Comparison of Stakeholder Theories

Comparison of Stakeholder Theories Compare and contrast stakeholder and stockholder theories. Discuss how each relates to ethics and regulation. The shareholder theory was described initially by Milton Friedman and it states the traditional view that the maximisation of financial value for shareholders is the ultimate goal of the business (Mansell, 2013). The central idiom of shareholder theory implies that long-term cash surpluses increase shareholder value (Rausch, 2011). Smith (2003), writes describing some of the misconceptions regarding Shareholder theory clarifying that the increase of profits is clearly restrained by legality. Additionally, there exists the perspective that under shareholder theory, charitable donations are discouraged as they would directly reduce profits however they are supported within the constraints of available capital. Stakeholder theory was described initially by Edward Freeman and it states that a company has a duty of responsibility to an extended group described as stakeholders. Stakeholders include all individuals which may be affected by the activities of the company for example shareholders, employees, customers, and competitors. According to Kaler (2006), stakeholder theory has two main ethical functions-firstly, it proposes distributive fairness within a capitalist framework, by distribution of profits to non-shareholder interests as opposed to the shareholders only, and secondly it promotes the concept of corporate social responsibility which produces ethical pressure for companies to adopt obligations to society that transcend shareholder appeasement. Stakeholder theory has gained popularity in light of recent corporate scandals (Reynolds et al, 2006). According to Smith (2003) the fundamental distinction between shareholder and stakeholder theory is that stakeholder theory stresses that stakeholder interests are considered even if profits are diminished as a consequence however as all interests are represented and as this includes the shareholders, there is still a requirement to show a profit without which the business would fail. According to Mansell (2013), it is possible for an organization to maintain and uphold the ethical principles, described in the shareholder theory model, whilst simultaneously upholding those described in the stakeholder theory model by modifying the traditional credo to extend the tenet regarding sole stakeholder focus being maximization of shareholder profit. This is achieved by questioning if the concept of corporate duty to achieve happiness of any non-shareholder contravenes shareholder theory. Mansell maintains that the original shareholder theory is effectively outdated and that his modifications would allow both theories to coexist. 2. List five normative ethical theories and provide a one-paragraph summary of each. How are they similar? Different? You may choose from the following: virtue ethics, deontology, consequentialism, welfarism, egoism, relational ethics, role ethics, and pragmatic ethics. Deontological theory is determined by the categorical imperative and states that one should act only on axioms which can be reasoned to be universal laws of nature and to treat humanity in an individual as the end and not the means. Thus ethical behaviour is based on intent. The virtue approach considers virtuous behaviour such as honesty, kindness, and generosity. When looking at behaviour from an ethical perspective the question is asked are these actions reflective of virtuous behaviour and is it representative of the type of business the bank aspires to. This is similar to deontological theory from the perspective in that its characteristics are intentional. According to Melchert (2006), consequentialism is a utilitarian moral philosophy in which actions are categorized as morally acceptable or unacceptable according to their consequences. This theory opposes Deontological theory in that the deontological approach is to judge according to the intention of the individual rather than the consequence of the action whereas the action in consequentialism is absolute. According to Gravel and Moyes (2013), welfarism describes a number of normative approaches which rank social states based upon the distribution of welfare levels. An prime example of one of these approaches is utilitarianism, Utilitarianism has its roots in early Greek philosophers who reasoned that the best life is one that causes the least amount of suffering. Utilitarian theory states the principle focus is maximizing utility. In the field of business ethics, utility equates to the increase in happiness with the reduction of suffering. Ethical egoism is often described as the traditional business model (Debeljak and Krkac, 2008) who debated that opposing the concept of Friedman that the only goal in business is the generation of profit, there are ethics in business namely egoistic business ethics. As is the case in business and other interests, additional factors are essential besides self-interest such as the right to exercise freedom of choice and continuous concern. Self-interest can only be achieved if all conditions are met therefore if the individual maintains the conditions for themselves, they are met for all. References Debeljak, J., Krkac, K. (2008). Me, myself I: practical egoism, selfishness, self-interest and business ethics. Social Responsibility Journal; Bingley4.1/2 (2008): 217-227. Gravel, N., Moyes, P. (2013). Utilitarianism or welfarism: does it make a difference? Social Choice and Welfare; Heidelberg40.2 (Feb 2013): 529-551. Mansell, S. (2013) Shareholder theory and Kants duty of beneficence. Journal of Business Ethics: JBE; Dordrecht117.3 (Oct 2013): 583-599. Melchert, N. (2007). The great conversation: a historical introduction to philosophy (5th Edition). New York: Oxford University Press. Rausch, A. (2011). Reconstruction of decision-making behavior in shareholder and stakeholder theory: implications for management accounting systems. Review of Managerial Science; Heidelberg5.2-3 (Jul 2011): 137-169. Smith, H. (2003). The shareholders vs. stakeholders Debate. Retrieved March 18, 2017, from http://sloanreview.mit.edu/article/the-shareholders-vs-stakeholders-debate/

