Podcast
Questions and Answers
What does effectiveness in CSR primarily focus on?
What does effectiveness in CSR primarily focus on?
- The financial profits of the company
- The efficiency of production processes
- The outcomes of CSR initiatives (correct)
- The marketing strategies employed
Which competency involves understanding the interconnectedness of society and nature?
Which competency involves understanding the interconnectedness of society and nature?
- Futures literacy
- Stakeholder innovation
- Efficient management
- Social-ecological thinking (correct)
What is one key question responsible management should ask?
What is one key question responsible management should ask?
- How can we reduce costs?
- How can we maximize production?
- What are our competitors doing?
- How much value is created or harm avoided? (correct)
What does the term 'analysis paralysis' refer to?
What does the term 'analysis paralysis' refer to?
Which of the following best describes a social system?
Which of the following best describes a social system?
Futures literacy is primarily concerned with what aspect of decision making?
Futures literacy is primarily concerned with what aspect of decision making?
Which of the following is NOT a type of systems analysis mentioned?
Which of the following is NOT a type of systems analysis mentioned?
What is a critical aspect of ethical and responsible leadership?
What is a critical aspect of ethical and responsible leadership?
What are the transgressed planetary boundaries related to environmental concerns?
What are the transgressed planetary boundaries related to environmental concerns?
Which characteristic identifies corporations as keystone actors?
Which characteristic identifies corporations as keystone actors?
What is the primary effect of datafication on corporate accountability?
What is the primary effect of datafication on corporate accountability?
How have large corporations increasingly influenced areas previously managed by the state?
How have large corporations increasingly influenced areas previously managed by the state?
What role do tech firms play in the context of ESG challenges?
What role do tech firms play in the context of ESG challenges?
Which of the following best describes datafication?
Which of the following best describes datafication?
What is a potential downside of datafication and digitalization?
What is a potential downside of datafication and digitalization?
Which companies are considered the most valuable in the context of the digital economy?
Which companies are considered the most valuable in the context of the digital economy?
How does corporate sustainability differ from corporate social responsibility?
How does corporate sustainability differ from corporate social responsibility?
What is the primary focus of business ethics?
What is the primary focus of business ethics?
Which of the following best describes the Sustainable Development Goals (SDGs)?
Which of the following best describes the Sustainable Development Goals (SDGs)?
Which statement about corporate social responsibility (CSR) is true?
Which statement about corporate social responsibility (CSR) is true?
What role does ethical reflection play in business ethics?
What role does ethical reflection play in business ethics?
Why do corporations engage in sustainability practices?
Why do corporations engage in sustainability practices?
Which aspect is NOT a component of businesses' CSR responsibilities?
Which aspect is NOT a component of businesses' CSR responsibilities?
How are business ethics and corporate social responsibility interconnected?
How are business ethics and corporate social responsibility interconnected?
What do corporate sustainability issues reflect?
What do corporate sustainability issues reflect?
Which of the following is NOT identified as a change influencing corporate sustainability issues?
Which of the following is NOT identified as a change influencing corporate sustainability issues?
In which way has corporate sustainability modes shifted historically?
In which way has corporate sustainability modes shifted historically?
Which actor is primarily responsible for shaping corporate sustainability on behalf of society?
Which actor is primarily responsible for shaping corporate sustainability on behalf of society?
What has corporate sustainability recently attached itself to?
What has corporate sustainability recently attached itself to?
How do corporations gain legitimacy in their corporate sustainability efforts?
How do corporations gain legitimacy in their corporate sustainability efforts?
What role does society play in the context of corporate sustainability?
What role does society play in the context of corporate sustainability?
Which aspect is NOT typically part of corporate sustainability agendas shaped by businesses?
Which aspect is NOT typically part of corporate sustainability agendas shaped by businesses?
What is the primary aim of foresight in business?
What is the primary aim of foresight in business?
How does strategic foresight contribute to decision-making?
How does strategic foresight contribute to decision-making?
What is one of the key features of decision-making processes that incorporate strategic foresight?
What is one of the key features of decision-making processes that incorporate strategic foresight?
