Question

State responsibilities of business organization towards owners.

Answer 1

Business is a social institution. It is operated within the society, for the people and by the people living in the society. It exists, survives, operates and grows. In the society. Therefore, it has certain obligations towards society, which are known as social responsibilities. A business must always recognize and understand the aspirations of the society and try to meet them.

According to Keith Davis andBlamestorm, “social responsibility refers to the obligation of decision makers of the business to take actions which protect and improve the welfare of the society as a whole along with their own interests.”

According to J.L Paluszek, “Corporate social responsibility is seriously considering the impact of company's activities in society.”

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Answer 2

Social responsibilities of business organization towards owners are as follows:

Explanation: A business operates in the society and is very much dependent on the same not only for the various inputs such as money, men etc. but also for the market where business find customers for their products. So, it is the responsibility of every business to return the favor towards the society known as social responsibility of the business.

Business organization have various social responsibilities towards different sections of the society and first and foremost is towards the owners. These are as follows:

• Ensure of safety of investment.
• Fair and regular return on investment.
• Managing business profits.
• Maintaining the financial position of the business.
• Maximize the wealth by optimum utilization of resources.

Learn more about Social Responsibility:

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