Some economist
holds that profit maximization and more value to the shareholders are the company sole responsibility. But for the fact that factors of production
and patronage comes from the society, private company should be involve in
social activity. The pioneer advocate of
social responsibility Keith Devies, argues that
business should be socially responsive
and responsible to the society because without the patronage
of the society business will not
exist.
Dwivedi, 2008
holds that private company own to the
society some social responsibilities
to fulfill and that if they ignores it as, however defined and determined that they would not
only harm the society and harm their own interest
but also invite
legal measures and problems for their
survival.
There are other
factors that support the fact that private company are social responsible in
Nigerian which include the following:
1.
Desire
for corporate autonomy: The business rise to avoid government incursion
and interference in their affairs, and
the only way out is for the private company adopt
corporate social responsibility because by so doing, government incursion and interference
will if not totally eliminated, minimize
2.
Ethical issue: Okafor and Ama (2002)
holds that social responsibility is a conscious and moral in nature and company should commit themselves to it because
they have a moral obligation to
do so.
3.
A
better environment is of the good advantage of both the society and business,
when society gain better neighbourhoods and employment opportunities, business
equally benefit from better community since their workforce and consumption of the
goods and services came’s from the society.
4.
Elimination
of societal crisis
: When there is war or crisis
metamorphosed by lack of social amenities
which otherwise a
private company can afford but
shun to it, company must incur big loss
Therefore,
private company in Nigerian has same
social responsibility to the society to be fulfilled.