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Business Ethics means conducting all aspects of business and dealing with all stakeholders in an ethical manner
CASE
THE COLLAPSED MINE
Ethical Behavior
Conducting ones life in complete accord with a firmly held set of values and principles
These principles may be derived from religious beliefs, philosophical understanding, etc. Application should be in all areas of ones life: personal, family, business, social, etc. .
Security
Party A
Unfair competition
Refrain from bribes and excessive gifts (that sway judgment)
Just compensation
Respect intellectual property (product piracy) Treat employees fairly
Fair competition
Lowers cost of business in economy Leads to better decision-making (do whats best for firm, not one individual)
College students who cheated in H.S. Self-reported cheating Believe cheating is common Used cheat sheets Let others copy work Willing to lie to get job Students who had stolen
1940 (20%) 1983 (11%) 1940 (20%) 1969 (34%) 1969 (58%) 2000 (28%) 2000 (35%)
2002 (75-98%) 1993 (49%) 1997 (88%) 1989 (68%) 1989 (98%) 2002 (39%) 2002 (38%)
Modeling
Labeling
Honesty
Companies also have to further strengthen ethics management and social responsibility activities to improve their public image
Korean Commerce-Industry-Energy Minister Lee Hee-beom
Questions?