Ethics and Social Responsibility in Strategic Planning MGT498 Dr. Matt Keogh Ethics and Social Responsibility in Strategic Planning Ethics and social responsibility are concepts used in business all the time when someone is trying to explain that business is not all the time about making a profit. Shareholders in business are a group of people that are directly affected by decisions that organizations make Wheelen and Hunger ask the question, should strategic decision makers be responsible
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In 2001, Enron was the fifth largest company on the Fortune 500. Enron was also the market leader in energy production, distribution, and trading. However, Enron’s unethical accounting practices have left the company in joint chapter 11 bankruptcy. The bankruptcy has caused many problems among many individuals. Enron’s employees and retirees are suffering because of the bankruptcy. Wall Street and investors have taken a major downturn do the company’s unethical practices. Enron’s competitors
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Ethical Behavior and Morality in Organizations begin with “The Tone at the Top” Executive Summary Unethical behavior in organizations creates many intractable problems which climax in fraudulent acts. When behavior in an organization is not ethical regulations are broken, and the likelihood of legal suits increase. Fraud in Enron and Adelphia in the early 2000s led to big bankruptcy filings resulting in huge losses in investments. Employees also lost jobs as well as significant portions of
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did this contribute to Enron’s downfall? 2. Why would ‘good’ people engage in unethical activities in business? 3. What were the social factors that contributed to the failure of Enron? Briefly explain two key factors. Answer 1: Hypothetical Future Value or called (HFV) is an accounting method used by Enron and the HFV has contribute Enron’s downfall because their business problem which is unethical behavior. Answer2. This can believe that the reason why good people engaged, it might because
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Ethics Reflection Unethical business practices around the world has caused many people to lose faith in how businesses run. This paper will discuss how ethics and social responsibility is important in strategic planning and how it affects stakeholders. Ethics and Social Responsibility Ethics is knowing the difference between right and wrong, making the right choices and practicing good moral behavior (Ethics, 2014). People deal with ethics on a personal and professional level every day. Ethical
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To fully understand how the business culture has acquired the greed mindset, a look at what a corporation is and defining corporate behavior becomes the starting point. First a corporation is defined as “an association of individuals, created by law and having an existence apart from that of its members as well as distinct and inherent powers and liabilities (Webster Dictionary).” Although made up of people, being separate or apart from its members also equals unaccountability. The question of “who
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Enron's Business Failure Abstract Business practices based on fraud and unethical behaviors can collapse a fortune 500 company. An important element in deciding a business’s success or failure is the structure and behavior of its key leaders. Enron was a successful corporation claiming revenues of almost 100 billion dollars and named in Fortune magazine as America’s most innovative company for six consecutive years. In this paper, specific organization theories can predict and explain Enron’s
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Corporate greed essay To fully understand how the business culture has acquired the greed mindset, a look at what a corporation is and defining corporate behavior becomes the starting point. First a corporation is defined as “an association of individuals, created by law and having an existence apart from that of its members as well as distinct and inherent powers and liabilities (Webster Dictionary).” Although made up of people, being separate or apart from its members also equals unaccountability
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Scenario and then attempt this task Enron: How the Failure of Leadership, Culture, and Unethical Behavior Brought a Giant to its Knees Background A company with humble beginnings, Enron began as a merger of two Houston pipeline companies in 1985. Although Enron faced a number of financially difficult years, the deregulation of the electrical power markets took effect in 1988, and the company redefined its business from "energy delivery" to "energy broker." Enron quickly changed from a surviving
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attention to academic journals and research. The paper will derive its arguments from veteran theories like the Utilitarian and the Kantian theories. The paper will also relate its discussions with the case study about Enron a USA company that collapsed as a result of unethical behavior in the management. Some of the components that will be highlighted in the paper include; the importance of an ethical culture in an organization, the dangers of lack of ethics in an organization and the strategies that
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