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Chapter 8 The Societal Context.docx

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York University
Administrative Studies
ADMS 1000
Peter Tsasis

Chapter 8 The Societal Context  Corporate Social Responsibility (CSR)  The Case Against CSR  Business is business  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 plays by its own rules  Business is like a game and should be played by its own rules.  Business should not dictate morality  Organizations cannot be held accountable  The Case for CSR  Conform to Societal Expectations  Business should conform to society’s expectations.  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  Organizationeed to acknowledgeresponsibiltoyalltheir stakeholders.  Responsibilities to owners or shareholders  Provide fair and honest reporting  Responsibilities to employees  Treat employees fairly with regard to hiring, firing, wages, etc.  Responsibilities to Consumer/Customers  Produce products of acceptable quality and price them fairly  Responsibilities to competitors  Avoid unethical corporate activity, such as corporate spying and unfair competition practices  Responsibilities to creditors  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.  Enhanced brand and image reputation  Increase sales and customer loyalty  Ability to attract and retain employees  Meeting its obligations to and behaving responsibly with its stakeholders makes a company admired or perceived as socially responsible.  The Social Responsibility of Business Economic Responsibilities – Make a Profit   A corporation must be profitableits economic responsibilities for the base of the pyramid.  Most impact,
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