Which of the following best describes social responsibility?
A) A corporation's rights, such as due process in a court of law, freedom of speech, and privacy
B) Adoption by a business of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic responsibilities expected of it by its stakeholders
C) A company's attempt to maximize its profits in order to benefit stockholders
D) All the policies of a company that promote ethical business practices
E) All businesses except those with less than 50 employees

Question

Quizplus · Accepted Answer

Social responsibility refers to the adoption of a strategic focus by a business to fulfill its economic, legal, ethical, and philanthropic responsibilities towards its various stakeholders, including customers, employees, shareholders, the community, and the environment. This involves ensuring that the company operates ethically and sustainably, beyond its legal requirements, and creates shared value for all stakeholders involved. Social responsibility is becoming increasingly important for businesses as consumers, investors, and regulators demand ethical, sustainable, and socially responsible practices from companies.

Which of the Following Best Describes Social Responsibility