BMGT 110 Chapter Notes - Chapter 4: Business Ethics, Jeffrey Skilling, Triple Bottom Line

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Hugh Turner

Document Summary

My definition of ethics: difference between what is right and wrong to do. Before doing something i ask myself is this ethical? . No because something things are just not the right thing to do because they may hurt someone else but are not illegal. With ethics, the phrase do the right thing is always used. Reference to decide whether something is right or wrong. Relative: when you do something even if it goes against what you believe in because it is what people usually do in that situation. Being socially responsible is doing more than what is asked of you and benefiting society as such. Compliance-based codes: ethics based on following the law. Integrity-based codes: ethics based on encouragement of acting in a certain manner to reach a certain goal. Triple bottom line: companies that are not only looking for profits. Scandal based on lying about the financial condition of the company.