...question. The remarkable accident in the Gulf of Mexico on 20 April 2010 cost 11 lives, leading to a major oil spill and a widespread loss of trust in BP, caused irreparable damage on the surrounding environment. What did they do before and after the event, how to build a safer and stronger BP as they claimed? The Gulf of Mexico oil spill, which flowed unabated for three months in 2010. It is the largest accidental marine oil spill in the history of the petroleum industry. The explosion killed 11 men working on the platform and injured 17 others, caused extensive damage to marine and wildlife habitats and to the Gulf's fishing and tourism industries. I will analyze the impact of this event for BP from the three ethical perspectives of consequentialism,...
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...of ethical theories. From a virtue ethics point of view, though Google's s slogan "Don't Be Evil" and its Google Code of Conduct established a baseline for honest decision-making, it is more action-based rather than character based. Being an Internet service provider that handles an immense amount of data, Google should aspire to be an organisation that is honest and truthful. Therefore a virtue ethicist will say that Google's data sniffing debacle is unethical since it is against what a virtuous organisation ought to do. Consequentialist theories can be classified based on the type of consequences, the primary beneficiary of the action and if it is agent-centered or agent neutral (Frost). Using the theory of ethical egoism, the consequences for the agent are taken to matter more than any other result. In the design document of the Street View Project, it was stated that Wi-Fi data Google gathered would "be analyzed offline for use in other initiatives." (Federal Communications Commission , 2012)Though it is unclear what the data will be used for, we can safely speculate that it could be analyzed to better understand user profile for Google to design and market products more effectively. This will certainly lead to positive outcomes for Google; hence this theory would see Google's action as being ethical. Deontological...
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...Source: CHRYSSIDES, GEORGE D. and KALER, JOHN H. (1993). An Introduction to Business Ethics. London: Chapman and Hall. Pages 79−106, 143‒146. [The text is derived from a publisher’s proof, and may differ slightly from the finished book. If quoting, it is best to cite the relevant WOLF page.] CHAPTER THREE ETHICAL THEORY In the previous chapter we looked at the role of values in business and considered how business ethics was becoming part of the professionalization of business. But what exactly are ethical judgments, and how do we justify them? At first appearance this may seem a needless difficulty. After all, is it not obvious what is happening when we make ethical decisions? Do we not do so almost every day of our lives in fact? It is one thing to engage in an activity, but often quite another to state what exactly is going on when we do it. For example, someone may have a tremendous gift for selling goods to people, but may not necessarily be aware, until he or she is taught, exactly what is going on when a successful marketing strategy is put into operation. One can instinctively put into operation the classical ‘three Ps’ of marketing (attention to Product, Price and Packaging), but yet be unaware, until this is pointed out, that these are the key features of selling. In a similar way, we can make moral judgments, but yet find some difficulty in explaining exactly what is taken place when we do so. In the case of ethical judgments, the situation is...
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...Chapter 1: What is CSR Organizations can be classified in 3 categories: 1) For profits: Seek gain for their owners 2) Government: Exists to define rules and structures of society within which all organizations must operate 3) Non-profits: Emerge to do social good when the political will of the profit motive is insufficient to address societies needs Stakeholders: Includes all those who are related in some way to a firm “A stakeholder in an organization is any group or individual who can affect or is affected by the achievement of the organizations objectives” could range from clearly defined customers, employees, suppliers, creditors, and regulating authorities, to other more amorphous constituents such as local communities CSR is both critical and controversial; It is critical because the for-profit sector is the largest and most innovative part of any free societies economy. However CSR remains controversial; In spite of the rising importance of CSR today for corporate leaders, academics, and bureaucrats alike, many still draw on the views of the Nobel Prize- winning economist Milton Friedman, who argues against CSR because it distracted leaders from economic goals. Friedman believed that the only “social responsibility of a business is to increase its profits”- that society benefits most when businesses focus on maximizing their financial success. David Packard, a co-founder of Hewlett-Packard however, believes “a group of people get together and exist as...
