Business: Arguments for social responsibility
(a) Business organizations are expected to respond more favourably to the society in terms of its needs because they receive their charter from the society and their end products still goes back to the society.
(b) The creation of a better social environment benefits both society and business. Society gains through better neighbourhoods and employment opportunities; business benefits from a better community as the source of its work force and the consumers of its products and services.
(c) Business has a great deal of power that, it is reasoned, should be accompanied by an equal amount of responsibility.
(d) Social involvement discourages additional government regulation and intervention. The result is greater freedom and more flexibility in decision-making for business.
(e) Social responsibility is in the long run interest of the stockholders.
(f) Social involvement creates a favourable public image. Thus, a firm may attract customers, employees and investors when it creates a good public image.
(g) A business has the resources. Specifically, a business should use its talented managers, as well as its capital resources to solve some of society’s problems.
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