Answer :
The four dimensions that provide a structure or framework that characterizes companies' responsibilities: 1. Economic responsibility, 2. Legal responsibility, 3. Ethical responsibility, 4. Social responsibility.
Carroll's pyramid of corporate social responsibility consists of four dimensions that companies are expected to consider and address in their interactions with society. These dimensions are:
- 1. Economic responsibility: This dimension focuses on the company's obligation to generate profits and create value for its stakeholders, including shareholders, employees, and customers. It involves making decisions and taking actions that are financially sustainable and contribute to the overall success of the company.
- 2. Legal responsibility: This dimension emphasizes the company's obligation to comply with all applicable laws and regulations, both domestically and internationally. It involves ensuring that the company's operations, products, and services meet the legal requirements and standards set by governments and regulatory bodies.
- 3. Ethical responsibility: This dimension highlights the company's obligation to act in an ethical and morally responsible manner, even when it may not be legally required. It involves making decisions and taking actions that are in the best interests of society, employees, customers, and other stakeholders, even if they may not align with the company's immediate financial interests.
- 4. Social responsibility: This dimension focuses on the company's obligation to address and mitigate any negative social, environmental, or community impacts associated with its operations, products, or services. It involves engaging in philanthropy, community development, environmental sustainability, and other initiatives that contribute to the overall well-being of society and the planet.
By considering and addressing these four dimensions, companies can better understand and fulfill their responsibilities within society, which can help to build trust, maintain a positive reputation, and contribute to the long-term success and sustainability of their operations.
