1.
Gaurav Marathe
– Faculty From Indian Institute Of Management Ranchi
2.
Shailendra Singh
– Faculty From Indian Institute Of Management Ranchi
3.
Girish Balasubramanian
– Faculty From Indian Institute Of Management Ranchi
Abstract
Responsibility of businesses towards
society has been defined narrowly
as ‘the business of business is business’
and in an all-inclusive way as
‘all stakeholders have equal claim
on wealth created by businesses’.
Who are the stakeholders for whom
business is responsible and how are
the externalities caused by the business
operations compensated? The
authors argue that there is a need
to redefine these issues through the
perspective of spirituality for addressing
the dichotomy between the
interest of business and the expectation
of society. They propose that
by applying the principles of connectedness
and harmony in all business
decisions, the existence of the
firm could incrementally transcend
towards better alignment and integration
with the purpose of society.
