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BusLaw11.005 - BUSINESS ETHICS AN INTRODUCTION Ethics Moral...

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BUSINESS ETHICS: AN INTRODUCTION Ethics: Moral principles and values applied to social behavior. Business Ethics: Moral principles and values applied to situations that arise in a business setting. 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. Corporate Social Responsibility: The idea that corporations should be accountable to society, not just their shareholders. 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. Ethical Behavior: Even where a contemplated action is legal (or, in some circumstances, illegal), business Ch.5: Ethics and Business Decision Making - No. 1 Clarkson et al.’s Business Law (11th ed.)
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decisionmakers should also consider whether the action is “ethical.” Ch.5: Ethics and Business Decision Making - No. 2 Clarkson et al.’s Business Law (11th ed.)
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DUTY VS. OUTCOME Duty-Based Ethics: Ethics based upon an underlying concept of duty regardless of the consequences of action taken or foresworn in keeping with duty. Duty-based ethics generally arise from religious belief or philosophical reasoning .
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