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COMM 104 (45)
Chapter 1

Chapter 1.docx

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Course Code
COMM 104
Karen Humphreys Blake

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Chapter 1­ What Is Business Ethics, and Why Study It? Why Study Business Ethics?  Milton Friedman once famously said that the only social responsibility of  business is to make a profit  “Traditional Theory of Corporation” suggest that corporations are run for the  benefit of their owners: the shareholders  Stakeholders are people, or groups of people, who have an interest in a business  decision. Business today look beyond the interests of shareholders when making  decisions­ it considers the perspectives of other stakeholders  Business ethics considers the impact of business not just on society broadly, but  on the specific groups of stakeholders who may be affected by business decisions  If a company would like to list its shares on the Toronto Stock Exchange, it must  have a corporate ethics policy that binds its directors What Is Business Ethics? What Is CSR?  Ethics is the application of, or acting within, moral principles  An ethical person has values, and acts in accordance with those values. And those  values are perceived as being good, or as representing the best in man or society  The ethical manager tries to do what is right­ in a normative sense o Normative means how things ought to be   Legality can be defined succinctly as compliance with legal obligations  A moral manager is a businessperson who, while in position to make corporate  decisions, decides in a way that takes into account ethical duties. They consider  the 
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