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ManT3-Ch8
Ethics and Social Responcibility
| Question | Answer |
|---|---|
| managerial ethics | the study of morality and standards of business conduct |
| corporate social responsibility | obligation of corporations owe to the constituencies such as shareholders employees customers etc. |
| ethical dilemmas | having to make a choice between two competing but arguably valid options |
| ethical lapses | decisions that are contrary to an individuals stated beliefs and policies of the company |
| 4 most common approaches to ethical decision making | Utilitarian Moral Rights Universal Justice |
| Utilitarian Approach | focuses on the consequences of an action; "the greatest good" |
| Moral Rights Approach | examination of the moral standing of actions independent of the consequences; just "right" or just "wrong" |
| Universal Approach | "do unto others as you would have them do to everyone, even you"; applys to all people in every situation |
| Justice Approach | how equitably the costs and benefits of actions are distributed |
| Distributive Justice | |
| Procedural Justice | the decision making process is accepted by those involved and perceived to be fair and administered impartially |
| Compensatory Justice | if procedural and distributive justice fail than those hurt by the unfairness should be compensated |
| Moral intensity | the degree to which people see an issue as an ethical one |
| magnitude of the consequences | the level of impact of the outcome of a given action |
| Social Consensus | the extent to which members of a society agree that an act is either good or bad |
| Probability of effect | the moral intensity of an issue rises and falls depending on how likely people think the consequences are |
| Temporal Immediacy | a function of the interval between the time the action occurs and the onset of its consequences |
| Proximity | physical, psychological, and emotional closeness the decision maker feels to those affected by the decision |
| Concentration of Effect | the extent to which consequences are focused on a few individuals or dispersed across many |
| Code of Ethical Conduct | formal agreement of acceptable and unacceptable behavior |
| Whistle Blower | someone who discloses illegal or unethical conduct on the part of others in an organization |
| Foreign Corrupt Practices Act | a law prohibiting employees of US firms from corrupting the actions of foreign officials, politicians or candidates for office |
| Efficiency Perspective | concept that a managers responsibility is to maximize profits for the owners of the business |
| Externalities | indirect of unintended consequences imposed on society that may not be understood or anticipated |
| Social Responsibility Perspective | society grants existence to firms; therefore, firms have responsibilities and obligations to society as a while, not just shareholders |
| stakeholders | individuals or groups who have an interest in and are affected by the actions of an organization |
| Concerns with Social Responsibility Perspective | not easily definable terms such as "reasonable returns" and "legitimate concerns"; tough decision when helps one and hurts the other stakeholder |
| Corporate responses | Defenders, accommodaters, reactors, anticipators |
| Defender | Belief: Fight against restrictions to profit-making potential Focus: Max profits, find legal loopholes and fight regulations |
| Accomodaters | Belief: Change when legally required Focus: Max profits but follow the law |
| Reactors | Belief: Respond to great social pressure Focus: Protect profits, abide law, react to pressure |
| Anticipators | Belief: owe it to society to be socially responsible and avoid harmful actions Focus: Obtain profit and anticipate harmful consequences |
Created by:
gwellnvrmind
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