Question

Explain the relationship between triple bottom line and social responsibility

Answer 1

The theory behind the triple bottom line is that it is in the interests of a business to act as a steward of the environment, society and the economy. ... Corporate Social Responsibility (CSR) is used to describe businesses' integration of social and environmental issues into decisions, goals, and operations.

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Answer 2

• Triple bottom line refers to the idea that economic, social, and environmental pillars should not be viewed as separate from one another but rather as three pillars of an integrated business model that creates value for society.
• Social responsibility is a value orientation that has become widely embraced by business leaders in the 21st century.
• Social responsibility is deeply rooted in the triple bottom line and can best be understood from the perspective of the three “P’s”: People, Planet, and Profit.
• As such, social responsibility should be as much an integral part of the triple bottom line as is the bottom line of profits.
• Social responsibility is inextricably linked to the environment, human rights, or the economy in general.
• Both are important, but triple bottom line is more important than social responsibility, because it is the bottom line that determines whether or not a company is successful.
• A company that has a strong social conscience but isn’t profitable is not a triple bottom line company.

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