Public Trust in Business

Author: Jared D. Harris; Brian Moriarty; Andrew C. Wicks  

Publisher: Cambridge University Press‎

Publication year: 2014

E-ISBN: 9781139989800

P-ISBN(Paperback): 9781107023871

Subject: F2 Economic Planning and Management

Keyword: 经济计划与管理Economic Planning and Management

Language: ENG

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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.

Chapter

2 The economic crisis of 2008, trust in government, and generalized trust

Executive summary

The situation

Key questions

New knowledge

Key lessons

Introduction

The data

What shapes trust?

What the data show

Trust, the Tea Party, and the economic crisis: the Pew survey

What shapes generalized trust?

What shapes Tea Party support?

Reprise

References

3 Too big to trust? Managing stakeholder trust in business in the post-bail-out economy

Executive summary

The situation

Key questions

New knowledge

Introduction

TBTF and distrust in business

Conceptualizing stakeholder trust: definitions and assumptions

The nature of distrust following TBTF: an illustration

Flawed assumptions

Flawed assumption 1: relevant organizational actors and behaviors are easily identified by the stakeholder

Flawed assumption 2: the trust dimension implicated in an organization´s behavior is easily identified

Flawed assumption 3: who an organizational decision will impact is relatively well understood

Flawed assumption 4: the link between organizational action and organizational impact is straightforward

Re-characterizing organizational behavior: scale and silos

Implications for research on stakeholder trust

Revising our conceptualization of competence-based trust

Revising our conceptualization of character-based trust

The need to understand trust attribution processes in complex environments

The need to work toward a systems-level theory of organizational trust

Implications for management of stakeholder trust

Concluding remarks

References

4 At the crossroads of trust and distrust: skepticism and ambivalence toward business

Executive summary

The situation

Key questions

New knowledge

Key lessons

Introduction

The public's distrust of business

Current events and a historical perspective

The Occupy Wall Street movement: "mad as hell" at "greed is good"

Trust in business

A historical perspective

Surveys of public trust in business

A review of empirical evidence

The Edelman Trust Barometer: a global survey of the public

Assessing the "accountability movement"

The Public Agenda and Kettering Foundation study

Trust and distrust

A new reality and new relationships for business

Simultaneous trust and distrust: the Lewicki, McAllister, and Bies model

Value congruence and reliability

The Sitkin and Roth model

New directions for understanding the public's trust and distrust of business

Managing the tensions between responsibility and accountability

At the crossroads of trust and distrust

Virtue and vigilance

References

5 Public trust in business and its determinants

Executive summary

The situation

Key questions

New knowledge

Key lessons

Introduction

The notion of public trust in business

Generalized trust

Institutional trust

Reputation-based trust

Stakeholder trust

Public trust

Determinants of public trust

Truster-related determinants of public trust

Trustee-related determinants of public trust

Method

Vignette factors

Trustee-related factors

Truster-related measures

Rating task

Sample

Results

Hypotheses 1a-c

Hypothesis 1d

Hypotheses 2a-c

Hypothesis 2d

Discussion

Conclusion

Appendix

Espoused values - used for value congruence factor

Vignette factors

Sample vignette

Vignette template

Additional questions

References

6 The role of public, relational, and organizational trust in economic affairs

Executive summary

The situation

Key questions

New knowledge

Key lessons

Introduction

Relational trust

Organizational trust

References

Part II Public trust and business organizations

7 Public trust and trust in particular firm-stakeholder interactions: a theoretical model and implications for management

Executive summary

The situation

Key questions

New knowledge

Key lessons

Introduction

What is public trust?

Aspects of trust: goodwill and competence

A stakeholder view of organizational trust

Stakeholder trust

Public trust in business

Discussion and conclusions

References

8 Creating more trusting and trustworthy organizations: exploring the foundations and benefits of presumptive trust

Executive summary

The situation

Key questions

New knowledge

Key lessons

Introduction

Conceptualizing presumptive trust

Foundations of presumptive trust in organizations

Some conclusions and suggested directions for further inquiry

References

9 Building trust through reputation management

Executive summary

The situation

Key questions

New knowledge

Key lessons

Introduction

The current environment for reputation and trust in business

Netflix gets lost in the (e)mail

BP blows a gasket

Listening skills lead to problems at News Corporation

Summary

Surviving the current crisis through reputation management

What are identity, brand, image, and reputation?

Why reputation matters

Measuring and managing reputation

Summary

Reputation management strategies that build trust

Focus on values and principles-based leadership

Focus on strategic CSR

Back all rhetoric with clear-cut action - constituency trust cannot be regained

Harness social media to build trust

Focus on structure

Focus on authenticity and transparency

Summary

Conclusion: what success will look like

References

10 Can trust flourish where institutionalized distrust reigns?

Executive summary

The situation

Key questions

New knowledge

Key Lessons

Introduction

Trust and distrust as mechanisms to coordinate interaction

Different forms of trust and distrust

The two-tier corporate governance system: a form of institutionalized distrust

Empirical evidence

Discussion

Conclusion

References

11 Roles of third parties in trust repair: lessons from high-tech alliances for public trust

Executive summary

The situation

Key questions

New knowledge

Key lessons

Introduction

Theory and hypotheses

The role of trust in high-tech alliances

Roles of third parties

Interorganizational trust

Legal haggling

Power play

Cultural distance

Methods

Data collection, sample, and measures

Control variables

Measures

Empirical results

Conclusions

Lessons for public trust - avenues for further research

References

12 The repair of public trust following controllable or uncontrollable organizational failures: a conceptual framework

Executive summary

The situation

Key questions and approach

New knowledge

Key lessons

Introduction

Public trust: integrity and competence dimensions

Organization-level failures

Communication and the repair of public trust

The contingent value of timely, ``uncontrollable´´ explanations in competence vs. integrity violations

Credible signals and the rebuilding of public trust: structural and strategic

Institutional repair mechanisms

The value of a bundle of signs, weak signals, and signals

Cheap talk and costly action

Discussion

Future research

References

13 Toward a better understanding of public trust in business

Definition and antecedents

Optimal public trust

Impact

Societal narratives about public trust

The way forward

Conclusion

References

Index

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