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Chapter 1

ADM 1301 Chapter 1.odt

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University of Ottawa

ADM 1301 Chapter 1INTEGRITY IN BUSINESSEthics of Business The rules standards codes or principles that provide guidance for normally appropriate behaviour in managerial decision making relating to the operation of the corporation and businesss relationship with society Share Holder An investor who has bought shares of a stock market Stock holder Someone who has a portfolio of shares in different corporations Steak holder Any who can influence or is affected by anything the business entity doesCorporate Social responsibility The way a corporation achieves a balance among its economic social and environmental responsibilities in its operation so as to address shareholder and other stakeholder expectations Corporate Sustainability Corporate activities demonstrating the inclusion of social and environmental as well as economic responsibilities in business operations as they impact all stakeholders to ensure longterm survival of the corporation TripleE bottom line The evaluation of the corporations performance according to a summary of the economic social or ethical and environmental value the corporation adds or destroysTripleP bottom line An evaluation of corporations performance according to profits people and planet Corporate citizenship A corporation demonstrating that it takes into account its role in and complete impact on society and the environment as well as its economic influence Integrity Refers to the appropriateness of a corporations behaviour and its adherence to moral guidelines acceptable to society such as honesty fairness and justiceMAIN APPROACHES TO ETHICAL THINKINGDeontological Ethics An approach to ethics that determines goodness or rightness from examining the acts rather than from the consequences of the acts Teleological Ethics An approach to ethics that focuses on outcomes or results of actionsVirtue Ethics
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