Ethics and social responsibility are closely related, as being socially responsible is going beyond legal and economic obligations to do the right things and acting in ways that benefit stakeholders and society. Social responsibility (SR) is often called corporate social responsibility. SR is about doing good and doing no harm and relationships with stakeholders.

In the past, there was debate over this question. However, today, business is expected to improve the general welfare of society. Major corporations are expected to help solve the world’s most challenging problems. There is growth in the number of social entrepreneurs who combine their concern for social issues with their desire for financial rewards. Social entrepreneurs create social enterprises or hybrid organizations. Hybrid organizations pursue a social mission and sustain their operations through commercial activities through work integration social enterprises (WISEs). The dual social and profit mission drives WISE social performance.

Virtually all of the Fortune 500 companies have formal CSR programs. Corporations are even measuring and assessing how well they meet their SR goals. The measures are commonly called corporate social performance (CSP). Clearly, in today’s society, the question is not whether business should be socially responsible but at what level of CSR the business should operate. The levels of corporate CSR are legal, ethical, and benevolent. However, a firm can be between levels or be on different levels for different issues.