What is the main difference between corporate social responsibility and corporate philanthropy?
Correct answer: A. Responsibility integrates social concerns into business conduct, while philanthropy is usually voluntary giving
- A. Responsibility integrates social concerns into business conduct, while philanthropy is usually voluntary giving
- B. Responsibility concerns only taxation, while philanthropy concerns only employee training
- C. Responsibility is always required by criminal law, while philanthropy is always prohibited
- D. Responsibility benefits shareholders only, while philanthropy benefits managers only
Explanation
Corporate social responsibility includes the way a company manages its social, environmental, and economic impacts. Philanthropy is one possible activity, but it usually refers more narrowly to voluntary donations or charitable support.
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About Business Ethics and Corporate Governance
Business ethics applies principles such as honesty, fairness, responsibility and transparency to decisions involving employees, customers, investors, competitors and society. Corporate governance covers the board of directors, accountability, disclosure, internal controls, stakeholder interests, agency conflicts, corporate social responsibility, codes of conduct and whistleblowing.
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