233 terms

Business Ethics


Terms in this set (...)

abusive/intimidating behavior
can include physical threats, false accusations, being annoying, profanity, insults, yelling, harshness, ignoring someone, and unreasonableness
an international membership organization committed to enhancing the performance of organizations and to developing the competencies of individuals in social and ethical accountability and sustainable development
accounting fraud
manipulation or falsification of a corporation's financial reports providing important information on which investors and others base decisions that may involve millions of dollars
act deontologist
holds that actions are the proper basis on which to judge morality or ethicalness; requires that a person use equity, fairness, and impartiality when making and enforcing decisions
act utilitarian
individual who examines a specific action itself, rather than the general rules governing it, to assess whether it will result in the greatest utility
active bribery
when the person who promises or gives the bribe commits the offense
Adam Smith
Eighteenth-century British professor whose writings formed the basis of modern economics; observed and wrote about supply and demand, contractual efficiency, and division of labor; published The Theory of Moral Sentiments and the Inquiry into the Nature and Causes of the Wealth of Nations
Adam Smith
Eighteenth-century British professor whose writings formed the basis of modern economics; observed and wrote about supply and demand, contractual efficiency, and division of labor; published The Theory of Moral Sentiments and the Inquiry into the Nature and Causes of the Wealth of Nations
adverse opinion
judgment that financial statements are not fairly stated
affirmative action program
efforts to recruit, hire, train, and promote qualified individuals from groups that have traditionally been discriminated against on the basis of race, gender, or other characteristics
Age Discrimination in Employment Act
outlaws hiring practices that discriminate against people between the ages of 49 and 69, as well as those that require employees to retire before the age of 70
Japanese for "descent from heaven"; the practice of hiring retired bureaucrats to become auditors, directors, executives, and presidents
apathetic culture
shows minimal concern for either people or performance; individuals focus on their own self-interests
Balanced Scorecard
a management system that focuses on all the elements that contribute to organizational performance and success including financial, customer, market, and internal processes
behavioral economics
assumes that humans may not act rationally because of genetics, learned behavior, and heuristics or rules of thumb
Better Business Bureau
a leading self-regulatory body that provides directions for managing customer disputes and reviews advertising cases
bimodal wealth distribution
occurs when the middle class shrinks, resulting in highly concentrated wealth amongst the rich and large numbers of poor people with very few resources
the practice of offering something (usually money) in order to gain an illicit advantage
behavior associated with a hostile workplace where an individual or a group considered a target is threatened, harassed, belittled, or verbally abused or overly criticized
business ethics
the principles, values, and standards that guide behavior in the world of business
Business for Social Responsibility
globally based resource system that tracks emerging issues and trends, provides information on corporate leadership and best practices, conducts educational workshops and training, and assists organizations in developing practical business ethics tools
caring culture
exhibits high concern for people but minimal concern for performance issues
Categorical Imperative Part I
Act only according to that maxim by which you can also will that it would become a universal law.
Categorical Imperative Part II
Act in such a way that you always treat humanity, whether in your own person or in the person of any other, never simply as a means, but always at the same time as an end.
Categorical Imperative Part III
Act as though you were, through your maxims, a law-making member of a kingdom of ends.
Caux Round Table
a group of businesses, political leaders, and concerned interest groups that desire responsible behavior in the global community
centralized organization
organizational structure in which decision-making authority is concentrated in the hands of top-level managers and little authority is delegated to lower levels
civil law
defines the rights and duties of individuals and organizations (including businesses)
code of conduct
formal statement that describes what an organization expects of its employees
code of ethics
formal statement that consists of general statements, sometimes altruistic or inspirational, that serve as principles and the basis for rules of conduct
coercive power
the ability to influence behavior by penalizing actions or behavior
Collateralized debt obligations
a type of structured asset-backed security (ABS) whose value and payments are derived from a portfolio of fixed-income underlying assets (CDOs)
compliance culture
transaction-based culture that focuses on compliance with policies and procedures
compliance orientation
control system that creates order by requiring that employees identify with and commit to specific required conduct; uses legal terms, statutes, and contracts that teach employees the rules and penalties for noncompliance
conflict of interest
when an individual must choose whether to advance his or her own interests, those of the organization, or those of some other group
teleological theories that assess the moral worth of a behavior by looking at its consequences
consumer fraud
when consumers attempt to deceive businesses for their own gain
consumer protection law
laws protecting consumers that require businesses to provide accurate information about products and services and to follow safety standards
the belief that consumers, rather than the interests of producers, should dictate the economic structure of a society; the theory that an increasing consumption of goods is economically desirable and equates personal happiness with the purchase and consumption of material possessions
Consumers' Bill of Rights
introduced in 1962, outlined four basic consumer rights: the right to safety, the right to be informed, the right to choose, and the right to be heard
core practices
documented best practices, often encouraged by legal and regulatory forces as well as industry trade associations
corporate citizenship
the extent to which businesses strategically meet the economic, legal, ethical, and philanthropic responsibilities placed on them by their various stakeholders.
