MGMT 3020 Chapter Notes - Chapter 1: Corporate Social Responsibility, Practical Ethics, Malden Mills

• School: University of Guelph
• Department: Management
• Course: MGMT 3020
• Professor: Ruben Burga

Document Summary

Laws often lag behind social convention and technological change anyway. Csr: a responsibility among firms to meet the needs of their stakeholders and a responsibility among stakeholders to hold firms to account for their actions. Csr is: a strategy to correctly deliver products and services to market, a (cid:449)a(cid:455) to (cid:373)ai(cid:374)tai(cid:374) a fir(cid:373)"s legiti(cid:373)a(cid:272)(cid:455, stakeholders may stay the same, but what motivates them can change, ex. The evolution of csr: csr began in earlier centuries often as consumers demanding change from large companies. Legal prosecution and novel social activism are what evolve the definition of csr. Malden mills was a company whose plant burnt down and their ceo, aaron feuerstein, decided to continue to pay employees while the new plant was being built and guaranteed them jobs upon its re- opening. However, built-up debt meant the company went bankrupt: malden mills proves that csr can be subjective, and can make or break a company.