B MGT 341 Lecture Notes - Lecture 22: Egotism, Ethical Egoism, Professional Ethics
Applying Business Ethics
Ethical and Unethical Behavior
• Ethical behavior: good, right, just, and praiseworthy
• Unethical behavior: wrong, unjust, dishonorable, failing to meet an obligation
• Judgment of behavior based on a specific moral philosophy or ethical theory
Universal Ethical Origins
• Societal Ethics: standards that members of society use when dealing with each other.
o Based on values and standards foud i soiet’s legal rules, or, ad ores.
o Codified in the form of law and society customs.
o Norms dictate how people should behave.
• Societal ethics vary based on a given society.
Other Ethical Bases
• Professional ethics: workplace values and standards accepted by groups of managers.
• Applied when decisions are not clear-cut ethically, e.g., physicias’ ad lawers’ professioal
association enforcement.
• Individual ethics: values of an individual resulting from their family & upbringing.
o Uethial ≠ Illegal
o Top aagers set the fir’s toe.
Managers and Ethics
• Managers should behave ethically to avoid harming others.
o Managers are responsible for protecting and nurturing resources in their charge.
• Unethical managers run the risk for loss of reputation.
o This is a valuable asset to any manager
o Reputation is critical to long term management success.
o All stakeholders are judged by reputation.
Theories of ethics:
Utilitarianism
• Eaie a atio’s effets to deide whether it is orall orret
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