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Chapter 4 Terms and Concepts

Society’s accepted standard of moral behavior- right vs wrong- is referred to as
ethics
corporate _______ refers to the position a firm takes in social and political issues
policy
a systematic evaluation of an organization’s progress toward implementing socially responsible and responsive programs is referred to as
a social audit
ethics
the standards of moral behavior, behaviors that are accepted by society as right vs. wrong
basic moral values
integrity, respect for human life, self-control, honesty, courage, self- sacrifice
How to Improve America’s Business Ethics
1. Top management must adopt and unconditionally support an explicit corporate code of conduct
2. Employees must understand that senior management expects all employees to act ethically
3. Managers and others must be trained to consider the ethical implications of all business decisions
4. An ethics office must be set up w/ which employees can communicate anonymously
5. Involve outsiders such as suppliers, subcontractors, distributors and customers
6. The ethics code must be enforced
whistleblowers
insiders who report illegal or unethical behavior
corporate responsibility
includes everything from hiring minority workers to making safe products by minimizing pollution, using energy wisely, and providing a safe work environment
corporate policy
the position a firm takes on social and political issues
insider trading
insiders using private company info to further their own fortunes or those of their family and friends

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