Carroll: major themes• Managerial approach to business ethics +

stakeholder approaches: urgent,enduring?• Practical issues such as responding to

changes in society’s expectations of business.

• Can business address these problems?• If and how can managers respond to

social problems?

Business ethics theme

• ‘Ethics basically refers to issues of right wrong fairness and justice, and business ethics focuses on ethical issues that arise in the commercial realm’ .

• Importance of stakeholder groups such as employees, customers. Managers to resolve conflicts of interest between organization and stakeholder groups

Stakeholder management

• Those with vested interest or stake in the firm. Chapter 4: corporate governance and where stakeholders are represented by boards of directors

• Domestic and global stakeholders are major concerns

Milton Friedman and CSR

Friedman criticised csr for three reasons 1) Corporate philanthropy (organisations

giving money to a charity) distorts the profitability of a company

2) Corporations should not use shareholder funds to support good causes

3) Corporations cannot possess responsibilities

Extra comments about the arguments

1) Companies exist to make profits, not save the planet

2) Such donations reduce company dividends3) Corporations are social constructs. Only

individuals can have responsibilities.

Source: Fisher C and Lovell A, Business ethics and values Harlow FT Prentice Hall 3rd edition pages 311-314 also in 2nd edition pages 311-314 or 1st edition pages 266-268