Test Bank For Business Ethics Ethical Decision Making and Cases, 13th Edition By O. C. Ferrell, John Fraedrich, Ferrell 2024.
Test Bank For Business Ethics Ethical Decision Making and Cases, 13th Edition By O. C. Ferrell, John Fraedrich, Ferrell ISBN-9780357513361
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TEST BANK For Business Ethics Ethical Decision Making
and Cases, 13th Edition By O. C. Ferrell, John Fraedrich
Objectivism Decision Rule - ANSWER: - Decision Rule: Be rational & be all that you
can be (Develop yourself be the best version of yourself without taking handouts).
Rationality & Mam qua Man
Objectivism Pros and Cons - ANSWER: - Biggest pro:Reinforces personal
responsibility
- Biggest con:Individualistic and judgmental
Objectivism example - ANSWER: Examples: Motive Communications - In texas, an
article that appeared in fortune a couple years ago is named "management by black
belt" they talk about a particular company which is relatively small most of these
companies that can have this strong personality/ this unusual personality are going
to tend to be rather small. So what he did essentially, the entrepreneur who founded
it, he said that we want competitive people, we want interdependent people, we
don't want who need pats on the back, we don't want people who need day care, we
want people who will come in here and do hard days work and do the best they can,
and he essentially explicitly said that he was founding his business on rands
principles.
Objectivism founder & theory - ANSWER: - Russian Women named Ayn Rand
- Rational and be all that you can be. Become the best version of yourself w/o taking
unnecessary handouts
Integrative Social Contracts - ANSWER: It's an ethical theory that was tailored to do
the things that we do as business people. It integrates local norms & global norms
thus the integrative. Social contract theory means created by people who come
together to form a moral agreement.
Integrative Social Contracts Decision Rule (ICST) - ANSWER: Action does not violate a
global hypernorm or local authentic norm, created by Donaldson & Dunfee
Integrative Social Contracts Pros and Cons - ANSWER: - Biggest pro:Adapts to
variations in local norms within some global limits
- Biggest cons:Local norms are vague and may give actors too much flexibility, Really
hard to figure out the local norms, individual beliefs can get kind of rocky
Hypernorm - ANSWER: Global, norm everywhere
2 Key Hypernorms - ANSWER: 1. You need to respect the dignity of all human beings
2. You need to respect (basic) human rights
, Local Authentic Norm - ANSWER: Local, norm locally
Integrative Social Contracts Pros and Cons Example - ANSWER: Levi strauss &
underage workers in Bangladesh, found they were hiring children under 15 to do
sewing/construction work on clothing. Americans saw this as unethical. They put the
kids in school and paid for it & when they came of appropriate age put them back in
the factory making activists appreciative.
Ethic of Care Decision Rule - ANSWER: Focus on relationship & responsibilities
(women from Harvard founded)
Ethic of Care Pros and Cons - ANSWER: - Biggest pro: Protects the weak and
dependent
- Biggest Con: Neglects Justice
Ethic of Care Example - ANSWER: Certain small, entrepreneurial business, The
founder might have a whole different purpose for having a business. For instance, it
could be a group of people who say wait a minute my goal in life work while my child
is in school to pick him up dont care if i dont make money but want to help society in
the hours I work even if i don't make lots of money. "The feminine Firm" sons
orthodontist makes time to surf could work more but wants to surf
Corporation Definition - ANSWER: "Legal entity chartered by the state with rights
and responsibilities apart from the persons running or working for the corporation"
(Scalet)
Separation of ownership & Control - ANSWER: You go public to make more money
now you have shareholders but you control the place, although you don't have the
same level of power anymore but you have their money but also share with
shareholders.
Shareholder rights vs managerial discretion - ANSWER: Manager has a lot of
discretion over money, you also have a lot of legal rights to control what I'm doing,
even if it's hard to implement, because there's so many shareholders. This creates
the question of corporate governance.
What are the roles & responsibilities of a corporation? (TWO PERSPECTIVES) -
ANSWER: - Shareholder value perspective: Maximize profits within the law ( &
morality)
- Stakeholder theory perspective: Advance the interest of all stakeholders (even at
the expense of profit)
What do shareholders own? - ANSWER: - At initial public offering (IPO), shareholders
invest in the promise of maximum shareholder value within legal and moral
constraints, in exchange for taking on the firm's residual risk
- That promise stays with shares as they change from hand to hand over time
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