0402

Problem

What are the major competing views of corporate responsibility? Describe in detail.

Step-by-step solution

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Step 1/3

Ethic basically refers to moral values and behaviour of a system or an individual. In a working profession, an individual or employee must have some ethics and code of conduct of the work must be good.

Step 2/3

Corporate responsibility is described as the impact made by the organization on the society, environment and also economy.

1) There are mainly four types of corporate responsibility that is environmental responsibility, ethical responsibility, philanthropic and economic responsibility.

2) Corporate responsibility is essential for having a good impact on society and environment. There should not be any bad effect due to the organization work and operations.

3) Environmental responsibility is a value that an organization must follow and behave environmentally friendly. Company must ensure reduction of practices that are harmful to the surrounding.

4) Ethical responsibility is described as the moral values and state of behaviour an individual or a company must conduct in order to reduces unfair means of operation.

5) Philanthropic means the idea of the company to make society a better place to live and survive.

6) Economic responsibility refers to the term that deals with financial decisions of the company for profits, loss and share.

Step 3/3

Corporate responsibility is needed for proper and fair conduction of work and operation in the company. Each and every company must follow corporate responsibility.