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The Friedman doctrine, also called shareholder theory, is a normative theory of business ethics advanced by economist Milton Friedman which holds that the social responsibility of business is to increase its profits. [1] This shareholder primacy approach views shareholders as the economic engine of the organization and the only group to which ...
Stakeholder theory is a theory of organizational management and business ethics that addresses morals and values in managing an organization. It was originally detailed by Freeman in the book Strategic Management: a Stakeholder Approach, and identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due ...
Social responsibility is an ethical concept in which a person works and cooperates with other people and organizations for the benefit of the community. [1] An organization can demonstrate social responsibility in several ways, for instance, by donating, encouraging volunteerism, using ethical hiring procedures, and making changes that benefit ...
Corporate social responsibility (CSR) or corporate social impact is a form of international private business self-regulation [1] which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in, with, or supporting professional service volunteering through pro bono programs, community development ...
Social-responsibility theory thus proposes that the media take it upon themselves to elevate society's standards, providing citizens with the information they need to govern themselves. It is in the best interest of the media to do this; if they do not, social theorists warn, the public will demand that the government regulate the media.
Social exchange theory is a sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits. The theory also involves economic relationships—the cost-benefit analysis occurs when each party has goods that the other parties value. [ 1 ]
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] It addresses morals and values in managing an organization, such as those related to corporate social responsibility ...
Social impact theory considers the extent to which individuals can be viewed as either sources or targets of social influence. When individuals work collectively, the demands of an outside source of social influence (e.g., an experimenter or one's boss) are diffused across multiple targets (i.e., diffusion of responsibility across all of the ...