CHAPTER 4 terms

Understanding Business

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CHAPTER 4 – Ethical Behavior and Social Responsibility Ethics are the standards of moral behavior, that is, behavior that is accepted by society as right versus wrong. Basic moral values: integrity, respect for human life, self-control, honesty, courage, self-sacrifice. Compliance based ethics codes emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers Integrity based ethics codes define the organizations guiding values, create and environment that supports ethically sound behavior, and stress a shared accountability among employees. Whistleblowers people who report illegal or unethical behavior Corporate Social Responsibility the concern businesses have for the welfare of society (concern for all its stakeholders, not just the owners) Corporate philanthropy is a dimension of social responsibility that includes charitable donations to nonprofit groups of all kinds. Corporate social initiatives
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