Social media and csr ss
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Transcript of Social media and csr ss
CSR and
SOCIAL MEDIA
An Inevitable Partnership
“Using a sample of 12,915 U.S. firm-year observations from 1992 to 2007, we find that firms with a better CSR score exhibit lower cost of equity capital after controlling for other firm- specific determinants as well as industry and year fixed effects. Moreover, we find that CSR investment in improving responsible employee relations, environmental policies, and product strategies substantially contributes to reducing firms’ cost of equity.”*
* Does Corporate Social Responsibility Affect the Cost of Capital? Ghoul, Guedhami, Kwok, Mishra, 2010
A Twitter Eye View of the World
What is the social web?
It’s not technology . . .
connecting creating writing posting sharing expressing customizing hacking mashing-up customizing linking reading browsing copying pasting reconnecting re-using rating recreating empowering socializing organizing reviewing editing joining collaborating tagging watching publishing community participating buying entertaining commenting researching self expressing helping volunteering organizing listening
It’s what people do with technology . . .
The social web is about people coming together in community spaces online to
participate in creating, managing and sharing content through conversation.
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Engagement is the difference
Fundamental shift in thinking
Communications and marketing theory has been based on idea that the people we want to reach are an
audience . . . BUT people don’t only consume media now – they are part of it.
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“But the use of a social technology is much less determined by the tool itself: when we use a network, the most important asset we get is access to one another. We want to be connected to one another, a desire that the social surrogate of television deflects, but one that our use of social media actually engages.”
Clay Shirky, Cognitive Surplus: Creativity and Generosity in a Connected Age
New types of behavior
• CONNECTING: People connect to each other and create networks for business and private life– LinkedIn, Xing, Facebook
• SHARING: People share things; interesting stories, opinions, personal info, documents, links– Facebook, MySpace, Twitter, Blogs
• CONTENT CREATION: People participate in content creation; personal info, videos, texts, photos, comments– Wikipedia, Flickr, YouTube, Twitter
• PARTICIPATION: People participate in discussions, movements, groups, events• Blogs, online media websites, web discussion forums
65 (22.5 percent) of 287 companies surveyed have social media communications dedicated to sustainability and CSR issues
55, (19 percent) of the 287 companies rely on their general social media channels to talk about sustainability.
167 (58 percent) of the 287 companies have no social media conduit for discussing sustainability.
1. Major benefit of sustainable behaviour . . . inspiring trust 2. Trust . . . the bedrock of good interaction, whether
corporate, personal or national 3. Sustainability revolves around transparency and
accountability . . . typifies trusting relationships
. . . Social media can help build trust
2006 Vancity launches what is thought to be the first CSR social community
2007 Justmeans starts in the basement of a brownstone in Harlem
2008 Timberland creates a CSR home online and seeks comments on its targets through ‘Voice of Challenge’ dialogues
Shift in activism
Potent activism
http://www.youtube.com/watch?v=QPty-ZLbJt0
Potent activism for social web citizens
Using music, art and technology to educate youth
about democracy.
Integration of information about financial and nonfinancial performance in a single document. ‘Nonfinancial’ . . .
information typically provided in a company's CSR or sustainability report regarding its performance in environmental, social, and governance terms.”