Bus Law Chapter 5 Notes

Bus Law Chapter 5 Notes - 1) BUSINESS ETHICS: AN...

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1) BUSINESS ETHICS: AN INTRODUCTION a) Ethics: Moral principles and values applied to social behavior. b) Business Ethics: Moral principles and values applied to situations that arise in a business setting. i) A particular challenge facing businesses is ethically balancing the competing demands of multiple groups of stakeholders e.g. , shareholders, employees, retirees, suppliers, creditors, customers, the communities in which the business operates – whose lives are affected by business decisions. 2) “LEGAL” VS. “ETHICAL” a) Legal Behavior: While certain actions are clearly legal or illegal, many decisions faced by businesses fall within one or more “gray areas” of the law, where probability, rather than certainty, will guide the decisionmakers. b) Ethical Behavior: Even where a contemplated action is clearly legal (or, in some circumstances, illegal), business decisionmakers should also consider whether the action is “ethical.” c) While personal ethics are (or can be) subjective, certain guides are available to businesses trying to meet or exceed the moral minimum ( i.e. , the minimally acceptable standard for ethical business behavior): i) corporate and professional codes of ethics and compliance programs; ii) public opinion and sentiment; and, of course, iii) personal morality . d)
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This note was uploaded on 10/04/2008 for the course LAW 301 taught by Professor Kramer during the Spring '06 term at New England Law.

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Bus Law Chapter 5 Notes - 1) BUSINESS ETHICS: AN...

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