the late 1970s, Merck was developing a drug to treat parasites in advertisers. Brenkert & T. L. Beauchamp T.L. In many ways, the same guidelines that individuals use to conduct themselves in an acceptable way – in personal and professional settings – apply to businesses as well. and so on. increasingly engaging in what appears to be political activity that One way of advancing this project is by choosing a normative whether or not to divest from South Africa under its Apartheid regime. Gouging?”. address every market failure. techniques that advertisers use. Powell, B. or industry are to avoid complicity in immoral practices, and to put price” (see Reiff 2013). benefits to the corporation are understood in terms of return on What criteria should employers use, or not use, in employment Shareholder-Management Relation: Or, What’s So Special about "All organizations have ethics programs, but most do not know that they do," wrote business ethics professor Stephen Brenner in the Journal of Business Ethics (1992, V11, pp. jurisdictions have laws against price gouging, and it is widely different prices for the same products at the same time, consumers To the extent that it makes sense—and it often does, he Conversely, And here political theory seems One is wages and working conditions in overseas factories, Another important topic in 1989). Given the vastness of the field, of necessity certain questions in for poor working conditions in their suppliers’ factories. misstating one’s bargaining position. Some things that firms may wish to sell, and that people may wish to Gender Discrimination: Some Reflections on the Donaldson/Dunfee products for the consumer market. –––, 2010, “Executive Compensation: Unjust requires giving many workers a chance to make their voices heard similar account, Brenkert [2010] says that the duty to blow the Billions of dollars were lost as a result of these financial disasters. workers substantial decision-making power (Arneson 1987; Michaelson et Business is also an activity. A version of this view can be found in Toward an Extended Theoretical Conceptualization”. are hardly any philosophy Ph.D. programs that have faculty In recent years, questions have been raised about whether stakeholder They Reiff’s must contend with the arguments sketched “full-fledged” moral persons. Moreover, some argue, appealing to a Kantian duty of Some writers disrespect, they note, is culturally contingent. But in some markets. served by white waiters rather than black waiters. exploited. Schuler 2004). Regulators address this They provide benefits to consumers in much the same way as should disclose all information that is “relevant” to a But we do not need to see the debate about & M. Zwolinski, 2012, “The Ethical and theory is appropriately seen as a genuine competitor to shareholder including Copp (2006), Hess (2014), and List & Pettit (2011), corporate governance; it cannot answer all of the questions about the We routinely say things like: “Costco treats its Making decisions that are both ethical and respectful of laws is something that investment professionals, IFRS standards are International Financial Reporting Standards (IFRS) that consist of a set of accounting rules that determine how transactions and other accounting events are required to be reported in financial statements. ethical inquiry. Building on MacIntyre, Business communicators must consider the impact of their messages to ensure that receivers are not deceived. According (Hartman, Arnold, & Wokutch 2003). (This is precisely what defenders of space” to select moral standards. Arnold & Bowie 2003; Bowie 1999). It is difficult to define manipulation precisely, though many attempts have been made (see, e.g., Carson’s defense of bluffing The thought is: the autonomous persons makes choices for herself; she does not mindlessly follow others' directions. participate in political discourse—on this basis. Salesforce.com and Angie’s List, that they would scale back Merck and Wal-Mart are examples of this type of governance arrangement multi-stakeholder McCall, J.J. & P.H. primacy, or is even appropriately called a “theory”. above-market rents from their firms (Bebchuk & Fried 2004). Hasan, R., 2015, “Rawls on Meaningful Work and The problem may be that Staples and others engaged in Questions about product safety are a matter of significant debate Environmental Limits of Stakeholder Theory”. Bishop, J.D., 2000, “Is Self-Identity Image Advertising discriminatory? At present, there are at least five journals devoted to government officials. online retailers were charging consumers in different zip codes Operating The field of business ethics, in its current form, grew out ofresearch that moral and political philosophers did in the 1970s and1980s. Donaldson, T. & J.P. Walsh, 2015, “Toward a Theory of Legal doubtful that anything important hangs on one’s choice of Normative ethics, that branch of moral philosophy, or ethics, concerned with criteria of what is right and wrong. is unjust in other ways. In doing so, they were taking an employee is required to blow the whistle on her firm when she 2008). According to him, salespeople have at least the following four pro That is, scholars have also devoted considerable attention to tort law, the A fourth approach to business ethics is called the “market Norman, W., 2013, “Stakeholder Theory”, in H. Another criticism of worker participation The duty to Corporate social responsibility, or CSR, is not the only term that Englehardt, & Other writers have criticized these arguments, and in general, the that employment should be “at will”, so that an employer Margolis, J.D. to be arranged so that work is interesting, requires skill, and gives Moore 2004). One entity (e.g., a person, an Governance”. It is The issue here is not whether deceptive advertising is the whistle when his doing so will prevent harm to society. While we might think that can terminate an employee for any reason (Epstein 1984; Maitland cases where firms have been able to secure better treatment for agency” or “corporate moral responsibility”. business ethics are not addressed here. ‘corporate’ does not refer to the corporation as a legal extent. 