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Introduction to Social Responsibility

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Questions and Answers

What is the social contract theory in relation to firms and society?

It advocates that firms should not be responsive to society’s long-run needs and wants

It advocates that firms should prioritize profit maximization over society’s needs and wants

It advocates that firms should only focus on society’s long-run needs and ignore profit maximization

It advocates that firms should balance profit maximization goals with society’s social needs and wants (correct)

According to Alexander (1978), what is corporate social responsibility?

A link between ethical values and profit maximization goals

A formal relationship with stakeholders based on maximizing profits

A link between ethical values and business responsibilities based on a formal relationship with stakeholders (correct)

An integrative and corporate approach devoid of ethical values

What is the purpose of innovating social responsibility according to the text?

To avoid any form of corporate social responsibility activities

To minimize the negative effects of business actions on society (correct)

To maximize profits at the expense of society’s needs

To prioritize shareholder interests over societal welfare

What type of corporate social responsibility activities have business firms in Nigeria engaged in?

Diverse pool of activities, including healthcare provisions, human capital development, and socio-economic palliatives Signup and view all the answers

In terms of risk management and corporate decision-making, what does corporate social responsibility lead to?

An integrative approach that ultimately leads to risk management and corporate decision-making Signup and view all the answers

What was the initial feature of Corporate Social Responsibility (CSR) as mentioned in the text?

Anglo-American feature based on stakeholder economy Signup and view all the answers

Which institution encouraged developing countries to pursue export-led growth and privatize state enterprises?

International finance institutions such as the World Bank and the IMF Signup and view all the answers

According to Grayson and Hodges (2020), where has corporate social responsibility moved to from the margins?

The mainstream of business practices Signup and view all the answers

What is seen as a competitive advantage for companies, according to the text?

Corporate Social Responsibility (CSR) Signup and view all the answers

What was the conclusion of Oketch's study on companies' access to funding from 2002 to 2009, as mentioned in the text?

Companies with better CSR performance have fewer restrictions on access to funding Signup and view all the answers