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Business Ethics

by: Miss Ezra Gorczany

Business Ethics BUS ADM 293

Miss Ezra Gorczany
GPA 3.64


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Class Notes
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This 1 page Class Notes was uploaded by Miss Ezra Gorczany on Tuesday October 27, 2015. The Class Notes belongs to BUS ADM 293 at University of Wisconsin - Milwaukee taught by Staff in Fall. Since its upload, it has received 7 views. For similar materials see /class/230281/bus-adm-293-university-of-wisconsin-milwaukee in Business Administration at University of Wisconsin - Milwaukee.

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Date Created: 10/27/15
Note Sheet Midterm 1 Value and Theories Ethics 39 Generally accepted rules of conduct that govern society 39 Held at a higher standard that the law 39 Know it when you see it o Unfair Dishonest Unjust o 1 Divine Command Theory 39 Decisions made based upon a divine being 0 2 Ethical Egotism We all operate in our self interest 39 Adam Smith long term self interest can constrain short term behavior 0 3 Utilitarian Theory actiongt consequence Create the greatest good for all well being 39 Results and Consequent39 39 m Doesn t matter you get there just get the best result 39 Algorithm 0 Specify range ofpossibilities 0 Identify all who are affected by the action 0 Estimate aggregate consequences 0 Choose action with greatest sum of good 0 4 Deontology motive gt action e cannot know what will happen prior to action 39 Immanuel Kant i Ethical decisions are determined by principles ofrights andjustice Princi le ofHumani don t use people to get a task done 0 Principle ofUniversal Law would I want to receive this action golden rule 39 WD Ross 0 7 Duties in order to act ethically I o ene icence I 0 Non malfeasance I o J stice I o elfimnrnvement I I o Reparation I o Gratitude I o Promise keeping I o 5 Rights Theory Entitlement Theory 39 v one has a basic set ofrights o 6 Moral Relativism 39 oment to moment changes when in Rome 39 Peter Drucker above all do no harm 39 Kohlberg s Stages ofMoral Development the consequences 4 Obey laws and social conventions o 2 What is in it for me 5 Human Rights transcend aws o 3 Be a good person 6 Universal ethics must be followed 0 ost people get to Step 4 in there life 0 7 BlanchardPeal is it legal Balanced How does it make me feel 39 Newspaper Model if your action appeared on front page would it be alright 39 Wall Street Journal Model Is it legal What does this do for company and share holders Short and long term conseq 0 Justice and Fairness o J hn Rawls 39 Utilitarianism does not appeal to the individual Isn t based offhow satisfaction is distributed 0 Maximum criteria of Social Justice 0 Maximize well being of worst off person 0 Veil of Ignorance se as ifyou don t know whoyou are splitters get 2 choice 0 Argues for equal opportunity not equality 0 People care about fairness 39 Distributive Justice Equitable How much each person should get d 39 Procedural Justice How was distribution determine 39 I eractional Justice Was it offered with Dignity and Respect o Perspective ofEthics in Business 0 Nov 39 Businesses are a special case differ from gov t and religion 39 Has a greater responsibility to society than individual External responsibilities 0 I earn ROI make customer appy E foster community respect law 0 Drucker above all do no harm no distinction between personal and business ethics Carr deception is understood 39 There is a distinction but a fine line is drawn 39 Ifyou can t take the heat get out ofthe kitchen 0 Corporate Social Theory 0 Shareholder Theory Milton Freemangt CEO needs to work L L 4 39 39 deu L r m 0 Stakeholder Theory CSRgt give all stakeholders a voice whoever firm affects 39 39 39 company is 39 39 quot ifthey don t hear stakeholders there out ofbusiness o Stereotyp es 0 Functions Motivational social identity protection Also helps us make sense ofthe world 39 escriptive describing how people e ave Prescriptive what all or most should do ifyou don t follow you become an irritation o SelfFulfilling nupuu 39 choose data to 39 39 in group favoritism 39 Discriminate the most when familiarity is low and ambiguous data is low small chance to be wrong


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