Ethics and Corporate Responsibility
5-1
McGraw-Hill
© 2011 The McGraw-Hill Companies, Inc. All rights reserved.
5-2
Chapter
5
McGraw-Hill
Ethics And Corporate Responsibility
© 2011 The McGraw-Hill Companies, Inc. All rights reserved.
Learning Objectives
After studying Chapter 5, you will know:
5-3
how different ethical perspectives guide decision making how companies influence the ethics environment the options you have when confronting ethical issues the important issues surrounding corporate social responsibility how the political and social environment affects your firm’s competitive position and legitimacy the strategies corporations use to manage the political and social environment the role of managers in our natural environment
McGraw-Hill © 2011 The McGraw-Hill Companies, Inc. All rights reserved.
Ethics
Ethics
the system of rules that governs the ordering of values
5-4
affects people’s behavior and the ‘goods’ that are worth seeking values - principles of conduct ethics becomes more complicated when a situation dictates that one value overrules another
ethical issue - a situation, problem, or opportunity in which an individual must choose among several actions that must be evaluated as right or wrong business ethics - the moral principles and standards that guide behavior in the world of business
McGraw-Hill © 2011 The McGraw-Hill Companies, Inc. All rights reserved.
Ethics (cont.)
Ethical systems
5-5
moral philosophy - the principles, rules, and values people use in deciding what is right and wrong universalism - individuals should uphold certain values, regardless of the immediate result the important values are those that society needs to function
teleology - an act is morally right if it produces a desired result egoism - acceptable behavior maximizes consequences for the individual utilitarianism - seeks the greatest good for the greatest number of people, thereby maximizing total utility
McGraw-Hill © 2011 The
McGraw-Hill
© 2011 The McGraw-Hill Companies, Inc. All rights reserved.
5-2
Chapter
5
McGraw-Hill
Ethics And Corporate Responsibility
© 2011 The McGraw-Hill Companies, Inc. All rights reserved.
Learning Objectives
After studying Chapter 5, you will know:
5-3
how different ethical perspectives guide decision making how companies influence the ethics environment the options you have when confronting ethical issues the important issues surrounding corporate social responsibility how the political and social environment affects your firm’s competitive position and legitimacy the strategies corporations use to manage the political and social environment the role of managers in our natural environment
McGraw-Hill © 2011 The McGraw-Hill Companies, Inc. All rights reserved.
Ethics
Ethics
the system of rules that governs the ordering of values
5-4
affects people’s behavior and the ‘goods’ that are worth seeking values - principles of conduct ethics becomes more complicated when a situation dictates that one value overrules another
ethical issue - a situation, problem, or opportunity in which an individual must choose among several actions that must be evaluated as right or wrong business ethics - the moral principles and standards that guide behavior in the world of business
McGraw-Hill © 2011 The McGraw-Hill Companies, Inc. All rights reserved.
Ethics (cont.)
Ethical systems
5-5
moral philosophy - the principles, rules, and values people use in deciding what is right and wrong universalism - individuals should uphold certain values, regardless of the immediate result the important values are those that society needs to function
teleology - an act is morally right if it produces a desired result egoism - acceptable behavior maximizes consequences for the individual utilitarianism - seeks the greatest good for the greatest number of people, thereby maximizing total utility
McGraw-Hill © 2011 The