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MGT 350 Chapter 4-Review

Ethics
The set of moral principles or values that defines right and wrong for a person or group
The US Sentencing Commission Guidelines covers who?
Nonprofits, partnerships, labor unions, unincorporated organizations and associations, incorporated organizations, pension funds, trusts, joint stock companies-anything that can be characterized as a business
What does the US Sentencing Commission Guidelines cover?
Invasion of privacy, price fixing, fraud, customs violations, antitrust violations, civil rights violations, theft, money laundering, conflicts of interest, embezzlement, dealing in stolen goods, copyright infringements, extortion-offenses defined by federal laws
What is the purpose of the US Sentencing Commission Guidelines?
Not just to punish companies after the fact, but rather to encourage companies to take proactive steps that will discourage or prevent while collar crime before it happens. To also give companies an incentive to cooperate with and disclose illegal activities to federal authorities
How does the US Sentencing Commission Guidelines punish violators?
The guidelines impose smaller fines on companies that take proactive steps to encourage ethical behavior, or voluntarily disclose illegal activities to federal authorities. If they do not, or the crime’s severity is high, the threat is heavy fines that can total millions of dollars.
1. Compute the base fine by determining the level of offense
2. The judge computes a culpability score, a way of assigning blame to the company. This is then multiplied by the base fine to total of damages fined
What are Kohlberg’s 3 Phases of Moral Development?
Phase I: Preconventional Level of Moral Development
-People make decisions based on selfish reasons
Stage 1: Punishment & Obedience
Stage 2: Instrument & Exchange
Phase II: Conventional Level of Moral Development
-People make decisions that conform to societal expectations
Stage 3: Good boy, nice girl
Stage 4: Law and Order
Phase III: Post Conventional Level of Moral Development
-People make decisions based on internalized principles
Stage 5: Social Contract
Stage 6: Universal Principle
What are the steps in Ethical Decision Making?
1. Identify the problem
2. Identify the constituents (people involved)
3. Diagnose the situation
4. Analyze your options
5. Make your choice
6. Execute/Act
Whistleblower
Reporting others’ ethics violations to management or legal authorities
Shareholder/Stockholder
Own a part of a company through stock ownership
Stakeholder
Is interested in the performance of a company in the long run, in addition to stock appreciation. They have a legitimate interest in a company’s actions
What are the 4 areas of Social Responsibility?
1. Economic Responsibility-A company’s social responsibility to make a profit by producing a valid product or service
2. Legal Responsibility-A company’s social responsibility to obey society’s laws and regulations
3. Ethical Responsibility-A company’s social responsibility not to violate accepted principles of right & wrong when conducting its business
4. Discretionary Responsibility-The societal roles that a company fulfills beyond its economic, legal, and ethical responsibilities

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