What is the purpose of the for-profit firm?

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Presentation transcript:

What is the purpose of the for-profit firm? What Is Global CSR? What is the relationship between a firm and the societies in which it operates? What responsibility does a firm owe society to self-regulate its actions in pursuit of profit? What is the purpose of the for-profit firm? .

Purpose People create organizations to leverage collective resources in pursuit of common goals. People = stakeholders, shareholders Chandler, Strategic Corporate Social Responsibility, 4th edition. ©SAGE Publications, 2017.

CSR/Business Ethics: Critical AND Controversial Critical because the for-profit sector is the largest and most innovative part of any free society’s economy Create jobs, wealth Comprise food and resource delivery system “Engines of society” Chandler, Strategic Corporate Social Responsibility, 4th edition. © SAGE Publications, 2017.

Why CSR is Contoversial: Meet Milton Friedman Chandler, Strategic Corporate Social Responsibility, 4th edition. © SAGE Publications, 2017.

David Packard (HP): “(Firms) are able to accomplish collectively what they cannot do separately…make a contribution to society…” Chandler, Strategic Corporate Social Responsibility, 4th edition. © SAGE Publications, 2017.

Milton Friedman argued that “few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money as possible for shareholders.” Video Example – If Corporations Profit, Everyone is Better Off. Make Sense? Any Weak Spots in This Argument? Question For Us Chandler, Strategic Corporate Social Responsibility, 4th edition. © SAGE Publications, 2017.

For-Profit Corporations Largest and most innovative part of any free society’s economy They represent primary delivery systems of goods, jobs, services, etc Which is more powerful – corporations or nations?

The Case for Global CRS

Thought Experiment If you wanted to do the most social good in your career, would you enter public service (politics or non-profits), or would you go into business? In fifty years, for many, the answer to the question has changed…

CSR – A Definition For Today A responsibility among firms to meet the needs of their stakeholders and a responsibility among stakeholders to hold firms to account for their actions

Stakeholder Vs Shareholder a person with an interest or concern in something, especially a business Shareholder an owner of shares in a company.

Strategic Corporate Social Responsibility Stakeholder Theory (Freeman, 1984) – A stakeholder is “any group or individual who can affect or is affected by the achievement of an organization’s purpose.” Argues that it is in the company’s strategic interest to respect the interests of all its stakeholders. Chandler, Strategic Corporate Social Responsibility, 4th edition. © SAGE Publications, 2017.