|Corp Social Responsibility - 25717 - STRT 610 - 20|
Corporate responsibility concerns the relationship between business and society. Companies are increasingly being viewed as not only profit-making enterprises but also as organizations with impact on - and responsibilities toward – multiple stakeholders, including customers, employees, suppliers, shareholders/financiers, communities and the physical environment in which they source, manufacture, market and sell products and services.
The interplay of business and society is nuanced and complex, and views on corporate responsibility have evolved over time. Classical economics taught that the social and environmental impacts of business were externalities—by-products to be addressed either by government (through regulation) or by charitable nonprofits which some companies support philanthropically. Classical finance went further, arguing that any corporate focus on social issues was a misuse of shareholder resources.
More recently, with the rise of the modern corporate social responsibility movement, consumers and citizens have demanded more from companies than only financial results. Most businesses have aspired to comply with societal demands and government mandates for better business practices that affect people and the planet; some companies have pushed ahead by staking their brands and competitive positions on being highly socially and environmentally responsible. By the 2010s, the concept of creating shared value - social, environmental and economic value – has moved mainstream, with more traditional companies exploring ways to integrate competitive strategies that incorporate social and environmental value into triple bottom line goals.
This course will explore corporate responsibility and creating shared value, and how these practices play out in today’s increasingly complex and competitive business environment. Students will review and examine rationales and practices of corporations striving to “do well by doing good,” ie. “do well” by improving financial performance and building wealth for financial shareholders, and “do good” by striving to have positive impact on people and the planet - including employees, consumers, and communities affected by the businesses. Students will explore the challenging realities associated with managing against multiple bottom lines; they also will discuss cases of companies that are less engaged in corporate responsibility. Not all companies or industries are such active proponents; it is often hard to find the sweet-spot where financial and social value converge. And there are plenty of cases of clear corporate social irresponsibility. We will explore the entire spectrum of ways that business and society relate – for better or for worse.
Associated Term: Fall 2018
Registration Dates: May 01, 2018 to Nov 02, 2018
Levels: MN or MC Graduate
Attributes: MBA Evening Elective 2nd Mod
Lecture Schedule Type
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