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Business Ethics Flashcards

Walmart has been called a “template for 21st century capitalism.”
A business is any organization that is engaged in making a product or providing a service for a profit.
Businesses and society are independent of one another.
The stakeholder theory of the firm argues that a firm’s sole purpose is to create value for its shareholders.
The instrumental argument for the stakeholder theory of the firm says that companies perform better if they consider the rights and concerns of multiple groups in society.
The normative argument for the stakeholder theory of the firm says that the stakeholder view is simply a more realistic description of how companies really work.
Nonmarket stakeholders are those that engage in economic transactions with the company as it carries out its primary purpose of providing society with goods and services.
Market stakeholders include nongovernmental organizations and the media.
Government can be considered both a market and nonmarket stakeholder.
The interests of different stakeholders often coincide.
Stakeholders involved with one part of a company often may have little or no involvement with another part of the company.
Some scholars have suggested that managers pay the most attention to stakeholders possessing the least salience.
Urgency refers to the extent to which a stakeholder’s actions are seen as proper or appropriate by the broader society.
A stakeholder map is a useful tool, because it enables managers to see quickly how stakeholders feel about an issue and whether salient stakeholders tend to be in favor or opposed.
The external environment of business is static.
Which statement is not correct about the business-society interdependence?
Actions by governments rarely significantly affect business.
Which of the following examples best illustrates the boundary exchanges a company would encounter according to the general systems theory?
All of the Above:
-An industrial company installs new equipment in its plant to comply with environmental regulations.
-A software company develops an application for a client.
– A purchasing department employee negotiates a price on parts from a supplier.
Which of the following is the result of an inseparable relationship between business and society?
Both A & B:
– All business decisions have a social impact.
– The vitality of business depends on society’s actions and attitudes.
Which of the following statements is not true about the interactive social system?
The boundary between business and society is clear and distinct.
A firm subscribing to the ownership theory of the firm would mainly be concerned with providing value for its:
Corporations that run their operations according to the stakeholder theory of the firm create value by:
All of the Above:
– Innovating new products
– Increasing their stock price.
– Developing their employees’ professional skills.
Which argument says that stakeholder management realistically depicts how companies really work?
Descriptive argument.
The instrumental argument says stakeholder management is:
More effective as a corporate strategy
The fiduciary duty of managers benefits a firm’s:
All of the Above:
– Stockholders.
– Customers.
– Employees.
A number of European countries require public companies to include employee members on their boards of directors, so:
That their interests will be explicitly represented.
Stakeholder groups can include:
All of the Above:
-The Media
– Environmental Activist
Which one of the following is considered to be a nonmarket stakeholder of business?
Which of the following is not considered to be a nonmarket stakeholder?
All of the following are external stakeholders of the firm except:
The phenomenon of a person or group holding multiple stakeholder duties is referred to as:
Role Sets
A stakeholder analysis:
Involves understanding the nature of stakeholder interests
The five types of stakeholders’ power recognized by most experts are:
Voting, economic, political, legal, and informational power
Which of the following statements is (are) correct about stakeholders’ power?
All of the Above:
– Different stakeholders have different types and degrees of power.
– Stockholders’ voting power is limited to the percentage of stock owned by the stockholder.
– It uses resources to achieve a desired decision or outcome.
Customers can exercise economic stakeholder power by:
Boycotting products if they believe the goods are too expensive.
Which of the following is not an example of stakeholders’ economic power?
A social group protests a government’s decision to raise taxes.
When a community group sues a company for health effects caused by the unsafe disposal of toxic chemicals, this is an exercise of a stakeholder’s:
Legal Power
What stakeholder group(s) can exercise legal power?
All of the Above:
What kind of power might a local community use to influence a company’s decisions?
All of the Above:
– Publicizing an issue.
– Lobbying government policy makers for regulations.
– Challenging whether a business activity should continue to operate.
With the explosive growth of technologies that facilitate the sharing of information, this kind of stakeholder power has become increasingly important:
Informational Power
Stakeholders have been able to form international coalitions more successfully through use of:
Communications Technology
When something stands out from a background, is seen as important, or draws attention it is:
Stakeholders stand out to managers when they exhibit:
Power, legitimacy, and urgency
A stakeholder map is a useful tool because:
Both A &B:
– It enables mangers to see quickly how stakeholders feel about an issue.
– It allows managers to evaluate what outcomes are likely regarding an issue.
Departments, or offices, within an organization that reach across the dividing line that separates the company from groups and people in society are:
Boundary-spanning departments.
Interactions between business and society occur:
Within a finite natural ecosystem.

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