Corporate Social Responsibility of Businesses

Abstract

Corporate social responsibility is an amplification of what was originally regarded as social responsiveness of business to the environment or community in which they operate. Being so amplified, most governments make it mandatory that portion of the profit realized by any business organization should be ploughed back to the community to enhance the living condition of the citizens. In the process, businesses partner with government to provide essential infrastructural amenities necessary for industrialization. In so doing, business operation is facilitated and the welfare of the people is up lifted. It is established that most successful businesses in Nigeria like banks and the multinationals perform their annual social corporate responsibilities. Private individuals also practice social responsibility through donations for developmental activities when they return for Christmas celebration to their respective villages. This practice is considered necessary especially in developing economies like ours where despite the lengthy years we have spent as an independent nation, we are still struggling to survive through industrialization and many are still living in abject poverty without good drinking water, electricity, good roads and other good things that make life sweet.

Keywords: sCorporate Social Responsibility, social responsiveness, Business environment, industrialization, developmental activities, corporate responsibility, moral obligations.