ADMS 1000 Study Guide - Final Guide: Corporate Social Responsibility, Profit Maximization

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

Document Summary

Stakeholders are individuals or groups with whom a business interacts and who have a stake, or vested interest, in the business. A stake can range from simply an interest in management"s actions, to a legal or moral right to be treated a certain way, to a legal claim of ownership at the other extreme. Traditionally, we observe two broad groups of stakeholders: external and internal. External stakeholders comprise such parties as governments, consumers, and community members. Internal stakeholders can include business owners and employees. The notion here is that stakeholders have legitimate claims on the organization. The term corporate social responsibility (csr) refers to those obligations or responsibilities of an organization that involve going beyond the production of goods or services at a profit and the requirements of competition, legal regulations, or customs. Social responsibility involves an obligation to create policies, make decisions, and engage in actions that are desirable in terms of society"s values and objectives.