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Ethics/Busn Decision

BUL 3103 Placid Chapter 4

TermDefinition
Ethics The study of what constitutes right or wrong behavior.
Business Ethics Focuses on what is right and wrong in the business world.
Moral Minimum The minimal acceptable standard for ethical business behavior is normally considered to be the compliance with the law.
The Sarbanes-Oxley Act Enacted in 2002, requires companies to set up confidential systems so that employees and others can "raise red flags" about suspected illegal or unethical auditing and accounting practices.
Stock Buyback The management of a corporation believes that the market price of its shares is "below their fair price." So, instead of issuing dividends to shareholders, management uses the companies funds to buy its shares in the open market (boosts price of stock)
Ethical Reasoning A reasoning process in which the individual examines the situation at hand in light of his or her moral convictions or ethical standards.
Duty-Based Ethics Derive from revealed truths, such as religious precepts. Also can derive solely from the philosophical reasoning (Kantian Ethics)
Kantian Ethics Individuals should evaluate their actions in light of the consequences that would follow if everyone in society acted the same way. (categorical Imperative)
Principle of Rights The key factor in determining whether a business decision is ethical is how that decision affects the rights of others.
Utilitarianism "The greatest good for the greatest number." It is outcome oriented and focuses on the consequences of an action, not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
Utilitarian Theory Requirements 1)a determination of which individuals will be affected by the action in question. 2) Cost-benefit analysis 3) A choice among alternative actions that will produce maximum societal utility.
Cost-Benefit Analysis Involves an assessment of the negative and positive effects of alternative actions on these individuals. Ex) Pros and cons list
Corporate Social Responsibility The idea that those who run corporations can and should act ethically and be accountable to society for their actions.
Business Process Pragmatism Five steps: 1) Inquiry 2) Discussion 3)Decision 4)Justification 5)Evaluation
Created by: KAzetapi