9 Questions
Stakeholder management primarily focuses on maximizing profits for stockholders
False
Legitimacy refers to the justifiable right of a group to make a claim
True
Stakeholder/responsibility perspective only considers financial concerns of a firm
False
Accelerate progress and impact on the SDGs by 2030
True
Sanda Ojiambo is the CEO of the UN Global Compact
True
The private sector appeal will be presented at the ninth session of the Conference of the States Parties to the UNCAC
False
Guiding companies on where to make the biggest, fastest impact before 2030 is the main focus of the new strategy
True
Sanda Ojiambo is the Chief Responsibility Officer and Global Sustainability Services Lead at Accenture
False
The private sector appeal will be presented at the tenth session of the Conference of the States Parties to the UNCAC
True
Study Notes
Stakeholder Management and Corporate Social Responsibility
- Stakeholder concept personalizes social responsibilities for businesses
- "Stakeholder" term replaces "stockholder" to encompass groups with a stake or claim in firm's operations
- Management faces the challenge of deciding which stakeholders merit consideration in decision-making process
- Two vital criteria for considering stakeholders: legitimacy and power
- Legitimacy refers to the justifiable right of a group to make a claim
- Stakeholder power varies, with institutional investors and large mutual fund groups holding significant power
- Stakeholder management is a process to reconcile managers' objectives with claims and expectations of various stakeholder groups
- Functions of stakeholder management include description, understanding, analysis, and management
- Five major questions for stakeholder management: stakeholders, their stakes, opportunities and challenges, corporate social responsibilities, and strategies
- Stakeholder/responsibility matrix is presented as an analytical tool to organize a manager's thoughts and ideas
- Thinking in stakeholder-responsibility terms increases the complexity of decision making and may be time-consuming
- Stakeholder/responsibility perspective provides an opportunity for an in-depth corporate appraisal of financial as well as social and economic concerns
Test your knowledge of stakeholder management and corporate social responsibility with this quiz. Explore the concept of stakeholders, their legitimacy and power, and the challenges of reconciling various stakeholders' claims and expectations with managerial objectives. Delve into the functions of stakeholder management and the complexities of decision-making from a stakeholder-responsibility perspective.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
