Do corporations have a social responsibility beyond just obeying the Essay

Do corporations have a social responsibility beyond just obeying the law - Essay Example To understand the basic definition of a corporation, one must understand its main objective. Every corporation, excluding a Club or Non-Profit Corporations, has a sole objective, i.e. making a profit. This is the basic foundation of every business and corporation that is created in the first place. The profit is basically the difference between the revenue that the corporation generated and the cost that it incurs. However, corporations do have to operate according to the law. For example every corporation pays taxes on its ‘sky high’ profits but is that the only thing a corporation should do for the betterment of society? Obeying the law includes several other things including labor rights, minimum wages, working conditions and several consume rights including misleading advertisement. â€Å"If ethics are poor at the top that behavior is copied down through the organization† quoted Mr Robert Noyce, the inventor of the silicon chip (Butler, 2003). Business ethics is one of the terms that many might have heard. Not many businesses run ethically but some businesses are adapting the ethical strategies for giving something back to the society.