Term
| 5 Traditional Theories of Moral Reasoning |
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Definition
1. Utilitarianism
2. Rule Based Morality
3. Rights Approach
4. Virtues
5. Social Justice |
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Term
| Normative vs. Descriptive Ethics |
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Definition
Normative: What ought to be
Descriptive: What is |
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Term
| Framework for Moral Reasoning: 4 Questions |
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Definition
1. Consequences
2. Duties/Rights
3. Community
4. Commitments |
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Term
| Framework for Moral Reasoning: 3 Duties |
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Definition
1. Voluntary
2. Obligation of Solidarity
3. Natural Duties |
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Term
| Widely endorsed standards of corporate conduct |
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Definition
| Fiduciary, property, reliability, transparency, dignity, fairness |
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Term
| GVV: 4 categories that most ethical issues fall under |
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Definition
o Truth vs. Loyalty
o Individual vs. Community
o Short term vs. Long Term
o Justice vs. Mercy |
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Term
| GVV: Starting Assumptions |
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Definition
o I want to do this.
o I have done this.
o I can do this more and better.
o It is easier for me to do this in some contexts than others.
o I am more likely to do this if I have practiced how to respond.
o My example is powerful.
o The better I know myself, the more I can prepare to play to my strengths and be protected from my weaknesses.
o I am not alone.
o Although I may not always succeed, voicing and acting on my values is worth doing.
o Voicing my values leads to better decisions. |
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Term
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Definition
o Action Framework
o Values: Recognizing and understanding values
o Choice: You can make a difference
o Normality: Values conflicts are everywhere |
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Term
| 2 different related aspects for fairness: |
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Definition
o Fairness for individual: Each person given his due
o Fairness across all people: process is fair, training everyone |
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Term
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Definition
o Procedural: The processes of how it happens
o Distributal: What happens |
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Term
| Changes in economic world leading to extreme jobs |
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Definition
| Technology, competitive pressure, ethos, social center, etc |
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Term
| Characteristics of extreme job |
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Definition
o 60+ hours/week
o Availability to clients 24/7
o Unpredictable flow
o Fast paced work
o Responsibility for profit and loss
o Lots of travel, direct reports, etc |
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Term
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Definition
o Are their family relationships among key employees of the charity?
o Material Diversion of assets? – focused on solving problems not just focusing on growing the money, take out money
o Prepare and record minutes of board meetings
o Does the charity have a written conflict of interest
o Written whistle blower policy |
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Term
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Definition
o CEO and CFO
o CPA’s and ESQ’s
o Board Committees, Independent auditing committee |
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Term
| Ethical Leadership: 3 Areas |
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Definition
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Term
| 3 Areas Executives can focus on |
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Definition
o Quality: Improved record keeping, ensuring all consequences into account
o Breadth: full range of consequences, taking in data from different backgrounds, sources, etc
o Honesty: Transparency when needed |
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Term
| 3 Traditions that Form background for discussing chaos |
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Definition
o Inner Circles: Ins vs. Outs
o Gift Exchange: The start of future favor
o Future Favor: Payments now with come back later with interest, Westerners (business, short term) connecting with Non-Westerners (bonds, long term) |
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Term
| 3 Frequently occurring approaches with foreigners to deal with chaos |
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Definition
o Gifts – direct request: US doesn’t do gifts,
o Bribes – indirect request
o Other considerations – suggested service, request that US company donate to schools, etc |
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Term
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Definition
o Severe death, injury, deprivation
o 100,000+ of humans
o Harms immediate not projected |
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Term
| 2 Types of Utilitarianism |
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Definition
o Act: Do the greatest good for the greatest number of people based on the individual
o Rule: Searches for general rules that will bring the most happiness, always telling the truth |
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Term
| Stakeholder Theory Members (Narrow and Broad) |
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Definition
o Narrow: Anyone who has a claim on us: Shareholders, employees, management, client, etc
o Broad: Anyone that is affected: Community, Government, political parties, etc |
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Term
| CSR: Business v. Normative |
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Definition
o Normative: it’s the right thing to do
o Business: It will pay it off in the end |
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Term
| Conflict on the Trading Floor |
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Definition
o Seth felt he was not being honest, and meeting his religious responsibilities
o Seth owed his boss, he was asked to send the twisted rates, sent it anyways
o Trust in the business is important
o Many principles violated: Fiduciary principal, transparency, etc |
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Term
| How will you measure your life? |
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Definition
o Sat and meditated about life every day, make decisions ethically, not about money, about family in the long run
o Skipped basketball game because of his Christian values |
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Term
| How will you measure your life?: Power Tools |
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Definition
Coercion, threats, punishment, etc
o Used in order to get a group to agree on their acts and goals |
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Term
| How will you measure your life?: Time Horizons: |
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Definition
| It looks good in the beginning, but once you get there, it doesn’t work out |
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Term
| Items corrupted by commodization |
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Definition
| Buying organs, buying into college, etc |
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Term
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Definition
o Has a kid, faulty assumptions about the workload when she took the job, leaves early, although tries to work hard and deal with merger. Boss wants her to work harder, high level boss empathizes.