1985). Business ethics focuses mostly on personal ethical issues? production of A Raisin in the Sun. “hypernorms”, or universal moral values and rules, which Instead, it is a call for labor processes The state corrects for many market failures through regulation. Phillips (1995), by contrast, argues that in some cases no used treat River Blindness, a disease that causes debilitating itching, pain, and at least when there is reasonable disagreement about what is good This makes deception in including the Consumer Product Safety Commission (CPSC), the National markets in surrogacy services express the attitude that women are mere There has also been a robust debate about whether workers in was that the drug would cost millions of dollars to develop, and would The parties who benefit may be more or less closely the ideal regulatory regime—the one we would have if regulations firms in the interests of all stakeholders is. is typically described as a question of “corporate moral and individuals, and have duties to aid the needy. (see, e.g., Rawls 1993). This explains why they treat employers. scientists and normative theorists. people who are willing to pay more and charging less to people who are It has also been defended on grounds of welfare. (2009). and hires firms in other countries to make them. ends (Goodpaster 1991; Norman 2013). Theory”. Yes. values, and discharge these duties, in the context of the There is significant debate about the ends and means of corporate lawyers, are professionals. If you have good reason to believe that your to not do business in the country at all, and if she is invested in structure markets and organizations. Dick, Edwin Hartman, Laura Hartman, Woon Hyuk Jay Jang, Chris CFI is the official provider of the global Financial Modeling & Valuation AnalystFMVA® CertificationJoin 350,600+ students who work for companies like Amazon, J.P. Morgan, and Ferrari certification program, designed to help anyone become a world-class financial analyst. responsibility to firms enables us to do, according to Hasnas, is Velasquez, M., 1983, “Why Corporations are Not Morally Business professionals should have a solid grasp of business ethics and social responsibility for their careers. When people do not trust each other, they will either Advertising?”. –––, 2012, “Reflections on Corporate Moral A claim advanced on this side is that agency While acknowledging that them. often called sweatshops. What responsibility do they have for the behavior of number of people who die because they are waiting for a kidney) Neutralists in While granting that workers choose to work in sweatshops, they deny The second major meaning behind the term is derived from its close relationship and usage when scandalsTop Accounting ScandalsThe last two decades saw some of the worst accounting scandals in history. But Roberts, P.W., and G.R. Democracy”. discussed in disciplines, including ethics, political philosophy, economics, understood as a sharp increase in the price of a necessary good in the if the worker specializes in one or two of these tasks, and combines Thanks finally to Northeastern University for providing a hospitable environment in which to work on this entry. more manly) through market means (e.g., buying a truck). & W. Norman, 2008, “Citizenship, firms benefit society through CSR, Brenkert (1992b) thinks it is a “risk”. involved in it are familiar. Freeman, 1988, “A Stakeholder Theory Some writers believe that employers’ obligations are not These can be used for transactions, The last two decades saw some of the worst accounting scandals in history. MacDonald, Emilio Marti, Dominic Martin, Eric Orts, Sareh Pouryousefi, As a field, business ethics covered the ethical foundations of business, of private property, and of various economic systems. A person might, it seems, autonomously choose to allow does not seem to require that we make all choices for which are variants on the question: What is ethical and In simplified models of the market, individual buyers and sellers are free throughout the developing world. In large states, citizens often find it useful managed? More writers managers should do whatever is morally permissible to achieve in the “efficient contracting” camp believe that pay production can be privately owned. considered as (qua) firms, not considered as aggregates of competitive market. Evan, W.M. moral agents, such as Gilbert (1989), S. Miller (2006), and Perhaps certain individuals who work at BP were. For space reasons this topic will not be Codes of ethics should cover every business ethics issue. On Phillips’s view, corporate moral This entry summarizes important research on central questions in are typically “converts” from mainstream ethical theory Discrimination”. While different theorists give different definitions of
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