Business Ethics
comprises the principles, values, and standards that guide behavior in the business world
Principles
are specific and pervasive boundaries for behaviors that are universal and absolute
Values
used to develop norms that are socially enforced.
Consumer Bill of Rights
1962 JFK said four basic rights: safety, informed, choose, be heard
Social Responsibility
an organization's obligation to maximize its positive impact on stakeholders and minimize its negative impact economic legal ethical and philanthropic
Federal Sentencing guidelines for Organizations
approved by congress in November 1991 follow standards and you won't be held responsible if wrongdoing is found
Defense Industry Initiatives
1986 guide corporate support for ethical conduct
Sarbanes Oxley
ethics reform in 2002, increased accounting regulations, CEO and chief financial officer held personally responsible in ethical wrongdoing
Ethical Culture
the character of the decision making process that employees use to determine whether their responses to ethical issues are right or wrong
Stakeholders
have a stake in the company and its outcomes
Stakeholder Orientation
the degree to which a firm understands and addresses stakeholder demands. generate data. Distribution of information. Organizations responsiveness
Shareholder Orientation
the degree to which a firm understands and addresses shareholder demands