Textbook Notes (368,775)
United States (206,100)
LPP 255 (13)
Unkown (13)
Chapter 5

Chapter 5.docx

3 Pages
67 Views
Unlock Document

Department
Law & Public Policy
Course
LPP 255
Professor
Unkown
Semester
Fall

Description
Chapter 5 • Ethics= the study of what constitutes right or wrong behavior • Business ethics= right and wrong in the business world • Moral minimum= minimum acceptable standard for ethical business behavior o Follow the law, don’t get in trouble o “Gray areas”  Court decides what is “foreseeable” and “reasonable” o Short run profit maximization= increase profits by continuing to sell a product, even though it defective  Long run: profits suffer • Lawsuits, bad publicity, unethical conduct • Ethics training for employees • Sarbanes- OxleyAct= requires companies to set up confidential systems so that employees and others can raise red flags about unethical accounting practices • Stock buyback- corporation buys its own stocks to boost the price of their stock o Stock options= corporate executives can buy shares of the stock at a set price, they can profit by selling their shares o Executive bonuses • Ethical reasoning= reasoning process in which the individual examines the situation at hand in light of his or her moral convictions or ethical standards o Duty based ethics= derived from revealed truths, religious precepts or philosophical thoughts  Religious ethical standards  Kantian ethics • Categorical imperative= evaluate the actions in light of the consequences if everyone followed your action  Principle of rights= believe that the key factor in determining whether a business decision is ethical is how that decisi
More Less

Related notes for LPP 255

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit