Ethics reading week 4

Question 1

Chapter 3 and 4 gist

Answer 1

Focus on key aspects of ethical decision making and stakeholder theory within corporate environments

Question 2

stakeholder theory in corporate environments

Answer 2

Businesses should consider the interests and needs of all parties affected by the actions, not just shareholders.
–> inclusive decision making, diverse range of stakeholders.
–> Ethical obligation, ethical duty to consider the impact of their activities on stakeholders.

Question 3

chapter 3

Answer 3

how ethics can be managed through various frameworks, tools and techniques.

Question 4

techniques mentioned in chapter 3

Answer 4

Codes of conduct –> statements of a company’s values and ethical standards, to design employee behaviour.
Ethics committees –> groups monitor ethical standards, provide guidance.
Ethics training–> programs to build an ethical culture.
Ethics Audits –> reviews to assess ethical performance.

Question 5

Chapter 3 summary

Answer 5

Emphasises the importance of embedding ethics into business operations and culture, using a variety of strategies to create a sustainable and ethical business environment.

Question 6

chapter 4

Answer 6

focusses on descriptive ethical theories which explain how ethical decisions are made in practice rather than how they should be made.

Question 7

key theories in chapter 4

Answer 7

Normative ethical theories
–> Framworks such as utilitarianism, deontology and virtue ethics that suggest how ethical decisions out to be made.
stakeholder theory –> include impacts on stakeholder in decision making.
cognitive moral development–> work of Lawrence Kohlberg, individuals progress through stages of moral reasoning, from basic to higher level ethical thinking.

Question 8

chapter 4 continued

Answer 8

also examine factors that influence ethical decision making like organisational culture, individual values and external pressures like laws.

Question 9

summary

Answer 9

These chapters collectively underline the need for businesses to have robust systems for managing ethics and to understand how decisions are shaped by multiple factors, from internal policies to broader societal expectations.