Are corporations responsible for making the country a better place, as their first priority? Or are...
Are corporations responsible for making the country a better place, as their first priority? Or are they responsible to make money for shareholders? 175 words
Homework Answers
Theory of Firm states that the prime objective of the firm is profit maximization. This means that the firm should always for making maximum profits. It can be achieved by either increasing the revenues or reducing the cost of operations. The profits earned by the firm is divided amongst the shareholders and thus the owners of the firm remain happy. The main objective of the firm is profit maximization which can be supported as :
- Profit is indispensable for the growth of the firm.
- Market value of a firm largely depends on the firms ability to make profit.
- Other objectives of the firm can be achieved only if the firm makes profit.
Thus the prime objective of the firm is profit maximization as the owners do such huge investment in the firm only with the aspiration of earning profits.
Corporate social responsibility or responsibility towards the society is the secondary objective only. Government has made mandate that 2% of the firm's profit has to be given for social welfare activities. This is being made possible only when the firm earns profits.
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