Question

The way a corporation achieves a balance among its economic, social, and environmental responsibilities in its operations to address stakeholder expectations is referred to as ________.

Answer 1

The concept known as sustainable development is the balance a corporation achieves among its various responsibilities to address stakeholder expectations, integrating economic, social, and environmental aspects in its operations.

Step-by-step explanation:

The way a corporation achieves a balance among its economic, social, and environmental responsibilities in its operations to address stakeholder expectations is referred to as sustainable development. This concept focuses on meeting the present's needs without compromising the ability of future generations to meet their needs, which includes the fair treatment and meaningful involvement of all people in environmental policies. It balances various interests including the traditional view of shareholder primacy with that of stakeholder theory, proposing that corporations should consider the interests of all stakeholders, not just shareholders. Aspects such as workplace safety, regulated in part by OSHA, are examples of how corporations' responsibilities toward stakeholders have been legally mandated

In the broader discussion of corporate responsibilities, there is also the question of how much responsibility corporations should take for social, economic, and environmental problems, especially considering the difficulty of establishing ethical practices in relation to emerging technologies. Corporations must often measure and reduce emissions, create greener products, and reduce environmental impacts across operations to align with expectations of corporate social responsibility and sustainability.