{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}


Chapter_5_Study_Notes - Chapter 5 Ethics and Social...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 5 Ethics and Social Responsibility Chapter Outline I. What Is Managerial Ethics? II. Criteria for Ethical Decision-making A. Utilitarian Approach B. Individualism Approach C. Moral-Rights Approach D. Justice Approach III. Factors Affecting Ethical Choices A. The Manager B. The Organization IV. What Is Social Responsibility? V. Organizational Stakeholders VI. The Ethic of Sustainability and the Natural Environment VII. Evaluating Corporate Social Performance A. Economic Responsibilities B. Legal Responsibilities C. Ethical Responsibilities D. Discretionary Responsibilities VIII. Managing Company Ethics and Social Responsibility A. Ethical Individuals B. Ethical Leadership C. Organizational Structures and Systems IX. Ethical Challenges in Turbulent Times 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Annotated Learning Objectives After studying this chapter, students should be able to: 1. Define ethics and explain how ethical behavior relates to behavior governed by law and free choice. Ethics is difficult to define in a precise way. In a general sense, ethics is the code of moral principles and values that govern the behaviors of a person or group with respect to what is right or wrong. Ethics sets standards as to what is good or bad in conduct and decision- making. Human behavior falls into three categories. The first is codified law, in which values and standards are written into the legal system and enforceable in the courts. The domain of free choice is at the opposite end of the scale and pertains to behavior about which law has no say and for which an individual or organization enjoys complete freedom. Between these domains lies the area of ethics. This domain has no specific laws, yet it does have standards of conduct based on shared principles and values about moral conduct that guide an individual or company. 2. Explain the utilitarian, individualism, moral-rights, and justice approaches for evaluating ethical behavior. Normative ethics uses several approaches to describe values for guiding ethical decision- making. Utilitarian approach. Holds that moral behaviors produce the greatest good for the greatest number. In this approach, a decision maker is expected to consider the effect of each decision alternative on all parties and select the one that optimize the satisfaction for the greatest number of people. Individualism approach. Also called egoism, contends that acts are moral when they promote the individual’s best long-term interests. Individuals calculate the best long-term advantage to themselves as a measure of a decision’s goodness. The action that is intended to produce a greater ratio of good to bad for the individual compared with other alternatives is the right one to perform. Moral-rights approach. Asserts that people have fundamental rights and liberties that cannot be taken away by an individual’s decision. Thus, an ethically correct decision is one that best maintains the rights of those affected by it.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}