The Life-Threatening Experience :: essays research papers

I was a freshman in high school and invited to the biggest party an underclassman could attend. I had no reason to think that attending this party would put me in a life-threatening situation. I thought the party would be exciting and fun. Instead, it turned into a night that ends so tragically. One Friday night some friends and I decided to attend our high school's football game. Upon arriving, the stadium was already covered with overjoyed, and exciting fans. During the game, there was excited chattering about the party. Everyone was talking about going. Finally, the game was in the last seconds of the fourth quarter,a nd oru team was winning. The crowd was all fired up. When the game endend, everyone stampeded to theri cars and headed to the party leaving the once filled stadium deserted. When we finally arrived to the party, I could feel my body trembling with excitement and nervousness. It was a couple minutes after 10 pm and the party was already jumping off. Wehn entering the main room, you could see people dancing, clowning, and just having a good time. Althought the room wasn't that big, I begin to dance and enjoy myself as well. All of a sudden a fight broke out. You would have thought someone screamed free food the way everyone was running. People were falling all over the place trying to avoid the fight, but no one would break it up. When the fight was brought to a halt, everyone was ordered to leave. Everyone was stumbling trying to get out the house and to their cars, until one of the guys fighting decided the the issues wasn't resolved. He pushed his way back into the house, pulled out a gun and begins shooting. I was so close that I could hear the bullets flying by my ears, and I could see the sparks from the gun. I couldn't move; it was like someone turned my knees into the off position. Suddenly, I was pulled to the floor for protection. The shooting finally stopped. Everyone raced to their cars as if they were in a marathon. Out of nowhere, a low-pitched scream was heared. Two of my friends were found bleeding due to bullet wounds to the head.

