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GFOB Ch. 4 Ethics

How to restore trust in free market system
punish those who broke the law
new laws to correct behavior may cause people to think that any behavior within the law is acceptable
ethics
-standards of moral behavior or behavior that is accepted by society as right vs wrong
-reflect people’s proper relationships with one another
legality
laws we have written to protect ourselves from fraud, theft, and violence
3/4 of citizens do not give any time to community
plagiarism is most common form of cheating amongst college students
strong relationship between academic dishonesty among graduate students and dishonesty at work
Questions to ask when facing an ethical dilemma
1.) is my proposed action legal?
2.) Is it balanced?
3.) How will it make me feel about myself
Ethics is caught more than it is taught
people learn their standards and values from observing what others do
-trust and cooperation must be based on fairness, honesty, openess, and moral integrity
A business should be managed ethically to
-maintain a good reputation
-keep existing customers and attract new ones
-to avoid lawsuits
-to reduce employee turnover
-to avoid government intervention
– please customers, employees, and society
-do the right thing
two categories of ethic codes
-compliance-based ethics codes
-integrity-based ethics codes
compliance-based ethics codes
ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrong doers
integrity-based ethics codes
ethical standards that define the organization’s guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees
six steps to improve US business ethics
1.) Top management must adopt and support an explicit corporate code of conduct
2.) Employees must understand the expectations for ethical behavior begin at the top
3.) managers must be trained to consider the ethical implications of all business decisions
4.) ethics office must be set up with which employees can communicate anonymously
5.)Outsiders must be told about the ethics program
6.) Ethics code must be enforced with timely action if any rules are broken

-important factor of enforcing an ethics code is selecting an ethics officer

whistleblowers
insiders who report illegal or unethical behavior
corporate social responsibility
a business’ concern for the welfare of society
-commitment to integrity, fairness, and respect
-viewed as bad because money is invested into making more money and not to go to society
-good because it shows that companies owe it to society
-draws more customers, attracts and retains better employees, and employee loyalty
dimensions of the social performance of a company
corporate philanthropy
corporate social initiatives
corporate responsibility
corporate policy
corporate philanthropy
dimension of social responsibility that includes charitable donations
corporate social initiatives
enhanced forms of corporate philanthropy directly related to the company’s competencies
corporate responsibility
dimension of social responsibility that includes everything from hiring minority workers to make safe products
corporate policy
dimension that refers to the position a firm takes on social and political issues
recession has changed philanthropy and companies were encouraging workers to volunteer more
4 basic rights of consumers
1.) Right to safety
2.) Right to be informed
3.) Right to choose
4.) Right to be heard
Companies use social media to communicate their CSR efforts
-companies earn customers’ trust by demonstrating credibility over time
insider trading
an unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends
regulation fair disclosure
requires companies that release any information to share it with evcerybody
human resource management influences company’s effectiveness the most
environmental quality is a public good
social audit
systematic evaluation of an organization’s progress towards implementing socially responsible and responsive programs
-problems in establishing procedures for measuring a firm’s activities and their effects on society
5 types of groups who monitor how well companies ethical and social responsibilities are
1.) socially conscious investors
2.) socially conscious search organizations
3.) environmentalists
4.) union officials
5.) customers

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