Podcast
Questions and Answers
What is a primary criticism of the stockholder approach as proposed by Milton Friedman?
What is a primary criticism of the stockholder approach as proposed by Milton Friedman?
- It prioritizes environmental sustainability over profits.
- It emphasizes the local community's influence on profits.
- It is based entirely on ethical theories.
- It neglects the needs of a broader range of stakeholders. (correct)
Which ethical framework focuses on the outcomes of actions to determine their morality?
Which ethical framework focuses on the outcomes of actions to determine their morality?
- Deontology
- Virtue ethics
- Consequentialism (correct)
- Moral relativism
What does the term 'stakeholders' in Freeman's theory encompass?
What does the term 'stakeholders' in Freeman's theory encompass?
- Groups whose support is essential for the company's existence. (correct)
- Investors and executives of a company.
- Only government bodies and regulatory agencies.
- Only the shareholders of a company.
How does utilitarianism determine the ethical choice in decision-making?
How does utilitarianism determine the ethical choice in decision-making?
Which of the following is considered a negative social impact of unethical business practices?
Which of the following is considered a negative social impact of unethical business practices?
What central dilemma does ethical theory often address regarding decisions?
What central dilemma does ethical theory often address regarding decisions?
What do critics of corporate practices argue regarding businesses and society?
What do critics of corporate practices argue regarding businesses and society?
In ethical decision-making, which situation exemplifies the challenge of consequentialism?
In ethical decision-making, which situation exemplifies the challenge of consequentialism?
What are the four stakeholder groups to which leaders have ethical responsibilities?
What are the four stakeholder groups to which leaders have ethical responsibilities?
In ethical leadership, which best describes the responsibility of 'best practices'?
In ethical leadership, which best describes the responsibility of 'best practices'?
Which of the following accurately describes the triple bottom line framework?
Which of the following accurately describes the triple bottom line framework?
What is the final step in the decision-making process under the triple bottom line theory?
What is the final step in the decision-making process under the triple bottom line theory?
What does the term 'ethical leadership' primarily emphasize?
What does the term 'ethical leadership' primarily emphasize?
What does the term 'ethics' primarily refer to?
What does the term 'ethics' primarily refer to?
Which of the following is NOT a part of the responsibilities towards employees?
Which of the following is NOT a part of the responsibilities towards employees?
According to Professor Deon Rossouw, being ethical involves consideration of which aspects?
According to Professor Deon Rossouw, being ethical involves consideration of which aspects?
The triple bottom line theory evaluates decisions based on which of the following impacts?
The triple bottom line theory evaluates decisions based on which of the following impacts?
What is the primary goal of ethical leadership?
What is the primary goal of ethical leadership?
Which of the following best captures the essence of ethical decision-making?
Which of the following best captures the essence of ethical decision-making?
Which philosophical element is NOT typically associated with the study of ethics?
Which philosophical element is NOT typically associated with the study of ethics?
What is one of the key components necessary for ethical behavior, according to the content?
What is one of the key components necessary for ethical behavior, according to the content?
Which of the following statements about ethics is accurate?
Which of the following statements about ethics is accurate?
What does the 'golden rule' signify in the context of ethics?
What does the 'golden rule' signify in the context of ethics?
Which of the following is NOT a common area addressed by ethics?
Which of the following is NOT a common area addressed by ethics?
Study Notes
Ethics Defined
- Ethics refers to a set of beliefs about right and wrong behaviour.
- It distinguishes what is right from what is wrong.
- Ethics involves reflecting and thinking based on people's lived experiences.
- Human beings have an innate capacity to distinguish between good and evil.
- Ethics is a system of moral principles that defines what is good for individuals and society.
Ethical Leadership
- Ethical leadership involves making decisions that balance stakeholders' best interests with a company's financial health.
- It empowers others to do the same.
- Ethical leaders are responsible to four stakeholder groups: customers, employees, investors, and society.
- Ethical leadership emphasizes demonstrating appropriate conduct in alignment with recognized principles and values, both inside and outside the workplace.
Triple Bottom Line Theory
- This framework focuses on the "three P's": Profit, People, and Planet.
- It evaluates decisions based on social, environmental, and economic impacts.
- The theory expands conventional business success metrics to include contributions to social well-being, environmental health, and a just economy.
Stakeholder Theory
- R. Edward Freeman's stakeholder theory suggests that businesses have a responsibility to a broader range of stakeholders, not just shareholders.
- It emphasizes the interconnectedness of various parties involved in or affected by business activities.
- Freeman defines stakeholders as "those groups without whose support the organization would cease to exist."
- Examples of stakeholders include customers, employees, suppliers, political action groups, environmental groups, local communities, the media, financial institutions, governmental groups, etc.
Ethical Frameworks
- Ethical theories are formal statements about what we ought to do when faced with an ethical dilemma.
- They focus on consequences, the nature of actions, emotions, and personal views.
- Consequentialism: Right and wrong depend on the consequences of an act.
- Utilitarianism is an example of consequentialism, judging consequences by a "greatest good for the greatest number" standard.
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Description
Explore the concepts of ethics, ethical leadership, and the Triple Bottom Line Theory in this quiz. Understand how ethical principles guide decision-making in various contexts, especially in business. Test your knowledge of these essential frameworks that balance moral values with pragmatic outcomes.
