MGSC14H3 Study Guide - Midterm Guide: John Stuart Mill, Teleology, Epicurus
Document Summary
Fiduciary failure it is the failure to govern and properly manage ethics risks, and failure to act in the best interest of its stakeholders by engaging in many questionable and unethical practices. It may lead to the downfall of a company. Hyper norms since stakeholders can affect the achievement of the corporation objectives, corporations must understand their interests and values. Since each stakeholder group has different values they must comply to a set of hyper norms. Hyper norms are values that are universally respected by most groups or cultures; honesty, compassion, predictability, fairness, integrity and responsibility. Stakeholders groups that have a stake in the activities and it is impacted by the corporation"s decisions. They can influence a companies fortunes in the short term and long term and can affect the corporation negatively if the corporation does not act in the stakeholders" best interest. The four determinants of reputation corporate reputation depends on their levels of credibility, reliability, trustworthiness, and responsibility.
