LGS 200 Lecture Notes - Lecture 4: Corporate Social Responsibility, Foreign Corrupt Practices Act, Business Ethics
21 Mar 2017
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Ethics- the study of what constitutes right or wrong behavior - focuses on morality. Business ethics- the decisions businesses make or have to make and whether those decision are right or wrong. Triple bottom line- a corporation"s profits and its impact on people and on environment. Evaluate: the legal implications of each decision, the public relations impact, the safety risks for consumers and employees, the financial implications. Short run- may increase profits by continuing to sell a problem even though it is defective,try to get money right away. Long run- lawsuits, large settlements, and bad publicity, cause profits to suffer. Moral minimum - compliance with the law, acting at the lowest ethical level society will tolerate. Link ethics and law through internal codes of ethics. Codes of conduct: typically outline the company"s policies on particular issues and indicate how employees are expected to act. Ethics is based more on judgement than research.
