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Morals

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A person's personal philosophies about what is right or wrong

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Business Ethics

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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

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Principles

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Specific and pervasive boundaries for behavior that should not be violated

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Values

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Enduring beliefs and ideals that are socially enforced

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Consumers' Bill of Rights

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The right to safety, the right to be informed, the right to choose, and the right to be heard

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Corporate Social Responsibility

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

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Defense Industry Initiative on Business Ethics and Conduct (DII)

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Developed to guide corporate support for ethical conduct

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Federal Sentencing Guidelines for Organizations

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Approved by Congress in Nov. 1991, set the tone for organizational ethical compliance programs in the 1990s.

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Sarbanes-Oxley Act

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The most far-reaching change in organizational control and accounting regulations since the Securities and Exchange Act of 1934

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Dodd-Frank Wall Street Reform and Consumer Protection Act

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Addressed some of the issues related to the financial crisis and recession

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Ethical Culture

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Acceptable Behavior as defined by the company and industry

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Stakeholders

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In a business context, customers, investors, and shareholders, employees, suppliers, government agencies, communities and many others who have a "stake" or claim in some aspect of a company's products, operations, markets, industry, and outcomes

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Primary Stakeholders

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Those whose continued association is absolutely necessary for a firm's survival

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Secondary Stakeholders

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Do not typically engage in transactions with a company and are therefore not essential to its survival

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Stakeholder Interaction Model

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Reciprocal relationships between the firm and a host of stakeholders

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Stakeholder Orientation

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The degree to which a firm understands and addresses stakeholder demands

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Corporate Citizenship

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Often used to express the extent to which businesses strategically meet the economic, legal, ethical, and philanthropic responsibilities placed on them by various stakeholders

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Reputation

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One of an organization's greatest intangible assets with tangible value

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Corporate Governance

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Involved the development of formal systems of accountability, oversight, and control

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Shareholder Model of Corporate Governance

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Founded in classic economic precepts, including the goal of maximizing wealth for investors and owners

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Stakeholder Model of Corporate Governance

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Adopts a broader view of the purpose of business

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Interlocking Directorate

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Concept of board members being linked to more than one company

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Executive Compensation

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One of the biggest issues corporate boards of directors face

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Integrity

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Being whole, sound, and in an unimpaired condition

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Honesty

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Truthfulness or trustworthiness

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Fairness

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Quality of being just, equitable, and impartial

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Equality

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About the distribution of benefits and resources

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Reciprocity

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An interchange of giving and receiving in social relationships

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Optimization

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The trade-off between equity (equality) and efficiency (maximum productivity)

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Ethical Dilemma

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A problem, situation, or opportunity that requires an individual, group, or organization to choose among several actions that have negative outcomes

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Abusive or Intimidating Behavior

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Physical threats, false accusations, being annoying, profanity, insults, yelling, harshness, ignoring someone, and unreasonableness

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Commission Lying

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Creating a perception or belief by words that intentionally deceive the receiver of the message

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Omission Lying

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Intentionally not informing others of any differences, problems, safety warnings, or negative issues relating to the product or company that significantly affect awareness, intention, or behavior

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Conflict of Interest

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When an individual must choose whether to advance his or her own interests, those of the organization, or those of some other group

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Bribery

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Practice of offering something (often money) in order to gain an illicit advantage from someone in authority

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Active Bribery

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The person who promises or gives the bribe commits the offense

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Passive Bribery

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An offense committed by the official who receives the bribe

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Facilitation Payments

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Payments made to induce public officials to perform their functions, such as issuing licenses or permits

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Corporate Intelligence

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The collection and analysis of information on markets, technologies, customers, and competitors, as well as on socioeconomic and external political trends

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Hacking

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One of the top three methods for obtaining trade secrets

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System Hacking

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Assumes the attacker already has access to a low-level, privileged-user account

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Remote Hacking

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Involves attempting to remotely penetrate a system across the Internet

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Physical Hacking

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Requires the CI agent enter a facility personally

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Social Engineering

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The tricking of individuals into revealing their passwords or other valuable corporate information

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Shoulder Surfing

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Someone simply looks over an employee's shoulder while he or she types in a password

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Password Guessing

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Learning personal information about someone and using that information to try and guess his or her password

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Whacking

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Wireless hacking

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Equal Employment Opportunity Commission (EEOC)

