What is the relationship between corporate governance and social responsibility?

Social responsibility is the obligation a corporation has to the public and its environment. Beyond the profitable outcome of a corporation’s existence, they have an obligation and responsibility to shareholders, non-corruptive operations, business strategies, and ethical practices (Wheelen et al, 2017). Social responsibility is so influential, that how a corporate governance performs and operates could set the tone to external stakeholders. “[E]veryone’s social responsibility impacts everyone in society and becomes the basis of the new socio-economic order” (Dyck et al, 2014, p. 171).