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Definition
| any organization that is engaged in making a product or providing a service for a profit |
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refers to human beings and to the social structures they collectively create
- also used to refer to segments of humankind, such as members of a particular community, nation, or interest group
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- first introduced in the 1940s
- Argues that all organisms are open to, and interact with, their external environments
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| Interactive Social System |
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| the closely intertwined relationships between business and society |
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Term
| Boundary- Spanning Departments |
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Definition
| departments, or offices, within an organization that reach across the dividing line that separates a company from groups and people in society |
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| Ownership Theory of the Firm |
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Definition
a theory that holds that the purpose of the firm is to maximize the long-term return for its shareholders
- also called property or finance theory of the firm
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Definition
| a person or group that affects, or is affected by, a corporation's decisions, policies, and operations |
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| an analytic process used by managers that identifies the relevant stakeholders in a particular situation and seeks to understand their interests, power, and likely coalitions |
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Definition
| alliances among company's stakeholders to pursue a common interest |
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Definition
| the nature of each stakeholder group, its concerns, and what it wants from its relationship with the firm |
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Definition
| a stakeholder that engages in economic transactions with a company |
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Definition
| a stakeholder that does not engage in direct economic exchange with a company, but is affected by or can affect its actions |
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Definition
| A graphical representation of the relationship of stakeholder salience to a particular issue |
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Term
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Definition
| the ability of one or more stakeholders to achieve a desired outcome int their interactions with a company. The four types are voting power, economic power, political power, and legal power |
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Definition
| a stakeholder's ability to stand out from the background, to be seen as important, or to draw attention to itself or its issue. Stakeholders are more salient when they posses power, legitimacy and urgency |
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| Stakeholder Theory of the Firm |
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Definition
| a theory that hold that the purpose of the firm is to create value for society |
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Definition
| the idea that the wealthiest members of society should be charitable toward those less fortunate |
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| refers to the capability of corporations to influence government, the economy, and society, based on their organizational resources |
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| Corporate Social Responsiblity (CSR) |
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Definition
| a corporation should act in a way that enhances society and its inhabitantas and be held accountable for any of its actions that affect people, their communites, and their environment |
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Term
| Enlightened Self-Interest |
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Definition
| the view that holds it is in business's self-interest in the long run to provide true value to its stakeholders and behave responsible as a global corporate citizen |
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| Iron Law of Responsibility |
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Definition
| says that in the long run, those whodo not use power in ways that society considers responsible will tend to lose it |
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Definition
| a belief that a firm must abide by the laws and regulations governing the society |
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| refers to desirable or undesirable qualities associated with an organization or its actors that may influence the organization's relationships with its stakeholders |
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Definition
| the idea that business managers, as public stewards or trustess, have an obligation to see that everyone- particularly those in need or at risk- benefits from the company's actions |
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