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3.1 Adopting a Stakeholder Orientation
LEARNING OBJECTIVES By the end of this section, you will be able to: Identify key types of business-stakeholder relationships Explain why laws do not dictate every ethical responsibility a company may owe key stakeholders Discuss why stakeholders...
4.3 Government and the Private Sector
LEARNING OBJECTIVES By the end of this section, you will be able to: Identify three public health issues that might warrant government regulation Explain what is meant by “revolving door” in a political context Compare constitutional arguments fo...
5.2 Business Ethics over Time
LEARNING OBJECTIVES By the end of this section, you will be able to: Describe the ways ethical standards change over time Identify major shifts in technology and ethical thinking over the last five hundred years Explain the impact of government...
5.1 The Relationship between Business Ethics and Culture
LEARNING OBJECTIVES By the end of this section, you will be able to: Describe the processes of acculturation and enculturation Explain the interaction of business and culture from an ethical perspective Analyze how consumerism and the global mark...
Introduction
Figure 5.1 Business ethics do not exist in a vacuum. They are a reflection of the underlying values of a society and the way society lives out those values over time. This experience is captured in language, culture, religious traditions, and modes of thinki...
Endnotes
1. Patrick Moorhead, “Cisco’s CSR Program under CEO Chuck Robbins Is Flourishing,” Forbes, March 9, 2016. https://www.forbes.com/sites/patrickmoorhead/2016/03/09/ciscos-csr-program-under-ceo-chuck-robbins-is-flourishing/#46e003c2574e. ...
Assessment Questions
1. True or false? Corporations that embrace CSR policies consistently produce a lower rate of return on investment for shareholders. correct answer False. Social responsibility does not mean lower profitability, as the returns on social index fu...
Summary
4.1 Corporate Law and Corporate Responsibility While some argue that corporations have a primary duty to maximize profits for the benefit of shareholders, others assert that businesses have a duty to the society in which they operate, a duty that serves as ...
Key Terms
business judgment rule the principle that officers, directors, and managers of a corporation are not liable for losses incurred when the evidence demonstrates that decisions were reasonable and made in good faith cap and trade a system that limits g...
4.2 Sustainability: Business and the Environment
LEARNING OBJECTIVES By the end of this section, you will be able to: Explain the concept of earth jurisprudence Evaluate the claim that sustainability benefits both business and the environment Identify and describe initiatives that attempt to re...
3.2 Weighing Stakeholder Claims
LEARNING OBJECTIVES By the end of this section, you will be able to: Explain why stakeholders’ claims vary in importance Categorize stakeholders to better understand their claims As we saw earlier in this chapter and in Why Ethics Matter, the l...
4.1 Corporate Law and Corporate Responsibility
LEARNING OBJECTIVES By the end of this section, you will be able to: Explain how investors and owners benefit from doing business as a corporate entity Define the concept of shareholder primacy Discuss the conflict between shareholder primacy and...
Introduction
Figure 4.1 The Japanese concept of nemawashi broadly means “laying the groundwork” or “building strong roots.” In a business ethics context, nemawashi means building a strong foundation for an action or project by reaching out to all stakeholders and seeking...
Endnotes
1. “The Latest: Police Release Call from Starbucks Employee,” Associated Press, April 17, 2018. https://apnews.com/7c0b3793ca244e128effc1019bde194c. 2. “Starbucks,” Fortune. http://fortune.com/fortune500/starbucks/; “Starbucks Corporation In...
Assessment Questions
1. Maintaining trust between stakeholders and organizations is ________. A. the stakeholder’s responsibility B. an ethical minimum C. an ethical maximum D. a social contract correct answer D 2. True or false? ...
Summary
3.1 Adopting a Stakeholder Orientation An organization has duties and responsibilities with regard to each stakeholder; however, the implicit social contract between business and society means that meeting legal requirements might support only minimal ethic...
Key Terms
amenities resources made available to employees in addition to wages, salary, and other standard benefits descriptive approach a theory that views the company as composed of various stakeholders, each with its own interests diffused stakehold...
3.4 Corporate Social Responsibility (CSR)
LEARNING OBJECTIVES By the end of this section, you will be able to: Define corporate social responsibility and the triple bottom line approach Compare the sincere application of CSR and its use as merely a public relations tool Explain why CSR u...
3.3 Ethical Decision-Making and Prioritizing Stakeholders
LEARNING OBJECTIVES By the end of this section, you will be able to: Identify the factors that affect stakeholder prioritization Explain why priorities will vary based upon the interest and power of the stakeholder Describe how to prioritize stak...
5.3 The Influence of Geography and Religion
LEARNING OBJECTIVES By the end of this section, you will be able to: Describe the impact of geography on global relationships and business ethics Explain how religion informs ethical business practice around the world Business ethics guides peo...