Business Ethics and CSR

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Questions and Answers

What is the main focus of the field of business ethics?

To establish codes of ethics for employeesh

To report on media violations of business rules

To maximize profits for shareholders

To study the impacts of business acts on individuals, firms, and society (correct)

What is the primary purpose of a code of ethics in a business organization?

To prevent financial malfeasance and bribery

To guide employee behavior in a particular manner (correct)

To provide a foundation for a good life

To optimize managerial responsibility

What is the central concern of business ethics?

Ethical and moral principles in a business environment (correct)

Media reporting of business violations

Profit maximization for shareholders

Establishing codes of conduct for employees

According to Ferrell, Fraedrich, and Ferrell (2011), what do business ethics comprise?

Principles, values, and standards guiding business behavior Signup and view all the answers

What is the core purpose of business according to the concept of business ethics?

To make profits for shareholders Signup and view all the answers

What is the primary role of ethics in business organizations?

To ensure managerial responsibility for the conduct of others Signup and view all the answers

What is the purpose of business ethics in an organization?

To guide employee behavior and ensure managerial responsibility Signup and view all the answers

What is the focus of the Stakeholder approach to business ethics?

Considering the impact of business acts on individuals, firms, and society Signup and view all the answers

What is the core idea behind the Kantian Theory?

An action is morally right if it is based on a rule that is universalizable. Signup and view all the answers

What is the main criticism of the Kantian Theory?

It is difficult to universalize every act or reasoning in an ethical dilemma. Signup and view all the answers

What is the main argument of the Stockholder Theory?

The purpose of business is to make money for the owner or stockholders. Signup and view all the answers

What is NOT a goal of the Stockholder Theory?

Provide employment. Signup and view all the answers

What is the underlying ethical principle of the Stockholder Theory?

Manager has a fiduciary responsibility to owners. Signup and view all the answers

What is the implication of the argument that 'businesses cannot have responsibility'?

Only people can have responsibilities. Signup and view all the answers

What is the relationship between a corporate executive and the owners of the business, according to the Stockholder Theory?

The corporate executive is an employee of the owners of the business. Signup and view all the answers

What is the main difference between the Stockholder Theory and the Kantian Theory?

The Stockholder Theory prioritizes profits, while the Kantian Theory prioritizes duty. Signup and view all the answers

What is the origin of the word 'ethic'?

Greek word 'ethos' Signup and view all the answers

What is the primary focus of ethics as a branch of philosophy?

The study of moral principles and right and wrong Signup and view all the answers

What is the meaning of the Greek word 'ethos'?

Character, custom or a set of moral behavior Signup and view all the answers

What is the relationship between ethics and morality?

Ethics is the study of morality, and morality is the rules for guiding conduct Signup and view all the answers

What is the definition of ethics according to Desjardins and Valasquez?

The concept of morals; one's ability to choose between right and wrong Signup and view all the answers

What is the primary focus of the study of morality?

The rules for guiding conduct and the principles for evaluating conduct Signup and view all the answers

What is the Latin word that is derived from the concept of morality?

Mores Signup and view all the answers

What is the primary difference between ethics and morality?

Ethics is the study of morality, and morality is the rules for guiding conduct Signup and view all the answers

What is the primary function of personal values in an organisation?

To serve as a standard of behaviour Signup and view all the answers

Which of the following is an example of an 'Old value' in the workplace?

Loyalty to the employer organisation Signup and view all the answers

What is the primary characteristic of a 'Negative value' in the workplace?

Exhibiting meanness and arrogance Signup and view all the answers

Which of the following scholars identified 10 fundamental shared values for successful organisations?

Scholars Signup and view all the answers

What is the primary characteristic of a 'Moral instrumental value'?

Doing what is necessary to attain moral goals Signup and view all the answers

What is an example of an 'Immoral instrumental value'?

Becoming rich by selling cocaine Signup and view all the answers

Which of the following is NOT a characteristic of personal values in organisations?

Improving communication skills Signup and view all the answers

Which of the following is an example of a 'Today value' in the workplace?

Job satisfaction and flexibility in career Signup and view all the answers

What is the primary focus of virtue ethics?

The type of person we ought to be Signup and view all the answers

What is one criticism of virtue ethics in addressing dilemmas?

It fails to provide precise guidelines of obligation Signup and view all the answers

What is a limitation of virtue theory in assessing tragic actions?

It is too focused on the general notion of a good person Signup and view all the answers

Why is a list of prohibited offenses necessary according to critics?

Because some acts are so intolerable they must be prohibited Signup and view all the answers

What is the principle of justice concerned with?

Fair distribution of opportunities and hardships Signup and view all the answers

What is one of John Rawls' principles of fairness?

Each person has an equal right to basic liberties Signup and view all the answers

What is a criticism of virtue ethics regarding character traits?

Character traits change, and proficiency can be lost Signup and view all the answers

What is a problem of moral backsliding in virtue ethics?

A temporary aberration in character Signup and view all the answers

Study Notes

Business Ethics

The concept of ethics assumes that there exist norms, principles, and values that provide the foundation for a good life.
Business ethics deals with questions about whether specific business practices are acceptable or not.
Business ethics comprises the principles, values, and standards that guide behavior in the world of business.
It studies the impacts of acts on the good of the individual, the firm, the business community, and society as a whole.

Morality and Ethics

Morality refers to the rules for guiding conducts and the principles for evaluation of conducts.
Ethics is the concept of morals; one's ability to choose between right and wrong, good and bad, acceptable and unacceptable behavior.

Ethical Decision Making

Ethical decision making involves making choices that are morally justifiable and socially responsible.
It requires considering the impact of one's actions on stakeholders, including employees, customers, investors, and the community.

Stakeholder vs. Stockholder Approach

The stakeholder approach considers the interests of all stakeholders, not just shareholders.
The stockholder approach prioritizes the interests of shareholders above all else.

Kantian Theory

Immanuel Kant's theory proposes that an action is morally justifiable if it can be universalized, i.e., if everyone in similar circumstances would act similarly.
The theory emphasizes the importance of treating people as ends in themselves, rather than means to an end.

Critiques of Virtue Ethics

Virtue ethics has been criticized for failing to provide clear guidelines for decision-making in complex situations.
It has also been criticized for overlooking the occasional tragic actions of virtuous people and failing to provide a list of prohibited offenses.

Justice

The principle of justice deals with fairness and equality, ensuring that opportunities and hardships are distributed fairly.
John Rawls' two principles of fairness are:
- Each person has an equal right to the most extensive basic liberties that are compatible with similar liberties for others.
- Social and economic inequalities are to be arranged so that they are both (a) to the greatest benefit of the least advantaged and (b) attached to positions and offices open to all under conditions of fair equality of opportunity.

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Description

This quiz covers contemporary issues in ethics and corporate social responsibility, including developing an effective code of ethics and CSR issues in the services sector.