CHP3 PT3: Business Ethics and Social Responsibility – Flashcards
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If no one else is able to help, it becomes more important for you to intervene.
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Last Resort
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The second objective for ethics training programs is to achieve _____ with employees.
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credibility
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that is, reporting others' ethics violations, is a difficult step for most people to take
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Whistle-blowing
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requires all publicly held companies to establish anonymous hot lines to encourage reporting of unethical and illegal behaviors
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Sarbanes-Oxley Act
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is a business's obligation to pursue policies, make decisions, and take actions that benefit society
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Social responsibility
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a view of social responsibility that holds that an organization's overriding goal should be profit maximization for the benefit of shareholders
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shareholder model
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Friedman
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shareholder
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a theory of corporate responsibility that holds that management's most important responsibility, long-term survival, is achieved by satisfying the interests of multiple corporate _____
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stakeholder model
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persons or groups with a "stake" or legitimate interest in a company's actions
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Stakeholders
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any group on which an organization relies for its long-term survival
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Primary stakeholders
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shareholders, employees, customers, suppliers, governments, and local communities
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primary stakeholders
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any group that can influence or be influenced by a company and can affect public perceptions about the company's socially responsible behavior
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Secondary stakeholders
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the media and special interest groups
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secodary stakeholders
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a company's social responsibility to make a profit by producing a valued product or service
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economic responsibility
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a company's social responsibility to obey society's laws and regulations
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Legal responsibility
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a company's social responsibility not to violate accepted principles of right and wrong when conducting its business
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Ethical responsibility
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the social roles that a company fulfills beyond its economic, legal, and ethical responsibilities
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Discretionary responsibilities
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refers to a company's strategy to respond to stakeholders' economic, legal, ethical, or discretionary expectations
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Social responsiveness
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A _____ responsibility problem exists whenever company actions do not meet stakeholder expectations
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social
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a social responsiveness strategy in which a company does less than society expects
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reactive strategy
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a social responsiveness strategy in which a company admits responsibility for a problem but does the least required to meet societal expectations
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defensive strategy
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a social responsiveness strategy in which a company accepts responsibility for a problem and does all that society expects to solve that problem
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accommodative strategy
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a social responsiveness strategy in which a company anticipates responsibility for a problem before it occurs and does more than society expects to address the problem
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proactive strategy
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there is no guarantee that socially responsible companies will be _______
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profitable
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John Mackey
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stakeholder
