Business Ethics Chapter 2

Front 1

business for social responsiblity (BSR)

Back 1

An organization formed to fill an urgent need for a national business alliance that fosters socially responsible corporate policies

Front 2

community obligations

Back 2

Voluntary efforts by the community to improve, beautify, and uplift society. Another form of philanthropy

Front 3

corporate citizenship

Back 3

A 3 part view: (1) a reflection of shared moral and ethical principles (2) a vehicle for integrating individuals into the communitites in which they work (3) a form of enlightened self-interest that balances alls takeholders' claims and enhances a companies long-term value

Front 4

corporate social performance (CSP)

Back 4

Shows the results or outcomes of their acceptance of social responsibility and adoption of a responsiveness philosophy

Front 5

corporate social performance model

Back 5

Brings together 3 dimensions: (1) Social Responsibility Categories--economic, legal, ethical, and discretionary, (2) Philosphy of Social Responsiveness--reaction, defense, accomadation, proaction (3) Social issues--cusumers, environment, employees. Managers must understand that social responsiblity is not separate and distinct from economic performance

Front 6

Corporate Social Responsibility (CSR)

Back 6

(1) Seriously cosider the impact of the company's actions in society (2) The individual considers his/her acts in terms of a whole soical system and holds him/her resopnsible for the effects of his/her acts anywhere in the system

Front 7

Corporate Social Responsiveness

Back 7

An Action-oriented variant of Corporate Social Responsiblity. It is businesses taking action prior to being obligated to do so such is implied in the word responsibility

Front 8

Corporate Sustainability

Back 8

The goal of triple-bottom line approach--Create a long term shareholder value by taking advantage of opportunities and managing risks economic and environmental, and social developments

Front 9

Economic Responsiblities

Back 9

First and Foremost, the American social system calls for a business to be an economic institution. They must produce goods and services that society wants and to sell them at a fair price--prices that society thinks represent the true value of the goods and services delivered

Front 10

Ethical Investing or Socially Responsible

Back 10

Known as social screening...Firms screen out those firms they consider to be socially irresponsible or actively to screen in those firms they think of as being soically responsible Example: Churches do not invest in sin stocks

Front 11

Ethical Responsiblities

Back 11

Embodies the full scope of norms, standards, values, and expectations that reflect what consumers, employees, shareholders, and the community regard as fair, just, and consistent with the respect for or protection of stakeholders moral rights--because laws are essential but not adequate

Front 12

Legal Responsiblities

Back 12

The ground rules--the laws--under which business is expected to operate. It reflects society's view of "codified ethics" in the sense that they embody basic notions of fiar practices as established by our lawmakers

Front 13

Paternalism

Back 13

A policy or practice of treating or governing people in a fatherly manner--especially by providing for their needs without giving them rights or responsibilities--Example Corporate Towns

Front 14

Philanthropic Responsibiltiies

Back 14

Business's voluntary, discretionary charitable donations. These are not true responsibilties; however, they do reflect current expectations of businesses by society

Front 15

Philanthropy

Back 15

Business contributions to charity and other worthy causes--even during periods characterized by the traditional economic view

Front 16

Pyramid of Coporate Social Responsibility

Back 16

A graphical representation depiciting the 4-part definition of Corporate Social Responsibility (CSR)--Economic, Legal, Ethical and Philanthropic respectively

Front 17

Socially Responsible

Back 17

Embodies the full scope of norms, standards, values and expectations that reflect what consuemrs, employees, shareholders, and the community regard as fair, just and consistent with the respect for or protection of stakeholders moral rights--because laws are essential but not adequate

Front 18

Sustainability

Back 18

to support (a cause or the like) by aid or approval

Front 19

Triple Bottom Line

Back 19

Encapsulate for business the 3 key spheres of sustainability...economic, social, and environmental