ethical of business ch2

a governing authority that provides oversight and direction to assure the organization stays focused on its objectives in an ethical, legal, and socially responsible manner.

• Board of Directors

• Stakeholder Framework

• Stakeholders

• survival and performance of any organization

allows an organization to identify, monitor, and respond to the needs, values, and expectations of different stakeholder groups.

• Board of Directors

• Stakeholder Framework

• Stakeholders

• survival and performance of any organization

In a business context, customers, shareholders, employees, suppliers, government agencies, communities, and many others who have a “stake” or claim in some aspect of a company’s products, operations, markets, industry, and outcomes are known as

• Board of Directors

• Stakeholder Framework

• Stakeholders

• survival and performance of any organization

is a function of its ability to create value for all primary stakeholders and its attempt to do this fairly, not favoring one group over the others.

• Board of Directors

• Stakeholder Framework

• Stakeholders

• survival and performance of any organization

The formal system of business accountability and control of ethical and socially responsible behavior is

A stakeholder framework

relationship between companies and their stakeholders is

There are three approaches to stakeholder theory:

identifies ethical guidelines that dictate how firms should treat stakeholders

• the normative approch

• descriptive approach

• instrumental approach

focuses on the firm’s behavior and usually addresses how decisions and strategies are made for stakeholder relationships.

• normative approach

• descriptive approach

• instrumental approach