AFM131 Chapter 5: Chapter 5 - Ethics

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Ethics: standards of moral behaviour, that is, behaviour that is accepted by society as right versus wrong. Mo(cid:396)e tha(cid:374) legalit(cid:455), it(cid:859)s a(cid:271)out (cid:862)doi(cid:374)g the (cid:396)ight thi(cid:374)g(cid:863) Goes (cid:271)e(cid:455)o(cid:374)d the la(cid:449) to look at (cid:449)hat(cid:859)s (cid:396)ight a(cid:374)d (cid:449)hat(cid:859)s wrong. Cultures and beliefs will impact judgement (cid:862)do u(cid:374)to others as you (cid:449)ould ha(cid:448)e the(cid:373) do u(cid:374)to you(cid:863) Ethical behaviour should be exhibited in our daily lives, not just in business environments. Ca(cid:374)(cid:859)t e(cid:454)pe(cid:272)t so(cid:272)iet(cid:455) to (cid:271)e(cid:272)o(cid:373)e more moral/ethical unless we commit to becoming more moral/ethical ourselves. Personal core values shape how you see ethics: everyone has a different set of values that makes their set of ethics/morals different than other people. Businesses should be managed ethically to: maintain a good reputation, keep/attract customers, avoid lawsuits, reduce employee turnover, avoid government intervention (could impede and hinder the way they do business, do the right thing. Ethi(cid:272)s (cid:271)egi(cid:374) at (cid:862)the top(cid:863) of the (cid:272)o(cid:373)pa(cid:374)(cid:455: leaders can help instill good corporate values in employees.