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Chapter Final Exam

BUS 223 Chapter Notes - Chapter Final Exam: Corporate Social Responsibility, Virtue Ethics, United States Federal Sentencing Guidelines


Department
Business
Course Code
BUS 223
Professor
Haskovon Kriegstein
Chapter
Final Exam

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Ch.1: Ethics and Business 16:44
Making the case for Business Ethics
Ethics is a process of responsible decision making
Scandals like Bernie Madoff were brought by ethical failures
Not every decision can be covered by economic, legal or company rules and
regulations
The direct costs of unethical business practice are more visible today that
ever before
The questions today are less about why or should ethics be a part of
business; they are about which values and principles should guide business
decisions and how ethics should be integrated within business
Need to consider impacts on a business stakeholder
anyone who affects or is affected by decisions made within the firm, for
better or worse
A firm’s ethical reputation can provide a competitive edge in the marketplace
with customers, suppliers and employees
Managing ethically can play a significant part in org. structure and efficiency
Trust, loyalty, commitment, creativity, and initiative are just some benefits
that will occur from stable and credible organizations
Business ethics as Ethical Decision making
Ethical decision making
Decisions that follow from a process of thoughtful and conscientious
reasoning will be more responsible and ethical
Responsible decision making and deliberation will result in more responsible
behaviour
Ethics
Refers not only to an academic discipline but to that arena of human life
studied by this academic discipline, namely how human beings should
properly live their lives
We are what we repeatedly do
Business Ethics as Personal Integrity and Social responsibility
Social circumstances affect our decision making
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Our social enviro will greatly influence the range of options that are open to
us and can significantly influence our behaviour
Business leaders therefore have a responsibility for the business enviro they
create; we shall later refer to this enviro as corporate culture
At its most basic level, ethics is concerned with how we act and how we live
our lives
ethics in this sense is practical
Philosophers state that ethics is normative
deals with our reasoning about how we should act
Morality
defined by moral systems
personal integrity
if morals refer to the underlying values on which our decisions are based,
ethics refers to the application of these morals to the decisions themselves
Social ethics
Business ethics is concerned with how business institutions ought to be
structured
About whether they have a responsibility to the greater society
Examines business institutions from a social rather than from an individual
perspective
Decision making for social responsibility
Managerial decision making involves both aspects of ethics
social sciences (psychology, sociology) are descriptive
they provide an account of how and why people do act the way they do
Normative deals with norms
Standards of appropriate and proper behaviour
Norms establish the guidelines or standards for determining what we should
do, how we should act and what type of person we should be
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Values
Underlying beliefs that cause us to act or to decide one way rather than
another
Ethical values
Serve the ends of human-well being
acts and decisions that seek to promote human welfare are acts and
decisions based on ethical values
well-being promoted by ethical values is not a personal and selfish well-
being
ethical values are those beliefs and principles that impartially promote
human well-being
Ethics and the Law
Deciding what someone should do requires reflection on what the law
requires
Legal norms and ethical norms are not identical, nor do they always agree
Legal compliance is insufficient
holding obedience to the law is sufficient to fulfill one’s ethical duties begs
the question of whether the law, itself is ethical
societies that value individual freedom will be reluctant to legally require
more than just an ethical minimum
on a more practical level, telling the business that its ethical respobsibilties
end with obedience to the law is just inviting more legal regulations
the law cannot possibly anticipate every new dilemma that businesses may
face
the perspective that compliance is enough relies on a misleading
understanding of law
law offers general rules that find some clarity through cases decided by the
courts
Risk assessment
Process to identify potential events that may affect the entity and manage
risk to be within its risk appetite, to provide reasonable assurance regarding
the achievement of entity objectives
The decision to push the envelope becomes a balance of risk assessment,
cost-benefit analysis and ethics
Ethics as practical reason
Ethics is vital element of practical reasoning
Reasoning about what we should do
Theoretical reasoning
Reasoning about what we should believe
Pursuit of truth, which is the highest standard for what we should believe
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