MGM101H5 Lecture Notes - Lecture 4: Corporate Social Responsibility, Bernard Madoff, Sponsorship Scandal
25
MGM101H5 Full Course Notes
Verified Note
25 documents
Document Summary
Want to make a team of younger managers with larger social conscience. Businesses must either be sneakier at hiding unethical behavior or become ethical. Business ethics has to do with right and wrong business behavior. Ethics is the study of what we understand to be good and right behavior and how people make those judgments. When one acts in ways that are consistent with our moral values we will characterize that as acting ethically . Ethics govern behavior when no one is watching. Ethics: reflection of the moral principles or beliefs about what an individual views as right or wrong. Underpins all personal, professional, and business actions: facilitates all dealings and builds trust/stronger relationships. Critical to your reputation and integrity: lower costs of transactions. Integrity lowers transaction costs between groups: alternative to more regulations. Less necessary if there is integrity and trust between groups. Can trust that people will conduct business ethically.
