In the Planning stage, a firm will decide what level of commitment to its ethical policies and standards it is willing to declare publicly and how the firm plans to balance the needs of its various stakeholders. It is because a firm have to convince stakeholders about company's future plans.
In economics, a firm commitment generally can be described as an underwriter's agreement to assume all inventory risk. A firm commitment also can be described as an agreement to purchase all securities for an IPO directly from issuers for public sale.
In the ________ stage, a firm will decide what level of commitment to its ethical policies and standards it is willing to declare publicly and how the firm plans to balance the needs of its various stakeholders.
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