Which term defines an organization’s explicit formal obligation to protect and improve society’s welfare alongside pursuing financial profitability?

Explanation

• Corporate Social Responsibility (CSR) represents a business firm’s intention to go beyond legal and economic obligations to act responsibly towards society.
• Archie Carroll’s CSR Pyramid includes four levels: Economic (required), Legal (required), Ethical (expected), and Philanthropic (desired).
• Social Obligation meets basic minimum economic and legal requirements, whereas CSR encompasses ethical responsibility.