Lit 3: Responsibility
25 important questions on Lit 3: Responsibility
How did religion form the baseline for business responsibility?
2. Islam revolves around justice, balance trust and benevolence, which are important terms in today's stakeholder theory
What are the 3 sub-domains of business responsibility?
2. Corporate citizenship
3. Social entrepreneurship
What is business responsibility?
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What is business philanthropy?
What is the 3 different views of corporate citizenship?
2. Equivalent view - CC = CSR, embracing all stakeholder relationships
3. Extended view - CC = strong political role
What is social entrepreneurship?
What are the 3 defining elements of business responsibility?
2. Community
3. Venture
What is the foundation for the overarching business responsibility concept?
What are the components of the 4-domain model of business responsibility?
2. Political theories - which view business as generating value for society
3. Integrative understanding - lays out future of businesses as relying on satisfying stakeholder demands
4. Ethical theories - look at business-society relationship in the lens of an ethical framework
What are the 6 dimensions on which attitudes towards BR can be scored?
2. Convergent vs divergent - should companies use existing stakeholder practices
3. Immediate vs future responsibilities - focus on current or future situation of stakeholders
4. Social vs nonsocial stakeholders - also towards nature and future generations, etc.
5. Responsibility vs accountability - should companies self-regulate for BR practices
6. Soft vs hard - do it within existing social/economic constraints or require radical shift in institutions
What is corporate social performance?
What are the 4 dimensions of corporate social performance?
2. Stakeholder responsiveness - reactive, defensive, accommodative and proactive
3. Issues maturity - how well-established are the issues, degree of being accepted among stakeholder and institutions
4. Organisational implementation - how much is stakeholder responsibility an organisational priority
What is stakeholder management?
What are the main groups of stakeholders?
2. Primary - regulators, suppliers, media, competitors, etc.
3. Secondary - NGOs, media recipients, employee family, natural environment, etc.
4. Non-stakeholders: unrelated government, unrelated market peers, unrelated activist groups, etc.
What are the 4 types of stakeholders based on their potential to cooperate/form a threat?
2. Marginal - low threat or cooperation potential. Strategy: monitor
3. Non-supportive - high threat potential, low cooperation potential. Strategy: defend
4. Mixed blessing - high potential to both threaten and cooperate. Strategy: ?
What is shareholder value?
What are the 2 main forms of stakeholder optimisation?
2. Fairness in distribution
What is stakeholder assessment and its 2 main steps?
Step 1: Stakeholder identification - asks questions on dependency, responsibility, tensions and influence on specific stakeholders
Step 2: Stakeholder prioritisation - categorisation of relative importance
What are the 3 main approaches to stakeholder prioritisation?
2. Power approach
3. Legitimacy approach
Combining the 3 is the best idea though
What are the 3 types of stakeholders identified in the main stakeholder framework?
2. Strategic - do not affect survival, but influence success
3. Environmental - Exist in company's surroundings but don't influence survival or success
What are the 3 steps in building a stakeholder map?
2. List stakeholders
3. Group - based on relevant categories for focal unit
What are the 3 main takeaways about stakeholder influence in practice?
2. Stakeholder group importance depends on context in terms of time and situation
3. Non-social stakeholder groups and aggressive NGOs are typically not priorities for firms
What is stakeholder engagement?
1. Stakeholder communication
2. Co-creation of joint activities
What is a materiality assessment?
What are the 5 levels of stakeholder engagement?
2. Consultation
3. Deciding together
4. Acting together
5. Supporting
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