Ethics and Social Responsibility

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Presentation transcript:

Ethics and Social Responsibility Chapter 3 Download this book for free at: ttp://hdl.handle.net/10919/70961

Review What are the major economics systems? How do we know how well the economy is doing? How does the government try to affect the economy? Explain supply and demand curves. What are the different types of competition? What causes inflation?

Learning Objectives Deﬁne business ethics. Explain why we study business ethics. Identify ethical issues. Identify steps to maintain honesty and integrity in a business environment. Deﬁne corporate social responsibility Learn how to identify an ethical organization. Learn how to avoid an ethical lapse. Download this book for free at: ttp://hdl.handle.net/10919/70961

Business Ethics Ethics Business ethics Why study it? Knowing right from wrong Knowing when one is doing right or wrong Business ethics Acting ethical in a business context Why study it? Can you teach someone to act ethically?

Business Ethics Ethical issues Ethical dilemmas Examples Involve some controversy over right and wrong Ethical dilemmas Right course of action is unclear Examples Is it ok to accept a gift from a supplier? Is it ok to renege on a verbal commitment? Is it ok to give a contract to a relative?

Identifying Ethical Issues and Dilemmas Conflicts of interest Personal interest vs. company E.g. Insider trading Conflicts of loyalty Friend or family vs. company Bribes vs. gifts Whistle-blowing

Social Responsibility to Stakeholders Owners (shareholders) Increase value Provide accurate information Managers Fiduciary responsibility to owners Potential conflict of interest Employees Wages & benefits Safety & health

Social Responsibility to Stakeholders Customers Legal right to safe products Complete information Choice Be heard Communities Philanthropy

Recognizing Unethical Behavior Feel uneasy about work Object to how treated Uncomfortable how others treated Question appropriateness of decisions Examples Sexual harassment “Adjust” the books

Approach to Ethical Dilemmas Identify the problem Identify options Evaluate effects on stakeholders Establish criteria for decision Select best option

Ethical Decisions Download this book for free at: ttp://hdl.handle.net/10919/70961

Ethical Decisions Refuse to rationalize” “Behavior isn’t really illegal or immoral” “It’s in everyone’s best interest” “No one will find out” “The company will protect me”