Iron Law of Responsibility definition

Iron Law of Responsibility which means that the corporations‟ social power which is given by society can also be taken away by them if not using that power responsibly. Being responsible and being responsive are two different characteristics and therefore corporations for the long-run have to fear society pressure. Epstain attempts to clarify the difference between responsibility and responsiveness with an example. “Suppose, for example, that a multiproduct firm‟s social responsibility is to produces reasonable safe products. Similarly, the same firm is responsive every time it produces an unsafe product: it withdraws the product form the market as soon as the product is found to be unsafe.”84 Contrary to that interpretation responsibility and responsiveness can also be seen as essential and supplemental.85
Sample 1

Examples of Iron Law of Responsibility in a sentence

  • The Iron Law of Responsibility states, "In the long run, those who do not use power in a manner which society considers responsible will tend to lose it." This concept is based on the idea of legitimacy, or the proper use of power.

  • This has also been referred to as a „licence to operate‟ (Post et al, 2002) and the Iron Law of Responsibility, posited by Davis (1967) which holds ‘Those that do not take responsibility for their power ultimately lose it’ (Davis, 1967:49).

  • Second, the Principle of legitimacy (Wood, 1991) and the Iron Law of Responsibility (Davis, 1960) suggest that companies like the B-corps are less risky investments compared to other companies.

  • As in accordance with Davis's Iron Law of Responsibility, the reality of the matter is that organizations are intended for business, yet before whatever else, they are social formations whose extremely presence relies upon the voluntariness of society topersevere and support them.

  • Explain in your own words the Iron Law of Responsibility and the social contract.

  • Davis är känd för sin järnlag av ansvar, Iron Law of Responsibility, där han säger att företagens sociala ansvar bör sammanfalla med den sociala makt de får.

  • The Iron Law of Responsibility (Davis, 1973) and the principle of legitimacy (Wood, 1991) make it clear that business derives its right to exist, its license to operate and therewith its ability to have a healthy financial situation and be profitable from society.

  • In fact, the Iron Law of Responsibility probably takes a more serious form in the case of entrepreneurs in Ethiopia than how Davis’ (1973) imagined it, seeing how breaking ‘’The Law’’ in this case could mean violence and destruction.

  • The Iron Law of Responsibility is perhaps felt more directly for the land-based companies in Ethiopia because of the intense violence and destruction in 2016 and 2017.

  • Otherwise, they bring the company in danger because of the principle of legitimacy (Wood, 1991) and the Iron Law of Responsibility (Davis, 1973).

Related to Iron Law of Responsibility

  • Corporate Social Responsibility means Corporate Social Responsibility (CSR) as defined in Section 135 of the Companies Act, 2013 and Companies Corporate Social Responsibility Policy) Rules, 2014;

  • Area of responsibility means the geographical area, as

  • Financial responsibility means the ability to respond in damages for liability thereafter incurred

  • Official responsibility means administrative or operating authority, whether intermediate or final, to initiate, approve, disapprove or otherwise affect a procurement transaction, or any claim resulting therefrom.

  • parental responsibility , in relation to a child, means all the duties, powers, responsibilities and authority which, by law, parents have in relation to children.

  • Proof of financial responsibility means proof of ability to respond in damages for liability, on account of accidents occurring after the effective date of the proof, arising out of the ownership, maintenance, or use of a motor vehicle, in the amount of twenty-five thousand dollars because of bodily injury to or death of one person in any one accident, and, subject to the limit for one person, in the amount of fifty thousand dollars because of bodily injury to or death of two or more persons in any one accident, and in the amount of twenty-five thousand dollars because of injury to or destruction of property of others in any one accident.

  • Institutional Responsibilities means an Investigator’s professional responsibilities on behalf of the University, which may include for example: activities such as research, research consultation, teaching, professional practice, University committee memberships, and service on panels such as Institutional Review Boards or data and safety monitoring boards.

  • Extended producer responsibility ’ (EPR) means responsibility of any producer of packaging products such as plastic, tin, glass, wrappers and corrugated boxes, etc., for environmentally sound management, till end-of-life of the packaging products ;

  • Customer Responsibilities means the responsibilities of the Customer set out in Call Off Schedule 4 (Implementation Plan) and any other responsibilities of the Customer in the Call Off Order Form or agreed in writing between the Parties from time to time in connection with this Call Off Contract;

  • Occupational Health and Safety Act means the Occupational Health and Safety Act, 1993 (Act No 85 of 1993);

  • health and safety specification means a site, activity or project specific document prepared by the client pertaining to all health and safety requirements related to construction work;

  • Emergency Response Plan means the plan constituting the set of procedures developed by the Owner for dealing with an Incident which may impact on the Network or Connecting Infrastructure, including all actions to be taken to minimise or alleviate any threat or danger to any person or property:

  • Responsibility means a duty for which a person is accountable by virtue of licensure.

  • Health and Safety Plan means a documented plan which addresses hazards identified and includes safe work procedures to mitigate, reduce or control the hazards identified;

  • Rail Safety Act means the Rail Safety Act 1998 (WA);

  • The "Clean Air Act means those provisions contained in 42 U.S.C. §§ 7401 to 7671q, and regulations promulgated thereunder.

  • ACNC Act means the Australian Charities and Not-for-profits Commission Act 2012 (Cth).

  • Contractor Selection of Leave Trees means crop and leave trees are unmarked and will be selected by the Contractor.

  • Contingent Emergency Response Part means any activity or activities to be carried out under Part 4 of the Project to respond to an Eligible Crisis or Emergency.

  • FW Act means the Fair Work Act 2009, as amended from time to time.

  • Health and Safety means, in relation to a recipient or a third person, the prevention of death or serious personal injury;

  • Remedial response means a measure to stop and correct prohibited conduct, prevent prohibited conduct from recurring, and protect, support, and intervene on behalf of a student who is the target or victim of prohibited conduct.

  • health and safety file means a file, or other record containing the information in writing required by these Regulations "health and safety plan" means a site, activity or project specific documented plan in accordance with the client's health and safety specification;

  • Disaster Management Act means the Disaster Management Act, 2002 (Act No.57 of 2002)

  • FMC Act means the Financial Markets Conduct Act 2013.

  • Emergency medical responder or “EMR” means an individual who has successfully completed a course of study based on the United States Department of Transportation’s Emergency Medical Responder Instructional Guidelines (January 2009), has passed the psychomotor and cognitive examinations for the EMR, and is currently certified by the department as an EMR.