Social Responsibility And Its Impact On The Business

there were internal failures, more could have been done to ensure that the directors who were not acting ‘illegally’ acted with more consideration for their non-shareholders. Also, Freidman believed that the only reason why a company should act with social interests in mind is when it will further the profit making objective. This is also known as enlightened self-interest. This is part of the instrumental theories and is popular amongst corporations. A study found that this was the case in Australia. Three quarters of the businesses studied were accepting the importance of community involvement but only because it contributed to the ‘continuing health and growth of the business.’ Only 10% of which did so as a means of ‘giving back’ to the community without receiving returns. It must be questioned whether if corporations depart from the altruistic angle of social responsibility and into one that furthers self-interest it will still be regarded as ‘serving the public and society.’ If the answer is no, it can be said that it is unreasonable to want a corporation to act as though it has a conscience. Keith Davis negat es this view in his 1975 article, ‘Five propositions for Social Responsibility’ where he states that: Business is a major social institution so should bear the same kind of citizenship costs for society that an individual citizen bears. In addition, Freidman’s controversial views cannot be justified because evidence shows that ‘profit maximisation’ can still beShow MoreRelatedThe Impact Of Corporate Social Responsibility On Business1626 Words   |  7 Pages In contrast, this research shows that the impact of corporate social responsibility can extend beyond public relations and customer goodwill to influence the way consumers evaluate a company s products. 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