MGM101H5 Study Guide - Midterm Guide: Economic Equilibrium, Bargaining Power, Foreign Direct Investment

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Ask yourself the following questions when facing an ethical dilemma. Companies that develop a strong ethics code and use the questions above will have a better chance of behaving ethically he three spheres of sustainability. These spheres are about trying to achieve our goals responsibly and ethically. A business should be managed ethically for the following reasons: Keep existing customers and attract new ones. Avoid government intervention in the form of new laws and regulations controlling business activities. Setting and enforcing ethical standards within a company. Emphasize the prevention of unlawful behaviour by increasing control and penalizing wrongdoers. Standards that define the organization"s guiding values, create an environment that supports ethically sound behaviour, and stress a shared accountability among employees. Top management must adopt and unconditionally support an explicit corporate code of ethic. Employees must understand that expectations for ethical behaviour begin at the top. Managers and others must be trained to consider the ethical implications of all business decisions.