Final answer:
Compliance with corporate social responsibility (CSR) is key in determining a firm's acceptance by society, as it includes adherence to ethical standards, global initiatives like the UN's Global Compact, and balancing corporate rights with societal expectations.
Step-by-step explanation:
Compliance with corporate social responsibility (CSR) goes to the heart of the CSR debate because it largely dictates the degree to which a firm is accepted by society. This concept encompasses various ethical and social aspects that businesses are expected to adhere to ensure that their operations are beneficial or at least not harmful to society. For example, in the fields of science and technology, organizations like the IEEE Computer Society have adopted specific codes of ethics that reflect this responsibility, such as the Software Engineering Code of Ethics and Professional Practice. This responsibility also extends to adapt to global initiatives such as the United Nations' Global Compact, which sets principles around human rights, the environment, and anti-corruption efforts.
Moreover, the legal status of corporations and their increasing rights—as seen in rulings by the Supreme Court and decisions by governments—affects their social acceptance and underscores the importance of balancing corporate privileges with societal expectations and ethical norms. The involvement of businesses in political processes and their effects on the environment and human rights have led to an ongoing discussion about the moral responsibilities of corporations to various stakeholders, including shareholders, employees, customers, and the community at large.