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...Deciding What’s Right: A Prescriptive Approach Contents: (Please note: the Instructor Guide for every chapter will follow this structure.) 1. Chapter Outline 2. Teaching Notes 3. In-Class Exercises 4. Homework Assignments 5. Additional Resources Chapter Outline I. Introduction II. Ethical Dilemmas A. The Layoff III. Prescriptive Approaches to Ethical Decision Making in Business A. Focus on Consequences (Consequentialist Theories) B. Focus on Duties, Obligations, and Principles (Deontological Theories) C. Focus on Integrity (Virtue Ethics) IV. Eight Steps to Sound Ethical Decision Making in Business A. Step One: Gather the Facts B. Step Two: Define the Ethical Issues C. Step Three: Identify the Affected Parties (the Stakeholders) D. Step Four: Identify the Consequences E. Step Five: Identify the Obligations F. Step Six: Consider Your Character and Integrity G. Step Seven: Think Creatively about Potential Actions H. Step Eight: Check Your Gut V. Practical Preventive Medicine A. Doing Your Homework B. When You’re Asked to Make a Snap Decision VI. Conclusion VII. Discussion Questions VIII. Exercise: Clarifying Your Values IX. Case: Pinto Fires Teaching Notes – Discussion Questions 1. If you had to choose just one of the philosophical approaches discussed in this chapter to guide your decision making...
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...INTRODUCTION TO ETHICS WHAT IS ETHICS Ethics is a major branch of philosophy, encompassing right conduct and good life. It is significantly broader than the common conception of analyzing right and wrong. A central aspect of ethics is "the good life", the life worth living or life that is simply satisfying, which is held by many philosophers to be more important than moral conduct. Simply put, ethics involves learning what is right or wrong, and then doing the right thing -- but "the right thing" is not nearly as straightforward as conveyed in a great deal of business ethics literature. Most ethical dilemmas in the workplace are not simply a matter of "Should Bob steal from Jack?" or "Should Jack lie to his boss?" (Many ethicists assert there's always a right thing to do based on moral principle, and others believe the right thing to do depends on the situation -- ultimately it's up to the individual.) Many philosophers consider ethics to be the "science of conduct." Philosophers have been discussing ethics for at least 2500 years, since the time of Socrates and Plato. Many ethicists consider emerging ethical beliefs to be "state of the art" legal matters, i.e., what becomes an ethical guideline today is often translated to a law, regulation or rule tomorrow. Values which guide how we ought to behave are considered moral values, e.g., values such as respect, honesty, fairness, responsibility, etc. Statements around how these values are applied are sometimes called moral or ethical...
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...talk about two main general categories in which we can place the ethical theories: teleological and deontological. From the first category we enumerate the Aristotelian perspective or the one developed by J. St. Mill, while the Kantian perspective is exemplary for deontological ethics. According to the teleological perspective, a form of human behavior is described as moral or non-moral according to the goals explicitly set. The mere achievement of these goals is a necessary and sufficient condition to qualify as moral people’s actions or deeds without taking into account the “intermediate stages” of the actions performed to achieve those goals. Deontology, as a general horizon of articulating the ethical theories, believes on the contrary that in every moment of our existence, every action or deed that we accomplish can be described as moral or non-moral according to the ethical principles underlying our behavior. The very important consequences arising from the two general theoretical horizons concern two different perspectives on “human nature”, or what we call the essence of the human being. Starting from this horizon we will have the consequentialist and deontological dimensions related to euthanasia. The bioethical dimension in which we will discuss the issue of euthanasia involves both dimensions or horizons. The arguments against euthanasia seem to rely rather on the Kantian deontological horizon, while euthanasia pros seem to rely on the consequentialist horizon...
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...The Uses and Abuses of Agency Theory in Business Ethics The spectacular corporate scandals and bankruptcies of the past decade have served as a powerful reminder of the risks that are involved in the ownership of enterprise. Unlike other patrons of the firm, owners are residual claimants on its earnings.1 As a result, they have no explicit contract to protect their interests, but rely instead upon formal control of the decision-making apparatus of the firm in order to ensure that their interests are properly respected by managers. In a standard business corporation, it is the shareholders who stand in this relationship to the firm. Yet as the recent wave of corporate scandals has demonstrated once again, it can be extraordinarily difficult for shareholders to exercise effective control of management, or more generally, for the firm to achieve the appropriate alignment of interests between managers and owners. After all, it is shareholders who were the ones most hurt by the scandals at Enron, Tyco, Worldcom, Parmalat, Hollinger, and elsewhere. For every employee at Enron who lost a job, shareholders lost at least US$4 million.2 Furthermore, employees escaped with their human capital largely intact. Creditors and suppliers continue to pick over the bones of the corporation (which still exists, under Chapter 11 bankruptcy protection, and continues to liquidate assets in order to pay off its debts).3 But as far as shareholders are concerned, their investments have simply evaporated...
