To do something for the welfare of society and nothing do harmful for the society is social responsibility. Social responsibility is very important in business-world with financial profit.
According to Besley and Bringham,” Social responsibility is the concept that business should be actively concerned with the welfare of society at large.”
Social responsibility belief that, as organizations and managers function, their decisions should be made within confines of both social and economic considerations.
The awareness that business activities have an impact on society, and the consideration of that impact by firms in decision making; making deliberate regular efforts to have an increasingly positive impact on society while reducing negative impact.