[Business Ethics A Managerial Approach Wicks Pdf Download
Virginie Fayad
Through his teaching and research, Andrew C. Wicks encourages us to ask questions about how we live and operate in the world - as individuals, as organizations and as a society. An ethicist with a background in religious studies, he examines both the theoretical and practical implications of ethics through thought-provoking courses such as: "Responsible Leadership: Ultimate Questions and Creating Value for Stakeholders"; "Leadership, Values and Ethics"; "Servant Leadership"; and "Contemporary Issues in Business Ethics."
Wicks is the Ruffin Professor of Business Administration at Darden. His leadership roles across the school include director of the Olsson Center for Applied Ethics, academic director of the Institute for Business in Society, academic adviser for the Business Roundtable Institute for Corporate Ethics and director of Darden's Doctoral Program. Wicks is a member of the leadership track for the Academy of Management, serving in a variety of leadership roles, including program chair of the Social Issues in Management (SIM) Division.
An expert in integrating ethics across the organization and across academic disciplines, Wicks also serves as an adjunct professor in UVA's Religious Studies Department and the Frank Batten School of Leadership and Public Policy. He regularly teaches and gives academic talks abroad in countries such as Australia, China, England, Finland, France, Germany, Ireland and New Zealand.
Known internationally for his research in business ethics and stakeholder theory, Wicks also examines topics such as trust, health care ethics, total quality management, and stakeholder theory as it relates to morality and spirituality. His recent research explores issues such as ethics in the supply chain, the ethical implications of accounting discretion and the consequences of "the dark side" of stakeholder theory. He has also been collaborating with the UVA Medical Center to better understand new approaches to patient care, with a particular focus on patient responsibility.
Co-author of five books, Wicks has published extensively in journals in business ethics, management, health care and the humanities, and served as guest editor of Business Ethics Quarterly and Journal of Management, Spirituality and Religion. He has received numerous awards for both his research and teaching and is frequently quoted in mainstream media such as Bloomberg Businessweek, Financial Times, Fortune, NPR, Poets & Quants, Time Magazine and The Washington Post.
Does Stakeholder Orientation Matter? An Empirical Examination of The Relationship Between Stakeholder Management Models and Firm Financial Performance. Academy of Management Journal. Vol. 42 (5: 1999): 488-506 (Shawn Berman, Wicks, Suresh Kotha and Tom Jones)
Advancing knowledge through research that shapes business, Darden professors are recognized thought leaders in their fields. They are not only master case method teachers, they also author many of the cases used in Darden classrooms and around the world.
The stakeholder theory is a theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others.[1] It addresses morals and values in managing an organization, such as those related to corporate social responsibility, market economy, and social contract theory.
The stakeholder view of strategy integrates a resource-based view and a market-based view, and adds a socio-political level. One common version of stakeholder theory seeks to define the specific stakeholders of a company (the normative theory of stakeholder identification) and then examine the conditions under which managers treat these parties as stakeholders (the descriptive theory of stakeholder salience).[2]
In fields such as law, management, and human resources, stakeholder theory succeeded in challenging the usual analysis frameworks, by suggesting that stakeholders' needs should be put at the beginning of any action.[3] Some authors, such as Geoffroy Murat, tried to apply stakeholder's theory to irregular warfare.[4]
Concepts similar to modern stakeholder theory can be traced back to longstanding philosophical views about the nature of civil society itself and the relations between individuals.[5] In Miles v Sydney Meat-Preserving Co Ltd (1912), which saw the rejection of a shareholder's legal right to a dividend, Australian chief justice Samuel Griffith observed that:
The law does not require the members of a company to divest themselves, in its management, of all altruistic motives, or to maintain the character of the company as a soulless and bowelless thing, or to exact the last farthing in its commercial dealings, or forbid them to carry on its operations in a way which they think conducive to the best interests of the community as a whole.[6]
Numerous articles and books written on stakeholder theory generally identify Freeman as the "father of stakeholder theory".[14] Freeman's Strategic Management: A Stakeholder Approach (1984) is widely cited in the field as being the foundation of stakeholder theory,[15] although Freeman himself refers to several bodies of literature used in the development of his approach, including strategic management, corporate planning, systems theory, organization theory, and corporate social responsibility. A related field of research examines the concept of stakeholders and stakeholder salience, or the importance of various stakeholder groups to a specific firm.
