...company. The most crucial and interesting job of a manager is decision making. When they decide managers prioritize the welfare of the company than their personal interest. Is Management a Science or Not? One of the continuing questions in the field of management is whether it is really considered a science or not. Many management gurus were explaining why they consider management as a science or how it is insufficient to be considered as one. According from Webster's College Dictionary, science is any skill or technique that reflects a precise application of facts or a principle. There are Norms whether a discipline can be considered as a science: 1. There must be jargons that are original 2. There must be generalizations, theories, and concept derived from experimentation and observation...
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...current business environment. CSR can be defined into action that are taken by organization that goes beyond making profit and legal obligation towards the society adapted from (Ghillyer, 2010) and (SCHWARTZ & SAIIA, 2012) (Brown & Forster, 2013)). More company also nowadays become more aware of CSR (Bondy, et al., 2012) and sees it as a positive tools (Harjoto & Jo, 2011) As an organization fail like in the case of Midland and Southern Bank people are become more interested in how is an organization going (Johnson, et al., 2009). The interest shift as problem hits, as organization rely on peoples trust to run the organization (Cohen & Dienhart, 2013). This cause the organization to have more moral obligation to the growing network on stakeholders (Polonsky, 1995). Management especially in the case of Midland and Southern banks are being judge by stakeholders morally. As organization obligation re managing stakeholders (Nicholson & Newton, 2010). Approaches that are taken to judge organization are shown in research by Carroll’s (1987) (Carroll, 1991) which will be further discussed below. However, Midland and Sothern bank in the end was acquired by HSBC after it failure (Lee, 2009). It also seems that based on the case government started to create more firm regulation after the issue happen. 2.0 Senior Management Role and Obligation: high salary justified or unjustified? Senior management which includes board of director have important roles in an organization. Directors...
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...Benefits of Business Ethics.” Please respond to the following: * Analyze the benefits of business ethics and determine which is the most beneficial benefit to business overall. Explain your reasoning. Business ethics focuses on examining conduct and policies and promoting appropriate conduct and policies within the context of commercial enterprise, both at the individual and the organizational level. Business ethics is a form of applied ethics where researchers and professionals use theories and principles to solve ethical problems related to business. Business ethics covers all levels of business activity, including the obligations and responsibilities of businesses to customers, employees, other businesses, national and multinational governments, and the environment. As in the broad field of ethics, many theories and approaches to business ethics exist. Business professionals and ethicists explore the field of business ethics in three common ways: (1) by studying the (often conflicting) views of famous philosophers, (2) by identifying major ethical concerns of businesses and proposing solutions to them through legislation or ethical theory, and (3) by examining case studies that shed light on ethical dilemmas. Postulate at least one (1) additional benefit of running an ethical business besides those discussed in the text. Social responsibility is an additional benefit for an ethical business to succeed. The benefits for socially responsible organizations are various...
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...Ethical Issues in Business and Accounting Barbi Hammond October 31, 2010 Ethical Issues in Business and Accounting The business and accounting worlds are full of ethical dilemmas and scandals. The works of great philosophers of the past can be directly applied to current situations in today’s business and accounting ethical situations. David Hume is one of the philosophers whose works could be applied to the business world today. David Hume was a Scottish philosopher. Hume introduced the moral philosophy known as metaethics. Metaethics refers to the study of moral language and its meaning. (Gaffikin, 2007.) Metaethics focuses on the following questions: * semantic questions such as the meaning of moral terms such as good, right and ought; * logical questions such as the (syllogistic) validity of moral arguments; * ontological questions such as the existence of moral facts; and * epistemological questions such as the possibility of moral knowledge and, if so, the scope of such knowledge Hume felt that although moral beliefs hold meaning they are not logical thought. According to Hume morals are psychological thoughts and can’t be taught. Hume’s theory regarding morals can be tied to the business world in many ways. The most prominent of these would be an organizations decision to hire someone with a history of less than reputable behavior in hope that the person has learned the error of their ways. According to Hume, this person cannot be reformed...
