Lecture 2 Societal Forces & Business

Lecture 2 Societal Forces & Business - Lecture2...

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  1 Lecture 2 Ethics, Societal Forces & Business’s Role in  Society What is the role of business in our larger society?  Do businesses have responsibilities to other  stakeholders beyond shareholders? How do we  determine ethical behavior?  Ch. 2, p. 37-64 Karakowsky Case Study:  Malden Mills     Corporations Giving
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  2 WHAT IS BUSINESS & SOCIETY? Business:  private, commercially oriented  organizations Society:  a community/national or group of people  with common values, traditions, institutions, activities  & interests Business Community Consumers Owners Government Employees
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  3 BUSINESS & SOCIETY: CONTEMPORARY  CONCERNS Corporate scandals  e.g. Enron,  Worldcom, Conrad  Black/Hollinger, The Canadian  Government (Adscam)… Environmental issues Workplace conditions Product liability Political influence
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  4 STAKEHOLDERS, BUSINESS & SOCIETY WHAT IS A STAKE? An Interest   or share  in an activity A Right  - a legal right e.g. to fair treatment or a  moral right, e.g. to expect satisfactory service Ownership  – a legal title to an asset/ property A stakeholder is any individual or group who can  affect or is affected by the actions, decisions,  policies, practices or goals of the organization  (Freeman, 1984)
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  5 STAKEHOLDER VIEW OF THE FIRM: 
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Lecture 2 Societal Forces & Business - Lecture2...

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