Podcast
Questions and Answers
Which of the following factors determine the importance of a claim?
Which of the following factors determine the importance of a claim?
- Principles, Values, Ethics
- Profit, Market Share, Resources
- People, Planet, Profit
- Power, Legitimacy, Urgency (correct)
Legitimacy refers to the speed at which a claim needs attention.
Legitimacy refers to the speed at which a claim needs attention.
False (B)
Name the three factors that determine the importance of a claim.
Name the three factors that determine the importance of a claim.
Power, Legitimacy, and Urgency
The three factors that determine the importance of a claim are Power, __________, and Urgency.
The three factors that determine the importance of a claim are Power, __________, and Urgency.
Match each factor with its description.
Match each factor with its description.
What is the key distinction between a stakeholder and a rightsholder?
What is the key distinction between a stakeholder and a rightsholder?
All stakeholders are also rightsholders.
All stakeholders are also rightsholders.
Give an example of a stakeholder who might not be a rightsholder.
Give an example of a stakeholder who might not be a rightsholder.
A _____ is any individual or group with an interest in an organization, whereas a _____ has legal rights regarding the organization's activities.
A _____ is any individual or group with an interest in an organization, whereas a _____ has legal rights regarding the organization's activities.
Match the following groups with their most likely stakeholder/rightsholder status:
Match the following groups with their most likely stakeholder/rightsholder status:
Which approach primarily focuses on ethical behavior, social responsibility, and community engagement that goes beyond profit-making?
Which approach primarily focuses on ethical behavior, social responsibility, and community engagement that goes beyond profit-making?
Corporate citizenship is a long-term strategic approach focused on a company's long-term survival.
Corporate citizenship is a long-term strategic approach focused on a company's long-term survival.
What is the primary focus of corporate citizenship concerning a company's role in society?
What is the primary focus of corporate citizenship concerning a company's role in society?
Unlike Corporate Citizenship, Corporate Sustainability is a ______ approach focused on long-term survival.
Unlike Corporate Citizenship, Corporate Sustainability is a ______ approach focused on long-term survival.
Match the term with its respective focus:
Match the term with its respective focus:
Which approach to CSR is primarily focused on enhancing a company's public image?
Which approach to CSR is primarily focused on enhancing a company's public image?
A 'Responsible' CSR approach focuses primarily on enhancing the company's public image rather than improving its internal performance.
A 'Responsible' CSR approach focuses primarily on enhancing the company's public image rather than improving its internal performance.
Which type of CSR involves actively engaging with stakeholders to address and resolve shared issues?
Which type of CSR involves actively engaging with stakeholders to address and resolve shared issues?
When a company uses CSR to improve its image in society, this can be described as the ______ approach.
When a company uses CSR to improve its image in society, this can be described as the ______ approach.
A company aiming to reduce waste and increase energy efficiency is most likely applying which type of CSR?
A company aiming to reduce waste and increase energy efficiency is most likely applying which type of CSR?
Which of the following best describes the primary focus of the Triple-E Bottom Line?
Which of the following best describes the primary focus of the Triple-E Bottom Line?
How does Corporate Social Responsibility (CSR) relate to power dynamics in ethical discussions?
How does Corporate Social Responsibility (CSR) relate to power dynamics in ethical discussions?
According to Friedman's shareholder view, a company fulfilling its social responsibility must equally prioritize environmental sustainability and ethical practices alongside profit maximization.
According to Friedman's shareholder view, a company fulfilling its social responsibility must equally prioritize environmental sustainability and ethical practices alongside profit maximization.
Explain how the Triple-E Bottom Line differs from the traditional shareholder view of corporate success.
Explain how the Triple-E Bottom Line differs from the traditional shareholder view of corporate success.
An organization's technological power does not influence its ethical responsibilities, as ethics are primarily determined by economic factors.
An organization's technological power does not influence its ethical responsibilities, as ethics are primarily determined by economic factors.
Name three forms of power organizations can possess that create added responsibility for businesses to act ethically.
Name three forms of power organizations can possess that create added responsibility for businesses to act ethically.
According to the shareholder view, the main objective of a business is considered to be profit _______.
According to the shareholder view, the main objective of a business is considered to be profit _______.
Organizations' possession of economic, technological, political, cultural and social power creates added _________ for businesses to act ethically.
Organizations' possession of economic, technological, political, cultural and social power creates added _________ for businesses to act ethically.
Match the concepts with their correct descriptions:
Match the concepts with their correct descriptions:
Match the type of organizational power with its impact on CSR:
Match the type of organizational power with its impact on CSR:
Flashcards
Stakeholder
Stakeholder
An individual or group interested in an organization's operations.
