Corporate Responsibility

Corporate Responsibility - Corporate Responsibility...

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Corporate Responsibility Stakeholder Management Ethics Sustainability
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The overall goal of the firm is to maximize the long-term performance and well-being of the firm.
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Corporate Social Performance Classical Economic View – the goal of the firm is to maximize shareholder wealth while staying within the law. Ignore social issues. (M. Friedman) Socioeconomic View – corporations have an obligation to protect and benefit society as well as make a profit. At least leave society the same or better. Minimize externalities
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What are Stakeholders? Primary stakeholders Secondary stakeholders Attributes of stakeholders Legitimacy Power Urgency
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Stakeholder Management 1. Integrate stakeholder management into the firms governing philosophy 2. Create a stakeholder-inclusive ‘values statement’ 3. Implement a stakeholder performance measurement system
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Economic – produce goods and services
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This note was uploaded on 02/12/2012 for the course BUS 450 taught by Professor Lui during the Spring '11 term at SUNY Suffolk.

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Corporate Responsibility - Corporate Responsibility...

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