BL-Chapt5 - Print Chapter Page 1 of 25 Ethics and Business...

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Ethics and Business Decision Making Chapter Introduction 5-1 Business Ethics 5-1a What Is Business Ethics? 5-1b Why Is Business Ethics Important? 5-1c Common Reasons Why Ethical Problems Occur 5-1d The Importance of Ethical Leadership 5-2 Approaches to Ethical Reasoning 5-2a Duty-Based Ethics 5-2b Outcome-Based Ethics: Utilitarianism 5-2c Corporate Social Responsibility 5-2d Creating Ethical Codes of Conduct 5-3 How the Law Influences Business Ethics 5-3a The Moral Minimum 5-3b The Law Cannot Control All Business Behavior 5-3c 'Gray Areas' in the Law 5-4 Making Ethical Business Decisions 5-5 Business Ethics on a Global Level 5-5a Monitoring the Employment Practices of Foreign Suppliers 5-5b The Foreign Corrupt Practices Act Chapter Recap Page 1 of 25 Print Chapter 2010-8-29 ..
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Chapter Introduction All of the following businesspersons have been in the news recently: Dennis Kozlowski (former chairman and chief executive officer of Tyco International). Mark H. Swartz (former chief financial officer of Tyco International). Jeffrey Skilling (former chief executive officer of Enron Corporation). Bernard Ebbers (former chief executive officer of WorldCom). What do these individuals have in common? They are all in prison, and some may stay there until they die. They were all convicted of various crimes ranging from overseeing revenue exaggeration in order to increase stock prices to personal use of millions of dollars of public company funds. Not only did they break the law, but they also clearly violated even the minimum ethical principles that a civil society expects to be followed. Other officers and directors of the companies mentioned in the above list cost shareholders billions of dollars. In the case of those companies that had to enter bankruptcy, such as Enron Corporation, tens of thousands of employees lost their jobs. Acting ethically in a business context is not child's play; it can mean billions of dollars–up or down–for corporations, shareholders, and employees. In the wake of the recent scandals, Congress attempted to prevent similar unethical business behavior in the future by passing stricter legislation in the form of the Sarbanes-Oxley Act of 2002, which will be explained in detail in Chapters 41 and 51. This act generally imposed more reporting requirements on corporations in an effort to deter unethical behavior and encourage accountability. Page 2 of 25 Print Chapter 2010-8-29 ..
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5-1 5-1a 5-1b 5-1c Business Ethics Ask the Instructor Video: Business Ethics: Isn't the term "business ethics" an Oxymoron? What Is Business Ethics?
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BL-Chapt5 - Print Chapter Page 1 of 25 Ethics and Business...

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