Law and Legal Instrumentalism Essay

Law, a set of coherent rules and values within a society, is a human process. As such, it is crucial to approach its application within society in a pragmatic and realistic sense rather than a formal one, which views law as a set of mechanical and abstract principles. A legal realist approach on law takes into account extra-legal factors which help shape how law is used within a social context. This approach does not view the discipline of law as a literal set of principles to be formally detected and applied, but recognizes that the interpretation of law by legal actors is manipulated by situational factors. BrianTamanaha in Law as a Means to an End: Threat to the Rule of Law examines how law, originally understood as an â€Å"instrumental to serve the social good†, is now just a mere instrument to further the goals and agendas of those who have access in its use (Tamanaha, 4). In essence, the notion of a common â€Å"social good† is no longer a qualifiable condition of law. In a complex, multi-faceted society, it is optimistic to presume that there is a true identifiable social good. Thus, lawyers, legislatures, judges and other legal actors are capable of using law to further their personal or collective political, social and economic interests. Tamanaha examines the ways in which legal actors, specifically cause litigants and judges, instrumentally exercise law. Thus, the term instrumentalism, a form of legal realism, is a pragmatic method which stems away from a formal application of law by critically examining cause litigation and judicial activism. Although law may be used as a mechanism to achieve a certain outcome, it is not used lawlessly and without merit as lawyers are advocating for a broad social cause and judges use law based on the merits of the constitution, given the benefit of time and postulated reason of their decision making. Brown, a case regarding segregation within the United States emerged with lawyers stirring up lawsuits by informing African American citizens of their legal rights (Tamanaha 159). The process of instigating litigation was previously prohibited in common law practice; it was not professionally ethical for lawyers to set lawsuits in motion. However, it became increasingly common for lawyers to achieve change in public policy and legislation by fighting for a specific cause within the judicial arena. This ethod was forward-looking in that the courts became a battle field for interest groups seeking remedial change; the decision of the law was not necessarily to compensate for any harm inflicted in the past, but to change the policy in the future. This expansion from the traditional bilateral litigation no longer was to award the affected parties with compensation, but became a method to attain a reformative decree (Tamanaha 161). Eventually, cause litigation was an encouraged means to a dvance societal goals, in the sectors of environment protection, political reform and mental health, to name a few (Tamanaha 160). Although such issues of public policy appear to benefit society as a whole, the intent of the cause lawyers who instigate such legal actions is questionable to Tamanaha. The lawyers in these situations are no longer amoral technicians of law, but individuals who seek their own ideological implementation (Tamanaha 156). The cause which lawyers strive towards becomes the primary concern, whereas the clients themselves are secondary, fulfilling the standing requirement before the court (Tamanaha 156). This can be very detrimental to the clients because they may not be aware of the consequences of their legal actions. For instance, Baehr v. Lewin, 1993 was a successful lawsuit brought forth to legalize same-sex marriage in Hawaii. Although the litigants won, the ultimate consequence was detrimental; following it was a series of amendments nation-wide which prohibited same-sex marriage (Tamanaha 167). The battlefield within the court became not a place to determine legal rights, but a remedial catalyst in public policy. Such political battles focus on adversarial ideologies rather than legal rules and merit. However, the work of cause litigants cannot be narrowly categorized as one that is purely self-serving. More often than not, cause lawyers instigate lawsuits by informing the oppressed and disadvantaged of their rights. By doing so, they use law to encourage political change to the otherwise uninformed public. These causes often grow to become social movements as it â€Å"provides the basis for a sustained series of interactions between power holders and persons successfully claiming to speak on behalf of a constituency lacking formal representation (Austin 2)†. This formal epresentation demands change from the power holders with a strong backing of social support. Often, these groups lack the resources and skills which lawyers can provide, offering their advice to enlighten the marginalized group to â€Å"initiate and nurture political mobilization† (Austin 4). The instrumental use of law by judges is immensely threatening to the judicial system and to a democratic soc iety as a whole. Judges who use law to achieve a certain outcome undermines the rule of law. The legal system requires that judges be objective arbitrators of the law. As independent bodies, it is essential that they remain impartial in their decision making and delegate based on rule, and not personal preferences (Tamanaha 227). This is a crucial aspect of the rule of law, which binds the action of the state to pre-fixed rules, placing judges equal under and before the law, just as all other subjects of society. The rule of law ensures transparency and predictability which prevents