Corporate social responsibility is a form of industry _______ that integrates into business strategy a process for monitoring and managing corporate conduct relative to external stakeholders.

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Question restatement: Corporate social responsibility is a form of industry _______ that integrates into business strategy a process for monitoring and managing corporate conduct relative to external stakeholders.

Option 1: Self regulation. This choice correctly aligns with the concept that industry self-regulation involves voluntary standards and frameworks adopted by firms within an industry to monitor and manage conduct in relation to external stakeholders, without external coercion. It emphasizes internal governance, ethical norms, and accountability within the industry's own rules.

Option 2: Regulatory compliance. While compliance relates to meeting laws and regulations set by external authorities, CSR is typically framed as a voluntary, self-imposed process that goes beyond mere legal compliance, incorporating broader stakeholder concerns rather than only following prescribed rules.

Option 3: Lobbying. Lobbying refers to efforts to influence public policy, legislation, or regulation, usually by organizations or interest groups. It is not the mechanism by which CSR is integrated into business strategy for monitoring conduct with external stakeholders, though it may occur within the broader corporate activity landscape.

Option 4: Product innovation. Product innovation concerns developing new or improved products or services. Although CSR can drive or be influenced by responsible product development, CSR as a form of industry practice focused on monitoring conduct is not best described as product innovation itself.

In summary, option 1 best captures the idea of industry self-regulation, a voluntary framework embedded in corporate strategy to oversee conduct relative to stakeholders, whereas the other options describe related but distinct activities that do not embody the defining notion of CSR as self-regulation within an industry.

FINA2720.MERGED.202610 Practice Sustainability Chapter 2 Quiz

Corporate social responsibility is a form of industry _______ that integrates into business strategy a process for monitoring and managing corporate conduct relative to external stakeholders.

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