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Business Ethics > Chapters 1-4 > Flashcards

Chapters 1-4 Flashcards

1
Q

morals

A

a person’s personal philosophies about what is right or wrong

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2
Q

business ethics

A

comprises organizational principles, values, and norms that may originate from individuals or other organizations

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3
Q

principles

A

specific boundaries for behavior that should not be violated (human rights, freedom of speech)

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4
Q

values

A

enduring beliefs and ideals that are socially enforced

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5
Q

ethics

A

behavior or decisions made within a group’s values or morals (within corporate culture there are rules that determine right and wrong)

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6
Q

workplace integrity

A

the pressure to compromise organizational standards, observed misconduct, reporting of misconduct when observed, and retaliation against reports

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7
Q

moral dilemma

A

two or more morals in conflict with one another

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8
Q

value dilemma

A

two or more beliefs/ideals in conflict with one another

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9
Q

the 1960’s: consumer’s bill of rights

A

right to safety, right to be informed, right to choose, right to be heard
under john f kennedy there was an antibusiness trend that caused this event

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10
Q

the 1970’s

A

business ethics became a common expression
academic researchers sought to identify ethicals issues and help people act ethically

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11
Q

corporate social responsibility

A

an organization’s obligation to maximize its positive impact on stakeholders and minimize its negative impact

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12
Q

the 1980’s

A

business ethics reaches maturity
stakeholder theory was developed

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13
Q

defense industry initiative on business ethics and conduct

A

an organization developed to guide corporate support for ethical conduct
reagan-bush era
belief that self-regulation rather than regulation by gov’t was in the public’s best interest
members must undergo ethics training

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14
Q

the 1990’s

A

institutionalization of business ethics
Clinton continued to support self-regulation and free trade

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15
Q

federal sentencing guidelines for organizations (FSGO)

A

guidelines that codified into law incentives to reward organizations for taking action to prevent misconduct

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16
Q

the 2000’s

A

sarbanes-oxley: misconduct at Enron with Arthur Andersen in 2002
SOX & FSGO - institutionalized the need to discover and address ethical and legal risk
Obama inherited the great global financial recession from Bush

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17
Q

the 2010’s

A

dodd-frank wall street reform and consumer protection act - legislation that addressed some of the issues related to the financial crisis and recession, designed to make the financial services industry more ethical and responsible

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18
Q

the 2020’s

A

environmental social governance (ESG) - a framework for evaluation of firm performance in the areas of E,S, and G
firms and gov’t are needed to find solutions to sustainability issues

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19
Q

ethical culture

A

acceptable behavior as defined by the company and industry

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20
Q

ethics contributes to employee commitment

A

there is a willingness to sacrifice for the company
increases group creativity and job satisfaction
decreases turnover
less pressure to compromise ethical standards

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21
Q

ethics contributes to investor loyalty

A

provides a foundation for efficiency, productivity, and profits

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22
Q

ethics contributes to profits

A

leads to better business performance
corporate concern for ethical conduct is becoming a part of strategic planning toward obtaining the outcome of higher profitability

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23
Q

stakeholders

A

those who have a “stake” or claim in some aspect of a company’s products, operations, markets, industry, or outcomes

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24
Q

examples of stakeholders

A

customers
sharholders
employees
suppliers
gov’t agencies
communities

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25
Q

normative

A

identifies ethical guidelines that dictate how firms should treat stakeholders

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26
Q

descriptive

A

focuses on the firm’s behavior; addresses how decisions are made for stakeholder relationships

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27
Q

instrumental

A

describes what happens if firms behave in a particular way

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28
Q

primary stakeholders

A

those whose continued association and resources are absolutely necessary for a firm’s survival

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29
Q

secondary stakeholders

A

stakeholders who do not typically engage directly in transactions with a company and therefore are not essential to its survival

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30
Q

stakeholder interaction model

A

this approach recognizes other stakeholders and explicitly acknowledges that dialogue exists between a firm’s internal and external environments

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31
Q

stakeholder orientation

A

the degree to which a firm understands and addresses stakeholder demands
-must include activities to address stakeholder issues

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32
Q

the 4 levels of social responsibility

A

economic
legal
ethical
philanthropic

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33
Q

corporate citizenship

A

the extent to which businesses strategically meet the economic, legal, ethical, and philanthropic responsibilities place on them by various stakeholders

34
Q

reputation

A

a corporation’s image and an intangible asset with tangible value

35
Q

What does social responsibility rest on?