Rightsholder
Rightsholder
A stakeholder with legal rights related to an organization's activities.
Difference between Stakeholder and Rightsholder
Difference between Stakeholder and Rightsholder
All rightsholders are stakeholders, but not all stakeholders are rightsholders.
Organization Operations
Organization Operations
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Legal Rights
Legal Rights
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Power
Power
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Legitimacy
Legitimacy
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Urgency
Urgency
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Influence Actions
Influence Actions
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Claim Factors
Claim Factors
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CSR
CSR
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Power Dynamics
Power Dynamics
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Forms of Power
Forms of Power
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Ethical Responsibility
Ethical Responsibility
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Added Responsibility
Added Responsibility
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Corporate Citizenship
Corporate Citizenship
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Philanthropic Approach
Philanthropic Approach
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Corporate Sustainability
Corporate Sustainability
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Community Engagement
Community Engagement
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Social Responsibility
Social Responsibility
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Triple-E Bottom Line
Triple-E Bottom Line
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Introduction to CSR
Introduction to CSR
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Friedman's Shareholder View
Friedman's Shareholder View
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Economic Impact
Economic Impact
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Ethical and Environmental Impact
Ethical and Environmental Impact
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Reputational CSR
Reputational CSR
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Responsible CSR
Responsible CSR
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Collaborative CSR
Collaborative CSR
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CSR Objective
CSR Objective
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Study Notes
Stakeholders & Rightholders
- A stakeholder is an individual or group with an interest in an organization's operations.
- A rightsholder is a stakeholder with legal rights regarding the organization's activities.
Issue Materiality/Salience
- Salience is the degree to which managers prioritize competing stakeholder claims.
- It depends on three factors: power (ability to influence actions), legitimacy (whether a claim is seen as appropriate), and urgency (how quickly a claim needs attention).
- The more of these attributes a stakeholder has, the more important they are to the organization.
Stakeholder Influence Strategy
- Stakeholders influence organizations through resource dependence (supplying resources and controlling their use).
- Strategies include withholding (stopping resource flow to force change) and usage (continuing supply on conditional terms).
- Another pathway is using influence strategies via a stakeholder's ally on their behalf.
Stakeholder Matrix Mapping
- A visual tool categorising stakeholders based on their level of interest and influence.
Issue Management
- Issue management is a process helping organizations identify potential problems affecting their goals.
- Steps include: finding issues, understanding them, ranking their importance, planning response, and checking plan effectiveness.
- The aim is to prevent problems or manage them early to handle effectively.
Crisis Management
- Used for sudden, major problems (scandals, disasters).
- Focuses on quick planning, preparation and rapid response to minimize harm.
- Key aspects include honesty, apologies (where needed), and learning from the situation.
Stakeholder Collaboration
- Focuses on building strong relationships, fostering trust, and achieving mutual benefits between organizations and stakeholders.
- Swendsen's FOSTER framework is a 6-step approach for developing such relationships:
- Foundation (building relationships aligned with organizational values)
- Alignment (ensuring internal systems support stakeholder collaboration)
- Strategy (developing engagement strategies)
- Trust (building trust as a foundation for stable relationships)
- Evaluation (assessing effectiveness and identifying improvements)
- Repeat (continuously improving the process).
Corporate Social Responsibility (CSR)
- CSR involves a corporation achieving a balance among economic, social, and environmental responsibilities.
- It is meant to address stakeholder expectations.
- CSR goes beyond a "moral minimum" to encompass obligations ranging from preventing harm to promoting social good.
- CSR considers moral agency where businesses make "reasoned" decisions in their operations, acknowledging their social construct.
- CSR also considers power dynamics, acknowledging corporations hold significant power in different arenas.
Corporate Citizenship
- Corporate citizenship is a company's commitment to ethical behavior, social responsibility, and community engagement beyond profit-making.
Corporate Sustainability
- Balances social, environmental, and economic responsibilities within business operations.
Shareholder View (Friedman)
- The primary goal of businesses is profit maximization.
- Businesses should focus solely on profit, leading to economic growth and benefits for everyone.
- Unlike individuals, businesses do not have a moral responsibility.
CSR Business Case
- Guides management thinking in four ways:
- Reactionary: addressing reputational damage to avoid negativity.
- Reputational: enhancing the company image.
- Responsible: improving performance.
- Collaborative: working with stakeholders to resolve problems.
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Description
Stakeholders are individuals or groups interested in an organization's operations, while rightsholders have legal rights. Stakeholder salience depends on power, legitimacy, and urgency. Stakeholders influence organizations through resource dependence, using strategies like withholding or conditional usage.
