Back to School Offer

Get 20% of Your First Order amount back in Reward Credits!

Get 20% of Your First Orderback in Rewards

All papers examples
Get a Free E-Book! ($50 Value)
HIRE A WRITER!
Paper Types
Disciplines
Get a Free E-Book! ($50 Value)

Stakeholder Relationships, Social Responsibility, and Corporate Governance, Essay Example

Pages: 1

Words: 371

Essay

I learned how to identify the role played by stakeholder while maintaining business ethics. Additionally, a clear definition social responsibility and importance of stakeholder’ orientation was mentioned with relevant examples applying in the current business environments. In addition, I differentiated between primary and secondary stakeholders. Under the corporate governance, it provided a formalized responsibility to stakeholders. I learned how ethical misconduct and immoral decisions significantly affects the reputation of a company especially, when it damages the stakeholders’ confidence and worth. This leads to loss of both investor and consumer investment. For example, Toyota incurred a substantial damage to its reputation due to mechanical problems in their vehicles like sudden accelerations. Furthermore, the profits of Toyota dropped by 39% (Business Ethics, p.32). Reputation is one of the greatest intangible asset with a tangible value. Having a positive reputation is complex to measure but it is extremely valuable (Business Ethics, p.41). The role of Board of Directors was also discussed and greater demand for accountability and transparency.

  1. The most important thing from this chapter that I learnt is how business ethics and issues revolve around relationships. All stakeholders define significant ethical issues in business through implementing a six-step framework. Each step is unique and carries a strategic point that needs to be incorporated by businesses in promoting the organizations future success while maintaining a solid reputation. This will aid in maintaining customer relation and commitment when dealing with the organization. I believe that in today’s businesses, having a good and effective corporate governance and understanding the usefulness of business ethics leads to the achievement of success and maximum profits.
  2. On the topic of executive compensation, it was not clear on how it is linked to the overall performance of the country. Compensating executives may encourage them to concentrate company’s performance on the short-term at the expense of long-term performance. I agree with compensating executives, but having the Board of directors responsible for compensating managers is confusing. Many CEO’s received large bonuses as they voted for themselves while the companies requested for government bailouts (Business Ethics, p.42). These features need to be spelt out in order to reduce the inadequacies faced by accountants while computing financial statements to account for money reimbursed during a financial year.
Time is precious

Time is precious

don’t waste it!

Get instant essay
writing help!
Get instant essay writing help!
Plagiarism-free guarantee

Plagiarism-free
guarantee

Privacy guarantee

Privacy
guarantee

Secure checkout

Secure
checkout

Money back guarantee

Money back
guarantee

Related Essay Samples & Examples

Multinational vs Multicultural, Essay Example

The main difference between a multinational and a multicultural organization is that a multinational operates in several countries while a multicultural has individuals from diverse [...]

Pages: 1

Words: 378

Essay

Prevent terrorist strikes on American soil, Essay Example

Goal, Objectives, and Strategies The Department’s goal is to protect the homeland by thwarting terrorist threats and implementing emergency plans. These are the Department’s top [...]

Pages: 1

Words: 412

Essay

Science and Technology and Nation-Building, Essay Example

Science plays a pivotal role in technology. The combination of science and technology (S&T) results in the development of new knowledge used to improve human [...]

Pages: 3

Words: 768

Essay

Plato’s Portrayal of Socrates and the Historical Socrates, Essay Example

Socrates, the Athenian philosopher, changed how philosophers thought about the world. However, modern audiences believe that Socrates did not write any of his ideas down [...]

Pages: 5

Words: 1285

Essay

Ambiguity, Essay Example

The New Task I am Proposing My proposal is a promotion at work. I am a Business Development Associate at Universal New York, NY. My [...]

Pages: 1

Words: 278

Essay

Narratives That Shape Our World, Essay Example

The context and the values in the text Othello by William Shakespeare have shaped me in perspective through the main character Othello. I perceive life [...]

Pages: 6

Words: 1574

Essay

Multinational vs Multicultural, Essay Example

The main difference between a multinational and a multicultural organization is that a multinational operates in several countries while a multicultural has individuals from diverse [...]

Pages: 1

Words: 378

Essay

Prevent terrorist strikes on American soil, Essay Example

Goal, Objectives, and Strategies The Department’s goal is to protect the homeland by thwarting terrorist threats and implementing emergency plans. These are the Department’s top [...]

Pages: 1

Words: 412

Essay

Science and Technology and Nation-Building, Essay Example

Science plays a pivotal role in technology. The combination of science and technology (S&T) results in the development of new knowledge used to improve human [...]

Pages: 3

Words: 768

Essay

Plato’s Portrayal of Socrates and the Historical Socrates, Essay Example

Socrates, the Athenian philosopher, changed how philosophers thought about the world. However, modern audiences believe that Socrates did not write any of his ideas down [...]

Pages: 5

Words: 1285

Essay

Ambiguity, Essay Example

The New Task I am Proposing My proposal is a promotion at work. I am a Business Development Associate at Universal New York, NY. My [...]

Pages: 1

Words: 278

Essay

Narratives That Shape Our World, Essay Example

The context and the values in the text Othello by William Shakespeare have shaped me in perspective through the main character Othello. I perceive life [...]

Pages: 6

Words: 1574

Essay

Get a Free E-Book ($50 in value)

Get a Free E-Book

How To Write The Best Essay Ever!

How To Write The Best Essay Ever!