Answered: summarize R. E. Freeman's article…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Question

summarize R. E. Freeman's article "Managing for Stakeholders"

Expert Solution

Step 1

Corporate social responsibility: Society provides the resources and working environment to an organization to survive and earn profit. Therefore, it is the duty or responsibility of the organization to give it back to society, employees, shareholders, customers, suppliers, investors, and government, etc.

Employees’ interests should be empathetic and genuine to the company. Balancing exercise is important in the interactive processes with the employees. It can be done by listening to their requirements and concerns and required to provide various substitutes keeping other stakeholders' interests and the company’s objective in mind.