In 2006 and 2007 regulation loosening occurred when

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In 2006 and 2007 regulation loosening occurred when the SEC provided more relaxed guidelines to parts of the Sarbanes-Oxley Act 3. Prevent or minimize harm 防止或减少伤害 Overriding principle that business should “do no harm” to the general public and stakeholders Examples include not harming society with toxic waste, protecting business from unethical employees
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4. Meet demands of business stakeholders 满足利益相关者 要求 Shareholders Consumers are more inclined to purchase the products Meet investors’ needs Signalling a long-term concern for all stakeholders; a better economic performance. Gain the trust from the investors. 5. Promote personal morality 提升个人 Psychological security of staff People wanting to work for companies that do the right thing Contribution to society Why do ethical problems occur in business? 1. Personal gain and self interest 个人利益 2. Competitive pressures for profits 竞争压力 3. Conflicts of interest 利益冲突 4. Cross cultural contradictions. 跨文化冲突 Core Elements of ethical character: Managers’ values Serve as models for others who work at the company. New CEOs tend to be more self-interested and short- term focused. Recent study: today’s managers place slightly more importance on moral values > competency values. The challenge for many moral managers is acting effectively on their beliefs in the day-to-day life of their organizations. Core elements of ethical character : Spirituality in the Workplace Personal belief in a supreme being, religious organization, power of nature or some other life-guiding force Organizations have responded to the increased attention to
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spirituality and religion at work by attempting to accommodate their employees Opponents of spirituality at work point to the myriad of implementation issues as grounds for keeping spirituality out of the workplace Issues include which religion should be promoted, and need for recognizing diversity of religious beliefs Core elements of ethical character: Manager’s Moral Development Stages of Moral Development: From childhood to mature adulthood people move up in their moral reasoning Stage 1: Earliest stages of reasoning are ego-centred Stage 2: “I’ll let you play with my toy, if I can play with yours” Stage 3: Learn the give-and-take Stage 4: Able to focus their reasoning according to law Stage 5: Apply their moral beliefs above and beyond specific social custom Stage 6: Emphasize ethical reasoning using broad principles and relationships Most managers make decisions based on criteria in levels 3 and 4.
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