ethics review - Business Ethics Review Why act ethically...

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Business Ethics Review Why act ethically? Required by law Right thing to do Not do anything to make money Minimize Risk Agency theory (Fama & Jensen) Pro managers self centered Founder wants company to succeed Difficult to monitor pro managers (only proxy to measure) Easy to lose sight of true owners (shareholders) o Provide incentives to align manager w/ shareholder Ethical Relativism Ethic values based on society, culture, personal feelings o Cant apply outside culture o Personal nature cause difficulty to apply elsewhere o Individuals have own values & cant be attacked No way to come to consensus Cultural Relativism Ethic principles based within culture Cannot impose on another culture o Removes individual o Cannot extend beyond own culture when eval Psychological Egoism All behavior is in self interest o Not necessarily immediate self gratification Rational beings can consider long term implications o
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