the effect that can be measured and assessed.
The financial performance of companies benefits from the introduction of CSR practices because the companies that operate in the market are involved in fair competition, provide quality products and services, and gain customer satisfaction and develop brand loyalty.
Though Dubai is an example of an emerging economy, many companies that operate there adapted CSR policies to gain from it. The financial performance of the companies proved to be only one of three aspects that help to measure organizational performance.
Employee commitment was demonstrated through a responsible attitude to professional duties and corresponding outcomes reflected in fair salaries and appropriate treatment of employees regardless of their gender, origin, and status. The lack of law enforcement at the beginning of economic development did not discontinue the growth and implementation of scholarly documented beneficial Western practices in business.
Corporate social responsibility included mainly charity campaigns and providing financial support to the charity, health care, and sports organizations to ensure that different social programs would benefit from the business.
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Financial support for environmental initiatives was another area for implementation of CSR practices which provides that the environment and society are important factors of organizational performance, especially for those companies that influence the environment in some way. Investor responsibility can be considered another campaign that benefits from the introduction of CSR policies into organizations in Dubai because this enables investors to rely on the company and provide significant investments as opposed to instability when investors lack confidence in the company’s activities.
Customers and suppliers are the parties concerned with the stability of the business and the effective performance of the companies they cooperate with. Customers can choose the products making their decisions with regard to the company’s reputation and quality of goods and services. Suppliers provide raw materials in a timely manner and the company can pay by installment because the parties trust each other.