BUSI 4601 Chapter Notes - Chapter 1: Professional Code Of Quebec, Cognitive Bias, Business Ethics
3 May 2018
School
Department
Course
Professor
Chapter 1: Managing Business ethics
Cynicism: people motivated purely by self-interest
Bottom line: frustration and cynicism
1. financial disaster 2008
▪ causes
i. shadow financial market
ii. subprime mortgage
iii. regulatory climate
iv. incentive
v. investment bank
vi. cheap loan
vii. rating agency
viii. innovation
ix. hard mentality
▪ result
i. unemployment
ii. business failure
iii. government bailout
iv. consumer distress
v. lower trust in government
vi. lower reputation
2. ethics
▪ set of moral principles and values
▪ study philosophy of human conduct with emphasis on determing
right and wrong
▪ inquiry into nature and grounds of morality
▪ deal with individual character and moral values that limit our
conduct
▪ weigh personal value and reach accepted practice
business ethics
▪ relate to rule/ standard/ moral principle in specific business
situation
▪ compromise organizational principle from legal system and guide
individual
moral: personal philosophy whats right or wrong
principle: specific boundary for behavior
value: endure belief/ideal that are socially enforced
professional code of ethics: rule to govern conduct of member
3. ethical decision making process
▪ characteristics of individual
i. individual difference
ii. cognitive bias
▪ process
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