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Chapter 8 Notes - 1

Chapter 8 Notes - 1 - Ch 8 Ethics moral principles and...

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Ch. 8 Ethics – moral principles and values applied to social behavior Moral Minimum – the minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law o Unethical behavior criminal law o No distinction between law and morals Long-run profit maximization is consistent with business ethics o Skilling v. United States – Enron’s CEO Skilling was charged with fraud Krasner v. HSH Nordbank AG – Unethical sexist attitudes didn’t occur to Krasner, case dismissed SOX and Web-Based Reporting Systems o Requirements of confidential systems to raise red flags Code of Conduct Costco’s CoC’s ultimate goal – rewarding its shareholders with maximum shareholder value Obey the Law Take Care of Our Members Take Care of Our Employees Respect Our Vendors Ethical Transgressions by Financial Institutions Stock buyback – the purchase of share of a company’s own stock o
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