IS 401 Test 1 – Flashcards
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Utilitarians claim that the right thing to do is that which
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Do the greatest good for the greatest number --or-- Promote good feeling; easing or avoiding suffering
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Categorical Imperative
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Denotes an absolute, unconditional requirement that asserts its authority in all circumstances, both required and justified as an end in itself. It is best known in its first formulation: "Act only according to that maxim whereby you can, at the same time, will that it should become a universal law."
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Authenticity
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the idea that our values and beliefs are our own
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Kant also thought that the most important aspect of a morally relevant decision is
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Our Motives
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Corporations always use outcomes as a justification for actions
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George said that he was going to give us a question explaining different scenarios where companies did something bad, and then have us match it with an excuse they might use to justify it.
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Stakeholder
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Any individual or group who can affect or is affected by the actions, decisions, policies, practices, or goals of the organization.
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Goals and Objectives of Stakeholder Theory
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To identify people/interests/organizations that managers should consider in pursuit of shareholder profits. To identify the entities to which management has a fiduciary responsibility To consider stakeholders as a group to whom management owes an ethical, but perhaps not a fiduciary, obligation.
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Problems with Stakeholder Theory
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It is sometimes difficult to determine who is a stakeholder It is hard to know when the interests of stakeholders have been balanced - much in the same way it is hard to calculate the value of benefits and harms in utilitarianism. Stakeholder interests will conflict - an executive would like to build a stock portfolio for retirement, and a dishwasher just wants to feed his family.
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Framing
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Influencing the way a question will be answered/taken by phrasing it differently.
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Important question(s) that managers should ask about stakeholders (I could not find and answer for this. Please email an answer to [email protected])
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I could not find and answer for this. Please email an answer to [email protected]
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The general doctrine of social responsibility according to the text is (I am unsure of this answer. Please email me an answer if you believe it is wrong at [email protected])
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To increase its profits
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More recent considerations of social responsibility are
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Providing employment, eliminating discrimination, and avoiding pollution
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Expectations of a Socially Responsible business include:
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legal, ethical, discretionary, and economical considerations
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Requirements of a Socially Responsible business include: (I am unsure of this answer. I think it needs more, but could not find more. Please email me an answer if you believe it is wrong at [email protected])
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Follows the Laws
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The practices of being a good corporate citizen includes: (I could not find an answer for Good Corporate Citizen Practices. Please email one to [email protected])
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I could not find an answer for Good Corporate Citizen Practices. Please email one to [email protected]
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Arguments against Corporate Social Responsibility
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Competing claims (the role of profit), competitive disadvantage, competence, fairness, legitimacy (the role of government)
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Arguments for Corporate Social Responsibility
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Leads to best consequences for all, gives property rights in the corporation exclusively to the shareholders, makes executives consider what kind of company it wants to build/create, and causes business to think of how businesses can make the world better
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4 Schools of thought on Corporate Social Responsibility
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Inherence, Enlightened Self-Interest, The Invisible Hand, Doctrine of Social Responsibility
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Inherence
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Managers act solely for the benefit of the pleasure of shareholders/owners, Managers are simply agents of the owners, Capitalistic basis, and Milton Friedman
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Enlightened Self-Interest
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Managers feel strong sense of responsibility to shareholders and feel that they are best served by being appropriately responsive to the company's stakeholders as well, Capitalistic basis, and Long term view of how shareholders are best served
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The Invisible Hand
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Business ought to serve the larger society and it does this best when it serves the shareholders/owners only, relies on government to set the standards and boundaries, capitalistic basis
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Doctrine of Social Responsibility
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The role of business is to serve the larger society, The all-powerful political machinery must exist to impose taxes on business and to determine through a political process the social needs served, Government allocates scarce resources to alternative uses - not the competitive market place, and Socialistic Basis
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Bazerman's Slippery Slope
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Being less able to see other's unethical behavior when it develops gradually.
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Employment At Will Characteristics
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Proprietary rights of employers guarantee that they may employ or dismiss whomever and whenever they wish, Defends Employee and Employer rights equally, as an employee voluntarily contracts to be hired and can quit at any time, Both parties commit themselves to certain responsibilities including at-will employment, and Extending due process rights to the workplace often interferes with the efficiency and productivity of the business organization
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Fiduciary
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A legal or ethical relationship of trust between two or more parties, typically involving one party taking care of money for one or more parties.
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More Things I could not find answers to. Please Email answers to [email protected]
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Ethics best practices, Nature of Integrity, impact of code of ethics, and rules regarding company equipment, use of drugs, and use of alcohol, and the thing about ADP.org
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Nonprofit Board Member Responsibilities
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Duty as fiduciary - one who holds assets in trust for others Duty of Care - set aside competing interests Duty of Obedience - support the organization's mission Duty of Loyalty - interest of trust above others Duty to Act in Good Faith - competence, objectivity and integrity Duty to Serve the Public Interest - given their tax consideration
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For Profit board members differ from Nonprofit Board Members in these ways:
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Paid a lot for doing little in most cases, Fully indemnified by most Companies (D&O), and Have company staff to do oversight work.
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Land Ethics
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enlarges the boundaries of the community to include air, soil, waters, plants and animals, or collectively the land, and includes them as stakeholders.
