MGMT 1040 Study Guide - Final Guide: Meta-Ethics, Sarbanes–Oxley Act, Precautionary Principle
25 Mar 2016
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Document Summary
The myth of amoral business: a business that operates under no limitations in terms of ethical and moral standards, to solely direct themselves for profit maximization. The myth suggests that economic prosperity and business ethics do not mix, thus businesses are only concerned with their underlying economic profitability while ignoring ethical values. Ethical duties: owing to others based upon rational thought process. Corporate social responsibility: having consideration for how the companies actions affect society, and acting responsibly in the system. Corporate citizenship: being responsible (obligation), responsive (active), and being performance oriented (results) in terms of responsibilities in the society. Carroll"s pyramid: social model which lays out responsibilities by the level of expectedness. Economic required being profitable, obligation to return on investment. Legal required obeying all laws (environmental, labour, e) Ethical expected avoid questionable practices and practice fairly. Philanthropic desired being a good corporate citizen and providing benefit for the community and the society.
