Podcast
Questions and Answers
What describes the stakeholder view in business ethics?
What describes the stakeholder view in business ethics?
Which type of stakeholder focuses on the firm’s behavior regarding how decisions are made?
Which type of stakeholder focuses on the firm’s behavior regarding how decisions are made?
What is the primary concern of normative stakeholders?
What is the primary concern of normative stakeholders?
How do stakeholders define ethical issues in business?
How do stakeholders define ethical issues in business?
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Which of the following elements is part of the social contract in business?
Which of the following elements is part of the social contract in business?
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What is a common consequence of firms maintaining ethical relationships with stakeholders?
What is a common consequence of firms maintaining ethical relationships with stakeholders?
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Which of the following best characterizes the complexity of business-stakeholder relationships today?
Which of the following best characterizes the complexity of business-stakeholder relationships today?
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What is the instrumental view of stakeholders in business ethics?
What is the instrumental view of stakeholders in business ethics?
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Which group is considered primary stakeholders for an organization?
Which group is considered primary stakeholders for an organization?
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What distinguishes secondary stakeholders from primary stakeholders?
What distinguishes secondary stakeholders from primary stakeholders?
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What is the stakeholder interaction model primarily concerned with?
What is the stakeholder interaction model primarily concerned with?
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What is a primary belief expressed in the hypothetical principles of a company's social contract with consumers?
What is a primary belief expressed in the hypothetical principles of a company's social contract with consumers?
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Who are nonmarket players (NMPs)?
Who are nonmarket players (NMPs)?
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Which view of the firm suggests that external and internal changes can significantly impact business management?
Which view of the firm suggests that external and internal changes can significantly impact business management?
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Why is understanding stakeholder ethical responsibilities important?
Why is understanding stakeholder ethical responsibilities important?
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How does external change affect a company's ability to manage internal change?
How does external change affect a company's ability to manage internal change?
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Which of the following is NOT a characteristic of primary stakeholders?
Which of the following is NOT a characteristic of primary stakeholders?
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What is a key characteristic of secondary stakeholders?
What is a key characteristic of secondary stakeholders?
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What do owners and employees typically receive from their stake in the company?
What do owners and employees typically receive from their stake in the company?
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What tends to stimulate criticism of businesses in society according to the content?
What tends to stimulate criticism of businesses in society according to the content?
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Which statement accurately reflects the stakeholder view of a firm?
Which statement accurately reflects the stakeholder view of a firm?
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What is a challenge posed by external changes to existing management theories?
What is a challenge posed by external changes to existing management theories?
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What is the relationship between internal change and external change as described in the content?
What is the relationship between internal change and external change as described in the content?
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Which factor is NOT indicated as influencing the external change affecting a firm?
Which factor is NOT indicated as influencing the external change affecting a firm?
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Study Notes
Business Ethics, Stakeholder Relationships, Social Responsibility, and Corporate Governance (Part 1)
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The presentation covers business ethics, focusing on stakeholder relationships, social responsibility, and corporate governance.
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Learning objectives include identifying stakeholder roles, differentiating between shareholder and stakeholder views, categorizing stakeholders, and understanding the link between stakeholder orientation and social responsibility.
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Stakeholders are individuals or groups who have a stake or claim in a company's products, operations, markets, industry, and outcomes. Examples include customers, shareholders, employees, suppliers, government agencies, and communities.
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Stakeholders define ethical issues in business. Different stakeholder groups have different interests that may conflict, requiring businesses to consider them when making decisions.
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Descriptive, instrumental, and normative approaches to stakeholder relationships are discussed. Descriptive approaches observe the behaviors of businesses to determine how decisions are made related to stakeholder relationships. Instrumental approaches analyze how a particular business behavior impacts firms behaving ethically. Normative approaches delineate the ethical guidelines for businesses to treat stakeholders in a way that is consistent with stakeholder theory, especially in the way Edward Freeman originally described the concept..
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A strong organizational culture results in a higher percentage of employees observing outcomes that favor the organization.
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Relationships between business and stakeholders, such as the general public, environmental groups, community organizations, government agencies and groups and specific stakeholders like employees, consumers, unions, minorities, and special interest groups are complex. Understanding these interactions is crucial for businesses.
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Social factors influencing business are covered, including factors like rising expectations, entitlement mentality, and the rights movement. These factors impact business criticism and corporate responses.
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The presentation discusses both legal and claimed moral rights, including rights of minorities, women, disabled people, older people, and various types of employee, consumer rights and beyond.
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Types of stakes related to stakeholders are categorized into interest and rights, where some stakes are legal and others moral or ethical in nature. Ownership as a stakeholder stake is defined and examples are included.
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Primary stakeholders are absolutely necessary for a firm's survival (e.g., employees, customers, and shareholders). Secondary stakeholders are often affected by companies, but may not be directly involved in transactions and are therefore not essential for survival (e.g., media, special interest groups, trade associations).
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The presentation explains the interactions between a company and its stakeholders. The diagram depicts connections between the company and each stakeholder group.
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The stakeholder view of the firm considers various stakeholder groups and their relationships with the firm, contrasting it with the shareholder view that gives priority to only shareholders.
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The concept of internal and external change is introduced, highlighting the different types of change and the impact they have on businesses.
The production and the managerial views of a firm
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The presentation describes the production view of a firm (satisfying suppliers and customers to generate profit, typical of family-owned businesses).
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The managerial view of a firm is more complex, involving a separation of ownership and control, with owners, managers, and employees having different stakeholders' interests.
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The managerial view of a firm is explained by illustrating a diagram emphasizing the importance of employees, managers, Owners and suppliers, customers.
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Internal and external changes are factors that can affect the firm.
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Description
This quiz explores the key concepts of business ethics, focusing on stakeholder relationships, social responsibility, and corporate governance. Participants will learn about identifying stakeholder roles, understanding their interests, and the ethical implications of stakeholder interactions in business decisions.
