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Chapter 3

Internal Stakeholders Consist of employees, owners, and the board of directors
Owners Consist of all those who can claim the organization as their legal property
Board of Directors Members elected by the stockholders to see that the company is being run according to their interest
Strategic Allies The relationship of two organizations who join forces to achieve advantages neither can perform as well alone
Employee Organizations Labor Unions and Professional associations
Local Communities May institute clawbacks, may engage in crowdfunding
Clawbacks rescinding tax breaks when firms don't deliver promised jobs
Crowdfunding raising money for a project by obtaining many small amounts of money from many people
External Stakeholders People or groups in the organizations external environment that are affected by it
Task Environment Consist of 11 groups that present an organization with daily task to handle
General Environment refers to the macro-environment such as economic, technological, and sociocultural
Conflicting Values (organizations may have two value systems that conflict) 1. The value system stressing financial performance 2. The value system stressing cohesion and solidarity in employee relationships
4 Approaches to Deciding Ethical Dilemmas 1. The utilitarian approach 2. The individual approach 3. The moral-rights approach 4. The justice approach
Utilitarian approach guided by what will result in the greatest good for the greatest number of people
Individual approach guided by what will result in the individuals best long -term interest, which ultimately is in everyone's self-interest
Moral-rights approach guided by respect for the fundamental rights of human beings: the right to life, liberty, privacy, health, safety, and due process
Justice approach guided by respect for impartial standards of fairness and equity
Sarbanes-Oxley Act of 2002 Established requirements for proper financial record keeping for public companies. Penalties of as much as 25 years in prison for noncompliance
Kohlberg's three levels of personal moral development Level 1 - Preconventional Level 2 - Conventional Level 3 - Postconventional
Preconventional Follows rules to avoid unpleasant consequences
Conventional Follows expectations of others (most managers are at this level)
Postconventional guided by internal values, they lead by example
Carroll's Global Corporate Social Responsibility 1. Philanthropic Responsibility 2. Ethical Responsibility 3. Legal Responsibility 4. Economic Responsibility
Types of Social Responsibility 1. Sustainability 2. Natural Capital
Sustainability Economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs
Natural Capital The value of natural resources, such as topsoil, air, water, and genetic diversity, which humans depend on
Created by: wtterry41
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