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Stewardship theory is a theory that managers, left on their own, will act as responsible stewards of the assets and resources they control. [ citation needed ] Stewardship theorists assume that given a choice between self-serving behavior and pro-organizational behavior, a steward will place higher value on cooperation than defection.
Stewardship is a practice committed to ethical value that embodies the responsible planning and management of resources. The concepts of stewardship can be applied to the environment and nature, [ 1 ] [ 2 ] [ 3 ] economics, [ 4 ] [ 5 ] health, [ 6 ] places, [ 7 ] property, [ 8 ] information, [ 9 ] theology, [ 10 ] and cultural resources.
Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper. [citation needed]
The function of developing and implementing business ethics in an organization is difficult. Due to each organization's culture and atmosphere being different, there is no clear or specific way to implement a code of ethics in an existing business. Business ethics implementation can be categorized into two groups; formal and informal measures.
Examples of a company's internal and external stakeholders Protesting students invoking stakeholder theory at Shimer College in 2010. The stakeholder theory is a theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others. [1]
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Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
Stockton took over in the second half and helped rejuvenate a Georgia offense that scored only three points in the entire first half, before having to leave the game himself following a hard hit.