AYB321 Lecture Notes - Lecture 12: Corporate Social Responsibility, Infant Formula, Regional Policy Of The European Union
Document Summary
Learning objective 1 understand the business ethical decision making processes and the importance of stakeholders. Ethical conduct has moved front and center as corporations are increasingly exposed to the glare of public scrutiny. In particular, there has been a fundamental shift over the past few years that requires corporations to put ethics into the daily vocabulary of mainstream management . Ethics: the inner-guiding moral principles, values, and beliefs that people use to analyse or interpret a situation and then decide what is the right or appropriate way to behave. Business ethics: an agreed-upon code of conduct based on societal norms. Ethics is not: feelings or conscious, religion, the law, following, science. Why is it important: society demands, competitive advantage, stakeholder opinion, reputation. A firm"s ethical decision making: base, maximization of firm value, why, recall, economic, darwinism, but , brand value, regulation, human capital.
