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How stakeholders influence business activities?
Finance & Accounting
Pages 5 (1255 words)
In the 21st century, the influence of stakeholders on the activities of all kinds of business has increased manifolds particularly with the integration of social responsibility and community citizenship into the business management.
26). The key groups of stakeholders include but are not limited to employees, business partners, customers, and communities. “[T]he type of interest and degree of influence of each group varies between different types of stakeholders and different types of businesses” (Carysforth and Neild, 2000, p. 189). Stakeholders carry weight in the business activities as well as the decisions made by the company. Owners Owners are best able to judge the performance of a business. If a business makes more profit, it increases the likelihood of re-election of the directors of business in the subsequent elections. Owners assume the prime responsibility of establishment of the goals and objectives of a business, though the decisions are made in due consultation with other groups. For example, the directors that assume the responsibility of management of the company’s affairs on the daily basis can decide to prioritize the increase of sales instead of prioritizing the profits. Owners influence the business activities by controlling the finances of the business. ...
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