ADMS 1000 Chapter Notes - Chapter 10: Role Theory, Business Ethics, Social Contract

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Peter Modir

Document Summary

Adms 1000 corporate governance and social responsibility [chapter 10] Ethics is the study of morality or moral judgements, standards and rules of conduct. Business ethics is the rules, standards, principles or codes giving guidelines for morally right behavior in certain contexts. Unethical behavior is behavior that has a harmful effect on others and is either illegal or morally unacceptable to the larger community. Business ethics requires the organization or individual to behave in accordance with some carefully thought out rules of moral philosophy. A manager is required to balance the interests of many different parties: shareholders, employees, customers, creditors and so on. The issue of business ethics is balancing all these interests. It assesses the rightness or wrongness of an action by its outcomes. The behavior results in total benefits exceeding total costs. It states that a person, organization or society should engage in the activities that results in the greatest balance of good over harm for all.