Social Responsibility of Business

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Social Responsibility of
Business

Table of Contents
“Social responsibility of business is to increase its profits”............................................................1
REFERENCES................................................................................................................................2

“Social responsibility of business is to increase its profits”
Corporate social responsibility is organisational commitment for managing
environmental, social, economic and more effects of its activities responsible as well as in line
with expectations of public (Lee, 2017). All business whether small, medium or large have
responsibility towards developing society and reducing impacts on its environment. Tesco PLC
is a large company which have corporate social responsibility to enhance its profits.
According to statement of Friedman, direct kind of capitalism as well as against any task
which distorts economic freedom. Friedman believes that socially responsible activities that are
carried out by business distorts freedom of society as shareholders fails in deciding the ways to
spent the money. In this context, shareholder theory is propounded by Friedman that says that
main responsibility of a company is to contribute in charitable activities as well as consider
involve of key stakeholders to achieve success and increase profits. Executive of Tesco works
with the theory and are responsible to conduct business as per stakeholder desires to make huge
profits as possible while focusing towards basic rules for society (Corporate Social
Responsibility of Tesco. 2020). In contrary, Freeman argues that a corporate have responsibilities
towards creating values for stakeholders and meet all its responsibilities towards them. The
business that opts thoughts and views of Freeman have responsibility to promote interest of
varied parties that includes its stakeholder. These organisations are responsible to consider and
meet needs and preferences of many people that are involved in business practices.
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REFERENCES
Books and Journals:
Lee, D., 2017. Corporate social responsibility and management forecast accuracy. Journal of
Business Ethics. 140 (2). pp.353-367.
Online:
Corporate Social Responsibility of Tesco. 2020. [Online]. Available through:
<https://www.csrhub.com/CSR_and_sustainability_information/Tesco-PLC>
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