Part Two Final Project Complete And Submit For Grading

Part Two Final Project Complete And Submit For Grading Part Two Of

Write in your responses Question A) What is this corporation's social corporate responsibility for each ethical issue or concern for the four areas of corporate social responsibility? Write a minimum of 2 pages in APA format addressing these issues and citing one of the philosophers from the diagram above to help you substantiate your argument or viewpoint. •Legal •Economic •Ethical •Philanthropic

This question is on Stakeholder Management. Write a minimum of 2 pages in APA format addressing the questions below regarding these stakeholders: employee, the customer, the community and the shareholders: •What is each of the above stakeholders' interests for each ethical issue or concern you identified? What are the stakeholders’ responsibilities for each ethical issue or concern you identified? What are the possible decisions the corporation could make for each ethical issue or concern, and what are the possible effects on the stakeholders?

Paper For Above instruction

In analyzing a corporation’s social corporate responsibility (CSR), it is essential to consider the four fundamental areas: legal, economic, ethical, and philanthropic responsibilities. Each area plays a crucial role in shaping corporate behavior and societal expectations. This paper explores these dimensions by examining a hypothetical corporation’s responsibilities, stakeholder interests, and the potential impact of various decisions, substantiated by philosophical perspectives.

Legal Responsibility

The legal responsibility of a corporation entails adhering to laws and regulations established by governmental authorities. This includes compliance with employment laws, environmental regulations, consumer protection statutes, and corporate governance standards. For instance, ensuring fair labor practices aligns with legal responsibilities, emphasizing the importance of abiding by minimum wage laws and safety standards. A corporation’s failure to meet legal obligations can result in penalties, lawsuits, and damage to reputation, thereby necessitating meticulous compliance strategies (Carroll, 1991).

Economic Responsibility

Economic responsibilities refer to a company's fundamental duty to be profitable and financially sustainable while providing goods and services that society needs. This responsibility underpins the company's capacity to create jobs, generate wealth, and contribute to economic growth. For example, ethical economic practices include transparent financial reporting and investing in community development (Crowther & Aras, 2018). These activities not only ensure profitability but also foster long-term stability and stakeholder trust.

Ethical Responsibility

Ethical responsibility involves doing what is right beyond mere legal compliance, guided by moral principles and societal norms. The corporation must consider issues such as fair labor practices, environmental sustainability, and respect for human rights. Philosophically, many firms draw on Kantian ethics, emphasizing duty and moral obligation (Kant, 1785). For instance, avoiding exploitation of workers or environmental degradation exemplifies an ethical stance that values moral duty over profit. Such commitments earn stakeholder respect and promote a positive corporate reputation.

Philanthropic Responsibility

Philanthropic responsibility encompasses voluntary actions that promote community well-being and improve societal welfare. Corporations may engage in charitable donations, community development projects, and environmental conservation initiatives. These activities demonstrate a commitment to social betterment and reflect a corporate ethos of giving back (McWilliams & Siegel, 2001). Though voluntary, philanthropy can strengthen community relations and enhance brand loyalty.

Stakeholder Interests and Responsibilities

Stakeholders such as employees, customers, the community, and shareholders each have unique interests related to these ethical dimensions. Employees seek fair wages, safe working conditions, and career development opportunities, aligning with the corporation’s legal and ethical responsibilities. Customers desire high-quality, safe products, and transparency, which relate to both ethical and legal responsibilities.

Communities expect corporations to be environmentally conscious and contribute to local development—philanthropic and ethical responsibilities. Shareholders prioritize profitability and sustainable growth, emphasizing economic responsibilities. Responsibilities of stakeholders include supporting the corporation’s ethical standards, advocating for responsible practices, and engaging in dialogues to foster mutual understanding (Freeman, 1984).

Decision-Making and Effects on Stakeholders

The corporation’s decisions regarding ethical issues can significantly influence stakeholder well-being. For example, prioritizing environmental sustainability over short-term profits may affect shareholders’ returns but benefit the community and the environment. Conversely, neglecting legal responsibilities can lead to sanctions impacting all stakeholders adversely.

Decisions such as implementing fair labor practices or engaging in community development may entail increased costs but cultivate trust and loyalty among employees, customers, and communities. Ethical decision-making fosters long-term sustainability, whereas neglecting stakeholder concerns can lead to reputational damage and financial loss (Mitchell, Agle, & Wood, 1997).

Conclusion

In conclusion, a comprehensive understanding of corporate social responsibility across legal, economic, ethical, and philanthropic domains is vital for sustainable business practices. Stakeholder interests must be carefully balanced with corporate responsibilities to ensure decisions promote mutual benefits and social good. Drawing on philosophical insights, such as Kantian ethics, emphasizes the moral obligations inherent in corporate conduct, fostering trust and integrity in business relationships.

References

• Carroll, A. B. (1991). The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders. Business Horizons, 34(4), 39-48.
• Crowther, D., & Aras, G. (2018). Corporate Social Responsibility (3rd ed.). Sage Publications.
• Kant, I. (1785). Groundwork of the Metaphysics of Morals.
• McWilliams, A., & Siegel, D. (2001). Corporate Social Responsibility: A Theory of the Firm Perspective. Academy of Management Review, 26(1), 117-127.
• Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts. Academy of Management Review, 22(4), 853-886.
• Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman Publishing.