corporate culture
a set of values, norms, and artifacts including ways of solving problems that members (employees) of an organization share
corporate culture
a set of values, norms, and artifacts, including ways of solving problems that members (employees) of an organization share
Corporate Fraud Accountability Act
Title VIII of the Sarbanes-Oxley act that consists of seven sections and is also referred to as the "Corporate and Criminal Fraud Act of 2002"; describes specific criminal penalties for manipulation, destruction or alteration of financial records or other interference with investigations, while providing certain protections for whistle-blowers.
corporate governance
formal systems of accountability, oversight, and control within an organization
corporate intelligence
the collection and analysis of information on markets, technologies, customers, and competitors, as well as on socioeconomic and external political trends
country common values
values that are specific to groups, sects, regions, or countries that express actions, behavior, and intent
criminal law
not only prohibits specific actions—such as fraud, theft, or securities trading violations—but also imposes fines or imprisonment as punishment for breaking the law
cultural audit
tool to help companies assess their culture and benchmark against previous years' results to measure for organizational improvements
cultural relativism
the concept that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures
everything in our surroundings that is made by people—both tangible items and intangible things like concepts and values; includes language, law, politics, technology, education, social organizations, general values, and ethical standards
decentralized organization
organizational structure in which decision-making authority is delegated as far down the chain of command as possible
Defense Industry Initiative on Business Ethics and Conduct
established a method for discussing best practices and working tactics to link organizational practice and policy to successful ethical compliance (DII)
Deontological Ethics
Duty-based ethics, Independent of circumstances, Independent of consequences, Frequently rule-based
moral philosophies that focus on the rights of individuals and on the intentions associated with a particular behavior rather than on its consequences
a financial instrument that is derived from some other asset, index, event, value or condition (known as the underlying); rather than trade or exchange the underlying itself, derivative traders enter into an agreement to exchange cash or assets over time based on the underlying
descriptive relativism
assumes that through observation of the different norms, customs, and values exhibited by different cultures one can arrive at a factual description of a culture
differential association
idea that people learn ethical or unethical behavior while interacting with others who are part of their role-sets or belong to other intimate personal groups
disclaimer of opinion
judgment that the auditor didn't have full access to records or discovered a conflict of interest
refusing to hire an individual, maintaining a system of employment that unreasonably excludes an individual from employment, discharging an individual, or discriminating against an individual with respect to hiring, employment terms, promotion, or privileges of employment on the basis of race, color, religion, sex, marital status, sexual orientation, public assistance status, disability, age, national origin, or veteran status
distributive justice
justice based on the evaluation of the outcomes or results of the business relationship
dual relationship
a personal, loving, and/or sexual relationship with someone with whom one shares professional responsibilities
the practice of charging high prices for products in domestic markets while selling the same products in foreign markets at low prices, often below cost
dumpster diving
searching trash that has been discarded onto a public street or alley for trade secrets
economic value orientation
a theory associated with values that can be quantified by monetary means
the number of years spent in pursuit of academic knowledge
theory that defines right or acceptable behavior in terms of its consequences for the individual
enlightened egoism
theory that allows for the well being of others although the self-interest of the individual remains paramount
environmental issues
include global warming, water pollution, and waste management
Environmental Protection Agency
created in 1970 to coordinate environmental agencies involved in enforcing the nation's environmental laws; the major area of environmental concern relates to air, water, and land pollution
Equal Employment Opportunity Commission
enforces all federal laws prohibiting job discrimination and provides oversight and coordination of all federal equal employment opportunity regulations, practices, and policies
how wealth or income is distributed between employees within a company, a country, or across the globe
ethical culture
a function of many factors, including corporate policies on ethics, top management's leadership on ethical issues, the influence of coworkers, and the opportunity for unethical behavior
ethical culture
the character or decision-making process that employees use to determine whether their responses to ethical issues are right or wrong
ethical dilemma
a problem, situation, or opportunity that requires an individual, group, or organization to choose among several wrong or unethical actions
ethical issue
a problem, situation, or opportunity that requires an individual, group, or organization to choose among several actions that must be evaluated as right or wrong, ethical or unethical
ethical-issue intensity
the relevance or importance of an ethical issue in the eyes of the individual, work group, and/or organization
Ethics and Compliance Officer Association (ECOA)
organization for ethics auditors that conducts research on legal and ethical issues in the workplace
ethics audit
a systematic evaluation of an organization's ethics program and performance to determine whether it is effective
ethics officers
individuals responsible for managing their organizations' ethics and legal compliance programs
typically determines the future of laws and regulations. This is why we say that ethics leads law.
