HCBE Faculty Articles

Title

Social Responsibility, Corporate Constituency Statutes, and the Social Benefit Corporation

Document Type

Article

Date

1-1-2012

Publication Title

International Journal of Management and Administrative Sciences

ISSN or ISBN

2225-7225

Volume

1

Issue

7

First Page

21

Last Page

25

Description

Company owners, shareholders, and investors expect a positive return on their investments. However, business is further expected to achieve this economic value in conformity with the social norms in the community. That is, business must act in a profitable, legal, and moral manner and also to do so in a socially responsible manner. As such, above and beyond the responsibility to act legally and morally in the pursuit of profit is the notion of social responsibility, which typically today in a business context is called “corporate social responsibility” (CSR). This article discusses the concepts of social responsibility, corporation constituency statutes, and the social benefit corporation in a modern-day global business environment. Suggestions and recommendations for managers and organizations are provided.

Comments

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