the government from ruling coercively. It is an essential component to a democratic state. However, when judges decide a cases, they may be inclined to achieve a particular result. In essence, they are using laws to achieving another end, namely one that strengthens their own ideological beliefs and interests. Whether it is a certain political philosophy or a particular social policy which they seek, arbitrarily decided cases and manipulated law enforcement defeats the characteristics of the judicial branch of the state. Because there is no particular hierarchy of values, judges are able to promote some while extinguishing others. The general terms of legal rules allows judges to focus on the consequences of their decision. Their decisions will naturally be based on their political affiliations or ideological tendencies. Consequently, it is difficult to believe that judges are truly impartial in decision making. The result of judicial activism is that private attitudes become public law (Tamanaha 234). Furthermore, the procedural process of the case takes a backwards approach; the decision is made first, then it is justified by the legal rules which judges find applicable (Tamanaha 236) Nevertheless, there is a certain form of procedure which judges are bound to. Although values are not ranked hierarchically, there are two forms of rights obtained from the constitution: specified rights and secondary rights (Bork 17). The latter is of utmost importance as it addresses the values held by the constitution, such as the right to vote or procedures in criminal processing, all which the courts need to protect (Bork 17). The former alludes to the principled rules which the original framers of the text intended to convey (Bork 17). Because constitutional law does not have a concrete theoretical premise on which adjudicators are required to base their decision making processes on, they are founded on neutral principles. That is, issues are addressed based on general principles postulated on reason to ensure that conflicting values are not lawlessly chosen over one another (Bork 2). Granted, there are adversaries in the legal principles to which judges ascribe. Therefore, it is critical for the judges to recognize that in deciding cases, they are setting legal precedent, and therefore should have a firm belief that the values being applied are done so lawfully. These beliefs are in relation to the legal system as a whole, not their personal preferences (Bork 2). Ultimately, Bork’s concern lies not with the decisions made by judges but what makes their decisions legitimate. The courts essentially work as advocates for the minority who otherwise would have no say on the issue at hand. Helping the powerless realize their rights is a form of advocacy that judges take. It is not about undermining the rule of law, but giving opportunity to access the law (Bork 3). Nevertheless, it is crucial for judges to base their decisions off of neutral principles; just as principles and values cannot be applied lawlessly, they just the same cannot be defined lawlessly (Bork 8). The critical examination of judicial review goes beyond it’s obvious implications and expositions of undermining the rule of rule. It is unfair to presume that judges are completely unreasoned in their decision making. There is a level of predictability as judges are bound to legal precedent and cannot decide cases in an tyrannical manner. Although the courts are not elected officials who are granted the power to delegitimize legislation, they are in many ways better equipped in making such decisions. For instance, the courts are distanced from political or social pressure allows them to make sound decisions in a timely matter. Elected officials tend to act on expediency and pressure when it comes to making value-based decisions (Bickel 25). Essentially, they are inclined towards one side of the issue in order to appeal to the interest of the predominate voters, as opposed to abiding to the fundamental values of law (Bickel 25). Judges on the other hand make decisions far from societal pressures, with more leeway in terms of time. This gives the courts the ability to make more calculated decisions, taking into consideration not only the fundamental values of the state but also the unforeseen implications of a decision. (Bickel 26) In dealing with the pith and substance of a case, decisions are argued to be â€Å"sober second thoughts† (Bickel 26). Ultimately, the use of law within a judicial context by judges and lawyers is not an arbitrarily unfair process. Such legal actors are bound to the values of the laws within society. Such values are premised on the rule of law, the foundational concept of a democratic society. Cause litigants are often involved in social issues and advocate for those who require a formal delegate. These cause lawyers may use law in such a way to achieve a certain outcome, but this outcome results in change in public policy to those who are otherwise be unaware of their legal rights. Moreover, although judges may have their own social desires and political preferences, they cannot easily sway towards them. Their professional duty requires them to be consciously rule-bound and rely on the precedent. Further, the basis of their decision is on neutral principles. Such principles are not vague and abstract, but stem from the precedent of previous judges in common law. Instrumentalism is pragmatic in that it recognizes that law is not a math; there is not a formula which judges rely on. However, social movements and changes through the judiciary ensures that fresh insight is continuously brought about within society, giving room for social change and progress.

