Moral principles & values about right & wrong governing people & institution’s behavior
1 of 10
Corruption
abuse of power to achieve illegitimate personal gain
2 of 10
CSR
Business operations meeting/exceeding ethical, legal & commercial standards
3 of 10
Value of ethical behavior (4)
• Right thing to do; often prescribed by law • Meets stakeholders’ demands; good business
4 of 10
Ethics perspectives (2)
Relativism & normativism
5 of 10
Relativism
Ethical truth differs depending on the market; adaptable
6 of 10
Normativism
Ethical standards are universal; consistent
7 of 10
Framework for making ethical decisions (4)
1) Recognise an ethical problem. 2) Get the facts. 3) Evaluate alternative courses of action 4) Implement & evaluate your decision.
8 of 10
Vision that includes sustainability (4)
• Has economic, environmental & social elements • Signals strong corporate norms & values • Guides decision-makers’ decisions • Addresses relationship between organization & its stakeholders, & the envt
9 of 10
Strategic decision-making process Influenced by:
• Decision-maker’s cognitive models • Nature & specific characteristics of decision-problem
10 of 10
Other cards in this set
Card 2
Front
abuse of power to achieve illegitimate personal gain
Back
Corruption
Card 3
Front
Business operations meeting/exceeding ethical, legal & commercial standards
Back
Card 4
Front
• Right thing to do; often prescribed by law • Meets stakeholders’ demands; good business
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