Ethics, Corporate Social Responsibility, and Sustainability

Flashcards covering key concepts related to ethics, corporate social responsibility, and sustainability as presented in the lecture notes.

Ethics

Accepted principles of right or wrong that govern conduct of a person, members of a profession, or actions of an organization.

Business ethics

Accepted principles of right or wrong governing conduct of business people.

Ethical strategy

A strategy or course of action that does not violate accepted ethical principles.

Corporate Social Responsibility (CSR)

Business practice that involves participating in initiatives that benefit society.

Sustainability

Meeting the needs of the present without compromising the ability of future generations to meet their own needs.

Common Ethical Issues in Business

Employment practices, human rights, environmental regulations, and moral obligations.

Foreign Corrupt Practices Act (FCPA)

U.S. law prohibiting payments to foreign government officials to secure business.

Cultural relativism

The belief that ethics are culturally determined and that firms should adopt the ethics of the cultures in which they operate.

Utilitarian ethics

The moral worth of actions is determined by their consequences, aiming for the greatest good for the greatest number.

Kantian ethics

Philosophical approach arguing that people should never be treated merely as means to an end.

Human rights

Fundamental rights and privileges that transcend national boundaries and culture.

Universal Declaration of Human Rights

A UN declaration that outlines fundamental rights every human being is entitled to.

Justice Theories

Focus on fair and equitable distribution of economic goods and services.

Ethical Dilemma

A situation where no available alternative seems ethically acceptable.

Managerial Ethics

The standards of behavior that guide individual managers in their work.

Organizational Culture

The shared values, beliefs, and norms that influence the way employees think and act.

Decision-Making Processes

The steps and considerations taken to make informed and ethical choices.

Leadership

The action of leading a group or organization, often establishing the culture and ethical standards.

Unrealistic Performance Goals

Targets set by an organization that are unattainable without unethical behavior.

Righteous Moralist

The belief that a multinational's home country standards of ethics are appropriate for companies to follow in foreign countries.