Why is foresight particularly important for responsible management?
Why is foresight particularly important for responsible management?
What is a major outcome of effective stakeholder innovation?
What is a major outcome of effective stakeholder innovation?
Which aspect does stakeholder theory emphasize?
Which aspect does stakeholder theory emphasize?
In the context of foresight for research, what is a primary goal?
In the context of foresight for research, what is a primary goal?
What effect does enhancing mindsets of decision-makers have in strategic foresight?
What effect does enhancing mindsets of decision-makers have in strategic foresight?
What is the primary focus of stakeholder management?
What is the primary focus of stakeholder management?
What distinguishes primary stakeholders from secondary stakeholders?
What distinguishes primary stakeholders from secondary stakeholders?
Which of the following is NOT a reason firms are interested in corporate sustainability?
Which of the following is NOT a reason firms are interested in corporate sustainability?
What are the three historical stages underlying the dynamics of corporate sustainability?
What are the three historical stages underlying the dynamics of corporate sustainability?
Which framework is useful for categorizing various issues under corporate sustainability?
Which framework is useful for categorizing various issues under corporate sustainability?
Which of the following does NOT belong to the sources from which an organization derives influence?
Which of the following does NOT belong to the sources from which an organization derives influence?
How can capitalism be placed on firmer ethical ground according to the stakeholder theory?
How can capitalism be placed on firmer ethical ground according to the stakeholder theory?
What aspect of leadership is emphasized in responsible management?
What aspect of leadership is emphasized in responsible management?
Flashcards
Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR)
The practice of integrating social, environmental, ethical, and philanthropic responsibilities into a company's operations, processes, and core business strategy, aligning with stakeholder interests.
Business Ethics
Business Ethics
The study of right and wrong in business situations, focusing on moral judgments informed by ethical principles.
ESG (Environmental, Social, Governance)
ESG (Environmental, Social, Governance)
The integration of environmental, social, and governance considerations into a company's operations and decision-making.
Sustainable Development Goals (SDGs)
Sustainable Development Goals (SDGs)
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Corporate Sustainability
Corporate Sustainability
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Carroll's Pyramid
Carroll's Pyramid
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CSR Effectiveness
CSR Effectiveness
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Responsibility Output Performance
Responsibility Output Performance
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Responsible Management Competencies
Responsible Management Competencies
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Social-Ecological Thinking
Social-Ecological Thinking
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System
System
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Systems Analysis
Systems Analysis
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Social System
Social System
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Futures Literacy
Futures Literacy
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ESG
ESG
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Planetary Boundaries
Planetary Boundaries
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Transgressed Boundaries
Transgressed Boundaries
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Keystone Actors
Keystone Actors
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Datafication
Datafication
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Digitalization
Digitalization
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Increased Corporate Transparency
Increased Corporate Transparency
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New Responsibilities for Tech Giants
New Responsibilities for Tech Giants
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Foresight for Business
Foresight for Business
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Foresight for Research
Foresight for Research
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Strategic Foresight
Strategic Foresight
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Gathering Foreknowledge
Gathering Foreknowledge
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Broadening Strategy Focus
Broadening Strategy Focus
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Enhancing Decision-Maker Mindsets
Enhancing Decision-Maker Mindsets
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Stakeholder Theory
Stakeholder Theory
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Stakeholder Innovation
Stakeholder Innovation
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Secondary Stakeholders
Secondary Stakeholders
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Primary Stakeholders
Primary Stakeholders
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Stakeholder Management
Stakeholder Management
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ESG framework
ESG framework
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Ethical and Responsible Leadership
Ethical and Responsible Leadership
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Responsible Management
Responsible Management
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Corporate Sustainability Issues
Corporate Sustainability Issues
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Shift in Corporate Sustainability Modes
Shift in Corporate Sustainability Modes
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Corporate Sustainability Actors
Corporate Sustainability Actors
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Society's Role in Corporate Sustainability
Society's Role in Corporate Sustainability
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Business's Role in Corporate Sustainability
Business's Role in Corporate Sustainability
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Government's Role in Corporate Sustainability
Government's Role in Corporate Sustainability
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Natural Environment's Role in Corporate Sustainability
Natural Environment's Role in Corporate Sustainability
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Benefits of Corporate Sustainability
Benefits of Corporate Sustainability
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Study Notes
Changing Context for Business, Societies, and Nature
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ESG (Environmental, Social, Governance) is increasingly relevant for business
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Environmental concerns include greenhouse gas emissions, freshwater supply, and pollution.
