Chapter 1 - ethical leadership exam 1

The Importance of Business Ethics- mgt 4334 - maybe include quiz questions here

Morals

a person’s personal philosophies about what is right or wrong

Business ethics

Comprises organizational principles, values, and norms that may originate from individuals, organizational statements, or from the legal system that primarily guide individual and group behavior in business

principles

Specific and pervasive boundaries for behavior that should not be violated

values

Enduring beliefs and ideals that are socially enforced

ethics

Behavior or decisions made within a group’s values or morals

workplace integrity

having strong values and ethics, and doing the right thing even when no one is watching. (Behavior or decisions made within a group’s values or morals)

moral dilemma

Two or more morals in conflict with one another

value dilemma

Two or more beliefs/ideals in conflict with one another

consumers’ bill or rights

From President John F. Kennedy’s 1962 “Special Message on Protecting the Consumer Interest” that outlined four basic consumer rights: the right to safety, the right to be informed, the right to choose, and the right to be heard

corporate social responsibility (CSR)

An organization’s obligation to maximize its positive impact on stakeholders and minimize its negative impact

defense industry initiative on business ethics and conduct

An organization developed to guide corporate support for ethical conduct

federal sentencing guidelines for organizaitons

Guidelines that codified into law incentives to reward organizations for taking action to prevent misconduct, such as developing effective internal legal and ethical compliance programs

sarbanes-oxley act

The most far-reaching change in organizational control and accounting regulations since the Securities and Exchange Act of 1934, which made securities fraud a criminal offense and stiffened penalties for corporate fraud

dodd-frank wall street reform and consumer protection act

Legislation that addressed some of the issues related to the financial crisis and recession and designed to make the financial services industry more ethical and responsible

environmental social governance (ESG)

A framework for evaluation of firm performance in the areas of environmental, social, and governance

ethical culture

Acceptable behavior as defined by the company and industry; reflects the integrity of decisions made and is a function of many factors, including corporate policies, top management’s leadership on ethical issues, the influence of coworkers, and the opportunity for unethical behavior

global compact

Set of 10 principles concerning human rights, labor, the environment, and anti-corruption; the purpose is to create openness and alignment among business, government, society, labor, and the United Nations

add quiz questions?