The obligation of businesses to act ethically and contribute positively to society while considering the impact of their operations on stakeholders and the environment.
The concept evolved from 1950s discussions about business ethics, with economist Howard Bowen's 1953 book 'Social Responsibilities of the Businessman' being foundational. The term 'corporate' comes from Latin 'corpus' (body), reflecting how businesses are legal entities with societal obligations beyond profit-making.
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