The Dimensions Of Social Responsibility Essay - 922 Words

There are four dimensions of social responsibility are economical, legal, ethical, and voluntary including philanthropic (Ferrell, Hirt, Ferrell, 2009, p. 41). The economic dimension is the basis that the firm demands profits and being profitable assures its endurance. A firm is accountable to its shareholders, to its employees and to the customers in the economic sense. It has the responsibility to make profit for the investors that trusted the corporation with their funds and have a reasonable and acceptable return on their investment for them. Furthermore the corporation has the duty to have fair compensation for the employees employed by it. To the customers the responsibility is to provide product and services for a fair price. Thus, meeting the economic responsibility is the foundation of responsibilities and the basis for the subsequent responsibilities. These are responsibilities that are required by the society (Carroll, 1991). Also when thinking about the economical aspect of social responsibilities, there is also another external consideration which is the supplier. The fate of the company can be closely tied to the fate of the supplier (Freeman, 2001), although depending on variables and factors exceptions can be made. The company-supplier relationship a lot of times determine when expansion and growth can happen or vice versa. Therefore the willingness of the supplier to follow company’s ethical behaviour or resist it can have major impact on the companyShow MoreRelatedSustainability: Ethical and Social Responsibility Dimensions Essay1069 Words   |  5 PagesMGT 400 Sustainability: Ethical and Social Responsibility Dimensions Faculty: Case Study Henry Siegel Student: Allen Johnson National University December 12, 2012 Table of Contents Introduction 3 Issues Raised 4 Textbook Questions 5 References 6 Introduction When making business decisions that impact the environment, there are often risks and issues that affect an organization. It is important to identify those issues and risks to promote sustainability. 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