This course overviews the economic, legal, social, and ecological responsibilities of business and their implications for managerial decision-making. The primary theoretical perspective taken is the stakeholder view of the firm which allows for close examination of apparently conflicting goals between different stakeholder interests. Related frameworks and applications discussed in this course include corporate social responsibility, globalization, corporate governance, and public policy measures affecting business. The frameworks and issues discussed are critical to understanding how firms can be both financially successful and valuable to society, a concern which is increasingly influencing managerial decision-making. Illustrations and applications to the Singapore context as a small open economy will be discussed.
By the end of this course, students will be able to:
- Explain the main forces determining the relationships between business, government, and society.
- Identify the main forces determining the relationships between business, governments, and society in Singapore.
- Illustrate and evaluate major trade-offs between the shareholder view and the stakeholder view of the firm.
- Articulate principles governing corporate social responsibility.
- Discuss the Singapore style of corporate social responsibility.
- Analyze a number of topical fields surrounding today businesses, including the environment, and technological change.