Business 100 Introduction to Business Dr. Kathy Broneck.

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Presentation transcript:

Business 100 Introduction to Business Dr. Kathy Broneck

Review Global Markets Trading Import/Export Strategies Forces that affect trade E-commerce Free market vs. protectionism

Preview Ethics and Legalities Compliance-based vs. Integrity-based ethical codes Responsibilities

Ethics More than Legality Standards are Fundamental Moral behavior Society accepts Right versus wrong Stem From Individual

SEC Investigations (2002) Accounting Arthur Andersen Deloitte & Touche Ernst & Young KPMG PriceWaterhouse Coopers Energy CMS Energy Dynergy Enron Halliburton Reliant Resources Software Computer Associates Network Associates Telecom Global Crossing Lucent Technologies Qwest Communications WorldCom Wall Street Credit Suisse First Boston Hedge Funds Capital Markets Merrill Lynch Source: Business Week, June 10, 2002

Corporate Scandal Fines CompanyFineReason Arthur Andersen $500,000 Obstruction of Justice Shredding Enron Documents Citigroup $5,000,000 Analyst Issued Misleading Information Merrill Lynch$100,000,000 Conflict of Interest Between Investment Bank & Research Dept. Credit Suisse First Boston $100,000,000 IPO Shares Unfairly Distributed Source: Business Week, Nov. 4, 2002

How Much Do Americans Trust Corporations? All Corporations Fair Amount41% Only A Little35% Not At All13% A Great Deal10% No Opinion 1% Your Employer A Lot 50% Only Somewhat 39% Not At All 8% No Opinion 3% Source: USA Today/CNN/Gallup Poll, Jan , 2002

Ethics of MBA Students Percent of MBA Students Who Would:  Buy Stock on Inside Information52%  Reveal Corp. Secrets to Spouse/Family50%  Let a Gift Sway Purchasing Decision26%  Pay Someone Off to Close a Business Deal13% Source: USA Today

Ethics Check Questions: Ô Is It Legal? Ô Is It Balanced? Ô How Will It Make Me Feel About Myself?

Ethical Decisions Resolved Religious Teachings Individual Rights Legislation Court Decisions

Factors Influencing Managerial EthicsIndividual OrganizationalEnvironmental  Values  Work Background  Family Status  Personality  Top Level Mgmt. Philosophy  The Firm’s Reward System  Job Dimensions  Competition  Economic Conditions  Social/Cultural Institutions

Codes of Ethics Compliance-Based Prevention Increase control Penalizing wrongs Integrity-Based Organizations values Stress shared accountability Environmental

6 Steps to Improve U.S. Business Ethics 1.Top Management nAdopt and support code of conduct 2.Employees nUnderstand expectations 3.Managers nTrained on ethical implications

6 Steps to Improve U.S. Business Ethics 4.Ethics Office nAnonymity for Whistleblowers 5.Outsiders nPressure on outsourcers 6.Enforcement nTimely action

Levels of Corporate Social Responsibility Societal Responsibility Stakeholder Responsibility Profit Responsibility Owners/Stockholders GeneralPublic Customers Employees Suppliers/Distributors EcologicalEnvironment Public Interest Groups Source: Marketing, 5/E by Berkowitz, Kerin, Hartley, and Rudelius.

New Philanthropy Source: Business Week, Dec. 2, 2002 Donor Estimated Total Given (in Millions Causes Bill Gates $25.6 Health & Education Gordon Moore $6.6 Conservation & Education James Stowers $1.5 Biomedical Research Eli Broad $1.045 Education & Arts Walton Family$.75Education

Most Admired Companies by Industry  ApparelLevi-Strauss  AirlinesSouthwest  Food ServicesMcDonald’s  Food ProductsCampbell’s  BeveragesCoca-Cola  ElectronicsIntel Industry Company Source: Fortune Magazine

Merck Johnson & Johnson Pfizer Eli Lilly IBM Microsoft Intel Bank of America $221.0* Source: The Taft Group * In Millions Corporate Annual Giving

Social Audit By Company Systematic evaluation Progress of programs for social responsibilities Outside Company Socially-Conscious Investors Environmentalists Union Officials Customers

International Ethics & Responsibility Ethics Not Unique To U.S. Leaders Accountable Demand for Socially Responsible Behavior Inter-American Convention Against Corruption

Most Admired Global Companies (Outside of U.S.) NokiaFinland Toyota MotorJapan SonyJapan Nestle’Switzerland Honda MotorJapan BPBritain Singapore AirlinesSingapore L’OrealFrance Royal Dutch/ShellBritain & Netherlands CanonJapan Source: Fortune, March 4, 2002

US Law for Businesses Compliance Based Governed by the US Judicial Court Systems

Categories of Business Law BusinessLaw BankruptcyLaw TortLaw ContractLaw SalesLaw Law of Agency PropertyLaw

Business Law/Legislation  Sherman Antitrust Act  Clayton Act  FTC Act  Robinson- Patman Act  Consumer Protection  Tax  Bankruptcy  Chapter 7  Chapter 11  Chapter 13  Deregulation