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?

<p>Diverse pool of activities, including healthcare provisions, human capital development, and socio-economic palliatives (A)</p> Signup and view all the answers

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

<p>An integrative approach that ultimately leads to risk management and corporate decision-making (C)</p> Signup and view all the answers

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

<p>Anglo-American feature based on stakeholder economy (D)</p> Signup and view all the answers

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

<p>International finance institutions such as the World Bank and the IMF (B)</p> Signup and view all the answers

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

<p>The mainstream of business practices (B)</p> Signup and view all the answers

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

<p>Corporate Social Responsibility (CSR) (C)</p> 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?

<p>Companies with better CSR performance have fewer restrictions on access to funding (D)</p> Signup and view all the answers

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