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Dimensions of Social Responsibility

Social responsibility of entrepreneurs covers there aspects :

(1)    Traditional philanthropy, i.e., charity for socio-cultural and religious purposes.

(2)    Social responsibility, with a focus on sustainable development and attending to stakeholders’ priorities.

(3)    Ethical business based on social values and the stakeholders’ long-term interests.

Therese dimensions have been discussed below:

(1)    Traditional Philanthropy. It dates back to the 19th century and emerged because of concern for the welfare of the immediate members of the corporation, i.e., the staff and their families. Later, the concept was extended to include members of the immediate comment where the corporation production facilities are located. Philanthropic activities include charity, provision of health carefacilties, contribution or social-cultural activates, etc. These activities are voluntary in nature.

(2)    Stakeholders’ Priorities and Sustainable Development. This perspective on corporate social responsibility focuses on responsibility towards stakeholders (shareholders, employees, management, consumers and community) rather than on maximization of profits for shareholders. There is also a stress on long-term sustainability of business and environment and the distribution of well-being of people. There is an increasing recognition of the triple-bottom-line: People, Planet and Profit. The ripe-bottom-line stresses the following:

(i)    The stakeholders of a business are not just the company’s shareholders. They also include employees, managers, suppliers, local community, society, government, etc.
(ii)    Sustainable development and economic sustainability is essential to ensure availability of natural resources for future generations.
(iii)    Corporate profits should be analyzed in conjunction with social prosperity.

3. Ethical Business. Ethical business is the more fundamental emerging trend on the international scene. Its focuses is on:

(a)    how a business is conceptualized ;
(b)    how a business is operated; and
(c)    the notion of fair profit.

In an ethical business, the essential thrust is on social values and business is conducted in consonance with broader social values and the stakeholders long-term interests.

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