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Social Responsibility and Management Ethics

Social Responsibility and Management Ethics

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Published by rimpadutta

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Categories:Types, School Work
Published by: rimpadutta on Mar 18, 2010
Copyright:Attribution Non-commercial

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09/19/2014

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Social Responsibility andManagement Ethics
What Is Social Responsibility?What Is Social Responsibility?The Classical ViewThe Classical View
yy
Management¶s only social responsibility is to maximizeManagement¶s only social responsibility is to maximizeprofits (create a financial return) by operating theprofits (create a financial return) by operating thebusiness in the best interests of the stockholders (ownersbusiness in the best interests of the stockholders (ownersof the corporation).of the corporation).
yy
Expending the firm¶s resources on doing ³social good´Expending the firm¶s resources on doing ³social good´unjustifiably increases costs that lower profits to theunjustifiably increases costs that lower profits to theowners and raises prices to consumers.owners and raises prices to consumers.
 
Cont..
The Socioeconomic ViewThe Socioeconomic View
Management¶s social responsibility goes beyondManagement¶s social responsibility goes beyondmaking profits to include protecting and improvingmaking profits to include protecting and improvingsociety¶s welfare.society¶s welfare.
Corporations are not independent entities responsibleCorporations are not independent entities responsibleonly to stockholders.only to stockholders.
Firms have a moral responsibility to larger society toFirms have a moral responsibility to larger society tobecome involved in social, legal, and political issues.become involved in social, legal, and political issues.
³To do the right thing´³To do the right thing´
 
Fr 
om Obligation to Responsiveness to Responsibility
Social ObligationSocial Obligation
The obligation of a business to meet its economic andThe obligation of a business to meet its economic andlegal responsibilities and nothing more.legal responsibilities and nothing more.
Social ResponsivenessSocial Responsiveness
W
hen a firm engages in social actions in response to
W
hen a firm engages in social actions in response tosome popular social need.some popular social need.
Social ResponsibilitySocial Responsibility
 A
business¶s intention, beyond its legal and economic
 A
business¶s intention, beyond its legal and economicobligations, to do the right things and act in ways that areobligations, to do the right things and act in ways that aregood for society.good for society.

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