Week 7 Tinged Stockholder - Week 7: Tinged Stockholder...

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Week 7: “Tinged” Stockholder Theory and Market Failure Approach SOSC 3040 Corporate Social Responsibility
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Some Criticisms Stakeholder Approach I. Set of stakeholders either indeterminate or morally arbitrary Everybody directly or indirectly affects or affected by firm Narrower definitions (e.g., contractual, vital to firm success) lack normative justification
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Some Criticisms Stakeholder Approach II. Competition stakeholder approach both superfluous and otiose Firm, stakeholders all “price takers” Competition protects stakeholder interests as much as possible CSR (beyond the strategic) impossible?
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Some Criticisms Stakeholder Approach III . Provides little help in addressing conflicting interests among stakeholders Can result in business serving no stakeholders well; trying to make managers accountable to everybody will make them accountable to nobody Heath on SOPs
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Stakeholder conflict cont. Heath: relations among stakeholders partly win-win, partly adversarial Competition among sellers Properly structured, all stakeholders can benefit from adversarial relations Moral rules for inter-team adversarial, market relations differ from those for intra- team administered relations
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Some Criticisms Stakeholder Approach IV. Doesn’t address management’s distinctive social role/function Business ethics (including normative CSR) needs to be a role/professional ethic for managers Moral “division of labour” among institutions & roles
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Moral Division of Labour Institutions (game) aim at social good
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Week 7 Tinged Stockholder - Week 7: Tinged Stockholder...

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