BUS 201 Chapter Notes - Chapter 3: Strategic Planning, Board Of Directors, Insider Trading
3 Oct 2016
School
Department
Course
Professor
Document Summary
When faced with an ethical dilemma, two factors affect your decision: your basic ethical structure which you developed in childhood, the circumstances of the situation. Everyone develops his/her own code of ethics . Managerial ethics: standards of behavior that guide individual managers in their work. Conflict of interest: activity benefits employee at the expense of employer. Assessing ethical behavior: gather the relevant factual information, determine the most appropriate moral values, make an ethical judgment based on the rightness or wrongness of activity. Corporate social responsibility: balancing its commitment to important individuals and groups in its external environment. Organizational stakeholders: individuals and groups that are directly affected by the practices of an organization. Managerial capitalism: company"s only responsibility is to make as much money as possible for its shareholders, as long as company does not break any laws. Opposed because companies need to be responsible to a variety of stakeholders such as customers, investors, suppliers, and local communities.
