y goes beyond making profits to include protecting and improving society’s welfare.?Corporations are not independent entities responsible only to stockholders.?Firms have a moral responsibility to larger society to become involved in social, legal, and political issues.?“To do the right thing”Р5–8РРTo Whom is Management Responsible?Р5–9РExhibit 5.1РРРРРРArguments For and Against Social ResponsibilityРFor?Public expectations?Long-run profits?Ethical obligation?Public image?Better environment?Discouragement of further governmental regulation?Balance of responsibility and power?Stockholder interests?Possession of resources?Superiority of prevention over cureРAgainst?Violation of profit maximization?Dilution of purpose?Costs?Too much power?Lack of skills?Lack of accountabilityР5–10РExhibit 5.2
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