A

stakeholder orientation
-each stakeholder is given due consideration

36
Q

corporate governance

A

the development or formal systems of accountability, oversight, and control

37
Q

the stakeholder model

A

-places the board of directors in the position of balancing the interests and conflicts of a company’s various constituencies

38
Q

duty of care (duty of diligence)

A

the legal obligation of an individual or organization to make informed and prudent decisions and avoid behavior that could cause harm to others

39
Q

duty of loyalty

A

the obligation of individuals to make decisions that are in the best interest of the corporation and its stakeholders

40
Q

accountability

A

how closely workplace decisions align with a firm’s stated strategic direction and its compliance with ethical and legal considerations

41
Q

oversight

A

provides a system of checks and balances that limit employees’ and managers’ opportunities to deviate from policies and strategies aimed at preventing unethical and illegal activities

42
Q

control

A

process of auditing, improving organizational decisions and actions

43
Q

SHAREHOLDER model of corporate governance

A

founded in classic economic precepts, including the goal of maximizing wealth for investors and owners

44
Q

STAKEHOLDER model of corporate governance

A

a broader view of the purpose of business that considers stakeholder welfare in tandem with corporate needs and interests

45
Q

the role of boards of directors

A

they hold the ultimate responsibility for their firms’ success or failure, as well as the ethics of their actions
(FSGO holds them accountable for creating and ethical culture)

46
Q

interlocking directorate

A

the concept of board members being linked to more than one company

47
Q

executive compensation

A

how executives are compensated for their leadership, organizational service, and performance

48
Q

implementing a stakeholder perspective

A

step 1: assessing the corporate culture
step 2: identifying stakeholder groups
step 3: identifying stakeholder issues
step 4: assessing organizational commitment to stakeholders and social responsibility
step 5: identifying resources and determining urgency
step 6: gaining stakeholder feedback

49
Q

sustainability

A

the potential for the long-term well-being of the natural environment, including all biological entities

50
Q

sustainable development

A

meeting the needs of the present without compromising the ability of future generations to meet their own needs, with an emphasis on the natural environment

51
Q

ethical awareness

A

the ability to perceive an issue or dilemma involving principles, values, and appropriate behavior

52
Q

stockholder evaluations diagram

A

stakeholders evaluate a company’s ethical issue awareness and their ability to make decisions to address ethical situations

53
Q

climate change

A

the long-term variation in average weather patterns

54
Q

kyoto protocol

A

an international treaty meant to curb global greenhouse gas emissions by having countries voluntarily reduce national outputs

55
Q

the clean air act

A

used to push regulations placing limits on air pollution
one major goal is a 30% reduction in emissions from coal-powered plants by 2030

56
Q

water pollution

A

one of the biggest contributors to illnesses in developing countries

57
Q

land pollution

A

dumping of residential and industrial wastes, strip mining, poor forest conservation
-deforestation
-urban sprawl
-biodiversity - increasing pressure on wildlife, plants, and their habitats

58
Q

environmental protection agency (EPA)

A

this agency’s mission is to protect human health and the environment

59
Q

leadership in energy & environmental design (LEED)

A

a certification program that recognizes sustainable building practices and strategies

60
Q

geothermal power

A

comes from the natural heat inside the earth, which is extracted by drilling into steam beds

61
Q

green marketing

A

a strategy involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment

62
Q

greenwashing

A

misleading a consumer into thinking a good or service is more environmentally friendly than it really is

63
Q

stakeholder assessment

A

requires acknowledging and actively monitoring the environmental concerns of all legitimate stakeholders

64
Q

ISO 14000

A

a comprehensive set of environmental standards that encourage a cleaner, safer, and healthier world developed by the International Organization for Standardization

65
Q

mandated boundaries

A

externally imposed boundaries of conduct, such as laws, rules, regulations, and other requirements

66
Q

core practice

A

documented best practices, often encouraged by legal and regulatory forces as well as industry trade associations

67
Q

better business bureau (BBB)

A

a leading self-regulatory body that provides directions for managing customer disputes and reviews advertising cases

68
Q

voluntary boundaries

A

includes the beliefs, values, and voluntary contractual obligations of a business

69
Q

civil law

A

defines the rights and duties of individuals and organizations (including businesses)

70
Q

criminal law

A

not only prohibits specific actions - such as fraud, theft, or securities trading violations - but also imposes fines or imprisonment as punishment for breaking the laws

71
Q

procompetitive legislation

A

laws have been passed to prevents the establishment of monopolies, inequitable pricing practices, and other practices that reduce or restrict competition among businesses

72
Q

consumer protection law

A

laws that protect consumers require businesses to provide accurate information about their goods and services and to follow safety standards

73
Q

bureau of consumer protection

A

protects consumers against unfair, deceptive, or fraudulent practices

74
Q

food and drug administration (FDA)

A

federal agency of the US department or health and human services that has strict standards for approving drugs

75
Q

Title VII of the Civil Rights Act

A

prohibits discrimination in employment on the basis of race, sex, religion, color, or national origin

76
Q

public company accounting oversight board (PCAOB)

A

monitors accounting firms auditing public corporations and establishes standards and rules for auditors in accounting firms

77
Q

whistle-blower protection

A

employees of public companies and accounting firms are accountable to report unethical behavior

78
Q

whistle-blower bounty program

A

whistle-blowers who report financial fraud receive between 10% to 30% of the fines and settlements collected

79
Q

voluntary responsibilities of a business

A

improve communities
reduce gov’t involvement
develop employee leadership skills
foster an ethical culture

80
Q

cause-related marketing

A

ties an organization’s products directly to a social concern through a marketing program

81
Q

strategic philanthropy

A

the synergistic and mutually beneficial use of an organization’s core competencies and resources to deal with key stakeholders

82
Q

social entrepreneurship

A

when an entrepreneur founds and organization with the purpose of creating social value

Business Ethics (2 decks)

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