An anticipation of such concepts, as part of Corporate Social Responsibility, appears in a publication that appeared in 1968 by the Italian economist Giancarlo Pallavicini, creator of "the decomposition method of the parameters" to calculate the results are not directly economic activity of enterprise, regarding ethical issues, moral, social, cultural and environmental.[16]
More recent scholarly works on the topic of stakeholder theory that exemplify research and theorizing in this area include Donaldson and Preston (1995),[15] Mitchell, Agle, and Wood (1997),[17] Friedman and Miles (2002),[18] and Phillips (2003).[19]
Mitchell, et al. derive a typology of stakeholders based on the attributes of power (the extent a party has means to impose its will in a relationship), legitimacy (socially accepted and expected structures or behaviors), and urgency (time sensitivity or criticality of the stakeholder's claims).[23] By examining the combination of these attributes in a binary manner, 8 types of stakeholders are derived along with their implications for the organization. Friedman and Miles explore the implications of contentious relationships between stakeholders and organizations by introducing compatible/incompatible interests and necessary/contingent connections as additional attributes with which to examine the configuration of these relationships.[24] Robert Allen Phillips distinguishes between normatively legitimate stakeholders (those to whom an organization holds a moral obligation) and derivatively legitimate stakeholders (those whose stakeholder status is derived from their ability to affect the organization or its normatively legitimate stakeholders).
Stakeholder theory succeeds in becoming famous not only in the business ethics fields; it is used as one of the frameworks in corporate social responsibility methods. For example, ISO 26000 and GRI (Global Reporting Initiative) involve stakeholder analysis.[25]
In the field of business ethics, Weiss, J.W. (2014) illustrates how stakeholder analysis can be complemented with issues management approaches to examine societal, organizational, and individual dilemmas. Several case studies are offered to illustrated uses of these methods.
Stakeholder theory has seen growing uptake in higher education in the late 20th and early 21st centuries.[26] One influential definition defines a stakeholder in the context of higher education as anyone with a legitimate interest in education who thereby acquires a right to intervene.[27] Studies of higher education first began to recognize students as stakeholders in 1975.[28] External stakeholders may include employers.[28] In Europe, the rise of stakeholder regimes has arisen from the shift of higher education from a government-run bureaucracy to modern systems in which the government's role involves more monitoring than direct control.[29]
Economist and university professor Danuše Nerudov, a candidate in the 2023 Czech presidential election, is a proponent of stakeholder capitalism where "questions of sustainability and global politics, as well as the development of domestic societies" will have increased relevance for company and state decision making. Researcher Benjamin Tallis has examined whether a move from neoliberalism to stakeholder capitalism, "which implies a different role for the state as well as a focus on creating more cohesive and resilient societies", could affect public optimism in the Czech Republic.[30]
The political philosopher Charles Blattberg has criticized stakeholder theory for assuming that the interests of the various stakeholders can be, at best, compromised or balanced against each other. Blattberg argues that this is a product of its emphasis on negotiation as the chief mode of dialogue for dealing with conflicts between stakeholder interests. He recommends conversation instead and this leads him to defend what he calls a 'patriotic' conception of the corporation as an alternative to that associated with stakeholder theory.[31]
Management scholar Samuel F. Mansell argued that stakeholder theory, by applying the political concept of a 'social contract' to the corporation, undermines the principles on which a market economy is based, and could thereby increase the opportunities of weak stakeholder exploitation by self-interested managers rather than to decrease them.[32]
This paper aims to empirically verify whether the development of improved relationships between higher education institutions (HEIs) and their stakeholders based on the principles of stakeholder theory creates more value.
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