Values that society needs to function o universalism

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Management
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Chapter 10 / Exercise 1
Management
Daft
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values that society needs to function o Universalism= the ethical system stating that all people should uphold certain values that society needs to function ! The basic moral values of murder, stealing, cheating, etc. o Egoism= ethical principle holding that individual self-interest is the actual motive of all conscious action o Utilitarianism= an ethical system stating that the greatest good for the greatest number should be the overriding concern of decision makers o Relativism= philosophy that bases ethical behavior on the opinions and behaviors of relevant other people ! Norms, or standards that are seen as acceptable and expected behavior o Virtue Ethics= perspective that what is moral come from what a mature person with “good” moral character would deem right (going beyond relativism) Stages of Moral Development - Preconventional= make decision based on immediate self interest - Conventional= make decisions that conform to expectations of groups and institutions like family, peers, and society - Postconventional (principled)= make decisions based on self-chosen ethical principles
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Management
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Chapter 10 / Exercise 1
Management
Daft
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A Process for Ethical Decision Making The Business Costs of Ethical Failure (probably not as important) What is Corporate Social Responsibility? - A business’s obligation to… o Pursue policies o Make decisions o Take actions o …that benefit society
Pyramid of Global Corporate Social Responsibility and Performance (top to bottom) - Philanthropic Responsibility= be a good global corporate citizen o Do what is desired by global stakeholders - Ethical Responsibility= be ethical o Do what is expected by global stakeholders - Legal Responsibility= obey the law o Do what is required by global stakeholders o The expectation that companies will obey a society’s laws and regulations as they try to meet their economic responsibilities. - Economic Responsibility= be profitable o Do what is required by global capitalism To Whom Are Organizations Socially Responsible? - Shareholder Model (maximize profits) o Only social responsibility that a business has is to make as much money as possible for the owners - Stakeholder Model (satisfy interests of multiple stakeholders) o Long-term survival, which is achieved by satisfying the interests of multiple corporate stakeholders ! Stakeholders= people or groups with a legitimate interest in a company Pros and Cons of Shareholder Model - Pros: o Firm maximizes shareholder wealth and satisfaction
o The company stock increases in value - Cons: o Organizations cannot act effectively as moral agents for shareholders o Time, money, and attention diverted to social causes undermine market efficiency Stakeholder Model - Primary stakeholders= groups, such as shareholders, employees, customers, suppliers, governments, and local communities, on which the organization depends for long-term survival o All primary stakeholders are equally important - Secondary stakeholders= such as the media and special interest groups, can influence or be influenced by the company o

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