’Stakeholder Approaches to Corporate Sustainability

Question 1

what kind of shift has happened when it comes to shareholders/stakeholders

Answer 1

shift from focus on only shareholders to stakeholders

Question 2

United Nations Sustainable Development Goals (SDGs)

Answer 2

provide a framework for companies to focus on sustainable and ethical development

Question 3

stakeholder theory

Answer 3

idea that organizations dont live in isolation, they operate within a network of relationships and interactions with stakeholders and focus on them, not just the shareholders.

Question 4

why are stakeholders this important?

Answer 4

they both influence and are influenced by the organization

Question 5

what are the 3 problems that the stakeholder theory addresses?

Answer 5

1. value creation: how can business keep creating value and trade in this rapidly changing world?
2. ethical foundations: How can capitalism be based on stronger ethical principles
3. business education: What should business schools teach about the purpose of businesses?

Question 6

Corporate Social Responsibility (CSR)

Answer 6

early CSR focused on social responsibilities of businesses and stakeholder theory expanded this to redefining the whole purpose of the business

Question 7

stakeholder theory focuses on creating value:

Answer 7

for everyone involved

Question 8

Primary stakeholders:

Answer 8

directly affecting or affected by a business (customers, employees, financiers, suppliers and local communities).

Question 9

Secondary stakeholders

Answer 9

less power but still a hold a stake in business activities

Question 10

stakeholder relationships:
1. financiers
2. employees
3. customers and suppliers
4. communities

Answer 10

1. expect financial returns
2. job security, wages, meaningful work
3. engage in resource and service exchange
4. infrastructure and support

Question 11

stakeholder has a pragmatic approach

Answer 11

multiple definitions, it is adaptable because business operate in unique situations so stakeholder management should align with the specific contexts and goals

Question 12

Executives

Answer 12

primarily employees with stakes but are responsible for maintain the enterprise’s overall health and ensuring value creation across stakeholders

Question 13

what was the relationship between the stakeholders now and in the past

Answer 13

past: stakeholders influence companies
now: companies influence stakeholders

Question 14

what are key examples nordic cultures

Answer 14

1. egalitarianism (social equality), consensus-building (teamwork), high employee involvement
2. integration of economic and societal interests