Instruments that may facilitate or impede the firms

This preview shows page 4 - 6 out of 11 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Business & Society: Ethics, Sustainability & Stakeholder Management
The document you are viewing contains questions related to this textbook.
Chapter 3 / Exercise 4
Business & Society: Ethics, Sustainability & Stakeholder Management
Buchholtz/Carroll
Expert Verified
Instruments that may facilitate or impede the firm’s pursuit of its strategic, business objectives; thus it is an instrumental view - Multifiduciary approach – views stakeholders as more than just individuals or groups who can wield economic or legal power o Management has a fiduciary responsibility toward stakeholders just as it has this same responsibility toward shareholders o Traditional fiduciary, or trust, duty is expanded o Embrace STAKEholders on equal footing as SHAREholders - Stakeholder synthesis approach o Business does have moral responsibilities to stakeholders o Should not be seen as part of a fiduciary obligation Basic fiduciary responsibility toward shareholders is kept intact Expected to be implemented within a context of ethical responsibility 3 values of the stakeholder model Descriptive - Provides language and concepts to describe effectively the corporation or organization in inclusive terms o E.g. business, government, politics, education Instrumental - Instrumental in portraying the relationship between the practice of stakeholder management and the resulting achievement of corporate performance goals o Fundamental approach: practicing effective stakeholder management should lead to the achievement of traditional business goals e.g. profitability, stability and growth Normative value - Stakeholders are seen as possessing value irrespective of their instrumental use to management - How they should be treated Stakeholder theory is MANAGERIAL in the broad sense - Not only describes or predicts, but also recommends attitudes, structures and practices that constitute stakeholder management 5 key questions in stakeholder management 1. Who are our organization’s stakeholders?
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Business & Society: Ethics, Sustainability & Stakeholder Management
The document you are viewing contains questions related to this textbook.
Chapter 3 / Exercise 4
Business & Society: Ethics, Sustainability & Stakeholder Management
Buchholtz/Carroll
Expert Verified
2. What are our stakeholders’ stakes 3. What opportunities and challenges do our stakeholders present to the firm? 4. What responsibilities (economic, legal, ethical, and philanthropic) does the firm have to its stakeholders? 5. What strategies or actions should the firm take to best address stakeholder challenges and opportunities? 1. Who are our organization’s stakeholders? ?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture