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how should business act? - Coggle Diagram
how should business act?
alison taylor
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business has social and political responsibilities since they have so much power. companies affect societies beyond their immediate transactions
purpose of business is not just to maximize stakeholder value, they must consider the broader consequences
what is the perfect balance of benefitting stakeholders, creating economic value and leading to positive social and political consequences??
jones, harrison, felps, freeman
stakeholder relationships create value through trust cooperation, loyalty, commitment, information sharing
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good stakeholder management can be a competitive advantage through better employee performance, customer loyalty, stronger supplier relationships, and better reputation
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weitzner and deutsch
problem with instrumental thinking is that stakeholders can become a means to an end. and their value depends on whether they benefit the firm
ethics should be intrinsic. stakeholders have value in themselves and their interests shouldnt be protected only when it produces profits
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BUT
stakeholder relationships arent just strategic assets. employess arent only productive resources, customers arent just sources of revenue, communnities arent only useful for maintaining reputation
does it matter why a company behaves ethically if result is beneficial? is an ethical action still truly ethical if the motivation is profit?
pe in healthcare
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weitzner and deutsch connection: patients shouldnt matter merely because they affect reputation/profit
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goldman sachs complaints
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weitzner and deutsch connection: employees deserve respect regardless of whether it improves performance
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b corp movement
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weitzner and deutsch:: but if companies only pursue purpose bc its profitable, is that genuine ethical responsibilit?
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palantir politics
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taylor connection: strongest connection, corporations are social/political actors, not isolated economic entities
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