Business Ethics Exam Questions With 100% Verified Answers.
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Business Ethics and Leadership
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Business Ethics And Leadership
debates - answer- Legal Identity: Corporations are
typically regarded as 'artificial persons' in the eyes of the law as they can sue and they can also
be sued (Corporate Personhood). Hence, like humans, they have social obligations.
- Organizational Culture: All organisations manifest a set of b...
Business Ethics Exam Questions With 100%
Verified Answers.
Responsible business management - answer✔When businesses assumes responsibility for the
Triple Bottom Line (SUSTAINABILITY) while delivering Value to Stakeholders
(CORPORATE SOCIAL RESPONSIBILITY) and in doing so addressing Moral Dilemmas
(BUSINESS ETHICS) being faced by the business.
The triad - answer✔- Sustainability
- CSR
- Business ethics
Shareholder theory - answer✔Theory
Milton Friedman said that "The social responsibility of business is to increase its profits" (The
New York Times Magazine 1970)
Friedman argued against the notion of social
responsibilities for corporations based on three main arguments:
- Only human beings have a moral responsibility for their actions
- It is managers' responsibility to act solely in the interests of shareholders
- Social issues and problems are the proper province of the state rather than corporate managers
Stakeholder theory - answer✔Theory states that the organisation has a responsibility for any
group or individuals who can be affected or is affected by the achievements of an organisation.
(Edward Freeman, 1984).
●Principle of Corporate Rights - the corporation has the obligation not to violate the rights of
others
●Principle of Corporate Effect - companies are responsible for the effects of their actions on
others
Corporation and social responsibility debates - answer✔- Legal Identity: Corporations are
typically regarded as 'artificial persons' in the eyes of the law as they can sue and they can also
be sued (Corporate Personhood). Hence, like humans, they have social obligations.
- Organizational Culture: All organisations manifest a set of beliefs and values that lay out what
is generally regarded as right or wrong in the organisation.
- Power Argument: As powerful social actors with recourse to substantial resources, corporations
should use their power and resources responsibly.
- Dependency Argument: Corporations rely on the contribution of a larger set of constituents or
stakeholders in society, hence have a duty to take into account the interest and goals of these
stakeholders.
Corporate Social Responsibility - answer✔An attempt by companies to meet the economic,
legal, ethical, and philanthropic demands of a given society at a particular point in time. (Carroll
(1991)
comprises of:
-The responsibilities of business in wider society
-How the responsibilities are defined and negotiated
-How the responsibilities are managed and organised
Evolution of CSR - answer✔
Carrol's four part model of CSR - answer✔The four responsibilities displayed on the pyramid
are:
ECONOMIC - This is the responsibility of business to be profitable
Only way to survive and benefit society in long-term
LEGAL - This is the responsibility to obey laws and other regulations
E.g. Employment, Competition, Health & Safety
ETHICAL -This is the responsibility to act morally and ethically
With this responsibility, businesses should go beyond narrow requirements of the law
E.g. Treatment of suppliers & employees
PHILANTHROPIC -This is the responsibility to give back to society. The responsibility is
discretionary, but still important
E.g. charitable donations, staff time on projects
Business ethics - answer✔It is the study of business situations, activities, and decisions where
issues of right and wrong are addressed.
Crane and Matten (2016)
It comprises organizational principles, values, and norms that may originate from individuals,
organizational statements, or from the legal system that primarily guide individual and group
behavior in business.
Constituents of business ethics - answer✔● Morality
- Concerned with the norms, values and beliefs embedded in social processes which define right
and wrong for an individual or a community.
➢Morals for individuals are personal and singular
● Principles
- specific and pervasive boundaries for behavior that should not be violated
➢Human Rights, Freedom of Speech and Justice
● Values
- Enduring beliefs and ideals that are socially enforced
➢Teamwork, Trust and Integrity
Ethical theories - answer✔Rules and principles of ethics
These theories are Normative in nature, that is, they are prescriptive and they propose to
prescribe the morally correct way of acting.
The relationship between morality, ethics and ethical theory - answer✔
Ethical decision making - answer✔- Ethical decisions occur when accepted rules/law no longer
serve and decision makers must weigh values and reach a judgement.
- Values and judgements play a critical role when we make ethical decisions
Ethics and law - answer✔
Main drivers of business ethics - answer✔Government
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