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Definitions of societal involvement Lecture 5 Social righteousness and managerial Ethics l Social office - debt instrument beyond that of law and economics for a incorruptible to survey long term goals that ar tidy for society l l Social bargain - obligation of wrinkle to occupy economic and legal responsibilities Social responsiveness - efficiency of firm to adapt to changing societal conditions Robbins, Bergman, Stagg, Coulter: attention 4e © 2006 Pearson E ducation Australia Robbins, Bergman, Stagg, Coulter: instruction 4e © 2006 Pearson E ducation Australia 2 What is amicable state? The classical view l What is loving responsibility? (Contd) The socioeconomic view l guidance s only friendly responsibility is to maximise profits (create a financial return) by operating the business in the high hat interests of the stockholders (owners of the corporation). outlay the firms resources on doing social good unjustifiably increases costs that lower profits to the owners and raises prices to consumers Management s social responsibility goes beyond making profits to take on protecting and improving society s welfare. Corporations are non freelance entities responsible only to stockholders. Firms have a incorrupt responsibility to larger society to become involved in social, legal, and policy-making issues.

To do the right thing Robbins, Bergman, Stagg, Coulter: Management 4e © 2006 Pearson E ducation Australia l l l l Robbins, Bergman, Stagg, Coulter: Management 4e © 2006 Pearson E ducation Australia 3 4 Levels of social involvement Arguments for and against social res ponsibility FOR prevalent expectations Lon! g-run profits Ethical obligation Public image Better environment Discouragement of and governmental regulation Balance of responsibility and power shareholder interests self-possession of resources Superiority of prevention over cure AGAINST rapine of profit maximisation Dilution...If you want to get a full essay, influence it on our website: OrderEssay.net

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