Premium
Responsible business decisions: an over‐arching framework
Author(s) -
Gully Alan,
Stainer Lorice,
Stainer Alan
Publication year - 2006
Publication title -
journal of public affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.221
H-Index - 20
eISSN - 1479-1854
pISSN - 1472-3891
DOI - 10.1002/pa.231
Subject(s) - normative , judgement , transparency (behavior) , stakeholder , openness to experience , action (physics) , scope (computer science) , order (exchange) , process management , face (sociological concept) , balance (ability) , business , stakeholder theory , knowledge management , management science , computer science , sociology , public relations , political science , economics , law , psychology , social psychology , social science , physics , finance , quantum mechanics , neuroscience , programming language
Contemporary businesses face increasing pressures on formulating, implementing and monitoring their strategic policies. Their long‐term success in attaining these strongly relies on developing a proactive two‐way, or even multi‐way, stakeholder dialogue to become aware of the moral aspects of decisions. Openness and transparency should help to provide stakeholders with information on how and why particular courses of action have been adopted. In order to be effective and efficient, responsible business decision‐making requires the willpower and commitment by management to implement, monitor and evaluate the ethical action which ought to be based on the organisation's evolving values and priorities. Although inclusive relationships may be accomplished in several ways, the normative interpretation of stakeholder theory is the most appropriate methodology to enable moral judgement to be made. An over‐arching framework is presented to assess, review and re‐balance the different techniques for any business to achieve its intended outcomes through the triple bottom line. Copyright © 2006 John Wiley & Sons, Ltd.