BU111 Lecture Notes - Lecture 9: Corporate Social Responsibility, Paradigm Shift, Protection Mechanism
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BU111 Full Course Notes
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Business implication: affects how we live, work, consume and produce. Why: affect customer preferences and worker attitudes/behaviour, standards of business conduct, and corporate social responsibility. Ethics: individual standards/beliefs regarding what is right and wrong or good or bad. Business/ managerial ethics: standards of behaviour that guide individual managers in their work. Diamond e- managerial ethics determines whether company is ethical or not. What the organization does to and for stakeholders. How a business defines ethical conduct at the organizational level - collective code . Ex. employees want wage increase but that means less money to the shareholders. Two opposing views- focus only on profits (investors) vs. actively consider other stakeholders. Groups, individuals, and other organizations who are significantly affected by the organization"s activities. They provide business with the capacity to operate and rightfully expect something in return. Stakeholders" importance depends on situation and the issue- affect willingness and opportunity to act.
