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Final

MGTS1601 Final: Exam Revision Note 5
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3 Pages
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Department
Management
Course Code
MGTS1601
Professor
Marissa Edwards

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Ethics
“Ethics can be defined as the code of moral principles that sets standards as to
what is good or bad, or right or wrong in one’s conduct and thereby guides the
behavior of a person or group(Schermerhorn, 2002, p. 146)
伦理学可以被定义为道德原则的准则, 它规定了什么是好的或坏的, 或在一个人
的行为中的正确或错误, 从而指导一个人或群体的行为
Morals
Often used interchangeably with “ethics”, but generally refers to fundamental
beliefs about right and wrong, used to guide individual decisions
常与 伦理学 交替使, 但一般指的是对错的基本信念, 用来指导个人的决定
Business Ethics
The study of business situations, activities, and decisions where issues of right
and wrong are addressed(Crane & Matten, p. 5)
… the principles, values, and standards that guide behavior in the world of
business 在商业世界中指导行为的原则、价值和标准(Ferrell et al., 2009 p. 7)
Why do managers need to be aware of business ethics?
Negative Consequences of Deviance
Implications for individuals and organisations
Employee Commitment
A recent National Business Ethics Survey revealed that 79% of
employees agree that ethics is an important consideration in
continuing to work for their organisation
Increased Profits
Evidence indicates that companies that are perceived to have a
high degree of ethical behaviour and integrity have a higher
average total return to shareholders than those that do not
Customer Satisfaction
Socially responsible behaviours will help to develop lasting,
productive relationships with stakeholders
Investor Loyalty
Investors are attracted to companies which demonstrate socially
responsible practices and recognise that an ethical culture can
underpin efficiency and profits
Utilitarianism
Actions are right or wrong by virtue of their consequences (“greatest good
for the greatest number”)
Categorical
Imperative
This approach relies on absolute rules and universal laws that must be
followed, regardless of the situation at hand

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Description
Ethics Ethics can be defined as the code of moral principles that sets standards as to what is good or bad, or right or wrong in ones conduct and thereby guides the behavior of a person or group (Schermerhorn, 2002, p. 146) , , , Morals Often used interchangeably with ethics, but generally refers to fundamental beliefs about right and wrong, used to guide individual decisions , , Business Ethics The study of business situations, activities, and decisions where issues of right and wrong are addressed (Crane Matten, p. 5) the principles, values, and standards that guide behavior in the world of business (Ferrell et al., 2009 p. 7) Why do managers need to be aware of business ethics? Negative Consequences of Deviance Implications for individuals and organisations Employee Commitment A recent National Business Ethics Survey revealed that 79 of employees agree that ethics is an important consideration in continuing to work for their organisation Increased Profits Evidence indicates that companies that are perceived to have a high degree of ethical behaviour and integrity have a higher average total return to shareholders than those that do not Customer Satisfaction Socially responsible behaviours will help to develop lasting, productive relationships with stakeholders Investor Loyalty Investors are attracted to companies which demonstrate socially responsible practices and recognise that an ethical culture can underpin efficiency and profits Utilitarianism Actions are right or wrong by virtue of their consequences (greatest good for the greatest number) Categorical This approach relies on absolute rules and universal laws that must be Imperative followed, regardless of the situation at hand
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