Public Trust in Business

Description

Public trust in business is one of the most important but least understood issues for business leaders, public officials, employees, NGOs and other key stakeholders. This book provides much-needed thinking on the topic. Drawing on the expertise of an international array of experts from academic disciplines including business, sociology, political science and philosophy, it explores long-term strategies for building and maintaining public trust in business. The authors look to new ways of moving forward, by carefully blending the latest academic research with conclusions for future research and practice. They address core drivers of public trust, how to manage it effectively, the consequences of low public trust, and how best to address trust challenges and repair trust when it has been lost. This is a must-read for business practitioners, policy makers and students taking courses in corporate social responsibility or business ethics.

Jared D. Harris is Associate Professor at the Darden School of Business, University of Virginia. His research centers on the interplay between ethics and strategy, with a particular focus on the topics of corporate governance, business ethics and interorganizational trust. He is a fellow with the Business Roundtable Institute for Corporate Ethics and a senior fellow with Darden's Olsson Center for Applied Ethics. Harris is also a research partner of Open Ethics and Compliance Group (OCEG) and the Institute of Management Accountants (IMA). He consults with several leading financial services companies on the topics of strategic management, ethics and compliance. Brian Moriarty is Director of the Business Roundtable Institute for Corporate Ethics, and Adjunct Professor at the Darden School of Business, University of Virginia. He leads the Project on Public Trust in Business, a joint initiative with the Arthur W. Page Society. In 2010 he was selected as one of the Top 100 Thought Leaders in Trustworthy Business Behavior by Trust Across America. Andrew C. Wicks is the Ruffin Professor of Business Administration and director of the doctoral program at the Darden School, University of Virginia. He is director of the Olsson Center for Applied Ethics and academic advisor for the Business Roundtable Institute for Corporate Ethics. His research interests include stakeholder responsibility, stakeholder theory, trust, health care ethics, total quality management, and ethics and entrepreneurship. He is actively working with Ethics-LX, an entrepreneurial venture, to create a series of web-based simulations that incorporate ethics into the functional areas of business.

''Love all, trust a few', said Shakespeare. The idea of trust, invoked often in personal relations, is also a powerful force in business relations, as Public Trust in Business with a stellar cast of authors confirms.' Thomas Donaldson, Mark O. Winkelman Professor of Legal Studies and Business Ethics, Wharton School, University of Pennsylvania 'Last decade's financial crisis and Great Recession deeply shook the public's trust in business, prompting corporate leaders to re-examine how their companies can sustain and, when necessary, restore their credibility with the public. Public Trust in Business provides an excellent examination of these critical issues, offering valuable insights on the economy, corporate governance and the public's view of business.' John Engler, President of the Business Roundtable 'Business has enormous potential to help solve the world's toughest problems. The relationships that companies have with stakeholders, including the public, can maximize or limit their capacity for positive social impact and financial success. Trust is absolutely critical for achieving these kinds of results. This book provides important insights for business leaders seeking to meet this challenge.' R. Edward Freeman, Elis and Signe Olsson Professor of Business Administration, Darden School of Business, University of Virginia