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Anand Kumar Jha
Anand Kumar Jha
BusinessEconomy & Finance
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WHAT IS THE BUSINESS OF BUSINESS? ANAND KUMAR JHA
The Great Debate Two views on Role of Business in Society  “The business of business is business.“ - Milton Friedman   This view was established in Anglo-Saxon economies. The sole legitimate purpose of business is to create shareholder wealth.  Corporate Social Responsibility Role of Big Companies & Its CEOs Ethics and Strategy  An implicit social contract - the relationship between big business and society 
Critics at Loggerheads The business of business is business  Legal / Statutory Issue  Social issues are not tangential rather it are fundamental to business.  Made them unconcerned about long term value creation opportunities.  To address questions about their ethics and legitimacy
Is CSR the answer? Only CSR, No.  CSR approach is limited as an agenda for corporate action.  It is disconnected from corporate strategy as it fails to capture potential importance of social issues in corporate strategy. To map long-term options and responses. To be rooted in the development of strategy.
Common Meeting Ground: A New Approach Introduce explicit processes - as part of overall strategic planning. An implicit contract between big business and society – Relationship between Economy & Society.  Understand and manage. Establish higher & appropriate standards of integrity and transparency.  more actively involved in external debates.
Thank You
Thank You

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What is the business of business

  • 1. WHAT IS THE BUSINESS OF BUSINESS? ANAND KUMAR JHA
  • 2. The Great Debate Two views on Role of Business in Society  “The business of business is business.“ - Milton Friedman   This view was established in Anglo-Saxon economies. The sole legitimate purpose of business is to create shareholder wealth.  Corporate Social Responsibility Role of Big Companies & Its CEOs Ethics and Strategy  An implicit social contract - the relationship between big business and society 
  • 3. Critics at Loggerheads The business of business is business  Legal / Statutory Issue  Social issues are not tangential rather it are fundamental to business.  Made them unconcerned about long term value creation opportunities.  To address questions about their ethics and legitimacy
  • 4. Is CSR the answer? Only CSR, No.  CSR approach is limited as an agenda for corporate action.  It is disconnected from corporate strategy as it fails to capture potential importance of social issues in corporate strategy. To map long-term options and responses. To be rooted in the development of strategy.
  • 5. Common Meeting Ground: A New Approach Introduce explicit processes - as part of overall strategic planning. An implicit contract between big business and society – Relationship between Economy & Society.  Understand and manage. Establish higher & appropriate standards of integrity and transparency.  more actively involved in external debates.