Business ethics & Social Responsibility

Identify and give a brief definition or example of five of Stephen Covey's seven habits of highly effective people.

1) Be proactive 2) Begin with the end in mind 3) Put first things first 4) Think Win-Win 5) Sharpen the Saw

Describe and demonstrate some of the similarities and differences between principles and values. Why are principles and values important normative considerations in ethical decision making?

Similarities between Principles and Values - Both Principle and value governs an individual life and have an impact. - Both the Principles and value are needed to take ethical decisions. Differences between Principles and Values - Values are sets of beliefs that an individual carry about good and bad, right and wrong, in their life and interacting with others, whereas Principles are the universal rules and laws that govern the human behavior in the society. - Value is social norms; they are emotional, subjective and arguable whereas Principles are based on truth and is natural law. - Values may or may not have positive impact on life of an individual but Principle always govern the life of an individual positively. 2. Normative approaches of decision making states and guide the way how organizational decision makers should approach to an issue. The principles and values are important normative consideration in ethical decision making because good and right values will increase the positive attitude towards works and behavior and will decrease the level of unethical practices and the lawful principle will guide the individual to develop positive values in their life.

Why is corporate intelligence important to business? When does it become unethical?

The purpose of competitive intelligence is to make more informed decisions based on what the business environment looks like and what your competitors are doing.

Compare and contrast the stakeholder and shareholder models of corporate governance

The stakeholder model of corporate governance is founded in classic economic precepts, including the goal of maximizing wealth for investors and owners. this is also where shareholders orientation should drive a firms decisions toward serving best interest of the investors. in comparison stakeholder governance adopts a broader view of the purpose of business. not only does company have too answer to stockholders but also the stakeholders such as employees,suppliers, gov regulators and with limited resources must determine which of their stakeholders are primary. although the two governance have their difference they both have to be economically successful and viable.

With respect to the Sarbanes-Oxley Act (SOX) and the Dodd-Frank Wall Street Reform and Consumer Protection Act, respond to the following: a. For each act, identify the event(s) that identified the need for such legislation. b. For each act, identify three major changes resulting from the passage of this legislation, which can include an identification of any new governmental agencies created by the legislation. If you identify agencies as part of your response, provide a summary of the responsibilities and duties of each agency cited.

- Sarbanes-Oxley was passed by Congress in 2002 after a number of billion-dollar accounting scandals, perhaps most famously at energy-trading company Enron and telecommunications company WorldCom. Sarbanes-Oxley was intended to protect investors from corporate accounting fraud by strengthening the accuracy and reliability of financial disclosures. -The Dodd-Frank Act was passed in 2010 in response to the 2007-08 financial crisis, which brought Wall Street to its knees. Dodd-Frank was meant primarily to reduce risk in the financial system by more closely regulating big banks and financial institutions. SOX changes 1) •Public Company Accounting Oversight Board 2)•Whistle-Blower Protection 3)•Cost of Compliance Dodd-Frank changes 1)•Whistle-Blower Bounty Program 2) •Consumer Financial Protection Bureau (CFPB) 3) •The Financial Stability Oversight Council (FSOC)

We all learn values from sources such as family, religion, and school. Why might these sources of individual values not prove very helpful when making complex business decisions?

Most of the values from sources such as family, religion and school do not prove vary helpful in business environment as Business is a different entity guided by its own values, vision and ethics. Values in business involve different ethics and guidelines that do not match what one gets in the family or school. Family and school try to create a person with moral and ethical values to guide them and make them a better person. In contrast to this the there is an essential purpose of business is also to generate revenue.

Discuss the content of the following ethical theories, including an example of each in your discussion. a. Deontology b. Utilitarianism c. Justice d. Virtue ethics e. Relativism

•Deontology: Focuses on the preservation of individual rights and on the intentions associated with a particular behavior rather than on its consequences. •Utilitarianism: Defines right or acceptable actions as those that maximize total utility, or the greatest good for the greatest number of people. •Virtue ethics: What is moral in a given situation is not only what conventional morality requires but what a person with a "good" moral character deems appropriate. •Justice: Fair treatment and due reward in accordance with ethical or legal standards, including the disposition to deal with perceived injustices of others.

With respect to the process referred to as "the institutionalization of business ethics," complete the following: a. Distinguish between the voluntary and mandatory institutionalization of business ethics. b. Give two examples of the voluntary institutionalization of business ethics, and two examples of the mandatory institutionalization of business ethics. These examples can come from the cases in your text, or those examples used in class lectures.

•Voluntary practices: Include beliefs, values, and voluntary contractual obligations of a business. •Voluntary boundary: A management-initiated boundary of conduct (beliefs, values, voluntary policies, and voluntary contractual obligations). •Mandated boundary: An externally imposed boundary of conduct (laws, rules, regulations, and other requirements). This is achieved through compliance, corporate governance, risk management, and voluntary activities.