o Social Justice Theory: Fairness to everyone – breaking that, since Kathryn is doing less work than everyone else, but Fairness to Individual – she does good work when she can, and does the best she can with the environment she’s in
o She was fired, brought it to court, ended up losing |
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Term
| Conflicts of Interest between Charity and Madoff |
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Definition
Madoff wanted their money, and Charity wanted
o Madoff is sitting on boards of these companies, and helping with their investing |
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Term
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Definition
o Affects all large public companies, SOX triangle, directors liable, lots of auditing
o Obligation of directors: Integrity, Honesty, Loyalty, Fairness, Transparency with in reason, stakeholder, citizenship,
o Some affect all companies: Cannot destroy documents and whistle blowers are protected |
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Term
| World (Ethnic Leadership) |
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Definition
| Consequences(cascade, ignoring low possibility, all stakeholders, Discount the future, etc) Judgment of Risk (denying uncertainty, perceive things the wrong way), Perception of Causes (People take a risk if it sounds positive, but not if it sounds negative; people want to blame people/event rather than context; blame action versus inaction) |
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Term
| Others (Ethnic Leadership) |
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Definition
| Ethnocentrism (My culture is the standard, the best), Stereotypes, Obvert |
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Term
| Ourselves (Ethnic Leadership) |
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Definition
• Illusion of Superiority - Favorability: Strengths v. Weaknesses, Optimism: Everyone things they can succeed, Control: I have control over my own life,
• Self Serving Fairness Bias: I am fair. I succeeded because I studied, I failed, but I tried my best. He failed because he’s stupid.
• Overconfidence: Once I’m made my decision, I’m 100% certain |
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Term
| Case: The Best of Intentions |
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Definition
o Female manager, didn’t receive the job she wanted, because male oriented, black guy comes in and wants job, doesn’t know to give to him, because white oriented
o Best way to solve it: Put him in the job, but help him succeed, if we lose clients too bad |
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Term
| Case: It wasn’t about race or was it? |
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Definition
o Confirmation Bias on his part: confirms his presumption that its about race, since previous experiences has led him that the company was racist
o Confirmation Bias on her part: He was wearing a t-shirt, she never saw him in there
o Availability Bias: She pictures average employee as a white guy |
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Term
| Foreign Corrupt Practices Act (1977): |
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Definition
Prevents payments from US companies to government, officials, to encourage them to do something they would otherwise not do
o Grease payments are allowed: encourage people to do what they normally do |
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Term
| NYT: Walmart and Mexico Case |
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Definition
o Bribes with Mexican officials to get Walmarts faster
o Walmart was turning a blind eye to it, doing bad internal investigations, not giving anything to Congress
o Internal Controls for avoiding this: Bring in 3rd party officials, external officials, stakeholders, transparency, good records |
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Term
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Definition
o Merck came up with a compound to potentially cure river blindness, not sure if it will succeed
o Organizational vs Financial Reasons: Customers, Employees, Will build good 3rd market, may have another drug,
o Lessons learned from Merck: Corporate Social responsibility, may cost a bit more but worth it, intangible benefits |
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Term
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Definition
Maximum:
o Last Year or 5 year trend
o Average of Industry |
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