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Cards In This Set
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Corporate Social Responsibility (46)
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(CSR) means that a corporation should be held accountable for any of its actions that affect people, their communities, and their environment.
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Key reason for CSR
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Is the power of business, especially in its power to create jobs and influence the lives of people.CSR implies that harm should be acknowledged and corrected if possible. It may require that a company forgo profits if its social impact hurts some stakeholders or if its funds can be used to have a positive social impact.
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Iron Law of Responsibility (47)
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Business has tremendous power. By 2000, 200 companies had twice the economic power of 4/5 of humanity.
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Charity Principle (48)
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Businesses initial response to the political, moral, and social demands of corporate social responsibility. It holds that
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Stewardship Principle (49)
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A more developed foundation principle of CSR, the Stewardship Principle holds that
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Theory of stakeholder management.
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Activities are: 1) Acknowledging business and society interdependence 2) Balancing the interests and needs of many diverse groups in society.
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Reputation (52)
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There are many arguments in favor of CSR. Balances Corporate Power with responsibility.Discourages Government Regulation.Promotes Long-Term Profit for Business Improves Business Value and Reputation =
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Enlightened Self-Interest (55)
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There are many arguments against CSR. Lowers economic efficiency and profits. Imposes unequal costs among competitors. (Make a firm less competitive as it adds costs not equally assumed.) Requires social skills business may lack. Places Responsibility on business rather than individuals.
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Enlightened Self-Interest (55)
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This is a management focus which balances the economic, legal, and social responsibilities of business. The successful manager finds ways to meet each of these responsibilities, developing strategies to enable these obligations to help each other. Note that these initiatives may require the investment of profits in the short-term to generate the positive business benefits in the long-term.
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Legal Obligations (57)
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Businesses that comply with laws and regulations are meeting a minimum level of social responsibility
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Corporate Citizenship(64)
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Social Performance Audit (71)
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This is a systematic evaluation of an organization
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Triple Bottom Line
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= company reports to stakeholders. Financial Reports Environmental Reports Social Impact Reports This is a mechanism for companies to disclose meaningful non-financial information that impacts their financial results
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