ETHICS 3- Stakeholder Theory

1. 1Definition of a stakeholder: 'any group or [blank_start]individual[blank_end] that can affect, or be [blank_start]affected[blank_end] by the achievement of the organisation's objectives' [blank_start]Freeman[blank_end] (19[blank_start]84[blank_end])

   1. Aindividual
   2. Baffected
   3. CFreeman
   4. D84
2. 2This definition has changed from the Stanford Memo ([blank_start]1963[blank_end]) which described a stakeholder as 'groups without [blank_start]whose[blank_end] support the [blank_start]organisations[blank_end] would cease to [blank_start]exist[blank_end]'

   1. A1963
   2. Bwhose
   3. Corganisations
   4. Dexist
3. 3Freeman (19[blank_start]84[blank_end]) describes stakeholder THEORY as 'the idea that each different [blank_start]group[blank_end] of stakeholder is [blank_start]important[blank_end] to the success of the [blank_start]business[blank_end]' (in its own way)

   1. A84
   2. Bgroup
   3. Cimportant
   4. Dbusiness
4. 4Forms of stakeholder theory (according to Donaldson and [blank_start]Preston[blank_end], 19[blank_start]95[blank_end]) D[blank_start]escriptive[blank_end], I[blank_start]nstrumental[blank_end] and N[blank_start]ormative[blank_end] - all aspects are mutually supportive

   1. APreston
   2. B95
   3. Cescriptive
   4. Dnstrumental
   5. Eormative
5. 5Donaldson and Preston ([blank_start]1995[blank_end]) on Descriptive Theory:
   -describes and explains c[blank_start]orporate[blank_end] characteristics and behaviours
   -do corporations take into account the [blank_start]interests[blank_end] of stakeholders?

   1. A1995
   2. Borporate
   3. Cinterests
6. 6Donaldson and Preston ([blank_start]1995[blank_end]) on Instrumental:
   -Is it beneficial for firms to take stakeholder interests into account?
   -examines [blank_start]connections[blank_end] (if any) between stakeholder management and [blank_start]achievement[blank_end] of performance goals

   1. A1995
   2. Bconnections
   3. Cachievement
7. 7Donaldson and Preston (1995) on Normative:
   -Tries to reason why a firm [blank_start]should[blank_end] take stakeholder interests into account
   -tries to [blank_start]interpret[blank_end] function of firm to identify moral/[blank_start]philosophical[blank_end] guidelines for management

   1. Ashould
   2. Binterpret
   3. Cphilosophical
8. 8BUT O[blank_start]rts[blank_end] and S[blank_start]trudler[blank_end] (200[blank_start]9[blank_end]) say that there is no common measure to [blank_start]quantify[blank_end] a stakeholder, therefore you can't balance and [blank_start]prioritise[blank_end] their interests

   1. Arts
   2. Btrudler
   3. C9
   4. Dquantify
   5. Eprioritise
9. 9Stakeholder Theory links to Resource [blank_start]Dependance[blank_end] Theory by [blank_start]Froo[blank_end]man (1[blank_start]999[blank_end])
   -firms need [blank_start]resources[blank_end], others can gain power over these resources
   -EG [blank_start]withholding[blank_end] strategies (discontinuing to provide resources)
   -EG [blank_start]Usage[blank_end] strategies (continue use of products but with strings attached)

   1. ADependance
   2. BFroo
   3. C999
   4. Dresources
   5. Ewithholding
   6. FUsage
10. 10Crane and Matters (200[blank_start]7[blank_end]) talk about how firms can engage in [blank_start]corporate[blank_end] citizenship
    EG Social rights - [blank_start]Lush[blank_end] cosmetics don't do zero hour contracts
    EG Political rights - [blank_start]Salesforce[blank_end] threatened to pull investment from US states considering anti-LGBT legislation

    1. A7
    2. Bcorporate
    3. CLush
    4. DSalesforce

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B Business Ethics Quiz on ETHICS 3- Stakeholder Theory, created by Alina Mironova on 21/05/2019.

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Alina Mironova

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