60 Cards in this Set
| Front | Back |
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the five stakeholder powers
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voting, economic, political, legal, and informational
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issue management process
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identify issue, analyze issue, generate options, take action, evaluate resulta
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ethics
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conception of right and wrong conduct
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ethical principles
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guides to moral behavior
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ethical relativism
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ethical principles should be defined by various periods of time, a society's traditions, special circumstances, or personal opinion
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business ethics
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application of general ethics
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integrity capital
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financial benefit a company reaps from promoting a culture of integrity among its workforce
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US Corporate Sentencing Guidelines
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standards to help judges determine the appropriate penalty for criminal violations of federal laws and provide a strong incentive from businesses to promote ethics at work
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Sarbanes-Oxley Act
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US law enacted in 2002 that greatly expanded the powers of the SEC to regulate information disclosure in the financial markets and the accountability of an organization's senior leadership regarding the accuracy of this disclosure
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ethical egoist
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manager or employee who puts his/her own self interest above all other considerations
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stages of moral development
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sequential pattern of how people grow and develop in their moral thinking
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virtue ethics
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focuses on character traits a good person should possess, theorizing that moral values direct the person to good behavior
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utilitarian reasoning
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overall amount of good that can be produced by an action of decision
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human rights
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ethical approach emphasizing a person's entitlement to something or to be treated in a certain way
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justice
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ethical approach that emphasizes whether the distribution of benefits and burdens among people are fair
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corporate culture
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blend of ideas, customs, traditional practices, company values, and shared meanings that help define normal behavior for everyone in a company
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ethical climate
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unspoken understanding among employees of what is and is not acceptable behavior
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ethics policies
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written set of rules used to guide employees when they encounter an ethical delima
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ethics and compliance offider
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manager designated by an organization to investigate breaches of ethics, promulgate ethics statements, and generally promote ethical conduct at work
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ethics reporting mechanisms
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program that enables employees, customers, or suppliers to report an ethical concern directly to someone in authority in an organization
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ethics audit
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assessment used by an organization to target the effectiveness of their ethical safeguards
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US Foreign Corrupt Practices Act
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requires US companies with foreign operations to adopt accounting practices that ensure full disclosure of the company's transactions
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white-collar crime
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fraud, insider trading, embezzlement
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laws
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society's attempt to formalize right and wrong
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The 4 ethical inventories
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Rights/Responsibilities, Relationship, Results, Reputation
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business
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any organization engaged in making a product or providing a service for a profit
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society
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human beings and social structures they collectively create
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general systems theory
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all organisms are open to and interact with their external environments
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interactive social system
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closely intertwined relationship between businesses and society
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ownership theory of the firm (property or finance theory)
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purpose of the firm is to maximize long-term return for its shareholders
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stakeholder theory of the firm
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corporations serve to create value for society
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stakeholder
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person/group that affect or are affected by an organization's decisions, policies, and operations
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market stakeholders
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engage in economic transactions with the company as it carries out its purpose of providing society with goods and services
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nonmarket stakeholders
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people who do not engage in direct economic exchange with the company, but still affect its actions
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internal stakeholders
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employed by the firm
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external stakeholders
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not directly employed
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stakeholder analysis
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identify relevant stakeholders and understand their interests and power they have to assert those interests
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focal organization
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organization from whose perspective analysis is conducted
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stakeholder power
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ability to use resources to make an event happen or to secure a desired outcome
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stakeholder coalitions
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alliances among a company's stakeholders to pursue a common interest
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salience
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stakeholder stands out as important and receives manager's attention
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stakeholder map
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graphical representation of the relationship of stakeholder salience to a particular issue
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boundary spanning departments
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departments within an organization that reach across the dividing line that separates the company from groups and society
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public issue
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issue that is of mutual concern to an organization and one or more of its stakeholders
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performance expectations gap
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distance between what a firm wants to do and the stakeholder's expectations
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environmental analysis
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method managers use to gather information about external issues and trends so they can develop an organizational strategy that minimizes threats and takes advantage of new opportunities
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environmental intelligence
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acquisition of information gathered from analyzing the environment
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competitive intelligence
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systematic, continuous process of gathering, analyzing, and managing external information about the organization's competitors
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issue management
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active management of public issues once they come to the attention of the business
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stakeholder engagement
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process of ongoing relationship building between a business and its stakeholders
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stakeholder dialogue
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business and its stakeholders come together for face to face conversations about issues of common concern
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stakeholder networks
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connected assembly of concerned individuals defined by their shared concern of a specific issue
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corporate power
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capability of corporations to influence government, the economy, and society
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iron law of responsibility
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in the long run, those who do not use power in ways that society considers responsible tend to lose it
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corporate social responsibility
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corporation should act in a way that enhances society and its inhabitants and be held responsible for any of its actions
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enlightened self interest
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view that holds it is in a company's self interest to provide true value to its stakeholders reputation
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social enterprise
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business that adopts social benefits as its core mission
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social entrepreneurs
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individuals who act boldly to pursue opportunities, attract support, and build new organizations
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B corporation
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benefit corporation
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microfinance
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financial organizations provide loans to low income clients or solidarity lending groups who lack access to banking or related services
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BUS 101C: FINAL EXAM