Business 101 Study Guide exam 11

Business 101 Study Guide exam 11 - 23:15 Stakeholder...

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Business 101 Exam 1 Study Guide  23:15 Stakeholder- someone who is affected or affects a businesses decisions Ownership Theory - firm is seen as property of owners, and owners worried about mostly when making decisions. Stakeholder Theory - the interests of all stakeholders is taking into consideration i.e. Employees, stockholders, creditors etc. Market stakeholders- Stakeholders who are involved in an economic transaction with a company. (All stakeholders are interrelated) Stakeholder Analysis- understanding the interests and power of all the stakeholders in a company and how they affect the decisions that will be made. Non-Market Stakeholder- does not engage in direct economic exchange with firms but are affected or affect the firm. (GOVERNMENT IS NEVER A STAKEHOLDER) Board of Directors- elected group of people who have fiduciary responsibility for a companies stakeholders. Legal duty to establish objectives, policies and select the officers of a company and decide pay of those officers. Public Sector- government jobs, hospitals, non-profit organizations Private Sector- for profit organizations (public and private companies) Public Corporations- anyone is able to buy stock into a corporation. Private Corporation - limited owners of stocks; have to be invited to buy into a company. Sarbanes Oxley- 2002- expanded the powers of the SEC. Put more rules and regulations into play to help companies from misleading the owners and to make sure the run more smoothly Corporate Governance- polices by which a company is governed. Importance of board of directors, defines firms strategic direction. SEC (Securities and Exchange Commission)- Regulate and protect the interests of the owners. Founded in 1934 after the great depression. Supply Chain- all organizations and activities that are involved with the flow of materials from raw materials to final consumer. Role of Management- to determine the interests of stakeholders and balance the different interests of all these stakeholders. Legal Rights of Stakeholders
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This note was uploaded on 09/20/2011 for the course BUS 101 taught by Professor Rollins during the Spring '08 term at Miami University.

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Business 101 Study Guide exam 11 - 23:15 Stakeholder...

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