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Understanding Business 11th Edition Ch. 4

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Ethics
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Standards of moral behavior, that is, behavior accepted by society as right versus wrong.
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Compliance-based ethics codes
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Ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers.
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Integrity-based ethics codes
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Ethical standards that define organization’s guiding values, create an environment that supports ethically sound behavior, and stress a sheared accountability among employees.
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Whistleblowers
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Insiders who report illegal or unethical behavior
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Corporate social responsibility (CSR)
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A business’s concern for the welfare of society.
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Corporate Social Initiatives
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Enhance forms of corporate philanthropy directly related to the company’s competencies.
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Corporate Responsibility
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The dimension of social responsibility that includes everything from hiring minority workers to making safe products.
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Corporate Policy
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The dimension of social responsibility that refers to the position of firm takes on social and political issues.
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Insider Trading
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An unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends.
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Social Audit
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The systematic evaluation of an organization’s progress toward implementing socially responsible and responsive programs.
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Corporate Philanthropy
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The dimension of social responsibility that includes charitable donations.