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...ETHICS 101 A COMMON ETHICS LANGUAGE FOR DIALOGUE Compiled by the Ethics Across the Curricula Committee DePaul University Institute for Business & Professional Ethics 1 E. Jackson Blvd, Ste 7000 Chicago, IL 60604 http://commerce.depaul.edu/ethics bf 208592 ETHICS 101 A COMMON ETHICS LANGUAGE FOR DIALOGUE Compiled by the Ethics Across the Curricula Committee ©2007 IBPE. All Rights Reserved Chaired by Patricia Werhane, Director, Institute for Business & Professional Ethics, DePaul University. A subcommittee of the Ethics Across the Curricula Committee created this document. The members include: Andrew Gold, Professor, College of Law; Laura Hartman, AVP & Professor of Business Ethics, Department of Management; Karyn Holm, Professor, Department of Nursing; Scott Paeth, Asst. Professor, Religious Studies Department; Charles Strain, Associate Vice President of Academic Affairs; Marco Tavanti, Asst. Professor, Public Services Graduate Program; David Wellman, Asst. Professor, Religious Studies Department. This guide draws from various resources prepared by others including copyrighted materials reprinted with the permission of the Markkula Center for a Applied Ethics at Santa Clara University (www.scu.edu/ethics), from Larry Hinman, Ethics: A Pluralistic Approach to Moral Theory, 3rd edition (Belmont CA: Thomson Learning, 2003), from Marco Tavanti, “Thinking Ethically” (unpublished), David Ozar, “A Model for Ethical Decision-Making.” (unpublished)...
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...GHANA CHRISTIAN UNIVERSITY COLLEGE AMRAHIA, GHANA CORPORATE SOCIAL RESPONSIBILITY (CSR) OF ZAIN GHANA, A MARKETING STRATEGY FOR COMPETITIVE ADVANTAGE OR TRULY GIVING BACK TO THE SOCIETY: A CASE STUDY OF ZAIN’S SCHOOL BUILDING PROJECT AT ODUMASI-KROBO. YEBOAH-MANTEY EMMANUEL APRIL 2010 CORPORATE SOCIAL RESPONSIBILITY (CSR) OF ZAIN GHANA, A MARKETING STRATEGY FOR COMPETITIVE ADVANTAGE OR TRULY GIVING BACK TO THE SOCIETY: A CASE STUDY OF ZAIN’S SCHOOL BUILDING PROJECT AT ODUMASI-KROBO. YEBOAH-MANTEY EMMANUEL A CAPSTONE PROJECT SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF BACHELOR OF DEVELOPMENT MANAGEMENT DEGREE APRIL 2010 STUDENT’S DECLARATION I hereby declare that this project work is the result of my own original research and where I have use others’ materials, I have fully acknowledged them Signature: ……………………… Date: …………………………… (YEBOAH-MANTEY EMMANUEL) SUPERVISOR’S DECLARATION I hereby declare that the preparation and presentation of this project work was supervised in accordance with the guidelines on supervision of Capstone Project as laid down by Ghana Christian University College Signature: ………………………… Date: …………………… Acknowledgements Table of Contents Declaration I Acknowledgements II Table of Contents III Abstract............................................................................................................
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...ACCA Paper P1 0.b e Governance, Risk & Ethics o bo k 0 s2 0 s log p o t.c o m Class Notes June 2011 ebooks2000.blogspot.com eb o s ok 2 0 00 .b s log p o t.c o m © The Accountancy College Ltd, January 2011 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Accountancy College Ltd. ebooks2000.blogspot.com 2 www.studyinteractive.org Contents PAGE INTRODUCTION TO THE PAPER CHAPTER 1: CHAPTER 2: CHAPTER 3: CHAPTER 4: CHAPTER 5: CHAPTER 6: CHAPTER 7: CHAPTER 8: CHAPTER 9: CORPORATE GOVERNANCE – AN INTRODUCTION CORPORATE GOVERNANCE – MORE DETAILED AREAS AGENCY THEORY AND TRANSACTION COST THEORY GOVERNANCE IN DIFFERENT COUNTRIES AND ORGANISATIONS RISK MANAGEMENT INTERNAL CONTROL SYSTEMS STAKEHOLDER THEORY AND CSR BUSINESS ETHICS THE PROFESSIONAL ACCOUNTANT 5 7 21 29 35 49 61 69 e o bo k 0 s2 0 .bl 0 o p gs o t.c o m 81 93 www.studyinteractive.org ebooks2000.blogspot.com 3 eb o s ok 2 0 00 .b s log p o t.c o m 4 ebooks2000.blogspot.com www.studyinteractive.org Introduction to the paper eb o s ok 2 0 00 .b s log p o t.c o m www.studyinteractive.org ebooks2000.blogspot.com 5 IN T R O D U C T I O N T O...