exacting culture
shows little concern for people but a high concern for performance; focuses on the interests of the organization
executive compensation
means by which executives are rewarded for their leadership, organizational service, and performance
expert power
derived from a person's knowledge (or the perception that the person possesses knowledge)
external control
view held by those who believe that the events in their lives are due to uncontrollable forces, considering what they want to achieve depends on luck, chance, and powerful people in their company
facilitation payment
payment made to obtain or retain business or other improper advantages
the quality of being just, equitable, and impartial
Federal Sentencing Guidelines for Organizations
codified into law, incentives to reward organizations for taking action to prevent misconduct (FSGO)
Federal Sentencing Guidelines
codified into law, incentives to reward organizations for taking action to prevent misconduct
formal group
an assembly of individuals that has an organized structure accepted explicitly by the group
framing effect
concept of behavioral economics that the way something is presented to a consumer can affect choice
any purposeful communication that deceives, manipulates, or conceals facts in order to create a false impression
Futures contracts
standardized contracts to buy or sell a specified commodity of standardized quality at a certain date in the future, at a market determined price (the futures price)
George Bernard Shaw
Man and Superman (1903): "Maxims for Revolutionists" ; "It is dangerous to be sincere unless you are also stupid. "
global common values
values that are shared across most cultures
goodness theory
focuses on the end result of actions and the goodness or happiness created by them
Green energy
perceived to lower carbon emissions and create less pollution; sources include anaerobic digestion or biomass, geothermal, wind, small-scale hydropower, solar, and tidal power
group norm
standards of behavior that groups expect of their members
growth needs
needs that are satisfied by creative or productive activities
an attempt to penetrate a system to capture data, user names, and passwords
concept that defines right or acceptable behavior as that which maximizes personal pleasure
truthfulness or trustworthiness
hostile work environment
work environment that meets the following criteria: unwelcome conduct; conduct that is severe, pervasive, and regarded by the claimant as so hostile or offensive as to alter his or her conditions of employment; and conduct such that a reasonable person would find it hostile or offensive
human rights
the concept of an inherent dignity with equal and inalienable rights as the foundation of freedom, justice and peace in the world
a moral philosophy that places special value on ideas and ideals as products of the mind, in comparison with the world's view
Immanuel Kant
Deontological Ethics "Motives matter more than consequences"
immediate job context
where individuals work, whom they work with, and the nature of the work, including the motivational "carrots and sticks" that superiors use to influence employee behavior
implied falsity
a message that has a tendency to mislead, confuse, or deceive the public
informal group
two or more individuals with a common interest but without an explicit organizational structure
insider trading
buying or selling of company stocks by insiders; illegal insider trading involves the buying or selling of stocks by insiders who possess material that is still not public, whereas legal insider trading involves legally buying and selling stock by insiders, subject to timing and reporting constraints
rejects the idea that (1) ends can be separated from the means that produce them and (2) ends, purposes, or outcomes are intrinsically good in and of themselves
integrative culture
combines high concern for people and for performance
uncompromising adherence to ethical values
intellectual-property right
the legal protection of intellectual properties such as music, books, and movies
interactional justice
justice based on evaluating the communication processes used in the business relationship
internal control
view held by those who believe that they control the events in their lives by their own effort and skill, viewing themselves as masters of their destinies and trusting in their capacity to influence their environment
International Monetary Fund
organization dedicated to the concept that the primary responsibility for the regulation of monetary relationships among national economies should rest in an extra-national body
Jean Giraudoux
"The secret of success is sincerity. Once you can fake that you've got it made."
