Business > QUESTIONS & ANSWERS > STR 581: Ch 9: Ethics, Corporate Social Responsibility exam 2022/2023 (All)

STR 581: Ch 9: Ethics, Corporate Social Responsibility exam 2022/2023

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business ethics deals with the application of general ethical principles to the actions and decisions of businesses and the conduct of their personnel ethical universalism the most fundamental concepts of right and wrong are universal and transcend culture, society, and religion. ethical relativism holds that a "one-size-fits-all" template for judging the ethical appropriateness of business actions and the behaviors of company personnel is total inappropriate. - whether certain actions or behaviors are ethically right to wrong depends not he ethical norms of the country or culture in which they take place Integrative social contracts theory provides a middle position between the opposing views of ethical universalism and ethical relativism - ethical standards a company should try to uphold are governed by both (1) a limited number of universal ethical principles that are widely recognized as putting legitimate ethical boundaries on behaviors in all situations and (2) the circumstances of local cultures, traditions, and values that further prescribe what constitutes ethically permissible behavior. self-dealing occurs when managers take advantage of their position to further their own private interests rather than those of the firm. short-termism the tendency for managers to focus excessive attention on short-term performance objectives-is that it doesn't create value for customers or improve the firm's competitiveness in the marketplace; that is, it sacrifices the activities that are the most reliable drivers of higher profits and added shareholder value in the long run two reasons a company's strategy should be ethical 1. because a strategy that is unethical is morally wrong and reflect badly on the character of the company and its personnel 2. because an ethical strategy can be good business and serve the self-interest of shareholders Corporate social responsibility refers to a company's duty to operate in an honorable manner, provide good working conditions for employees, encourage workforce diversity, be a good steward of the environment, and actively work to better the quality of life in the local communities where it operates and in society at large. CSR strategy defined by the specific combination of socially beneficial activities the company opts to support with its contributions of time, money, and other resources sustainable busienss practices those that meet the needs of the present without compromising the ability to meet the needs of the future environmental sustainability strategies entail deliberate and concerted actions to operate businesses in a manner that protects natural resources and ecological support systems, guards against outcomes that will ultimately endanger the planet, and its therefore sustainable for centuries.

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