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Where more than 99,000 charges of discrimination were filed

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Age Discrimination in Employment Act

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Specifically outlaws hiring practices that discriminate against people 40 years of age or older, as well as those that require employees to retire before the age of 70

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Affirmative Action Programs

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Involve efforts to recruit, hire, train, and promote qualified individuals from groups that have traditionally been discriminated against on the basis of race, gender, or other characteristics

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Sexual Harassment

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Any repeated, unwanted behavior of a sexual nature perpetrated upon one individual by another

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Hostile work environment

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The conduct was unwelcome; the conduct was sever, pervasive, and regarded by the claimant as so hostile or offensive as to alter his or her conditions of employment; and the conduct was such that a reasonable person would find it hostile or offensive

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Dual relationship

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A personal, loving, and/or sexual relationship with someone with whom you share professional responsibilities

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Unethical dual relationships

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Where the relationship could potentially cause a direct or indirect conflict of interest or a risk of impairment to professional judgment

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Fraud

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Any purposeful communication that deceives, manipulates, or conceals facts in order to harm others

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Accounting fraud

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Usually involves a corporation's financial reports, in which companies provide important information on which investors and others base decisions involving millions of dollars

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Marketing fraud

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Process of dishonestly creating, distributing, promoting, and pricing products

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Puffery

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Exaggerated advertising, blustering, and boasting upon which no reasonable buyer would rely and is not actionable under the Lanham Act

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Implied falsity

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The message has a tendency to mislead, confuse, or deceive the public

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Consumer Fraud

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When consumers attempt to deceive businesses for their own gain

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Intellectual Property Rights

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Involve the legal protection of intellectual property such as music, books, and movies

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Voluntary Practices

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this includes the beliefs, values, and voluntary contractual obligations of a business. All businesses engage in some level of commitment to this to benefit both internal and external stakeholders.

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Philanthropy

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Giving back to communities and causes.

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Core Practices

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A highly appropriate and common practice that helps ensure compliance with legal requirements, industry self-regulation, and societal expectations.

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Better Business Bureau

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Leading self-regulatory body that provides directions for managing customer disputes and reviews advertising cases.

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Mandated Boundaries

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Externally imposed boundaries of conduct, such as laws, rules, regulations, and other requirements.

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Three dimensions of institutionalization

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1. Voluntary Boundary 2. Core Practice 3. Mandated Boundary

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Civil Law

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The rights and duties of individuals and organizations (including businesses)

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Criminal Law

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Not only prohibits specific actions, but also imposes fines or imprisonment as punishment for breaking the law.

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Five Groups of Laws that Govern Businesses

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1. Regulation of Competition 2. Protection of Consumers 3. Promotion of Equality and Safety 4. Protection of the Natural Environment 5. Incentives (to encourage organizational compliance programs to deter misconduct)

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Procompetitive Legislation

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Laws that prevent the establishment of monopolies, inequitable pricing practices, and other practices that reduce or restrict competition among businesses.

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Consumer Protection Law

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Laws that protect consumers; requires businesses to provide accurate information about their products and services as well as follow safety standards. (First ones were in response to The Jungle)

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Occupational Safety and Health Administration (OSHA)

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Enforces act in 1970 that mandates employers provide safe and healthy working conditions for all workers, and makes regular surprise inspections to ensure businesses maintain safe working environments.

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Public Company Accounting Oversight Board

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At the heart of Sarbanes-Oxley; monitors accounting firms auditing public corporations and establishes standards and rules for auditors in accounting firms.

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Auditor and Analyst Independence

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Sarbanes-Oxley section 201: prohibits registered public accounting firms from providing both non-audit and audit services to a public company.

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Whistle-Blower Protection

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Sarbanes-Oxley prohibits employers from taking certain actions against employees who lawfully disclose private employer information to parties in a judicial proceeding involving fraud claims, etc. (Wasn't great at protecting them, Dodd-Frank was better).

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Cost of Complaince for SOX

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Includes internal costs, external costs, and auditor fees. Have declined over the years (50% from the level they were when law was created). Ranges between $100,000-$500,000 depending on company size.

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Gatekeepers

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People that must trust and be trusted to make business work properly. Examples: accountants, lawyers, financial rating agencies, and financial reporting services.

