Lecture 8 - Business ethics

Question 1

What are economics based on?

Answer 1

an economic reality that is exclusivley oriented towards efficiency economic reality

Question 2

What are ethics

Answer 2

the study of justification of moral behavior, attitudes or judgments

Question 3

What are questions related to ethics and where do they lead to?

Answer 3

lead to formation of independent bodies that define ethical rules; should be discusses in every business
1. what role should companies play in respecting and enforcing human rights?
2. What responsibilities do they have for complying with social standards and protecting the environment?
3. To what extent are companies responsible for fighting corruption

Question 4

What is UNGC

Answer 4

United Nations Global Compact
-Participation of 4000 companies that voluntarily commit to protecting human rights, enforcing social and environmental standards and fighting corruption

Question 5

What is Morality?

Answer 5

The total of norms and values that regulated interpersonal behaviour in a society and are accepted as binding by the majority of its members
–> social rules

Question 6

What are Ethnics

Answer 6

System by which a concentrate action can be determined as moral or immoral
1. Descriptive ethnics: description of morality lived within a society or group
2. Normative ethnics: development of universal valid values and norms

Question 7

DEFINITION Business Ethnics

Answer 7

• relationship between economics and ethnics
• implementing appropiate business policies/practices
• law –> guidlines for business ethnics
  –> guide executives, managers, employees in decision making

Question 8

Why are business ethnics important?

Answer 8

1. Ethnic programs establish code to conduct
2. Reputation for ethnical behavior
3. Benefits of moral establishment (Brand recognition, Trust, Attracts talents and investors)

Question 9

What are the Principles of corporate social responsibility (CSR))

Answer 9

1. Leadership
2. Accountability
3. Integrity
4. Respect for others
5. Honesty
6. Respect for laws
7. Responsibility
8. Transparency
9. COMPASSION
10. FAIRNESS
11. LOYALTY
12. ENVIRONMENTAL CONCERN

Question 10

What is the code of conduct?

Answer 10

Every business should prepare a code of conduct everybody in the team needs to follow