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Source : http://dinalorstar.blogspot.com/2013/02/assignment-2.html
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Chapter 2 : Framing Business Ethic
Topic : Corporation In Business Ethic
1. What is Corporation
Corporation is one entity of the modern global economy today. The entity is has been incorporate through a legislative or registration process established through legislation Incorporated entities have legal rights and liabilities that are distinct from their shareholders and may conduct business for either profit-seeking business or not for profit purposes.
Source : http://en.wikipedia.org/wiki/Corporation
2. List Down the features of corporation?
There are many features of a corporation including this point, but not necessarily limited only to the point given.
i.
A corporation is a legal entity.
ii.
Tax advantages, especially in states where there is no corporate income tax.
iii.
Multiple owners.
iv.
Limited liability.
v.
Perpetual existence.
vi.
(Possibly) easier to raise capital by selling shares of stock.
3. What is Corporate Social Responsibilities
Corporate initiative to assess and take responsibility for the company's effects on the environment and impact on social welfare. The term generally applies to company efforts that go beyond what may be required by regulators or environmental protection groups. Corporate social responsibility may also be referred to as "corporate citizenship" and can involve incurring short-term costs that do not provide an immediate financial benefit to the company, but instead promote positive social and environmental change.
Source : http://www.investopedia.com/terms/c/corp-social-responsibility.asp#axzz2LjVF5Otz
4. List Down and explain Caroll’s four part model of corporate social responsibilities
i.
Economic responsibilities:
The first responsibility of the company towards society refers to running the business as an economically healthy unit. It includes aspects such as return on investment for shareholders, fair employee salaries, and quality products supplied to customers at fair prices; all required by the society. (
Crane & Matten, 2004)
ii.
Legal responsibilities
Demands that companies act in accordance with existing legislation and regulatory requirements. The legal framework consequentially fosters society’s ethical view and all companies attempting to be socially responsible are therefore required by society to follow the law. (
Crane & Matten, 2004)
iii.
Ethical responsibilities
Refers to corporations’ responsibilities which are not covered by legal or economical requirements, but instead by what could be considered as ‘right’ or ‘fair’ in the eyes of society. Society therefore expects corporations to act ethically towards their stakeholders. (
Crane & Matten, 2004)
iv.
Philanthropic responsibilities
Involves the corporation’s willingness to enhance the quality of living for their stakeholders (i.e. employees, local community, and society at large) through charitable donations and organisational support. These corporate decisions are entirely voluntary, of less importance than the former three, and (with regards to social responsibility) only seen as desired by society. (
Crane & Matten, 2004)
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