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Dodd-Frank Act

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2010: seeks to improve financial regulation, increase oversight of the industry, and prevent types of risk-taking, deceptive practices, and lack of oversight that led to the '08-'09 financial crisis (response to law was split across party lines, some feared government would gain too much power)

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Office of Financial Research

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Instituted in Dodd-Frank Act; improves quality of financial data available to government officials and creating a better system of analysis for the financial industry.

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Financial Stability Oversight Council (FSOC)

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Instituted in Dodd-Frank Act; responsible for maintaining stability of the financial system in US through monitoring the market, identifying threats, promoting market discipline among the public, and responding to major risks that threaten stability.

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Consumer Financial Protection Bureau (CFPB)

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Instituted in Dodd-Frank Act; independent agency within the Federal Reserve System that regulates the offering and provision of consumer financial products or services under the Federal consumer financial laws.

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Whistle-Blower Bounty Program

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Instituted by Dodd-Frank Act; whistle-blowers who report financial fraud to SEC and ECC are eligible to receive 10%-30% of fines and settlements if their reports result in convictions of more that $1 million in penalties.

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Four Major Benefits to Society thru Businesses' Voluntary Responsibilities

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1. Improve quantity of life in communities (and make it easier to attract and retain employees and customers) 2. Reduce government involvement (by providing assistance to stakeholders) 3. Develop employee leadership skills (ex: use United Way for leadership building exercises) 4. Create an ethical culture (with values that act as a buffer to organizational misconduct)

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Cause-Related Marketing

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Ties an organization's product directly to a social concern through a marketing program (Ex: Yoplait generates proceeds for Susan G. Komen for the Cure (helps study breast cancer) cause with its Save Lids to Save Lives program).

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Strategic Philanthropy

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Synergistic and mutually beneficial use of an organization's core competencies and resources to deal with key stakeholders so as to bring about organizational and societal benefits (Ex: Gentle Giant Moving Company has a 100% money-back guarantee if customers are not happy, established charitable fund to promote youth leadership, housing assistance and homeless prevention, and green initiatives to make its practices more eco-friendly) They've won award for top ethical small business from Better Business Bureau, creating great prestige for business.

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Ethical Decision Making Process

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1. Ethical Issue Intensity (scale of decision) 2. Individual Factors (beliefs of individual(s) 3. Organizational Factors 4. Opportunity Which influences... - Business Ethics Evaluations and Intentions Which leads to... -Ethical or Unethical Behavior

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Ethical Issue Intensity

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First factor in Ethical Decision making process; relevance or importance of an event or decision in the eyes of the individual, work group, and/or organization

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Ethical Awareness

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Ability to perceive whether a situation or decision has an ethical dimension.

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Moral Intensity

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Relates to individuals' perceptions of social pressure and the harm they believe their decisions will have on others.

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Difference in Gender (Ethical Decision Making)

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Research shows there are little to no difference, but when there are, women are more ethical than men

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Difference in Education (Ethical Decision Making)

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Education does not reflect experience. Generally, more education = better at making ethical decisions (studies show students are less ethical than businesspeople, however)

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Difference in Nationality (Ethical Decision Making)

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Hard to interpret, but it does play a role.

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Difference in Age (Ethical Decision Making)

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Used to think that the older you are the better you are at making ethical decisions; now it is believed to be more complex.

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Locuses of Control

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External Control = see themselves as going with the flow because that is all they can do Internal Control = believe they control the events in their lives by their own effort and skill -Those who believe they form their own destiny are more ethical than those who believe their fate was in the hands of others

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Individual Factors

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Second factor in Ethical Decision Making Process; differences in experiences, age, gender, education, nationality and locus of control are all examples of differences that play a role in the process

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Organizational Factors

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Third factor in Ethical Decision Making Process; no one operates in a vacuum, organizations' values often have a greater influence on decisions than a persons' own values

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Corporate Culture

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A set of values, norms, and artifacts, including ways of solving problems that members (employees) of an organization share.

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Significant Others

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Those who have influence in a work group, including peers, managers, coworkers, and subordinates. Significant others in an organization may have more impact on a workers' decisions on a daily basis than any other factor.

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Obedience to Authority

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An aspect of influence significant others can exercise; explains why many employees resolve business ethics issues by simply following the directives of a superior.

