ADMS 1000 Study Guide - Stakeholder Management, Corporate Social Responsibility, Honestreporting

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Peter Tsasis

Document Summary

Profit maximization is the primary purpose of business. Business"s primary responsibility is to its owners. Business should be ethically neutral and focus on profit as the primary measure of corporate success. Business is like a game and should be played by its own rules. Faith in value-free, self-regulating markets is a dangerous illusion. Adopt csr as a practical business strategy. Acknowledge membership in a broader network of stakeholders. Organizations need to acknowledge responsibility to all their stakeholders. Treat employees fairly with regard to hiring, firing, wages, etc. Produce products of acceptable quality and price them fairly. Avoid unethical corporate activity, such as corporate spying and unfair competition practices. Make proper use of financial resources and disclose information fairly. The concern of businesses for the welfare of society as a whole; consists of obligations beyond those required by law or contracts. A company"s commitment to ethical and responsible behaviour will affect the success of the company.