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First, think about this question: what do you think Business owes society? Then, read the Porter and Kramer article XXXXXXXXXXBased upon your reading of Porter, has your view changed? How should what...

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  1. First, think about this question: what do you think Business owes society? Then, read the Porter and Kramer article XXXXXXXXXXBased upon your reading of Porter, has your view changed? How should what business owes society be enforced (government, industry standards, no enforcement at all)?

  2. Consider the relationship between tech/social media companies (e.g., Facebook, Google, Twitter) and the U.S. government (and other governments) over the past couple of years. Do you think governments are becoming more or less willing to intervene with regard to the impact of Business on society? Why or why not?

  3. Extending from Porter, how and when do you think CSR translates to firm performance? From a consumer and investor standpoint, how do you see this changing over time, andwhy?Feel free to include relevant examples from companies you may learn about through web searches, or from this week's readings about Patagonia.

Answered 2 days After May 17, 2023

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Ayan answered on May 20 2023
28 Votes
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    Given that it requires thinking about how companies fit within a larger social framework, the subject of what corporations owe society is intricate and diverse. Businesses have a duty to contribute to the welfare of society even though their main goal is to make money. This involves acting ethically, treating workers fairly, caring for the environment, and generating wealth for parties other than simply shareholders. After reading the Porter and Kramer piece, which emphasizes the idea of shared value, I have been reaffirmed in my belief that business has a responsibility to society. According to the shared value model, firms may solve social issues and difficulties while also generating financial benefit. Instead than arguing that social responsibility is a burden or an extra expense for corporations, it emphasizes how these entities may incorporate social and environmental factors into their main business plans to achieve long-term success. There is no one method that works for all situations when it comes to enforcing what business owes society. It necessitates a mix of tools, including as laws, norms set by the industry, and voluntarily made by enterprises (Nisar et al.). Government rules are essential for establishing the minimum requirements and guaranteeing compliance. They can create regulations for company conduct, encourage fair competition, and safeguard the rights of workers and customers. In order to prevent inhibiting innovation and impeding economic progress, rules should be carefully cali
ated.
    Industry norms are also crucial for directing companies towards ethical behavior (Hayes & Michelle). They can offer standards, recommendations, and benchmarks for many industries. Establishing and upholding these standards with the aid of industry groups, certifications, and partnerships helps build a culture of accountability within the corporate community. Businesses should also take responsibility for their actions and take proactive measures to follow ethical standards. This entails creating solid corporate governance frameworks, putting ethical principles into practise, ca
ying out routine audits, and publicly disclosing their social and environmental implications. To show their dedication to ethical conduct, businesses can also join voluntary programmes and frameworks like the Global Reporting Initiative or the United Nations Global Compact. Regarding the interaction between governments and tech/social media corporations, it is clear that as a result of the effects that these businesses have on...
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