Podcast
Questions and Answers
What does social responsibility require a business to do beyond legal obligations?
What does social responsibility require a business to do beyond legal obligations?
- Maximize profits for stockholders
- Pursue long-term goals beneficial to society (correct)
- Engage only in profit-making activities
- Minimize operational costs
Which view suggests that a business's only social responsibility is to maximize profits?
Which view suggests that a business's only social responsibility is to maximize profits?
- Stakeholder Theory
- Classical View (correct)
- Corporate Social Responsibility View
- Socio-Economic View
How does managing responsibly impact organizational performance?
How does managing responsibly impact organizational performance?
- It enhances stakeholder trust and loyalty (correct)
- It limits business growth opportunities
- It increases employee costs only
- It has no effect on brand reputation
What does social responsiveness mean in the context of corporate behavior?
What does social responsiveness mean in the context of corporate behavior?
Which of the following factors could lead to unethical behavior in organizations?
Which of the following factors could lead to unethical behavior in organizations?
What is a key definition of corporate social responsibility according to the socio-economic perspective?
What is a key definition of corporate social responsibility according to the socio-economic perspective?
What would NOT be considered as an issue under social responsibility?
What would NOT be considered as an issue under social responsibility?
What is a major distinction between social obligation and social responsibility?
What is a major distinction between social obligation and social responsibility?
Which factor plays a crucial role in determining ethical behaviour according to the content?
Which factor plays a crucial role in determining ethical behaviour according to the content?
What does ego strength measure in individuals regarding ethical behaviour?
What does ego strength measure in individuals regarding ethical behaviour?
What type of situation exemplifies an ethical dilemma?
What type of situation exemplifies an ethical dilemma?
Which of the following is NOT mentioned as a factor affecting ethical behaviour?
Which of the following is NOT mentioned as a factor affecting ethical behaviour?
According to the content, who primarily influences an individual's values?
According to the content, who primarily influences an individual's values?
Which aspect can significantly affect whether an action is viewed as ethical or unethical?
Which aspect can significantly affect whether an action is viewed as ethical or unethical?
What is a key consideration when evaluating the likelihood of harm in ethical decisions?
What is a key consideration when evaluating the likelihood of harm in ethical decisions?
The stages of moral development are associated with which theorist?
The stages of moral development are associated with which theorist?
What is the primary intention of a socially responsible organization?
What is the primary intention of a socially responsible organization?
Which company is an example of a business engaging in social responsibility through its product offerings?
Which company is an example of a business engaging in social responsibility through its product offerings?
What impact can socially responsible practices have on employee retention?
What impact can socially responsible practices have on employee retention?
What is the primary focus of Socially Responsible Investing (SRI)?
What is the primary focus of Socially Responsible Investing (SRI)?
How do socially responsible companies often reduce production costs in the long run?
How do socially responsible companies often reduce production costs in the long run?
Which of the following statements reflects a misconception about the relationship between corporate social responsibility and economic performance?
Which of the following statements reflects a misconception about the relationship between corporate social responsibility and economic performance?
What do social screening criteria in SRI help investors to do?
What do social screening criteria in SRI help investors to do?
Which ethical principle is important for defining right and wrong behavior in business?
Which ethical principle is important for defining right and wrong behavior in business?
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Study Notes
What is Socially Responsible Management?
- Refers to a business's responsibility to pursue long-term goals that are good for society, beyond legal and economic obligations
- The classical view emphasizes maximizing profits for stockholders, while the socio-economic view stresses the protection and improvement of societal welfare
- Social responsiveness refers to companies taking action to address popular social needs, while social responsibility focuses on doing the right thing for society
Corporate Social Responsibility and Economic Performance
- Studies suggest a positive correlation between social involvement and economic performance
- Socially responsible investing (SRI) utilizes social and environmental criteria to make investment decisions, supporting companies with ethical practices
Ethics in Management
- Ethics are the principles, values, and beliefs that define right and wrong behavior
- Factors influencing ethical behavior include individual characteristics, organizational culture, and external pressures
- Stages of Moral Development outline the progression of ethical reasoning, from self-interest to universal ethical principles
Ethical Dilemmas
- Situations where choosing between two alternatives conflicts with moral values and principles
- Managers face ethical dilemmas frequently and must navigate these using ethical frameworks and decision-making processes
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