job performance
considered to be a function of ability and motivation; in that employees can be motivated, but resources and know-how are also needed to get the job done
John Keynes
economist who argued that the state could stimulate economic growth and improve stability in the private sector through such means as controlling interest rates, taxation and public projects
John Rawls
pointed out that oftentimes the answer does depend on where you are sitting. Rawlsian Justice
Jules Renard
"I am not sincere, even when I say I am not."
as applied in business ethics, involves evaluations of fairness or the disposition to deal with perceived injustices of others
Kohlberg's model of cognitive moral
development theory stating that people make different decisions in similar ethical situations because they are in different stages of six cognitive moral development stages
Kyoto Protocol
an international treaty on climate change committed to reducing emissions of carbon dioxide and five other greenhouse gases and to engaging in emissions trading
labeling issue
a type of advertising abuse in the form of claims that misrepresent the features or properties of a product or service
laissez fare
theory that assumes the market, through its own inherent mechanisms, will keep commerce in equilibrium
the ability or authority to guide and direct others toward achievement of a goal
legitimate power
stems from the belief that a certain person has the right to exert influence and that certain others have an obligation to accept it
literally false
advertising claims that belong to one of two subcategories: tests prove (establishment claims), in which the advertisement cites a study or test that establishes the claim; and bald assertions (non-establishment claims), in which the advertisement makes a claim that cannot be substantiated
locus of control
individual differences in relation to a generalized belief about how one is affected by internal versus external events or reinforcements; how people view themselves in relation to power
dishonest behavior that can take one of three forms: (1) statements that cause damage or harm; (2) a "white lie," which doesn't cause damage but can be called an excuse or something told to benefit someone else; and (3) statements that are obviously meant to engage or entertain with no malice
planned obsolescence products
mandated boundaries
externally imposed boundaries of conduct, such as laws, rules, regulations, and other requirements
marketing fraud
the process of creating, distributing, promoting, and pricing products
metaethical relativist
holds that one culture's moral philosophy cannot logically be preferred to another because there exists no meaningful basis for comparison
Milton Friedman
economist whose ideas were guiding principles for government policy making in the U.S., and increasingly throughout the world, starting in the second half of the 20th century; believed in deregulation and that the system could reach equilibrium without government intervention
Milton Friedman
economist whose ideas were guiding principles for government policy making in the U.S., and increasingly throughout the world, starting in the second half of the 20th century; believed in deregulation and that the system could reach equilibrium without government intervention
individual who believes that only one thing is intrinsically good
the holding company for Moody's Investors Service, which performs financial research and analysis on commercial and government entities, as well as ranking the credit-worthiness of borrowers using a standardized ratings scale
Moral Ambiguity
implies that doing the right thing is not immediately obvious
moral intensity
a person's perception of social pressure and the harm the decision will have on others
moral philosophy
the specific principles or rules that people use to decide what is right or wrong
a force within the individual that focuses his or her behavior toward achieving a goal
multinational corporation
public companies that operate on a global scale without significant ties to any one nation or region
is the legal relationship between a person and the country in which he or she is born
ethics based on respect for persons
normative relativism
assumes that one person's opinion is as good as another's
obedience to authority
one means used by many employees to resolve business ethics issues
obligation theory
emphasizes the means and motives by which actions are justified.
Occupational Safety and Health Administration
enforces the Occupational Safety and Health Act of 1970, which mandates that employers provide safe and healthy working conditions for all workers; makes regular surprise inspections to ensure that businesses maintain safe working environments
Open Compliance Ethics Group (OCEG)
organization that has worked with over 100 companies to create a universal framework for compliance and ethics management
the conditions in an organization that limit or permit ethical or unethical behavior
the trade-off between equity (equality or fairness) and efficiency (maximum productivity)
Oscar Wilde
The Critic as Artist, part 2 (1891); "A little sincerity is a dangerous thing, and a great deal of it is absolutely fatal."