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Opportunity

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The fourth factor in Ethical Decision Making Process; describes conditions in an organization that limit or permit ethical or unethical behavior. Results from conditions that either provide rewards (internal or external), or fail to erect barriers against unethical behavior. Can be eliminated (mostly) through codes, policies, and rules adequately enforced by management.

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Immediate Job Context

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Relates to opportunity in where an individual works, whom they work with, and the nature of the work. Ex: Pay raises, demotions, chances to steal

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Business Ethics Intentions, Behavior, and Evaluations

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The four factors (Ethical Issue Intensity, Individual Factors, Organizational Factors, and Opportunity) all lead to the final intentions and decision in an ethical situation. There is no perfect formula for making an ethical decision (even someone with perfect morals could make the wrong choice). When intentions and behavior are inconsistent with ethical judgment, people may feel guilty (ex: advertising account exec has to make misleading advertisement, doesn't want to, but needs to please boss etc. to ensure job safety). Guilt or uneasiness is first sign of unethical decision. Next step is changing behavior to reduce such feelings (justifying wrongdoings).

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Normative Approaches

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How organizational decision makers SHOULD approach an issue. Based on individual moral values as well as the collective values of the organization. Concerned with general ethical values implemented to business (fairness, justice). Many companies create core values to establish these guidelines. Institutions (rules) are the foundation for normative values.

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Principles of Business

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-Widely accepted -Used to develop values and standards -Establishes pervasive boundaries for behavior -Valued across cultures EX: "We will practice transparency in all of our communications."

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Values of Business

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-Subjective and related to choice -Used to develop norms -Provides guidance to organizations -Differs across cultures and firms EX: "We will establish trustworthy relationships with stakeholders."

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Veil of Ignorance

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John Rawls; an experiment that examined how individuals would formulate principles if they did not know what their future position in society would be (rich, beggar, etc.). While individuals might formulate different values based on their position in society, he believed that because principles were universally accepted, both the rich person and the beggar would agree upon them.

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Two Main Principles of Justice

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From John Rawls Veil of Ignorance experiment; Liberty Principle: states that each person has basic rights that are compatible to the basic liberties of others Difference Principle: states that economic and social equalities (or inequalities) should be arranged to provide the most benefit to the least-advantaged members of society. This means actions that harm disadvantaged members of society should be avoided.

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Moral Philosophy

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Refers to the specific principles or values people use to decide what is right and wrong. These are person-specific, while business ethics is based on decisions made by groups or when carrying out tasks to meet business objectives.

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Adam Smith

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Father of free-market capitalism, believed business was and should be guided by the morals of good people. His ideas did not envision the full force of democracy, or the immense wealth and power some firms could wield within countries.

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Milton Friedman

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Says the market will reward or punish companies for unethical conduct without the need for government regulation. Accepted worldwide.

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Economic Value Orientation

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If an act produces more value for its effort, then it should be accepted as ethical.

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Idealism

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Moral philosophy that places special value on ideas and ideals as products of the mind. High correlation between idealistic thinking and ethical decision making.

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Realism

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View that an external world exists independent of our perceptions. Assumes mankind is not naturally benevolent and kind, but instead self-centered and competitive. This leads to unethical decision making.

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Monism

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Monists believe only one thing is intrinsically good. Deals with Hedonism (the idea that pleasure is the ultimate good, or best moral end involves the greatest balance of pleasure over pain); not all Monists are Hedonists (can believe there is one good thing other than pleasure)

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Pluralism

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Pluralists believe two or more things are intrinsically good (no one thing is intrinsically good)

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Quantitative vs Qualitative Hedonists

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Quantitative: Those who believe more pleasure is better Qualitative: Those who believe it is possible to get too much of a good thing (such as pleasure)

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Instrumentalism

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Instrumentalists reject ideas that: 1. Ends can be separated from the means that produce them 2. Ends, purposes, or outcomes are intrinsically good in and of themselves. John Dewey: difference between ends and means is merely perspective

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Goodness Theories

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Focus on the end result of actions and the goodness or happiness created by them

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Obligation Theories

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Focus on the means and motives by which actions are justified, and are divided into categories of Teleology and Deontology

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Teleology

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Moral philosophies in which an act is considered morally right or acceptable if it produces some desired result, such as pleasure, knowledge, career growth, the realization of self-interest, utility, wealth, or even fame. Assess moral worth of a behavior by looking at its consequences and thus moral philosophers today often refer to these theories as Consequentialism.

