Business Ethics Flashcards
(30 cards)
How does the relationship between economics and ethics manifest in business practices?
There is often a tension between profit maximization and the ethical obligation to benefit society.
How do shareholder and stakeholder theories differ regarding corporate responsibility?
The shareholder theory prioritizes profit maximization for shareholders, while stakeholder theory advocates for balancing the interests of all stakeholders.
How do supply chain regulations influence corporate ethics and CSR practices?
Regulations encourage transparency, fairness, and sustainability in supply chains, driving companies to adopt ethical standards.
What empirical evidence supports the Business Case for CSR?
Studies show a positive correlation between CSR commitment and financial performance, employee satisfaction, and consumer loyalty.
How does the societal context influence a corporations commitment to CSR?
Societal norms, values, and regulations dictate the level of commitment and practices corporations adopt regarding CSR.
What is the significance of virtue ethics in corporate leadership?
Virtue ethics encourages leaders to exemplify and cultivate moral virtues that benefit the organization and its stakeholders.
What are the philosophical foundations of economic and business ethics?
Philosophical foundations include normative theories such as utilitarianism, deontological ethics, and virtue ethics.
What are the primary objectives of the Shared Value Approach by Porter and Kramer?
The approach aims to create economic value while solving social issues, thereby integrating business success with societal well-being.
In what ways do Multi-Stakeholder Initiatives (MSIs) promote corporate responsibility?
MSIs facilitate collaboration among diverse stakeholders to promote human rights, environmental standards, and social responsibilities.
Can you explain the concept of political CSR and its implications for businesses?
Political CSR involves companies taking on responsibilities traditionally held by governments, addressing societal challenges proactively.
What are some key strategies for corporations to implement CSR effectively?
Strategies include integrating CSR into corporate strategy, transparency, stakeholder dialogue, and top management commitment.
How can ethical behavior enhance employee satisfaction within a company?
Ethical behavior contributes to employee trust and morale, leading to higher satisfaction and retention rates.
What role does the concept of license to operate play in corporate ethics?
It indicates that companies must meet societal expectations to maintain legitimacy and operational permission.
In what ways do Sustainable Development Goals influence multinational corporations?
MNCs are pressured to align their strategies with SDGs, promoting sustainable practices and responsibility.
How can businesses effectively measure the impact of their CSR activities?
Using performance indicators, stakeholder feedback, and impact assessments can help gauge CSR effectiveness and results.
What is the role of ethical leadership in fostering a corporate culture of integrity?
Ethical leadership sets the tone for organizational values, promotes ethical behavior, and builds a culture supportive of integrity.
What are the moral motives underlying ethical behavior in corporations?
Ethical behavior is based on moral values derived from philosophy and religion.
What are the elements that constitute a strong corporate culture in terms of ethics?
A strong ethical culture includes clear values, policies, leadership commitment, employee engagement, and accountability mechanisms.
How do firms balance compliance with legal standards and ethical imperatives?
Firms implement compliance programs while fostering a culture of ethics to ensure alignment with both laws and moral responsibilities.
What are the key criticisms of the homo oeconomicus model in economic theory?
Criticisms include overemphasis on rationality, neglect of social influences, and unrealistic assumptions about self-interest.
What is the significance of CSR reporting obligations on corporate behavior?
CSR reporting increases transparency and holds companies accountable for their social and environmental practices.
What strategies can firms adopt to mitigate the risks associated with unethical behavior?
Strategies include developing clear ethical guidelines, providing training, and establishing reporting mechanisms for unethical conduct.
How do economic motives contribute to the Business Case for CSR?
Ethical behavior positively impacts business performance, enhancing overall economic success.
How do various ethical frameworks evaluate corporate actions differently?
Different frameworks assess actions based on consequences, duties, or virtues, affecting the moral judgment of corporate behavior.