Other telelogical approaches
Eudaemonist, Hedonist, Evolutionist, Pragmatist
passive bribery
an offense committed by the official who receives the bribe; not an offense, however, if the advantage was permitted or required by the written law or regulation of the foreign public official's country, including case law
password guessing
using personal information—such as a child's name, birthdays and anniversaries, and Social Security numbers—to guess a password
giving back to communities and causes
phone eavesdropping
using a digital recording device to monitor and record a fax line
physical hacking
requires that the hacker enter a facility personally to capture data, user names, and passwords
takes the position that no one thing is intrinsically good
Ponzi scheme
a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned; usually offers returns that other investments cannot guarantee in order to entice new investors, in the form of short-term returns that are either abnormally high or unusually consistent
Power of Markets
Markets are both ubiquitous (they are everywhere) and Inexorable (they cannot be thwarted without dire consequences)
primary stakeholder
individuals or groups whose continued association is absolutely necessary for a firm's survival, including employees, customers, investors, and shareholders, as well as the governments and communities that provide necessary infrastructure
specific and pervasive boundaries for behavior that are universal and absolute
privacy issue
issues that businesses must address include the monitoring of employees' use of available technology and consumer privacy
procedural justice
justice based on the processes and activities that produce the outcome or results
procompetitive legislation
laws passed to prevent the establishment of monopolies, inequitable pricing practices, and other practices that reduce or restrict competition among businesses; enacted to encourage competition and prevent activities that restrain trade
Public Company Accounting Oversight Board
monitors accounting firms that audit public corporations and establishes standards and rules for auditors in accounting firms
exaggerated advertising, blustering, and boasting upon which no reasonable buyer would rely and is not actionable under the Lanham Act
qualitative hedonist
those who believe that it is possible to get too much of a good thing (such as pleasure)
quantitative hedonist
those who believe that more pleasure is better
qui tam relator
an employee providing information to the government about their company's wrongdoing
rational economics
based upon the assumption that people are predictable and will maximize the utility of their choices relative to their needs and wants
Rawlsian Maximin Principle
If any of us were subject to being dropped into society without regard to our previous position (the VEIL of IGNORANCE), we would regard the following propositions as "just":
the view that an external world exists independent of our perception of it
an interchange of giving and receiving in social relationships
referent power
exists when a person perceives that his or her goals or objectives are similar to another person's and influences the other to take actions that will lead both to achieve their objectives.
relatedness needs
needs that are satisfied by social and interpersonal relationships
relativist perspective
holds that definitions of ethical behavior are derived subjectively from the experiences of individuals and groups
remote hacking
involves attempting to penetrate remotely a system across the Internet
one of an organziation's greatest intangible assets with tangible value; influenced by its actions, choices, behaviors, and consequences
reward power
a person's ability to influence the behavior of others by offering them something desirable
risk compartmentalization
situation where various profit centers within corporations become unaware of the overall consequences of their actions.
Robert Higgs
Delusions of Power
rule deontologist
believes that conformity to general moral principles determines ethicalness; use reason and logic to formulate rules for behavior
rule utilitarian
individual who determines behavior on the basis of principles, or rules, designed to promote the greatest utility rather than on an examination of each particular situation
Sarbanes-Oxley 404 compliance
section of the Sarbanes-Oxley Act that codifies actions required to effect cultural change, not merely accounting changes, within an organization; the intent is to expose mismanagement, fraud, theft, abuse, and to sustain a corporate culture that does not allow these conditions and actions to exist
Sarbanes—Oxley Act
law that made securities fraud a criminal offense and stiffened penalties for corporate fraud; created an accounting oversight board that requires corporations to establish codes of ethics for financial reporting and to develop greater transparency in financial reports to investors and other interested parties
Saul Alinsky
Rules for Radicals
Saul D. Alinsky
He codified and wrote a clear set of rules for community organizing. His rules for radicals are now used as key tactics to learn in the training of new community organizers. A Pragmatic Primer for Realistic Radicals
secondary stakeholder
individuals or groups that do not typically engage in transactions with a company and thus are not essential for its survival, including the media, trade associations, and special-interest groups
Securities Investor Protection Corporation
a federally mandated non-profit corporation in the United States that protects securities investors from financial harm if a broker-dealer company fails (SIPC)
self-reference criterion
an implied perspective of ethical superiority based on the idea that "we" differ from "them"
sexual harassment
any repeated, unwanted behavior of a sexual nature perpetrated upon one individual by another; may be verbal, visual, written, or physical and can occur between people of different genders or those of the same sex
shareholder model of corporate governance
focuses on developing and improving the formal system for maintaining performance accountability between top management and the firms' shareholders