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Two Types of Teleology

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Egoism: Right or acceptable behavior is defined in terms of its consequences for the individual. Many believe this is unethical, however there is also Enlightened Egoism, which takes long term perspective and allows for the well-being of others although their own self-interest remains paramount (Harris and not rooting for the Vikings because his son likes the Lions) Utilitarianism: seeks the greatest good for the greatest number of people. Rule Utilitarians argue that general rules should be followed to decide which action is best (don't look at each situation, just the whole). Act Utilitarians examine specific actions, rather than the general rules governing them, to assess whether they will result in the greatest utility.

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Deontology

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Refers to moral philosophies that focus on the rights of individuals and the intentions associated with a particular behavior rather than its consequences. Respect must be given to all persons. Believe some things we should NOT do, even to maximize utility. These perspectives are sometimes referred to as Nonconsequentialism. Rule Deontologists believe conformity to general moral principles based on logic determines ethicalness ("Do unto others as you would have them do unto you.") Act Deontologists hold that actions are proper basis to judge morality or ethicalness and require a person use equity, fairness, and impartiality when making and enforcing decisions (Rules are guidelines, each instance is different).

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Categorical Imperative

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Immanuel Kant; "Act as if the maxim of thy action were to become thy will a universal law of nature." If you feel comfortable allowing everyone in the world to see you commit an act and if your rationale for acting this way is suitable to become a universal principle, then committing the act is ethical.

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Relativist Perspective

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Definitions of ethical behavior are derived subjectively from the experiences of individuals and groups.

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Descriptive Relativism

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Relates to observations of other cultures.

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Meta-Ethical Relativism

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Says that people naturally see situations from their own perspective, and there is no objective way of resolving ethical disputes between different value systems and individuals. One culture's moral philosophy cannot logically be preferred to another's because no meaningful basis for comparison exists.

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Normative Relativism

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Assume one person's opinion is as good as another's.

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Virtue Ethics

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Argues that ethical behavior involves not only adhering to conventional moral standards, but also considering what a mature person with a "good" moral character would deem appropriate in a given situation. The difference between the first two views (Teleology and Deontology) and Virtue Ethics is that the first two are applied deductively to problems, while the third is applied inductively.

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Virtue Ethics Approach to Business

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1. Good corporate ethics programs encourage individual virtue and integrity 2. By the employee's role in the organization, these virtues form a good person 3. An individual's ultimate purpose is to serve society's demands and the public good and be rewarded in his or her career 4. The well-being of the business goes hand in hand with individual excellence.

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Virtues that Support Business Transactions: Trust

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Eliminates need for monitoring, and there is an expectation a promise can be relied on

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Virtues that Support Business Transactions: Self-Control

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Gives up short-term self interest for long term benefits

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Virtues that Support Business Transactions: Empathy

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Promotes civility; success in market depends on courteous treatment of people who have option of going elsewhere

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Virtues that Support Business Transactions: Fairness

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Doing the right things in small matters in order to make long term business relationships

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Virtues that Support Business Transactions: Truthfulness

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Avoiding deception and contributes to trust in business relationships

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Virtues that Support Business Transactions: Learning

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Gaining knowledge to make better, more informed decisions

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Virtues that Support Business Transactions: Gratitude

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Recognition that people do not succeed alone

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Virtues that Support Business Transactions: Civility

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Process of doing business in a culturally correct way, thus decreasing community errors and increasing trust

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Virtues that Support Business Transactions: Moral Leadership

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Trait of leaders who follow a consistent pattern of behavior based on values

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Justice

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Fair treatment and due reward in accordance with ethical or legal standards, including the disposition to deal with perceived injustices of others. Three types: Distributive, Procedural, and Interactional.

