What concept refers to a company's obligation to positively impact society and the environment beyond making profits?

The concept that refers to a company's obligation to positively impact society and the environment beyond making profits is known as Corporate Social Responsibility (CSR). CSR encompasses the idea that businesses not only aim to generate financial returns but also consider their broader impact on society, including social equity, environmental sustainability, and ethical practices.

Businesses engaging in CSR might undertake initiatives such as reducing their carbon footprint, improving labor policies, participating in charitable giving, and ensuring ethical supply chain practices. This approach acknowledges that companies have a duty to contribute to the well-being of the communities in which they operate, thereby fostering a positive relationship between the business and its stakeholders, including customers, employees, and the community at large.

In summary, CSR is pivotal in promoting a balance between economic growth and social welfare, encouraging businesses to act responsibly in their operational practices and decision-making.