shoulder surfing
looking over an employee's shoulder while he or she types in a password
significant other
an individual who has influence in a work group, including peers, managers, coworkers, and subordinates
Six Sigma
a methodology used to manage process variations that cause defects, defined as unacceptable deviations from the mean or target, and to systematically work toward managing variation to eliminate those defects
changing a customer's phone service without authorization
social audit
the process of assessing and reporting a business's performance in fulfilling the economic, legal, ethical, and philanthropic responsibilities expected of it by its stakeholders
social engineering
the tricking of individuals into revealing their passwords or other valuable corporate information
social responsibility
an organization's obligation to maximize its positive impact on stakeholders and to minimize its negative impact
social responsibility
business ethics that embody values, norms, and expectations that reflect a concern of major stakeholders, including consumers, employees, shareholders, suppliers, competitors, and the community
economic theories advocating the creation of a society in which wealth and power are shared and distributed evenly based on the amount of work expended in production
stakeholder interaction model
a conceptualization of the relationship between businesses and stakeholders featuring two-way relationships between the firm and a host of stakeholders
stakeholder model of corporate governance
entails creating governance systems that consider stakeholder welfare in tandem with corporate needs and interests
stakeholder orientation
the degree to which a firm understands and addresses stakeholder demands
customers, investors and shareholders, employees, suppliers, government agencies, communities, and many others who have a "stake" or claim in some aspect of a company's products, operations, markets, industry, and outcomes
statement of values
formal statement that serves the general public and also addresses distinct groups such as stakeholders; conceived by management and fully developed with input from all stakeholders
strategic philanthropy
the synergistic and mutually beneficial use of an organization's core competencies and resources to deal with key stakeholders so as to bring about organizational and societal benefits
sustainable development
a systematic approach to achieving human development in such a way that the earth's resources are preserved for future generations
system hacking
assumes that the attacker already has access to a low-level, privileged-user account
Teleological Ethics
literally, the science of "ends"; Duty doesn't matter. Only consequences matter. The circumstances surrounding the situation dictate the solution.
moral philosophies in which an act is considered morally right or acceptable if it produces some desired result such as pleasure, knowledge, career growth, the realization of self-interest, utility, wealth, or even fame
The Rawlsian Equality (or MAXIMIN) Principle:
Social and economic inequalities are to be arranged so that they are to the greatest benefit of the least advantaged members of society.
The Rawlsian Liberty Principle
Each person has an equal claim to a fully adequate scheme of equal basic rights and liberties.
transactional leader
attempts to create employee satisfaction through negotiating, or "bartering," for desired behaviors or levels of performance transformational leader strives to raise employees' level of commitment and to foster trust and motivation
Triple Bottom Line
a perspective that takes into account the social, environmental, and financial impact of decisions made within the organization
unethical dual relationship
a relationship that causes either a direct or indirect conflict of interest or a risk of impairment to professional judgment.
theory that seeks the greatest good for the greatest number of people by making decisions that result in the greatest total utility and that achieve the greatest benefit for all those affected
best known school of thought for teleogical. Do what is best for the greatest number.
values based ethics culture
relies upon an explicit mission statement that defines the firm as well as how customers and employees should be treated; focus is on values, not rules that help employees to decide to "do the right thing "
values orientation
control system that strives to develop shared values; although penalties are attached, focus is more on an abstract core of ideals such as accountability and commitment
virtue ethics
posits that what is moral in a given situation is not only what conventional morality or moral rules (current societal definitions) require but also what the mature person with a "good" moral character would deem appropriate
voluntary practices
the beliefs, values, and voluntary contractual obligations of an organization
water pollution
result of the dumping of raw sewage and toxic chemicals into rivers and oceans, from oil and gasoline spills, and from the burial of industrial wastes in the ground where they may filter into underground water supplies
wireless hacking
whistle blowing
exposing an employer's wrongdoing to outsiders (external to the company) such as the media or government regulatory agencies
white-collar crime
an individual or group committing an illegal act in relation to his/her employment, who is highly educated (college), in a position of power, trust, respectability and responsibility, within a profit/nonprofit business or government organization and who abuses the trust and authority normally associated with the position for personal and/or organizational gains
World Trade Organization
administers trade agreements, facilitates future trade negotiations, settles trade disputes, and monitors the trade policies of member nations; addresses economic and social issues involving agriculture, textiles and clothing, banking, telecommunications, government purchases, industrial standards, food sanitation regulations, services, and intellectual property; and provides legally binding ground rules for international commerce and trade policy.