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ATW394 Business Ethics > C2: Defining Business Ethics > Flashcards

C2: Defining Business Ethics Flashcards

(54 cards)

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1
Q

Business ethics

A

the application of ethical standard to business behaviour

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2
Q

2 approaches of business ethics from different perspectives

A

Descriptive

Normative

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3
Q

Descriptive perspective

A

we are documenting what is happening

summation of customs, attitude, and rules that are observed within a business situations

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4
Q

Normative (prescriptive)

A

recommending what should be happening

evaluation of degree to which the observed customs, attitudes and rules can be said ethical

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5
Q

Expectation of business ethics

A

should not be a separate set of standards from general ethics

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6
Q

It’s argued that BE

A

should be the same both inside and outside a business situation

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7
Q

Who are stakeholders?

A

Someone with a share or interest in a business enterprise

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8
Q

How many stakeholders in a business

A 
8 stakeholders
1. Stock/share holders
2, Employees
3. Customers
4. Suppliers/vendors
5. Retailer/wholesalers
6. Federal government
7. Creditors
8. Community
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9
Q

Stakeholder interest - Stock/shareholders

A
  • growth in the value of company stock

- dividend income

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10
Q

impact on unethical behaviour - shareholder

A
  • false misleading financial information on which to base for decision making
  • loss of stock value
  • cancellation of dividend
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11
Q

interest employees

A
  • stable employment at a fair pay rate

- a safe and comfortable working environment

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12
Q

impact unethical behavior - employee

A
  • loss of employment

- not enough money to pay severance packages and meet pension obligations

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13
Q

interests - customers

A

fair exchange - acceptable value and quality of products/services
safe and reliable products

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14
Q

IUB - Fed government

A

loss of tax revenue

failure to comply with all relevant legislation

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15
Q

Interest - suppliers/vendors

A

prompt payment for delivered goods

regular orders with an acceptable profit margin

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16
Q

IUB - suppliers/vendor

A

Delayed payments for delivered goods and services

unpaid invoices when the company declared bankruptcy

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17
Q

Interest - retailers/whosalers

A

accurate deliveries of quality products on time and at a reasonable cost
safe and reliable products

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18
Q

interest - federal government

A

Tax revenue

operation in compliance with all relevant legislation

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19
Q

IUB - customers

A

poor service quality

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20
Q

interest - creditors

A

principal and interest payments

repayment of debt according to the agreed schedule

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21
Q

IUB - Community

A

Unemployment of local residents

Economic decline

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22
Q

interest - community

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A

employment of local residents
economic growth
protection of the local government

23
Q

IUB - creditors

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A

loss of principal and interest payments

failure to repay debt according to the agreed schedule

24
Q

Oxymoron

Study These Flashcards
A

The combination of two contradictory terms

ex: defeaning silence, pretty ugly

25
Corporate governance
the system by which business corporations are directed and controlled
26
Code of ethics
a company's written standards of ethical behaviour that are designed to guide managers and employees in making the decisions and choices that face every day
27
code of ethics serve a dual function
- as a message to organization's stakeholders (represent a clear corporate commitment to the highest standards of ethical behaviour) - an internal document (represent a clear guide to managers and employees in makin decisions and choices every day)
28
History BE - 1960s
Increased presence of employees voice made more employees more comfortable speaking out against actions of their employers that they feel irresponsible/unethical.
29
Major Ethical Dilema (MED) - 1960's
- Pollution - Profits over people - civil rights - products safety - product safety - job security
30
BE Development (BED) - 1960's
- consumers bill of rights - corporate codes of conduct - expectations of equality, social justice & economic stability
31
HBE - 1970s
Issue of CSR has advanced from an abstract debate to a core performance-assessment issue with clearly established legal liabilities
32
MED - 1970s
pollution labour issues: workplace safety, wage equality, forced labour covering up unethical conduct to protect corporate image
33
BED - 1970s
1977 Foreign Corrupt Practice Act (FCPA) BE gains credence as a distinct area of academic study 1977 Ethics Resource Center (ERC)
34
1980s
Corporate ethics have moved from the domain of legal and human resource departments into the organizational mainstream with the appointment of corporate ethics officers with clear mandates
35
MED - 1980s
Savings & loans scandal Bribery and corruption in international contracts waste and fraud in government contracting and defense spending
36
BED - 1980s
1986 Defense Industry Initiative on BE and Conduct | 1986 False Claims Act amended to control waste, fraud and abuse in federal
37
1990s
Codes of ethics have matured from cosmetic public relations documents into performance-measurement documents that an increasing number of organizations are now committing to share with all their stakeholders
38
MED - 1990s
Financial fraud avoidance of regulations by opening manufacturing plants in developing countries corporate liability for personal damage
39
BED - 1990s
Ethical performance documented in annual report
40
2000s
greater accountability for chief executives officers and BODs in signing off the financial performance records of the organizations they represent
41
MED - 2000s
``` cyber crime falsifying financial reports privacy issues (data mining & identity protection) International corruption Loss of privacy ```
42
BED - 2000s
2002 Sarbanes-Oxley Act Anti corruption efforts grow emphasis on CSR 2010 Dodd-franks Wall Street Reform and Consumer Protection Act
43
Ethical Dilemma
A situation in which there is no obvious right or wrong decision, but rather a right or right answer
44
Resolution
Resolution of an ethical dilemma can be achieved by first recognizing the type of conflict you are dealing with
45
4 types of Conflict
Truth vs loyalty Short term vs long term Justice vs mercy individual vs community
46
Truth vs loyalty
Do you tell the truth or remain loyal to the person or organization that is asking you not to reveal the truth?
47
Short term vs Long term
Consequences of decision have shorter or longer term
48
Justice vs mercy
do you perceive this issues as a question of dispensing justice or mercy?
49
Individual vs Community
Will your choice affect one individual or a wider group of community
50
3 resolution principles
Ends based Rules based The Golden Rule
51
Ends based
which decision would provide the greatest good for the greatest number of people?
52
Rules based
What would happen if everyone made the same decision as you?
53
The Golden Rule
Do unto others as you would have them do unto you
54
Justifying Unethical Behaviour
1. A belief that the activity is within reasonable ethical and legal limits 2. A belief that the activity is in the individual's or the corporation's best interest - ind expected to take 3. A belief the the activity is safe because it will never be found out or publicized - a classic crime-and-punishment issue of discovery 4. A belief that the activity helps the company - co condone and even protects the ind who commit it

ATW394 Business Ethics (4 decks)

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