Organizational Stability Strategies

Play an AI-generated podcast conversation about this lesson

What are the economic responsibilities of a firm according to CSR?

Maximize earnings per share, generating high and consistent profitability, establish and maintain a strong competitive advantage and competitive position, operate at a high level of efficiency

List the legal responsibilities of a firm in terms of CSR.

Comply with all laws and regulations, maintain legal obligations, ensure goods and services meet legal standards

What are the ethical responsibilities of a firm based on CSR?

They are based on the expectations of society and vary across time and cultures. Corporate integrity and ethics go beyond the minimum legal standards.

Define discretionary responsibilities in the context of CSR.

Discretionary responsibilities exist where there are no clear rules or requirements. These are actions that are morally praiseworthy but not morally obligatory. Signup and view all the answers

Give an example of a discretionary responsibility.

Giving to charity Signup and view all the answers

How do ethical responsibilities differ from legal responsibilities?

Ethical responsibilities are based on societal expectations and values, while legal responsibilities are defined by laws and regulations. Signup and view all the answers

Why is it important for firms to comply with legal responsibilities?

To operate within the boundaries of the law and avoid legal consequences. Signup and view all the answers

How can firms demonstrate corporate integrity in fulfilling their ethical responsibilities?

By going beyond the minimum legal standards and ensuring ethical behavior in all aspects of their operations. Signup and view all the answers

What is the significance of discretionary responsibilities for firms?

They allow firms to engage in morally praiseworthy actions that benefit society, even when not legally required. Signup and view all the answers

Explain the concept of discretionary responsibilities with an example.

Discretionary responsibilities are voluntary actions that firms can take, such as funding education programs, to contribute positively to society. Signup and view all the answers