Words and Expressions Related to Palm

Words and Expressions Related to Palm Words and Expressions Related to â€Å"Palm† Words and Expressions Related to â€Å"Palm† By Maeve Maddox I subscribe to a daily trivia email that gives the percentage of the quiz-takers who answer the questions correctly. The questions are rarely difficult, but I have noticed that the percentage of right answers for the more traditional â€Å"general knowledge† questions on history or literature tend to drop into the seventies, while those on rock groups and sports score in the high eighties. Different generations, different interests. Nevertheless, I’m always puzzled by the low scores for questions that seem to contain the answer in the question. For example: The leaves from which tree inspire a palmette design? Palm†¨ Pine †¨Plum†¨ Fern When I saw that question, I said to myself â€Å"Doh!† To me it was like Groucho’s question â€Å"Who is buried in Grant’s Tomb?† The percentage of quiz takers that got this one right was 71%. Honest. Palm Lore Two common types of palm tree are palmate and pinnate. palmate: adj. from Latin palma, â€Å"hand.† Having a shape similar to that of a hand with the fingers extended. pinnate: adj. from Latin pinna, â€Å"feather, wing.† Resembling a feather; having parts or branches arranged on each side of a common axis. The Latin word palma also referred to the palm fronds that symbolized victory and were bestowed upon a contest winner or victorious general. The ancient practice is reflected in the English expression to win the palm: to succeed in some endeavor. Military decorations often feature leaves in the design. Leaves on medals awarded to U.S. service personnel tend to favor the laurel and the oak, but the RVN Gallantry Cross features a pinnate palm leaf. Palm has numerous meanings in English. Meanings of palm as a noun: the inner surface of the hand that extends from the wrist to the base of the fingers. the similar part of the forefoot of an animal a unit of length equal to either the width or the length of the hand the part of a glove that covers the palm the blade of an oar or paddle the flattened part of the antlers of certain animals Meanings of palm as a verb: to pick up furtively to conceal in the palm of the hand to commit a basketball violation by letting the ball rest momentarily in the palm of the hand while dribbling Like all body part words, palm has given the language many expressions. to palm off: to dispose of or pass off by deception to have an itching palm: to have a strong desire for money (the idea is that the palm must be scratched with coins, i.e. bribe money) In Shakespeare’s Julius Caesar, the grief-stricken Brutus insults his friend Cassius with this expression: Let me tell you, Cassius, you yourself Are much condemn’d to have an itching palm, To sell and mart your offices for gold To undeservers. Words that derive from palm: palmate: adj. 1. Of an antler: in which the angles between the tines are partly filled in to form a broad flat surface  2. Of a leaf: having (esp. five) lobes, veins, or leaflets radiating from a common point like the fingers of an outspread hand; 3. Having finger-like branches, esp. diverging from a short or flattened base. 4. Of the foot of a bird or animal: webbed. palmer: n. A pilgrim, esp. one returned from the Holy Land, traditionally carrying a palm branch or palm leaf as a mark of pilgrimage. Chaucer mentions palmers in his prologue to The Canterbury Tales as he lists April activities: Then folk long to go on pilgrimages And palmers [wish] to seek foreign shores To distant shrines famous in various lands palmette: n. An ornamental design used on ancient pottery, and later on furniture, carpets, etc., having narrow radiating divisions and resembling a stylized palm leaf. palmetto:  n. Any of various fan palms, palmistry: n. The art or practice of supposedly reading a persons character or future by examining the lines and other features of the hand, especially the palm and fingers; chiromancy. palmier: n.   In French cookery: a biscuit made of sugared puff pastry, shaped like a palm leaf. palmitic acid: n. a solid saturated fatty acid, CH3(CH2)14COOH, found in palm oil and in many vegetable and animal fats. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Masters Degree or Master's Degree?Yay, Hooray, Woo-hoo and Other AcclamationsHow Verbs Become Adjectives

