Which of the following social responsibilities implies that a firm has an obligation to give back in some way and contribute to strengthening the fabric of its local communities, as well as the larger society?
A)Legal responsibility
B)Philanthropic responsibility
C)Ethical responsibility
D)Economic responsibility

Question

Quizplus · Accepted Answer

Philanthropic responsibility implies that a firm has an obligation to give back in some way and contribute to strengthening the fabric of its local communities, as well as the larger society. This responsibility goes beyond legal and economic responsibilities and is considered voluntary. Ethical responsibility refers to the obligation to conduct business ethically and in the best interest of society. Economic responsibility refers to the obligation to be profitable and create value for shareholders, while legal responsibility refers to the obligation to comply with all relevant laws and regulations.

Which of the Following Social Responsibilities Implies That a Firm