Business Ethics

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Samenvatting - Business Ethics

  • 1 Introducting business ethics

  • business ethics
    is the study of business situations, activities, and decisions where issues of right and wrong are adressed
  • there simply may not be a definitive 'right' answer to many business ethics problems 
  • morality is concerned with the norms, values, beliefs embedded in social process which define right and wrong for an individual or a community
  • morality
    morality is concerned with the norms, values, beliefs embedded in social process which define right and wrong for an individual or a community
  • ethics is concerned with the study of morality and the apllication of reason to elucidate specific rules and principles that determine right and wrong for a given situation. These rules and principles are called ethical theories.
  • Ethics
    ethics is concerned with the study of morality and the apllication of reason to elucidate specific rules and principles that determine right and wrong for a given situation. These rules and principles are called ethical theories.
  • business ethics can help to imrpove ethical decision-making by providing managers with the appropriate knowledge and tools to allow them to correctly identify, diagnose, analyze, and provide solutions to the etical problems and dilemmas they are confronted with.
  • business ethis can provide us with the ability to assess the benefits and problems associatd with different ways of managing ethics in orgnizations
  • relationship between morality and ethics
    morality > ethics > ethical theory > potential solutions to ethical problems
  • why business ethics is so important:
    * businesses have great power and influence over society
    * business has major potential to help society
    * malpractices can harm individuals
    * ethical decision-making can be done better
    * ethical violations still occur
    * it provides knowledge outside the regular frame of business studies
  • small companies
    * less time and resources
    * approach is informal and trust-based
    * employees most important stakeholder
  • large companies
    * standardized approaches
    * more resources to establish ethics management programmes
    * focus on shareholder value and profitablility
  • private companies
    * major responsibilities >> shareholders
  • Civil Society Organizations
    * major responsibilities >> constituenties and donors
    * focused on mission and values 
    * informal approach
  • Public sector
    * general public and higher level government
    * ethical issues: law, corruption, public accountability, distribution of resources
    * bureaucratic approach
  • globalzation also brings risks ::
    * speed with which information is transferred
    * maintaining confidentiality
    * interdependence off markets
    * virtual business place
  • deterritorialisation
    a process which diminishes the necessity of a common and shared territorial basis for social, economic, and political activities, processes and relations
  • gloabalization paradox
    world is converging, but business face new, unknown regions and countries that have different ethical practices and values which presents a diverging view on globalization.
  • who is responsible for ethical conduct in business?
    * EU: social control by collective
    * NA: individual
    * AS: top maangement
  • what are the key guidelines for ethical behaviour?
    * EU: negotiated legal framework of business
    * NA: corporate codes of ethics
    * AS: managerial discretion
  • who is the key actor in business ethics?
    * EU: government, trade unions, corporate associations
    * NA: the corporation
    * AS: government, corporations
  • what are the key issues in business ethics?
    * EU: social issues
    * NA: misconduct and immorality
    * AS: corporate governance and accounability

  • what is the dominant stakeholder management approach?
    * EU: formalized multiple stakeholder approach
    * NA: focus on shareholder value
    * AS: implicit multiple stakeholder approach, 
  • sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs
  • environmental component
    * managing physiscal resources effectively
    * non-renewable resources and damaging environmental pollutants
  • economic component
    * constrained by the possibilities tht the earth gives us (population)
    * responsible for economic performance on the long-term
    * attitude towards the economic frameworks
  • social component
    * emerged as response on unethical activities 
    * social justice and welfare is still very inequally distributed
  • important for business ethics
    * cultural
    * legal
    * accountability
  • components of TBL:
    * envrionmental (effective management of physical resources)
    * economic (secure long-term economic performance of the corporation)
    * social (social justice)
  • TBL is more about...:
    revolutionizing the way companies think about and act in their business
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