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...ETHICAL PRINCIPLES IN BUSINESS 3.1 Ethics Ethics has been defined as concerned with the development of moral standards by which actions, situations and behaviour can be judged. (Boyd et al) Oelgeschlager. et al gave the simplest definition of ethics as standards conduct. Ethics is the discipline that examines one’s moral standards or the moral standards of a society. It asks how these standards apply to our lives and whether these standards are reasonable or unreasonable, that is, whether they are supported by good reasons or poor ones. Therefore, a person starts to do ethics when he or she takes the moral standards absorbed from the family, church and friends and asks: “What do these standards imply for the situations in which I find myself? Do these standards really make sense? What are the reasons for or against these standards? Why should I continue to believe in them? What can be said in their favour and what can be said against them? Are they really reasonable for me to hold? Are their implications in this or that particular situation reasonable?” Ethics is the study of moral standards, the process of examining the moral standards of a person or society to determine whether these standards are reasonable or unreasonable in order to apply them to concrete situations and issues. The ultimate aim of ethics is to develop a body of moral standards that we feel are reasonable to hold standards that we have thought about carefully and have decided are justified standards for us...
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...Business Ethics Concepts & Cases Manuel G. Velasquez Copyright © 2012 Pearson Education, Inc. All rights reserved. Chapter One Basic Principles: Ethics and Business Copyright © 2012 Pearson Education, Inc. All rights reserved. Ethics and Morality • Ethics is the study of morality. – Morality = The standards that an individual or a group has about what is right and wrong, or good and evil. • Example: B.F. Goodrich A7-D Fraud – Moral Standards = norms about the kinds of actions that are morally right and wrong, as well as the values placed on what is morally good or bad. – Non-Moral Standards: The standards by which we judge what is good or bad and right or wrong in a non-moral way. Copyright © 2012 Pearson Education, Inc. All rights reserved. Five Characteristics of Moral Standards • Involve significant injuries or benefits • Not established by authority figures • Should be preferred to other values including self-interest • Based on impartial considerations • Associated with special emotions and vocabulary. Copyright © 2012 Pearson Education, Inc. All rights reserved. What is Business Ethics? • Broadly, ethics is the discipline that examines one’s moral standards or the moral standards of a society to evaluate their reasonableness and their implications for one’s life. • Business ethics is a specialized study of moral right and wrong that concentrates on moral standards as they apply to business institutions, organizations, and behavior. ...
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...Leadership, Trustworthiness, and Ethical Stewardship Abstract The problem to be investigated in Caldwell et al.’s (2010) paper is the relationship between leadership, perceptions of interpersonal trustworthiness, and elements of ethical stewardship. With an increasing competition amongst businesses today, the role of leadership and trust into leaders by their followers (i.e., stakeholders, employees) plays an increasing role in the successful operation of business organizations. Moreover, the role of ethical stewards and their impact on successfully lead organizations has become more important in recent years. Understanding the impact and importance of these three key factors regarding to the success of business organizations is fundamental. Therefore, in this paper the key terms leadership, trustworthiness, and ethical stewardship are defined based on recent literature and their relationship to each other is discussed based on the findings of Caldwell et al.’s paper. Moreover, the effect of leadership and trustworthiness in today’s world of business is outlined, and the role of ethical stewardship is examined. Finally, it is addressed how these, partly subjective factors can be improved and successfully applied in today’s world of business. Terminology: Leadership, trustworthiness, ethical stewardship Leadership Leadership is fundamental in a successfully run business and seen in the hierarchical structure (i.e., CEO, management, departments, supervisors, employees)...
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...Name University Course Tutor Date Business Ethics Business Ethics Ethics can be defined as moral guidelines which govern good behavior. Therefore, business ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It is increasingly being applied in businesses to guide their operations. It captures different aspects norms and values that govern the behavior of a business. For instance, it has codes of practices that are increasingly becoming popular. These cover different areas such as corporate social responsibility, environmental policy and actions, rules for personal and corporate integrity, dealings with customers and the supply chain. Business ethics guide how businesses and people should behave in the world of business or commerce. Ethical Theories There are several ethical theories that explain how people and business entities should behave in the society so that their behavior may be considered to be morally good. Some of these theories are briefly explained below in relation to business behavior. Utilitarianism This theory holds that an act can be judged as morally good or bad, right or wrong when it produces amount of pleasure or lack of pain for the greatest number of people (Sadler 9). Business ethics operates under greatest happiness principle. This implies that businesses and their managers need to maximize positive outcomes for the largest number of people...
