MGT 3303 chapter 4

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virtue ethics

a perspective that what is moral comes from what a mature person with "good moral character" would deem right

relativism

a philosophy that bases ethic behavior on the opinions and behaviors of relevant other people

Life cycle analysis (LCA)

a process of analyzing all inputs and outputs through the entire "cradle to grave" life of a product to determine total environmental impact

ethical issue

a situation, problem or opportunity in which an individual must choose among several actions that must be evaluated as either right or wrong

philanthropic responsibilities

additional behaviors and activities that society finds desirable and that the values of the business support

Sarbanes-Oxley act

an act that established strict accounting and reporting rules to make senior managers more accountable and to improve and maintain investor confidence

transcendent education

an education with 5 higher goals that balance self interest with responsibility to others

egoism

an ethical principle holding that individual self-interest is the motive of all conscious action

utilitarianism

an ethical system stating that the great good for the greatest number should be the overriding concern for decision makers

Kohlberg's model of cognitive moral development

classification of people based on their moral judgement

integrity based ethics programs

company mechanisms designed to instill peple a personal responsibility for ethical behavior

compliance based ethics programs

company mechanisms typically designed to corporate council to prevent, detect, and punish legal violations

sustainable growth

economic growth and development that meet present needs without harming the needs of future generations

Caux principles for business

ethical principles established by international executives based in Caux, Switzerland, in collaboration with business leaders from Europe, japan, and the united states

ethical climate

in an organization, the process by which decisions are evaluated and made on the basis of right or wrong

ethical responsibilities

meeting other social expectations not written as law

corporate social responsibility

obligation towards society assumed by business

ethical leader

one who is both a moral person and a moral manager influencing others to behave ethically

moral philosophy

principles, rules, and values people use in deciding what is right and wrong

universalism

the ethical system stating that all people should uphold certain values that society needs to function

ecocentric management

the goal is the creation of sustainable economic development and improvement of quality of life worldwide for all stakeholders

business ethics

the moral principles and standards that guide behavior in the world of business

shareholder model

theory of corporate social responsibility that holds that managers are agents of shareholders whose primary objective is to maximize profits

stakeholder model

theory of corporate social responsibility that suggests that managers are obligated to look beyond profitability to help their organization succeed by interacting with groups that have a stake in the organization

legal responsibilities

to obey local, state, federal, and relevant international laws

economic responsibilities

to produce goods and services that society wants at a price that perpetuates the business and satisfies its obligations to investors


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