Anderson's Business Law 20e - Christian Brothers University

Twomey Jennings Andersons Business Law and the Legal Environment, Comprehensive 20e Andersons Business Law and the Legal Environment, Standard 20e Business Law: Principles for Todays Commercial Environment 2e Chapter 3 Business Ethics, Social Forces, and the Law Copyright 2008 by West Legal Studies in Business A Division of Thomson Learning What is Business Ethics? Business ethics is the application of values and standards to business conduct and decisions.

When a business upholds basic ethical standards, it will enjoy the competitive advantage of a good reputation and, over the long term, better earnings. When a business violates ethical standards, social forces are set into motion, sometimes leading to changes in the law. Copyright 2008 by West Legal Studies in Business A Division of Thomson Learning 2 What is Business Ethics? Law as the Standard for Business Ethics. Positive Law: if an act is legal it

is moral. Copyright 2008 by West Legal Studies in Business A Division of Thomson Learning 3 What is Business Ethics? Universal Standards for Business Ethics. Natural Law: higher standards for ethics. A law can be legal but unethical. Copyright 2008 by West Legal Studies in Business A Division of Thomson Learning

4 What is Business Ethics? Situational Business Ethics or Moral Relativism. Business Stakeholder Standard of Behavior. Copyright 2008 by West Legal Studies in Business A Division of Thomson Learning 5 Why is Business Ethics

Important? Importance of Trust. Business Ethics and Financial Performance. Enron. Worldcom. Arthur Anderson. Good Reputation. Copyright 2008 by West Legal Studies in Business A Division of Thomson Learning 6 Cycle of Social Interaction

Social Forces Social Environment Ethics Law Copyright 2008 by West Legal Studies in Business A Division of Thomson Learning 7 Public Policy, Law, and Ethics Protection: of the state, the person, public health, safety and

morals. of property and personal rights. from exploitation, fraud, and oppression. of creditors and rehabilitation of debtors. Enforcement of individual intent. Furtherance of trade. Stability and flexibility. Copyright 2008 by West Legal Studies in Business A Division of Thomson Learning 8 Categories of Ethical Behavior

Integrity and Truthfulness. Promise-Keeping. Loyalty: Avoiding Conflicts of Interest. Fairness. Doing No Harm. Maintaining Confidentiality. Copyright 2008 by West Legal Studies in Business A Division of Thomson Learning

9 Resolving Ethical Dilemmas Blanchard and Peale Test. Is it legal? Is it balanced? How does it make me feel? Front-Page-of-the-Newspaper Test. Would I want my decision published? Copyright 2008 by West Legal Studies in Business

A Division of Thomson Learning 10 Resolving Ethical Dilemmas Laura Nash Test. Requires examination from all perspectives. Wall Street Journal Model (3 Cs model). Is my conduct compliant with the law? What contribution does this action make to others? What are the consequences?

Copyright 2008 by West Legal Studies in Business A Division of Thomson Learning 11

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