Stakeh.theory.chap.1 - Stakeholder Theory and Social...

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Stakeholder Theory and Social Responsibility
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Chapter 1 – Why Study Ethics? Learning Objective Discussion Case: Bernard Madoff’s Ponzi Scheme – Facts Definition of Ponzi Scheme Failure of Government Regulators
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Questions about the Case Identify ethical issues and questions in case. Identify individuals harmed. Was this scandal a result of unethical individuals or organizational issues ? What could have prevented the Madoff fraud?
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# 1.1 Why Study Business Ethics? Learn and how to do ethics Goal Status of ethics in 80s and 90s Changes beginning 2001 (Enron and Arthur Anderson- Why?) Subsequent scandals
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Why Study Ethics: Intellectual Capabilities Three intellectual capacities Better understanding of ethical issues A more finely tuned set of analytical skills Refined sensitivity to appreciate the significance of leading an ethical life
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Scandals Leading to Concerns about Business Ethics and Questions More Recent – Who? Financial industries subprime lending practices. Which companies? Definition of subprime lending -Top of page#199 – riskier than traditional loans Questions: Should ethics guide business? How can ethics be integrated within business?
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Familiarity with Ethics / “Too Big to Fail” Can a student not familiar with ethics be prepared for a career in business? Too Big to Fail – meaning? Example: AIG / any others How much in guarantees and bailout? Have their been business failures in last decade because of ethical failures Did they affect the economy?
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Now – Concern about ethics Again – People affected by Madoff Now, why do businesses need to be concerned about ethics? One reason: Sarbanes-Oxley Requirements of section 406 To whom applicable? Code of Conduct – 3 standards. What are they?
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Other issues Why should managers be concerned by unethical behavior? Deloitt Pole: 98% - ethics and compliance - important 80%- formal code of conducts 90% of 80%-company’s obligation to stakeholders Has America adopted stakeholder model of corporate responsibility?
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W/0 study of ethics, will students be prepared for the work world? Is there are need for ethics as well as
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Stakeh.theory.chap.1 - Stakeholder Theory and Social...

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