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... LUKE M. FROEB Vanderbilt University BRIAN T. MC CANN Vanderbilt University Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Managerial Economics: A Problem Solving Approach, Second Edition Luke M. Froeb, Brian T. McCann Vice President of Editorial, Business: Jack W. Calhoun Vice President/Editor-in-Chief: Joe Sabatino Acquisitions Editor: Michael Worls Developmental Editor: Jean Buttrom Associate Marketing Manager: Betty Jung Content Project Manager: Lindsay Bethoney Media Editor: Deepak Kumar © 2010, 2008 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—except as may be permitted by the license terms herein. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions Further permissions questions can be emailed to permissionrequest@cengage.com Print Buyer: Sandee Milewski Production Service: Pre-Press PMG Library of Congress Control Number: 2009931116 Copyeditor: Nicole Schlutt ISBN-13: 978-1-439-07798-6 Compositor: Pre-Press PMG ...
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...MANAGERIAL ECONOMICS Suggested Practice Problems • All multiple choice problems in Chapters 21, 22, and 23 • Individual problems: 21.2, 21.3, 22.5, 23.3, 23.5 • Answers (Click Here) Complete Final Exam. The exam must be completed by Sunday at 11:59 p.m. ET. Exam covers Weeks 5, 6, 7, and 8. Chapter 21 – Getting Employees to Work in the Firm’s Best Interests Chapter 22 – Getting Divisions to Work in the Firm’s Best Interests Chapter 23 – Managing Vertical Relationships Managerial Economics, 3rd Edition Luke M. Froeb; Brian T. McCann; Michael R. Ward; Mikhael Shor http://en.wikipedia.org/wiki/Managerial_economics / http://www.coursehero.com/sitemap/schools/501-FIT/courses/1467122-ECONBUS-5421/ http://www.coursehero.com/sitemap/states/Massachusetts/ Managerial economics is the "application of the economic concepts and economic analysis to the problems of formulating rational managerial decisions".[1]It is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units. As such, it bridges economic theory and economics in practice.[2] It draws heavily from quantitative techniques such as regression analysis, correlation and calculus.[3] If there is a unifying theme that runs through most of managerial economics, it is the attempt to optimize business decisions given the firm's objectives and given constraints imposed by...
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...Charles McCormick Jr. Senior Product Manager: Kate Hennessy Mason Development Editor: Mary Pat Shaffer Editorial Assistant: Nora Heink Marketing Manager: Bryant Chrzan Marketing Coordinator: Suellen Ruttkay Content Product Manager: Jennifer Feltri Senior Art Director: Stacy Jenkins Shirley Cover Designer: Itzhack Shelomi Cover Image: iStock Images Technology Project Manager: Chris Valentine Manufacturing Coordinator: Julio Esperas Copyeditor: Green Pen Quality Assurance Proofreader: Suzanne Huizenga Indexer: Alexandra Nickerson Composition: Pre-Press PMG © 2010 Course Technology, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706. For permission to use material from this text or product, submit all requests online at cengage.com/permissions Further permissions questions can be emailed to permissionrequest@cengage.com Microsoft, Windows 95, Windows 98, Windows 2000,...
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...Auditor Independence and Non-Audit Services: A Literature Review Vivien Beattie University of Stirling and Stella Fearnley University of Portsmouth TABLE OF CONTENTS Page List of tables and list of figures About the authors v vi List of abbreviations vii Executive summary ix Part 1 Auditor independence 1 Introduction 1 1.1 1 1.2 The ‘problem’ of non-audit services (NAS) 1 1.3 The current UK regulatory and professional environment 2 1.4 Motivation for this study 3 1.5 2 The role of audit in regulating capital markets Structure of report 3 Auditor independence 4 2.1 Introduction 4 2.2 Definitions of auditor independence 4 2.3 Economic models of auditor independence not including NAS 5 2.4 Models of auditor pricing and independence in the presence of NAS 5 2.5 2.6 Economic power models of auditor independence Moral psychology, ethical reasoning and independence 8 8 2.7 Broader based studies into auditor decision making 9 2.8 Summary and comments 11 Part 2 Current regulatory frameworks 3 Auditor independence and NAS: analysis of current regulatory frameworks 3.1 Introduction 13 13 3.2 Regulation of auditor independence 13 3.3 Independence in professional and legal regulatory frameworks 13 3.4 3.5 Independence and NAS Overall economic dependence 19 22 3.6 Small companies 22 ...
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