ABSTRACT
The situation in Hong Kong suggests that there is a need for management education to tackle issues of corporate social awareness and responsibility. The enterprising spirit and style of management of the owner-managers have been highly spoken of as the capitalization of intuition in making prompt business decisions and the willingness to take risks for new opportunities with high monetary returns. Public corporations in Hong Kong have long been regarded as extensions of the influence of the family businesses and as the means to make profitable use of other people's money. Family members are nominated as directors on the board and as top managers of these public corporations - after going public -whether they are professionally qualified or not. The concepts of corporate social responsibility and/or business ethics are kept in very low profile. Changing social needs and expectations have given rise to the impetus to update the social contract.
