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Ch 4 MGMT
Terms in this set (24)
standards of moral behavior, behavior accepted by society as right versus wrong
common statements of basic moral values
*respect for human life
ask yourself what questions when facing ethical dilemma?
*is proposed action legal?
*is it balanced?
*how will it make me feel about myself?
trust & cooperation b/w workers/managers & businesses/nations must be based on
fairness, honesty, openness, moral integrity
what can create unethical actions in an environment?
overly ambitious goals and incentives
compliance-based ethics code
emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers
integrity-based ethics codes
define organization's guiding values, create an environment that supports ethically sound behavior, and stress shared accountability
insiders reporting illegal/unethical behavior
corporate social responsibility
business's concern for welfare of society
CSR critic beliefs
-manager's sole role is to compete and win in marketplace
-managers pursuing CSR are doing so w/ other people's $, which is invested to make more $
CSR defenders beliefs
-businesses owe existence to societies they serve & can't succeed in societies that fail
-acknowledge businesses have deep obligations to investors and shouldn't attempt government-type social responsibility projects
-makes more money for investors in long run
dimensions of social performance of company
corporate philanthropy, social initiatives, responsibility, and policy
charitable donations to non profit groups of all kinds
corporate social initiatives
enhanced forms of corporate philanthropy directly related to company's competencies
everything from hiring minority workers to making safe products, minimizing pollution, using energy wisely, & providing safe work environment
position a firm takes on social and political issues
4 basic consumer rights proposed by JFK
1. right to safety
2. right to be informed
3. right to choose
4. right to be heard
unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends
regulation fair disclosure
doesn't specify what info. can/can't be disclosed; simply requires companies that release any info. to share it with everybody not just a few select people
employee fraud costs U.S. businesses how much of annual revenue?
employee fraud costs how much of business failures?
how do corporations publish reports that document their net social contribution?
company must measure positive social contributions and subtract its negative social impacts
systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs
5 types of groups that serve as watchdogs to monitor how well companies enforce their ethical and social responsibility policies
1. socially conscious investors insist companies extend high standards to suppliers
2. social conscious research organizations analyze and report on corporate social responsibility efforts
3. environmentalists apply pressure by naming companies that don't abide by environmentalists' standards
4. union officials hunt down violations and force companies to comply to avoid negative publicity
5. customers make buying decisions based on their social conscious
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