Assignment Title: "A business's only responsibility is to maximise financial returns to its shareholders."
The essay aims to evaluate business needs to adopt socioeconomic view, which regards entities should be responsible to stakeholders, employees, suppliers and the broader society. Therefore, long-term performs become more suitable for the new environment and managers. Concepts of social responsibility authorised from management theory are given. Academic journals has been analysed to give instances in order to support the thesis. To sum up, it is believed that being social responsible in any business is the first step towards its success. An all-sided social responsible business is a winning business.
Word Count: 2,432
The essay conflicts with "A business's only responsibility is to maximise financial returns to its shareholders". It disputes the statement is represented restrictedly only from the classical view of social responsibility. Furthermore, it argues this by rationally discussing in turn a business's social responsibility specifically from socioeconomic view and its social obligation and responsiveness.
In brief, the essay believes that it is essential for a business to conduct social responsibility for both its shareholders and other three constituents in the entire society.
The corporations which will survive and prosper in the future are concentrating on more than merely profits in recent decades. Meanwhile, consumers nowadays are becoming increasingly aware of social issues and concerning with whether their suppliers have reputation through their performance in the society. Business social responsibility has become one of the elements which relevant to the success of corporations. However, these do not mean that business should cease to seek profits, but to recognise its responsibility comprehensively while pursuing economic benefits.
Two contrasting views of corporate social responsibility have invigorated discussion, with two sides of classical and socioeconomic view. The classical view, which recognised as a purely economic...