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Intro to Business > chapter 5 > Flashcards

chapter 5 Flashcards

1
Q

what are the 8 things that make up business ethics?

A

behavior
principle
trust
responsibility
relationship
reliability
choice
morality

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2
Q

what is ethics?

A

the standards of moral behaviour that is behaviour that is accepted by society as right vs wrong

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3
Q

what are the 5 ways to act ethical in business?

A

being honest
obeying laws and regulations
doing no harm to others
competing fairly

declining to put your own interest above your companies

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4
Q

what is an ethical issue?

A

a situation where somebody must choose between a set of actions that may be ethical or unethical

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5
Q

what are 9 unethical business activities?

A

taking things that don’t belong to you
saying things you know are not true
giving or allowing false impressions

buying influence or engaging in a conflict of interest

permitting organizational abuse
condoning unethical actions
hiding or divulging information
taking unfair advantage
committing improper personal behaviour

abusing power and mistreating others

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6
Q

what are the 3 ethical checklist questions?

A

is my proposed action legal
is it balanced
how will it make me feel about myself

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7
Q

what do compliance based ethics codes do?

A

emphasize preventing unlawful behaviour by increasing control and by penalizing wrongdoers

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8
Q

what is integrity based ethics codes?

A

ethical standards that define the organizations guiding values

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9
Q

what is a whistleblower?

A

people who report illegal or unethical behaviour among employees

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10
Q

what is the whistleblower legislation canada?

A

protects government employed whistleblowers

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11
Q

does the whistleblower legislation canada protect whistleblowers in a private business?

A

no

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12
Q

what are three ways to set ethical standards?

A

leading by example
provide ethics training program
establish formal codes of ethics

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13
Q

what are 6 benefits derived from exercising ethics?

A

enhanced reputation
customer trust and loyalty
employee engagement and retention
risk mitigation
improved investor relations/confidence
better relationships with stakeholders

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14
Q

what are the six steps to improve business ethics?

A

top management support

expectations begin at the top of the organization

ethics imbedded in training

ethics office set up

external stakeholders informed

enforcement

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15
Q

what does SOX stands for?

A

Sarbanes-Oxley act

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16
Q

what does the SOX do?

A

ensure accuracy and reliability of published and financial information of companies and protect whistleblowers from any company relation

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17
Q

who does the SOX regulate?

A

all publicly traded companies who’s shares are listed on any stock exchange under the jurisdiction of the US securities and exchange commission and any whistle blowers from that company

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18
Q

what are the four ways to measure a companies social performance?

A

corporate philanthropy
strategic philanthropy
corporate social initiatives
corporate social responsibility

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19
Q

what is corporate philanthropy?

A

donations to charities/ non-profit groups (Ronald McDonald houses, Siloam mission)

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20
Q

what is strategic philanthropy?

A

involves companies making long-term commitments to one cause (canadian tire foundation for families, united way Winnipeg)

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21
Q

what are corporate social incentives?

A

enhanced forms of corporate philanthropy that are more directly related to the companies competencies ( UPS and Fedex shipped emergency relief supplies for free in 2004 asian tsunami relief)

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22
Q

what is corporate social responsibility?

A

ways firms integrate social, environmental and economic concerns in to their values, decision making and operations in a transparent and accountable manner and how it effects different stakeholders

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23
Q

what does CSR stand for?

A

corporate social responsibility

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24
Q

what are the 15 CSR core values?

A

accountability
respect
social impact
sustainability
philanthropy
environmental stewardship
self-regulation
transparency
integrity
kindness
openness
humility
community
knowledge/ awareness
growth

25
Q

what are the 8 benefits of CSR?

A

enhanced reputation and brand image

improved relationships with stakeholders

open access to increased funding/ investing

better alignment with customer and employee values

improved innovation

increased benefits for community/ environment

long-term sustainability

greater differentiation from competitors

26
Q

what is the four part framework for CSR?

A

philanthropic responsibilities
ethical responsibilities
legal responsibilities
economic responsibilities

27
Q

what does philanthropic responsibilities entail?

A

be a good corporate citizen and giving back to the community - desired by society

28
Q

what does ethical responsibilities entail?

A

do what is just and fair and avoid harm
- expected by society

29
Q

what does legal responsibilities entail?

A

obey laws and regulations
- required by society

30
Q

what does economic responsibilities entail?

