COVER
What does the C in COVER stand for?
What is CODE
- Legal aspects of the decision; Code of Conduct/Ethics
Resources flow to where they are most highly valued by society, allowing businesses to focus on their strengths
What is profit maximization?
Key factor in determining if ethically is how it affects others (right-theory)
What is principle of rights?
Law that requires companies to set up confidential system so that “red flags” can be raised about suspected illegal and unethical business practices
What is Sarbanes- Oxley Act?
What does the O in COVER stand for?
What is OUTCOMES
- Consequential theory or utilitarianism
The idea that investors and others should consider not only corporate profits, but also the corporation’s impact on people and on the planet in assessing the firm. - PEOPLE, PLANET, PROFITS
What is triple bottom line?
Identified several guiding principles for moral behavior
What is Immanuel Kant?
Prohibited US businesses from bribing foreign officials
What is Foreign Corrupt Practices Act?
What does the V in COVER stand for?
What is VALUES
- Rights theory, CSP, Divine Command Theory
When making decisions, a businessman should evaluate the:
- Legal implications
- Public relations impact
- Safety risks for consumers and employees
- Financial implications
Evaluate your actions based on what would happen if everyone acted like that
What is categorical imperative?
What are some unethical decision impacts (6)
- Image
- Environment
- Customers
- Suppliers
- Employees
- Global economy
What does the E in COVER stand for?
What is Editorial
- Intuition, how you feel (right or wrong)
The minimum degree of ethical behavior expected of a business firm, which is usually defined as COMPLIANCE WITH THE LAW.
What is moral minimum?
“The greatest good for the greatest number”
What is utilitarianism?
What does the R in COVER stand for?
What is RULE
- Categorical imperative or universality of decision
The study of what constitutes right and wrong
What is business ethics?
The concept that corporations can and should act ethically, and be accountable to society for their actions.
What is corporate social responsibility (CSR)