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...the instructions provided in your Course Outline. A. STUDENT/S TO COMPLETE Course Name : HND in Business Student Number: Student Full Name: Lecturer Name: Edexcel Registration No Assignment No.: QCF/M/601/1024 Assignment Name: Unit 45- Business Ethics Date Due: Date Submitted: Declaration I declare that this assessment item is my own work, except where acknowledged, and has not been submitted for academic credit elsewhere, and acknowledge that the assessor of this item may, for the purpose of assessing this item: • Reproduce this assessment item and provide a copy to another member of the University and/or; • Communicate a copy of this assessment item to a plagiarism checking service (which may then retain a copy of the assessment item on its database for the purpose of future plagiarism checking). I certify that I have read and understood the Institute Rules in respect of Student Academic Misconduct. Date Student Signature B. MARKER TO COMPLETE Comment : Grade Date Marker’s Signature Assignment Title & Number: Number – QCF/M/601/1024 Learning Outcomes Covered: Outcome1 Understand different ethical perspectives in business Outcome2 Understand business objectives from an ethical perspective Outcome3 Understand ethics in workplace relationships Outcome4 Be able to assess a current ethical issue in a business. Assessment Criteria Covered: 1.1, 1.2, 1.3 2.1, 2.2, 2.3 3.1 4.1, 4.2 Issue Date: Submission...
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...Contents Introduction 2 Ethical Behaviour and Theories 2 Ethical Codes 3 Ethical Dilemmas of Nestle 3 Infant Formula: 3 Overcharged Prices 4 Unfair Labour Practices 4 Steps Taken by Nestle 5 Conclusion 5 References 7 Introduction Marketing ethics can be considered as a subset of business ethics which deals with the study of how ethical and moral standards can be applied to various marketing decisions. Various topics can come under the umbrella of marketing ethics and these are product safety, pricing fairness, advertising honesty, product liability, etc. Corporations have increasingly become very competitive and in the last few years, news of breach of ethical codes of conduct have been highlighted in the media (Boone & Kurtz, 2011). This essay will elaborate upon the marketing dilemmas through the lens of ethics using case example of Nestle. Ethical Behaviour and Theories One of the ways through which moral philosophy and ethics can be viewed is through utilitarianism as proposed by John Stuart Mill who argued that the world exists in an imperfect state and individuals should strive to maximize happiness and stated that any increase in the degree of happiness justified any kind of sacrifice (Fritzsche & Oz, 2007). On the other hand, Kant states that the connection between happiness and virtue arose because of the belief that the rational pursuit of virtue and happiness are same in that they are identical wherein virtue can produce happiness...
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...Whistleblowing and Ethical Motivations Marie Whitehead Soc. 120 Introduction to Ethics and Social Responsibility Prof: Christopher Messer March 31, 2014 The term whistleblower was first used in England and referred to the practice of British police officers blowing a whistle when a crime was being committed. This would then raise the alarm to other law enforcement officers to alert them that something was endangering the public (Princeton, n.d.). Today, however, the term shares a much broader meaning and is met with a variety of ethical motivations. When we hear the term, “whistleblower”, we know that someone has raised a concern regarding a possible wrongdoing in either a government agency or a private company, and they want to make others aware. The status of the whistleblower is often debated: as Rothschild and Miethe (1999) note, “some see whistleblowers as traitorous violators of organizational loyalty norms; other see whistleblowers as heroic defenders of values considered more important than company loyalty”. In addition, whistleblowing is a “new form of worker resistance” relevant to the “unending battle between labor and management to control the workplace” (Rothschild, et.al, 1999). But with the right motives in place, whistleblowing is good for an organization or agency because it protects that organization and agency from fraud, misconduct, and in most cases, failure. And, when affective communication is in place, the organization’s goals are kept in...
