September 2023 Business Finance Assignment
Using the response template and thread below, “How does a Firm Become a Better Corporate Citizen?”, provide a personal reply to the thread, adding additional thought and advancing the conversation. Your reply can be in personal tense, I, you, we, etc. Add only new thought and do not simple restate what the post already says.
200 to 300 words (no more and no less, title page and reference page not counted in word count)
Sources: (must use APA 6th Edition Style)
2 Scholarly Journal that is peer reviewed (must have online link available). Use of TEXT BOOKS or COURSE BOOKS of any type is not authorized.
1 reputable business magazine (must be a periodical, must be current, must provide online link)
1 Biblical quote. (Must be relevant and used in the conclusion. Use N
Template: (Use this template for the reply)
Hi Michael. I appreciate your thoughts and perspective on “How a Firm can become a Better Corporate Citizen”. That is so true what you said about a company not becoming a socially responsible or being a good corporate citizen overnight; however, ironically, that same company that took time to build its reputation can destroy it with one bad decision. (use this as the intro)
Provide new ideas, research, and analysis that create a clear dialogue with the ideas in the thread that you are responding to. Provide real credible business cases backed up by credible sources.
Wrap up and close discussion. Provide Biblical scripture and some discussion to back up your argument.
2 Scholarly Journals that are peer reviewed (must have online link available) Use of TEXT BOOKS or COURSE BOOKS of any type is not authorized.
1 reputable business magazine (must be a periodical, must be current)
1 Biblical quote. Must be relevant and used in the conclusion
Respond to this question and thread
How does a Firm Become a Better Corporate Citizen?
For a firm to become a better corporate citizen, the firm must first accept responsibility to do so. James 4:17 teaches us “Therefore to him that knoweth to do good, and doeth [it] not, to him it is sin” (James 4:17, KJV). Business should be held accountable to do what is socially correct even when it can be costly to the business. Corporate responsibility is a new practice that has been introduced to our business society. We as consumers have been made more conscience of our surroundings and the influence we hold. This has happened through the growth of technology and media, mainly the internet. Think about how a company’s spokesperson can be arrested for driving under the influence, this information can be known by millions of people in a matter of minutes. The first thing a company does is pull their endorsement of the spokesperson, the second is to apologize and donate money to a cause. It is the sheer perception the consumer has of the company that drives this process. Corporations are the driving force behind our communities and the communities support these companies. Lawrence & Weber state,
“We count on corporations for job creation; much of our community well-being; the standard of living we enjoy; the tax base for essential municipal, state, and national services; and our needs for banking and financial services, insurance, transportation, communication, utilities, entertainment, and a growing proportion of health care. These corporations have the resources to make substantial contributions to political campaigns, as discussed in Chapter 8, thus influencing the policies of governments (2014).”
After a need has been expressed throughout the company, it then becomes an action. A firm should look to evaluate its stand in the community and how they are perceived. A concrete criterion flowing from such a commitment is that, in instances where legislation or the actual practices of any public institution violate fundamental human rights, the company will do everything in its power to maintain respect for those fundamental rights in its own operations while exercising its influence to contribute to the reestablishment of those rights (Catholic New Times, 1996). A major corporation in Nike has partnered with nonprofit organizations to better the quality life in third world countries in the workplace (Fischer, n.d.). These steps help to ensure that a firm is on the correct path to being better corporate citizens. Companies do not become socially responsible or good corporate citizens overnight. The process takes time. New attitudes have to be developed, new routines learned, new policies and action programs designed, and new relationships formed (Lawrence & Weber, 2014).
After an evaluation process, a committee is usually formed. This board will help land a code of ethics and begin the process. All kinds of companies have created ethics committees, hired ethics officers and adopted ethics codes. Others have joined associations and display symbols, such as the Rugmark, certifying that products comply with environmental or labor standards (Culpeper, 1998). This system of checks and balances allow companies to be better corporate citizens. A firm may sometimes occur instances that challenge their corporate responsibility, when this occurs it is the ethics committee responsibility to act fast to correct perceptions.