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Ch. 5 – Ethics in International Business

business ethics
accepted principles of right or wrong governing the conduct of businesspeople
ethical strategy
a course of action that does not violate a company’s business ethics
corruption
the misuse of entrusted power for private gain
bribery
making payments or promises to pay cash or anything of value
determinants of ethical behavior
personal ethics, decision-making processes, organization culture, unrealistic performance expectations, leadership, and societal culture
Foreign Corrupt Practices Act
U.S. law regulating behavior regarding the conduct of international business in the taking of bribes and other unethical actions
Convention on Combating Bribery of Foreign Public Officials in International Business Transactions
an OECD convention that establishes legally binding standards to criminalize bribery of foreign public officials in international business transactions and provides for a host of related measures that make this effective
social responsibility
the idea that businesspeople should consider the social consequences of economic actions when making business decisions
sustainability
meeting humanity’s needs without harming future generations
corporate governance
the system of procedures and processes by which corporations are managed, directed, and controlled
ethical dilemma
a situation in which there is no ethically acceptable solution
cultural foundations of ethical behavior
principles of honesty and fairness (ordinary decency) and negotiating between evils (relativism vs. normativism)
relativism
the belief that ethical truths are not absolute and depend on the groups holding them
normativism
the belief that ethical behavioral standards are universal and all cultures should follow them
organization culture
the values and norms shared among an organization’s employees
cultural relativism
the belief that ethics are culturally determined and that firms should adopt the ethics of the cultures in which they operate
righteous moralism
the belief that a multinational’s home-country standards of ethics are the appropriate ones for companies to follow in foreign countries
naive immoralism
the belief that if a manager of a multinational sees that firm from other nations are not following ethical norms in a host nation, that manager should not either
utilitarian approaches to ethics
these hold that the moral worth of actions or practices is determined by their consequences
Kantian ethics
the belief that people should be treated as ends and never as means to the ends of others
rights theories
a twentieth-century theory that recognizes that human beings have fundamental rights and privileges that transcend national boundaries and cultures
Universal Declaration of Human Rights
a United Nations document that lays down the basic principles of human rights that should be adhered to
just distribution
a distribution of goods and services that is considered fair and equitable
code of ethics
a business’s formal statement of ethical priorities
stakeholders
the individuals or groups that have an interest, stake, or claim in the actions and overall performance of a company
internal stakeholders
people who work for or own the business such as employees, directors, and stockholders
external stakeholders
individuals or groups that have some claim on a firm such as customers, suppliers, and unions
framework for arriving at ethical decisions
1. identify problem
2. examine the facts
3. create alternatives
4. implement course of action
5. evaluate results

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