Quiz Busset Flashcards
a continuing
commitment by business to behave ethically and
contribute to economic development while improving
the quality of life of the workforce and their families, the
local community, and society at large
World Business Council for
sustainable Development (WBCSD)
The main reason why Friedman holds this
theory is that, in his view,
shareholders own the
company
four (4) levels of
corporate responsibility:
- Earning a profit
- Legal responsibility
- Ethical responsibility
- Discretionary responsibility
Two
bases for this criticism are:
the objection to this claim
that the manager or executive is the employee of
shareholders; and (2) the objection to the belief that
stockholders are the “owners” of the corporation and
that the corporation is their “property”.
means extending personal
services without either compulsion of monetary
compensation
Volunteerism
is a cost-free commitment to a cause.
Volunteerism
which are socioeconomic initiatives that belong to neither the traditional
private-for-profit sector nor to the public sector.
Third sector organization
which is growing and gathering supporters across the
globe as an innovative approach to business activity
offering disadvantaged populations a path to human
development and economic prosperity.
Social enterprise movement
an organization that applies commercial strategies to
maximize improvements in human and environmental
well-being—this may include maximizing social impact
alongside profits for external shareholders.
Social enterprise
critical
importance, as it significantly influences the sort of lives
we will lead in the future.
Corporate social responsibility
any party that has a stake or interest in the
business organization
Stakeholder
perspective can be viewed as a response to the existence
of entities that are legitimately interested in the behavior
of a company
Stakeholder
fundamentally a theory about
how business works at its best, and how it could work: it
is about value creation and trade and how to manage a
business effective
Stakeholder theory
does not mean that representatives of these groups must
sit on governing boards of the firm,
Stakeholder theory
indicates that a business is not only responsible to its owners but also has
obligations to various stakeholders, such as employees, customers, business partners, government
and non-governmental organizations
stakeholder approach