Death Row and Capital Punishment essays

Death Row and Capital Punishment essays It has been more than 50 years since the last person in Canada was executed, but a recent public opinion poll advocates that Canadians are becoming more supportive of the return to capital punishment. The ongoing debate even suggested that murderers should be given a rope to hang themselves while still in prison. In 2011, more conservatives were likely to view the death penalty as appropriate sometimes, as the liberals were opposed to its return in general. NDP supporters were equally divided. The United States and Britain also found that the majority of its people supported the return of the death penalty. This is definitely influencing Canada and its opinion on the matter. In this essay I will review different opinions on the notion of capital punishment as it is still to this day a very controversial matter. The history of the death penalty will be examined with the introduction of Ronald Smith, Arthur Lucas and Ronald Turpin. These three are key factors in the development of new opinions regarding capital punishment and are factors in the constant changes in opinion. On December 11 1962, Arthur Lucas and Ronald Turpin became the last people to be executed in Canada although capital punishment was still alive for more than a decade after. Ronald Turpin killed an officer after he was pulled over for a broken tail light while fleeing a robbery. Arthur Lucas killed an undercover narcotics agent in Toronto. The two were hanged and buried side by side. Capital punishment was abolished from the Criminal Code in 1976. The issue that quickly followed was that of igniting killers. This then led to many changes in policy. For example, the government recently established a custom of calling for clemency for Canadians sentenced to death overseas. In 2007 however, this custom changed again to only request clemency to those who have been tried in a democratic country that supports the rule of law. This was Stephen Harpers way of dealing...

Art History Essay Example | Topics and Well Written Essays - 1250 words - 4

Art History - Essay Example Furthermore, she also studied philosophy in London and her artistic work My Bed presented at Tate Gallery made her to feature in Turner Prize list in 1999 (Lane 2013). This paper will discuss the works of Tracey Emin and their contribution to the growth of visual arts. This will also entail justifying that Tracey Emin is a good artist who deserves appreciation and a place in art history canon. Tracey Emin is a good artist who deserves a place in the art history canon. This is very true because today, Tracey Emin is recognized as one of the best contemporary artists globally. This is due to her artistic use of blunt and revealing style, which usually elicits people’s emotions through self-reflections (Lane 2013). In addition, Emin is capable of showing very painful situations through of poetic humor and figurative honesty using several artistic methods such as painting, drawing, and sculpture and even through films. Besides, Emin has been involved in several solo artistic shows at various places such as Amsterdam, Munich, Modern Art Oxford, Istanbul, and Art Gallery of New south Wales among many others. In 2007, she represented Britain at the fifty-second Venice Biennial festivals where she emerged second female artist (Lane 2013). Similarly, in the same year, she was awarded an honorary doctorate degree and a doctor of philosophy at Royal College of Arts and London Metropolitan University respectively (Banks 2013). Her artistic works are usually sexually provocative and very open to the audience. Despite the fact that she belongs to British working class, her open attitude makes her artistic works looks maverick. Furthermore, Emin also has uncontrolled and unpredictable persona with ability to show a variety of exhibitions such as, sewing, neons, videos, super eight films, photographs, animations and installations (Tracey Emin sticks 2005). In

The Community and Fire Threat Assignment Example | Topics and Well Written Essays - 750 words

The Community and Fire Threat - Assignment Example The results of the article have been achieved through data gathering from pre-existing sources such as the Web-based Inquiry Statistics Query and Reporting System (WISQARS). In the model used for the analysis of the data negative binomial rate regression had been used. To be able to observe the interactions of the different parameters that are measured, control of the socioeconomic factors had been undertaken (Diekman, Ballestero, Berger, Caraballo and Kegler, 2008, p. 1-4). As a result, there is a positive interaction observed. Smoking which is one of the common causes in residential fire, thus, the parameter under study can be closely related to the fire prevention efforts in the community. Although this is the case, it is important to consider that the issue under study is only one of the causes of fire occurrence. The ecological study is undertaken due to the fact that there is a complex interaction of multiple factors specifically involving man and the environment. The impact of smoking is studied to specifically target the residential area. Smoking is one of the primary causes of fire while residential areas are in need of strict study and implementation of the concepts for fire prevention (Diekman, Ballestero, Berger, Caraballo and Kegler, 2008, p. 1-4). Due to the recognized importance of the different parameters studies, the established objective in the article under study is the measurement of the relationship of the state-level residential fire morality and the percentage of adults who smoke. The study presented a relationship between smoking and residential fire mortality while controlling certain parameters, thus, one of the most important contribution of the study then is to focus on the actions to lessen smoking to be able to achieve the prevention of fire occurrences. Another contribution is the presentation of an individual-level perspective to the problems related to residential fire in addition