CONCEPT OF SOCIAL RESPONSIBILITY

 Concept of social responsibility might be defined as follow:

Social responsibility implies formulation of business objectives, plans, policies and programmes etc. with emphasis on not only the economic concept of profitmaximization; but also with an orientation towards meeting social obligations – so that business functioning does not impinge on the legitimate interest of various segments of society.

Some popular definitions of social responsibility are given below:

(1)   “Social responsibilities refer to the businessman’s decisions and actions taken to reasons at least partially beyond the firm’s direct economic or technical interest”

-Keith Davis

(2)   “Social responsibilities refer to the obligation (of businessmen) to pursue those policies, to make those decisions, or the follow those lines of action which are desirable, in terms of objectives and values of society”.

- Howard R. Bowen