What ethical concept involves businesses taking more responsibility beyond their shareholders?

The ethical concept that involves businesses taking more responsibility beyond their shareholders is Corporate Social Responsibility (CSR). This concept emphasizes that companies should not only focus on profitability and shareholder value but also consider the broader impact of their operations on society and the environment.

Through CSR, businesses engage in practices that promote social welfare, environmental sustainability, and ethical labor practices, demonstrating a commitment to making a positive difference in the community and the world at large. Examples of CSR initiatives include environmentally friendly manufacturing processes, fair trade practices, and community engagement efforts.

While Corporate Ethics and Business Ethics deal with the moral principles and standards guiding the behavior of businesses and their employees, they do not explicitly extend the focus to the broader societal responsibilities of organizations. Stakeholder Management is concerned with how a business engages with different parties that have an interest in its operations, but CSR specifically frames this engagement in the context of a moral obligation to do good beyond just meeting stakeholder expectations.