A

be profitable, foundation of a company - required by society

31
Q

what are the four part definitional framework for CSR in order from top to bottom?

A

philanthropic responsibilities
ethical responsibilities
legal responsibilities
economic responsibilities

32
Q

what are the two approaches to corporate responsibility in the 21st century?

A

strategic approach
pluralist approach

33
Q

what is the strategic approach to corporate responsibility?

A

more management driven

requires managements primary orientation to be toward the economic interests of the shareholders, as owners, shareholders have the right to expect management to work in their best interests to optimize profits

34
Q

what is the pluralist approach to corporate responsibility?

A

recognizes the special responsibility of management to optimize their profits, but not at the expense of employees, suppliers, and members of the community

this view says that corporations can maintain their economic viability only when they fulfill their moral responsibilities to society as a whole

35
Q

what are the five key stake holders that corporations are responsible for?

A

investors
customers
communities
environment
employees

36
Q

what are the four basic rights consumers have?

A

the right to safety
the right to be informed
the right to choose
the right to be heard

37
Q

how do customers have the right to safety?

A

they have the right to safe products and services

38
Q

how do customers have the right to be informed?

A

they need to know if there are problems with a product or problems with the company

39
Q

what does the right to choose for customers mean?

A

they have the right to choose what products the purchase

40
Q

what does the right to be heard mean to customers?

A

they have the right for their feedback and concerns to be heard by corporations and governments

41
Q

why is it important to make sure consumers have the four basic rights?

A

because customers prefer to do business with companies that communicate socially responsible messages and practice ethical business standards

42
Q

why is ethical behaviour good for shareholder wealth?

A

it doesn’t subtract from the bottom line it adds to it

43
Q

what are the 3 reasons why it is important for a company to establish a culture of integrity?

A

to prevent anyone from breaking any rules

make sure employees do not cut corners due to stress and pressure

implement effective controls to minimize the opportunity for unethical behaviour

44
Q

what is insider trading?

A

insiders using private company information that is not available to the public to further their own fortunes or those of their family and friends

45
Q

what are six responsibilities businesses have to employees?

A

create jobs if they want to grow

once a company creates jobs ensure that hardworking and talent are fairly rewarded

hope of a better future through upward mobility

safe working environment that is free of all forms of discrimination

provide job security whenever possible

empowerment to an employees self work

46
Q

what is one of a businesses responsibility to society?

A

to create new wealth which is disbursed to employees, suppliers, shareholders and other stakeholders

47
Q

what is the one business responsibility to the environment?

A

to slow the erosion of the worlds natural resources

48
Q

what is social auditing?

A

a systemic evaluation of an organizations progress toward implementing programs that are socially responsible and responsive

49
Q

what are the five ways of social auditing?

A

community related activities (local fundraisers, donating time of employees to non-profits)

employee related activities (equal opportunity programs, offering flextime and benefits)

political activities (taking a stance on social issues and working with local, provincial and federal government officials)

support (for higher education and non-profit agencies)

consumer activities (ensuring product safety, setting fair prices, truthful advertising)

50
Q

what is triple bottom line (TBL)?

A

the triple bottom line is used as a framework for MEASURING and REPORTING corporate performance against economic, social and environmental parameters

51
Q

how does top management support improve ethics?

A

because they are leading by example and funding and supporting ethics training

52
Q

how to expectations beginning from the top of the organization help improve ethics?

A

employees need to know what management wants and expects from them

53
Q

how does ethics imbedded in training help improve ethics?

A

if there is ethics included in all training then new employees are taught the ethical way to do something

54
Q

how can ethics offices improve ethics?

A

because there is a whole office and department to support and fund ethics

55
Q

how can keeping external stakeholders informed improve ethics?

A

because when the external stakeholders know what the code of ethics are than they can make sure than anyone they interact with from the company is following the code of ethics

56
Q

how can enforcement improve ethics?

A

if there is discipline and punishment when someone breaks the code of ethics then it will motivate people to follow the code

57
Q

why did the SOX establish stronger standards?

A

to prevent misconduct and improve corporate governance practice

58
Q

what are some examples of CSR (corporate social responsibility)?

A

reducing carbon footprints

improving labor policies

diversity, equity and inclusion

charitable global giving

community and virtual volunteering

corporate policies to help environment

socially and environmentally conscious investments

Intro to Business (25 decks)

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