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Three Types of Justice

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1. Distributive Justice: Based on the evaluation of the outcomes or results of a business relationship (Ex: if some people have issues that their coworker is getting paid more for the same work, they'd have concerns about distributive justice) 2. Procedural Justice: Considers the processes and activities that produce a particular outcome (Ex: corporations focus on employees wants and needs to create positive culture) 3. Interactional Justice: Based on the relationships between organizational members, including the way employees and management treat one another. (Ex: most employees admit they stay home when not sick because they feel they can get away with it)

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Kohlberg's Model of Cognitive Moral Development

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People make different decisions in similar ethical situations because they are in different moral development stages: 1. Stage of Punishment and Obedience: "right" = literal obedience to rules and authority. Associated with small children, but signs are also evident in adults 2. Stage of Individual Instrumental Purpose and Exchange: "right" = what serves his/her own needs; no longer make moral decisions solely on the basis of specific rules or authority figures; they evaluate behavior on what seems fair to them. 3. Stage of Mutual Interpersonal Expectations, Relationships, and Conformity: emphasize interests of others rather than simply those of themselves, although ethical motivation is still derived from obedience to rules. 4. Stage of Social System and Conscience Maintenance: determine what is right by considering their duty to society not just to certain other people. 5. Stage of Prior Rights, Social Contract, or Utility: individuals are concerned with upholding the basic rights, values, and legal contracts of society. Base decisions on calculations of overall utility (overall goodness) 6. Stage of Universal Ethical Principles: "right" is determined by universal ethical principles everyone should follow.

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Three Hit Theory (Problems with Kohler's Stages)

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1. Did not take into account a fully functioning adult brain 2. Argues for a hierarchical or step-like progression of moral philosophies starting low and going high, which contradicts basic moral philosophy because there is no hierarchy (they should all be equal) 3. Has high reliability but not validity. (Results are close together, but not completely accurate)

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White Collar Crime

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Does more damage in monetary and emotional loss in one year than violent crimes do over several years combined. Tends to be by highly educated people in positions of power.

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Common Justifications for White-Collar Crimes

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1. Denial of Responsibility: everyone can point their finger at someone else 2. Denial of Injury: criminals often never meet or interact with those who are harmed by their actions 3. Denial of the Victim: claims to be responding to a prior offense inflicted by the supposed victim 4. Condemnation of the Condemners: dispute the legitimacy of the laws under which they are charged 5. Appeal to a Higher Authority: "I did it for my family." 6. Everyone Else is Doing It: certain pressures exist to perform that may drive people to break laws 7. Entitlement: deny the authority of the laws they have broken

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Ethical and Socially Responsible Concerns: '60s

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Environmental issues, civil rights issues, increased employee-employer tension, changing work ethic, rising drug use

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Ethical and Socially Responsible Concerns: '70s

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Employee militancy, human rights issues, covering up rather than correcting issues, disadvantaged consumers, transparency issues

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Ethical and Socially Responsible Concerns: '80s

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Bribes and illegal contracting practices, influence peddling, deceptive advertising, financial fraud (savings and loan scandal)

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Ethical and Socially Responsible Concerns: '90s

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Sweatshops and unsafe working conditions in third-world countries, rising corporate liability for personal damages, financial mismanagement and fraud, organizational ethical misconduct

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Ethical and Socially Responsible Concerns: '00s

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Cybercrime, financial misconduct, global issues, Chinese product safety, sustainability, intellectual property theft

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Step 1 of Implementing a Stakeholder Perspective

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Assessing the Corporate Culture: identify the organizational mission, values, and norms likely to have implications for social responsibility.

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Step 2 of Implementing a Stakeholder Perspective

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Identifying Stakeholder Groups: it is important to recognize stakeholder needs, wants and desires.

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Step 3 of Implementing a Stakeholder Perspective

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Identifying Stakeholder Issues: understanding the main issues of concern to these stakeholders.

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Step 4 of Implementing a Stakeholder Perspective

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Assessing Organizational Commitment to Social Responsibilty: find an understanding of social responsibility that specifically matches the organization of interest

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Step 5 of Implementing a Stakeholder Perspective

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Identifying Resources and Determining Urgency: the prioritization of stakeholders and issues and the assessment of past performance lead to the allocation of resources. Two criteria are considered: level of financial and organizational investments required by different actions, and the urgency when prioritizing social responsibility challenges.

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Step 6 of Implementing a Stakeholder Perspective

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Gaining Stakeholder Feedback: generated through a variety of means including stakeholder surveys, look at blogs from stakeholders, etc, focus groups and observations work as well.

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Misuse of Company Time and Resources

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Includes: Time Theft - clocking in for too many hours, sick days etc. Using software for personal use Theft of office supplies Etc.

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