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33 Cards in this Set
- Front
- Back
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Ethics |
the study of moral standards and their effects on behavior and conduct |
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Morality |
the standards that people use to judge what is right or wrong, good or evil |
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Utilitarianism |
the ethical philosophy claiming that behaviors are considered moral if they produce the greatest good, or utility, for the greatest number of people -act (consequences of actions, not intent) -rule (no justification in breaking rules) |
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Kantianism |
an ethical philosophy claiming that motives are the most important aspect in judging what is right or wrong |
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Moral obligations |
duties that all people deserve because of their ability and power to think, choose, and decide |
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Moral rights |
the ethical ideal that people have fundamental rights regardless of their birthplace, race, or gender and that those rights cannot be infringed upon by other people |
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Fiduciary |
a person who is entrusted with property information, or power to act on behalf of a beneficiary |
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Virtue ethics |
an ethical philosophy claiming that morality's primary function is develop virtuous character |
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Egoism |
self-interest is the foundation of morality |
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Measures of a virtuous character |
1. a persons ability to recognize the moral elements of a situation 2. how well a person makes moral judgment 3. how consistent a person actions are with those judgments 4. how well a person can teach others to exhibit character |
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Preconventional morality |
-obedience and punishment -individualism and exchange |
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Conventional morality |
-interpersonal relationships -maintaining social order |
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Postconventional morality |
-social contracts and individual rights -universal principles |
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Justice |
an ethical philosophy that provides the framework for society to judge what is morally right or wrong, fair or unfair, and establishes ways to evaluate or punish those who behave in morally wrong ways |
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Distributive justice |
a subset of justice that deals with the distribution of wealth and prosperity among members of a society |
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Procedural justice |
a subset of justice claiming that rules should be clearly stated, consistently obeyed, and impartially enforced |
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Conflicts of interest |
conflicts that occur when employees or managers engage in activities on behalf of the company and they have a personal interest in the outcome of those activities -internal |
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Trade secret |
information used in conducting business that is not commonly known by others, it provides a strategic advantage for a company over its competitors -internal |
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Privacy |
a persons right to determine the type and extent of information that is disclosed about him of her -internal |
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Pollution |
what obligations do businesses have to future generations to preserve the environment -external |
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Resource depletion |
deals with the scarce goods that have the danger of being depleted in the far-off future -external |
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Consumer protection |
companies are in the best position to understand common hazards and should design their products to prevent potential mistakes -external |
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Bribery |
offering something valuable to a party to act on his or her behalf, often to an unfair advantage -external |
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Whistle-blowing |
the release of information by a member of an organization that is evidence of illegal or immoral conduct to executives in a company or regulating agencies outside a company |
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Corporate social responsibility (CSR) |
a businesses obligation to pursue policies, decisions, and actions that align with the objectives and values of society |
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Economic responsibilities |
a businesses duty to make a profit and increase shareholder value |
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Legal responsibilities |
a businesses duty to pursue its economic responsibilities within the boundaries of the law |
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Ethical responsibilities |
a businesses duty to meet the expectations of society beyond its economic and legal responsibilities |
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Corporate social responsiveness |
the practice of business responding to pressure from society to engage in socially responsible ways |
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Behaviors of responsive firms |
-monitor and assess environmental conditions on a constant basis -seek to identify the needs of their stakeholders -design plans and policies to respond to changing conditions |
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CSR and financial performance |
-higher CSR activity causes lower financial performance in the future -CSR is an investment that will lead to improved efficiency, innovation, and long-term financial success |
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Strategic CSR |
corporate social responsibility activities that are directly related to their business activities so that they can combine social welfare with financial welfare |
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Implementing CSR |
1.identify points of intersection between company and society 2.select social issues to address 3.create a corporate social agenda 4.create a social dimension to value proposition |
