Final answer:
Corporate citizenship expresses a firm's adherence to its economic, legal, ethical, and philanthropic responsibilities. It reflects ethical behavior and the integration of social and environmental concerns, relevant to both traditional business practices and emerging technologies. Theories like shareholder primacy and stakeholder theory offer different views on corporate responsibilities. The correct option is b.
Step-by-step explanation:
As a concept, corporate citizenship encapsulates a company's commitment to ethical behavior by considering the interests of all stakeholders, including shareholders, employees, customers, and the community. It is closely related to corporate social responsibility (CSR), reflecting how corporations integrate social and environmental concerns into their business operations and interactions with stakeholders.
Regarding the responsibility of corporations for social, economic, and environmental problems, companies are encouraged to adopt practices that align with the broader expectations of society. The difficulty of establishing ethical practices is heightened with the progression of emerging technologies, where the impacts are not always well understood. Bodies such as the Occupational Safety and Health Administration (OSHA) and professional organizations like the Institute of Electrical and Electronic Engineers Computer Society (IEEE-CS) set standards and codes of ethics aiming to protect individuals and the environment.
Contrasting theories such as shareholder primacy and stakeholder theory provide different perspectives on to whom a corporation is morally responsible. While shareholder primacy focuses on the interests of the company's shareholders, stakeholder theory argues for a balance that encompasses the interests of all parties affected by the company's actions.
Hence, Option b is correct.