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First Term Paper
SOSC
2340/49 9.0
F/W 2021-22
Intermediate Business and Society
Please write an essay on one of the topics listed below.
You will be marked on the degree to which you write your essay and develop your
argument/thesis clearly and systematically. You will also be expected to
demonstrate your skill in using and assessing the relevant course readings.
Excessive quotation from readings is strongly discouraged. APA style reference
lists and parenthetical citations are required.
Your essay should only be based on course materials,
which means required readings, recommended materials on the E-Class site and
lectures. Be sure to provide an original title for your essay. In addition,
your essay should be paginated, and you are free to use subheadings for
sections.
Further guidance will be provided in lectures, tutorials
and on the course E-Class site. A list of first term required readings will be
provided on the assignment page on the E-Class site.
Topics (choose one)
1.
Explain the shareholder primacy model of corporate governance and
discuss the theories or arguments that might be used to defend it. Why are
authors like Salazar, Bower and Paine and others concerned about the
implications of this model and are their concerns or criticisms justified? Be
sure to discuss whether there might be promising alternatives to shareholder
primacy and also whether developments such as the rise of “asset manager
capitalism” or new forms of corporate power shed new light on these issues.
2.
Some people like Milton Friedman (1970) have argued that the social
responsibility of business is to make a profit, and that business leaders
should not be distracted by the pursuit of the public good or social and
ethical values. Others argue that the goal of running a successful business can
involve - and be consistent with - “doing good.” Using the readings by Birch
and Bakan (and any other course materials that apply) write an essay addressing
the issue of corporate social responsibility in light of the apparent conflict
between the two perspectives mentioned above. Be sure to discuss how the topic
of the social responsibility of business is related to the issue of business
regulation.
Question
2: Social Responsibility of Business
Student’s
Name
Institutional
Affiliation
Course
Professor’s
Name
Date
Social
Responsibility of Business
Not
a single business is run with the goal of getting losses. Every business
venture is geared towards getting profits and having the business remain
solvent. The debate arises on whether the business should be pursued with
regard to the public good or social ethics or with a disregard of the same
provided the business is making profits. Some people will articulate for the
conservation of public good and maintaining social ethics, while others hold
that the public good is not important and businesses should only be concerned
with making profits. The success of a business will be determined by the
profits that the company makes and not the public good that the business has
managed to serve; this is the argument of the opponents of business under the
pursuit of the public good. The business
has social responsibility in that in their pursuit of maximizing their
shareholder value, they should act in a way that society can benefit from them.
This calls for companies to have policies that promote the well-being of
society and the environment and as well reduce the negative effect on them
(Friedman, 2007). Social responsibility can be achieved by businesses
supporting ethically-oriented practices and supporting volunteering practices
in society. Social responsibility can be categorized into four main categories;
these are environmental, ethical, philanthropic, and economic responsibility.
The two antagonizing sides of the debate advocate for the shareholder theory
and the stakeholder theory. The advocates of the stakeholder theory hold for
the provision of society’s expectations(Bakan, 2020). The advocates of
shareholder theory hold for the maximization of shareholder value and should
only seek to obey the law. Businesses should strive to achieve this social
responsibility alongside maximizing shareholder value; Corporate social
responsibility should be pursued if it accomplishes the profit maximization
with respect to ethical principles.
Corporate Social Responsibility (CSR)
and its relation to business
Corporate
social responsibility has in the recent past gained a lot of discussions and a
long-debated area. What is the place of
business? Is it the role of business to solve societal issues? Or should business be focused on maximizing
profits or shareholder value? This debate brings to different light economists
who advocated for two warring sides of the debate; Birch and Bakan and Milton
Friedman. It is evident that the key objective that business should strive for
profits, but the debate is on whether the quest for maximizing shareholder
value should be done on the disregard to social welfare and the application of
morals (Bakan, 2020).
What is CSR?
CSR has many definitions depending on the context that the phrase is used. The definition of CSR can be said to range from performing standard ethical practice to improving societal welfare. One of the sound and complete definitions is “The social responsibility of business encompasses the economic, legal, ethical, and discretionary expectations that society has of organizations at a given point in time” (Friedman, 2007). This definition is according to Archie Caroll, a then professor from the University of Georgia. The definition gives rise to the four types of corporate social responsibility; environmental, ethical, philanthropic, and economic responsibility. Commission of the European Communities defines Corporate...