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International research identifies "Planetary Boundaries" defining specific global and regional thresholds for environmental factors. 4/9 are transgressed, with climate and biodiversity being key examples.
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Biogeochemical cycles, like nitrogen use in fertilizers, impact biodiversity and land (deforestation).
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"Safe operating space" is the remaining space for the global economy within planetary boundaries.
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Social concerns focus on human and labor rights.
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Governance of corporations includes board structure, shareholder rights, transparency, and corporate lobbying.
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Corruption is a widespread issue, measured by indices like the CPI (Corruption Perception Index) from Transparency International.
Rising Scale and Scope of Corporate Activities
- Corporations are increasingly entwined with ESG challenges.
- Corporations have expanded their scope and size, becoming dominant in many industries.
- Some corporations control sectors previously managed by governments (e.g., water, security, education, healthcare).
- Big corporations are considered "keystone actors" in their industries.
- They dominate production volumes
- Connect diverse ecosystems
- Impact global governance
Datafication and Digitalization
- Increased public scrutiny makes responsible and irresponsible corporate conduct transparent;
- Technology companies contribute to ESG issues, such as CO2 emissions.
- Datafication quantifies information for analysis.
Globalization and Lack of Global Governance
- Firms evade national regulations due to international value chains (regulatory vacuum).
- International governmental organizations lack enforcement power over corporations' conduct.
- Extraterritorial authority, exercised via legal and regulatory avenues, is attempted to be used when needed.
Corporate Sustainability
- Manages and balances an enterprise’s impact on ecological, social, and economic systems, aiming for LT ecological balance, societal welfare and stakeholder value.
- Considers ecological, social and economic systems as interacting.
- Balances interests without sacrificing one for another.
Corporate Social Responsibility
- Integrates social, environmental, and ethical responsibilities into core business strategies.
- Influences every aspect (everyday practices to strategic direction).
- Reflects a firm’s purpose and daily operations.
Business Ethics
- Studies ethical issues in business situations, activities, and decisions.
ESG: Environmental, Social, Governance
- Provides examples of environmental, social, and governance issues.
- Includes specifics like Carbon emissions, waste & recycling, water management, biodiversity, land use, deforestation, and raw material sourcing.
- Contains social issues like Health and safety, Community relations, Diversity and inclusion, Employee pay, Union relations, Poverty, Training and education
- Contains governance issues like Corruption, Executive pay, Board diversity, Stakeholder rights, CEO duality, Voting procedures, and Lobbying.
- Includes technology issues like Cybersecurity, Fake news, Dark web, Data mining, Robotic processing, Bioengineering, and Surveillance.
Sustainable Development Goals (SDGs)
- Established by the UN for sustainable development goals.
- Focus on broader societal issues, not specifically corporate sustainability.
- Intended to last until 2030.
- Provides measurable goals and targets.
Why Engage in Corporate Sustainability?
- Instrumental motivation: It "pays" to be sustainable; enhanced revenues, improved productivity and reduced risks.
- Ethical motivation: It is the right thing to do.
- Aligns with ethical responsibilities, and a firms’ purpose.
Instrumental Motivation
- Revenue growth resulting from developing innovative products and services.
- Improved productivity through well-managed ESG practices.
- Reduced business risks leading to better investor relations.
Ethical Motivation
- Moral case for ethical business operations and corporate responsibility.
- Societal expectations and responsibilities.
Corporate Sustainability Issues
- Sustainability trends extend beyond specific events; include changes in welfare policies, environmental policies, investor preferences, and governmental issues.
- Corporate sustainability has shifted from entirely internal approaches to integrating with other actors to influence complex issues.
- Corporate sustainability is becoming more complex; now encompasses societal and governmental agendas.
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