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...Kenneth, M. A, Onyeka, K. O & Paul, N. (2008) - Journal of Business Ethics 4 2.12 Mette, A & Tage, S. (2009) - Supply Chain Management: An International Journal 5 2.13 Francesco, C, Pierpaolo, P & Barbara, S. (2008) - Journal of Cleaner Production 5 2.14 Jorgensen, H, Peder, M & Margaret, J 2003 - The Word Bank Group & IFC 6 2.15 Esben, R. P & Mette, A. (2006) - Journal of Public Affairs 6 2.2 Group materials under meaningful themes and critical discussion 7 2.3 The practical and theoretical implication of the findings 9 2.4 Evidence from published cases and empirical studies 11 2.5 managerial recommendations in translating CSR in global SC into practice 12 3.0 Conclusions and suggestions for future research 14 4.0 Reference List 15 Executive Summary Integrated supply chain has becoming a significantly important role in the competitive landscape because companies are searching for strategic benefits. Apart from the advantages derived from those more coordinated supply chains, certain social obligations become a concern to business. In reality, the codes of conduct in terms of the CSR are developed by many organizations, especially the buying companies, in order to manage the business behavior of their partners with procurement and supply chain system. It makes it clear that all purchasing companies should be responsible for and pay attention to the ethical business behaviors of their suppliers. However, it is difficult to find any...
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...of cocoa beans via child slave labor in West Africa, are both ethically questionable. Business practices from both commodities have little regard on damages inflicted during their production. Ethical issues, similarities, and differences with both commodities will be contrasted, a presentation of socially responsible strategic alternative(s) will follow, and finally possible impact(s) of said strategic alternative(s) to stakeholders highlighted. Identification of both contextual and evolutionary issues is needed to form a comprehensive picture of the situation, linking questionable business performance(s) to Applied Ethics standards. This will assist to adequately categorize the issue and develop a socially responsible strategic alternative(s) to remedy the damages caused, and determine their possible impact(s) to stakeholders. Two generic determinants influence the outcome of either proactive or reactive business ethics practices, the internal and external perceptions of a corporation; in conjunction these two determinants create a generic conceptual framework and also contribute to underpin the sources of proactive and reactive business ethics performance (Svensson & Wood, 2004). Business ethical norms reflect the norms of each historical period, as time passes norms evolve, causing accepted behaviors to become objectionable, these too evolve with time (Business Ethics, n.d.). Business ethics is rooted in the concepts of the philosophical...
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...Created Theory: Ethical Bottom Line Introduction The Ethical Bottom Line Theory is developed on the bases of the case study and CSR theories and the traditional concept of accounting system. In traditional business accounting and common usage, the "bottom line” refers to either the “profit” or “loss”, which is usually recorded at the very bottom line on a statement of revenue and expenses. The Triple Bottom Line was coined by Elkington (1994) to introduce the full cost accounting method. For example if a corporation shows a profit but their production pollutes the river, and the government ends up spending taxpayers’ money for rehabilitation programs. So the Triple Bottom Line was coined to address the issue. The triple bottom line incorporates the notion of sustainability into business decisions. The TBL is an accounting framework with three dimensions: social, environmental (or ecological) and financial. The TBL dimensions are also commonly called the three Ps: people, planet and profit and are referred to as the "three pillars of sustainability". Interest in triple bottom line accounting has been growing in both for-profit, nonprofit and government sectors. Many organizations have adopted the TBL framework to evaluate their performance in a broader context (Elkington, 1994) Ethical Bottom Line theory condenses the Triple Bottom Line of Elkington (1994) framework and integrates the Stakeholder Theory. Brief Description of the Theory The theory condenses...
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...behavior that a person should adhere to in his daily dealings with the world. Ethics is a system of moral principles applied by people, society and the world. Ethics provide guidelines for acceptable behavior in the environment within which you are in. An ethical approach is becoming necessary both for corporate success and a positive corporate image (Schuder, 2014). Especially nowadays in Kenya ethics in business are obligated because many businessmen are only interested in making money despite the ethical costs or the harm they would probably cause to people or even to nature (environmental pollution). Corporate social responsibility defines all the cases of ethics that businessmen can follow effectively. Many firms are choosing to make a public commitment to ethical business by formulating codes of conduct and operating principles. In doing so, they must translate into action the concepts of personal and corporate accountability, corporate giving and corporate governance. Thinking Critically About Ethics Thinking critically about ethics is the intellectual disciplined process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and evaluating ethical issues to determine whether they are wright or wrong (Ruggiero., 2014). In every sphere of individual or business life and performance ethics is very important and more so if ethical issues can be carefully analyzed before decision is arrived at. Applying Virtue Ethics Virtue ethics is a framework...
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