Business Ethics and Professional Integrity

A business leader's commitment to ethical behavior towards customers, employees, and society. This includes being honest, fair, and responsible in all business practices.

The belief that a business leader's actions have a direct impact on the well-being of individuals and society, both present and future.

The principle that business leaders should prioritize the well-being of their organization and society over their personal gains. This includes avoiding actions that could harm the company or society.

The obligation to comply with all relevant laws and contracts, ensuring that business practices are legal and ethical.

The practice of avoiding unethical business practices such as corruption, unfair competition, and harmful practices.

The responsibility to protect the human rights and dignity of all people affected by the business. This includes preventing discrimination and exploitation.

The commitment to ensure that future generations have access to a healthy environment and resources. This includes sustainable practices and environmental protection.

The obligation to be transparent and honest in reporting the performance and risks associated with the business. This includes providing accurate information to stakeholders.

Ethics in a business environment refers to the moral principles and values that guide the decisions and actions of individuals and organizations within the business context.

A professional of integrity upholds a strict code of ethics, prioritizing honesty, fairness, and responsibility over personal gain. They act in accordance with their values and principles, even when faced with difficult choices.

Legal responsibilities are obligations imposed by law, requiring individuals and organizations to comply with specific rules and regulations. Ethical responsibilities, on the other hand, are moral obligations based on principles of right and wrong, going beyond legal requirements.

The Utilitarian approach focuses on maximizing benefit for the greatest number of people involved. The Rights approach emphasizes respecting the fundamental rights of all individuals. The Justice approach prioritizes fairness and equal treatment in decision-making.

Corporate social responsibility is a commitment by businesses to operate ethically and contribute to the well-being of society and the environment. It involves going beyond legal compliance and considering societal impact.

Patagonia's 1% for the Planet pledge demonstrates a commitment to corporate social responsibility by allocating a portion of their sales to environmental initiatives.

A code of ethics outlines the values and principles that guide an organization's behavior. It provides a framework for employees to make ethical decisions and promotes consistency in actions.

Acting with integrity involves consistently making ethical choices, upholding moral principles, and being accountable for actions. It's about doing the right thing even when it's difficult.

Ethical responsibilities go beyond legal compliance by considering moral principles, values, and societal expectations. It involves acting in a way that is right and just, even if not legally required.

Normative ethical theories, like utilitarianism and deontology, provide frameworks for determining right and wrong actions. Descriptive ethical theories describe how people actually make ethical decisions, without judging their choices.

Stakeholders are individuals or groups who have an interest in a company's operations and outcomes. They can include customers, employees, investors, suppliers, competitors, the government, and the community.

Corporate social responsibility (CSR) is a business approach that involves integrating social and environmental considerations into a company's operations and interactions with stakeholders. It goes beyond legal compliance and aims to be ethical and sustainable.

Prioritizing stakeholder claims involves balancing competing interests. This can be done through a stakeholder matrix, where each stakeholder is assessed based on their power, legitimacy, and urgency. The company can then focus on those with higher scores.

Ethical business practices build goodwill, enhancing a company's reputation and trust among stakeholders. It leads to stronger customer loyalty, better employee morale, and improved relationships with suppliers and the community.

The long-term perspective in business considers the overall well-being of stakeholders, not just immediate profits. Organizations strive for sustainability, reputation, and ethical practices, even if it means sacrificing short-term gains.

The short-term perspective prioritizes immediate profits and financial gains, often neglecting the ethical implications and long-term consequences of decisions.

Stockholders are individuals or entities that own shares of a company, directly benefiting from profits and dividends.

Stakeholders are all individuals or entities that are affected by a company's actions, including employees, customers, suppliers, the community, and the environment.

Goodwill is the positive reputation and public trust a company enjoys, built through ethical behavior and responsible actions.

Corporate Social Responsibility (CSR) is a company's commitment to operating ethically and contributing to the well-being of society, beyond its legal obligations. This involves environmental sustainability, community engagement, and human rights.

Utilitarianism is a philosophy that focuses on the consequences of actions, promoting actions that maximize overall happiness and well-being.

A key concept in Confucian thought that emphasizes the importance of virtue and morality in daily life.

A moral philosophy that focuses on cultivating good character and acting virtuously.

The Analects of Confucius, a key text in Confucianism, focuses on the principles of ethical conduct, good government, and cultivating inner virtue.

A fundamental concept in Confucianism that emphasizes the importance of maintaining social harmony and order.

A fundamental concept associated with Confucianism that refers to the concept of 'humanity' or 'benevolence'.

A fundamental concept associated with Confucianism that emphasizes the importance of righteousness and justice.

A fundamental concept in Confucianism that emphasizes the importance of proper conduct and respecting social norms.

A fundamental concept associated with Confucianism that emphasizes the importance of trustworthiness and keeping one's word.

A theory asserting that individuals are rational and self-interested, seeking to maximize their own utility in all circumstances. In economics, it's often used to explain human behavior and market dynamics.

A philosophy emphasizing the importance of duty and moral obligation. It suggests that actions should be based on universal moral principles, regardless of their consequences.

A social and economic theory advocating for the ownership of the means of production by the workers. It seeks to create a society where the profits of labor are distributed fairly and equally.

A theory suggesting that individuals are motivated by a desire for recognition, status, and acceptance within social groups. It emphasizes the importance of social interactions and group dynamics in shaping human behavior.

The philosophical idea that moral values and principles are objective and universally applicable, independent of individual opinions or cultural beliefs. It suggests there are right and wrong actions that can be determined rationally.

A theory suggesting that moral values are subjective and relative to individual beliefs or cultural norms. It argues that there are no objective moral truths that can be universally applied.