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Corporate Social Responsibility

  • Discriminatory responsibility : It involves a company's commitment to contribute positively to the community and be a good corporate citizen.
  • Ethical responsibility : Ethical responsibility encompasses the duty to be ethical, do what is right, and avoid harm.
  • Legal responsibility : It entails the duty to obey the law and fulfill all legal requirements applicable to their operations.
  • Economic responsibility : Economic responsibility in the corporate context refers to the obligation of a business to be profitable and generate financial returns for its stakeholders.

Objective Of Social Responsibility

  • The Owners : They may view social responsibility as a way to contribute to the well-being of communities, protect the environment, and address social issues.
  • The Employees : They may view social responsibility as a way to contribute to causes they are passionate about and make a difference in the world.
  • The Customers : They may actively seek out products and services from companies that have strong social responsibility initiatives and are committed to ethical practices.

Types Of Social Responsibility

  • Ethical Responsibility : This includes treating employees, customers, and stakeholders fairly and with respect, upholding human rights, and adhering to ethical standards and principles.
  • Economic Responsibility : Economic responsibility is the foundation of social responsibility and involves businesses operating in a way that contributes to economic growth and stability.
  • Legal responsibility : It entails the duty to obey the law and fulfill all legal requirements applicable to their operations.
  • Discriminatory responsibility : It involves a company's commitment to contribute positively to the community and be a good corporate citizen.

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