Management and Organizational Studies 4467A/B Study Guide - Fall 2019, Comprehensive Midterm Notes - Capitalism, Virtue Ethics, Trust Law
14 Feb 2019
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Document Summary
Chapter 1: the relationship between business and society. Terminology: ethics of business, controlled by training programs, codes of conduct, mission and vision statements, stakeholder, corporate social responsibility (csr) Approaches (or theories) to ethical thinking: deontological, rule-based follow rules and regulations, what is good is based on following rules, there is no regard to the consequences, duty-based. In-class example: you lie to protect someone else"s feelings: virtue ethics the way you raise a person can make them act ethically all the time just based on their circumstances, environment, etc, everyone has different values. Incorporates social and environmental impact into share prices. Operational responsibility: three stakeholders have operational responsibility, owners, direct ownership (e. g. shareholders) Indirect ownership (e. g. mutual fund holders: board of directors, elected by shareholders, must fulfill legal and fiduciary obligations, managers, top managers are hired by bod, oversee operations of corporations.
