Values
Belief that a company should incorporate social objectives within its goals and policies and contribute positively to society.
What is corporate social responsibility?
Formal statement that conveys ethical values and describes baseline professional conduct expected of individuals.
What is a code of ethics?
Individual Behavior in accordance with principles for good conduct or morality
What is ethical behavior?
1970s economist who argued that companies fulfill their social responsibility and provide the greatest well-being to society by maximizing value to shareholders.
Who is Milton Friedman
View of capitalism that stresses the interconnected relationships between a business and those who have an interest, or a "stake" in the organization.
What is stakeholder theory?
Form of business entity that is legally empowered to pursue positive stakeholder impacts alongside profits.
What is a benefit corporation?
Ethics theory advocating actions that foster happiness and opposing actions that cause unhappiness
What is utilitarianism?
Four categories of responsibility identified in the CSR pyramid of corporate social responsibilities,
What are economic, legal, ethical, philanthropic?
1770s economist who argued that companies fulfill their social responsibility and provide the greatest well-being to society by maximizing value to shareholders.
Who is Adam Smith?
All parties who affect, or are affected by, a company's activities.
What are stakeholders?
A US law that established accounting standards and reporting requirements for companies.
What is Sarbanes-Oxley?
Ethics theory that says every human being has rights, and all governments are obligated to protect them.
What is rights theory?
A company's attempt to export their home country's ethical beliefs to other countries.
What is ethical imperialism?
A 2020s business organization that believes the purpose of a company is to serve all its stakeholders.
What is the Business Roundtable?
Attribute that is difficult to imitate and enables a firm to outperform its competitors in the same industry.
What is competitive advantage?
Law that forbids US companies, subsidiaries, or citizens from bribing government officials or political candidates worldwide.
What is the FCPA?
Ethics theory that describes a society of free citizens who have equal basic rights and who cooperate within an egalitarian economic system.
What is theory of justice?
Moral integrity of individuals and a firm's managerial setting or policies.
What are sources of unethical behavior?
Example of a famously unethical company
What is Enron, United Fruit Company, WorldCom and others
Ethics theory that says the morality of an at depends on how the act is perceived within that specific culture at the time of the act.
What is cultural relativism?
Two concepts that help resolve ethical dilemmas.
What are conflict of relative development and conflict of cultural tradition?