Abstract: The present study initially represents a definition for social responsibility, performance and success of an organization and ethics along with professional ethics in an organization. Later on, Islamic approach is discussed and the quintet ethical virtues of Socrates are introduced. The study then analyzes ethical issues in management and the balance between socioeconomic performance and social responsibility and ethical theories is investigated. Social responsibility and its universal standards are later dealt with and finally, prominent approaches on social responsibility and environmental (extraorganizational) factors influencing ethical management paradigms are scrutinized together with their positive effects on organizational responsibility and performance.