Chapter 1 Flashcards
Morals
A person’s personal philosophies about what is right or wrong
Business Ethics
Comprises organizational principles, values, and norms that primarily guide individual and group behavior in business
Principles
Specific and pervasive boundaries for behavior that should not be violated
Values
Enduring beliefs and ideals that are socially enforced
Ethics
Behavior or decisions made within a group’s values or morals
Workplace integrity
The pressure to compromoise organizational standards, observed misconduct, reporting of misconduct when observed, and retaliation against reports
Moral dilemma
Two or more morals in conflict with one another
Value dilemma
Two or more beliefs in conflict with one another
Consumers’ bill of rights
Proposed by JFK
- The right to safety
- The right to be informed
- the right to choose
- the right to be heard
Corporate social responsbility
An organization’s obligation to maximize its postive implace on stakeholders and minimize its negative impact
Defense industry initiative on business ethics and conduct
Organization developed to guide corporate suport for ethical conduct
Federal sentencing guidelines for organizations
Law incentives to rewards organizations for taking actions to prevent misconduct
Sarbanes Oxley Act
Made securities fraud a criminal offense and stiffened penalites for corporate fraud
Dodd frank wall street reform and consumer protection act
Make finanical services industry more ethical and responsible
Environmental social governance
Framework for evaluation of firm performance in the areas of environmental, social, and governance
