Stakeholders are people and groups who have a claim on and a stake in a company. The main stakeholder groups are stockholders, managers, employees, suppliers and distributors, customers, and the community, society, and nation. Companies and their managers need to make ethical business decisions that promote the wellbeing of their stakeholders and avoid doing them harm. To determine w hether a business decision is ethical, managers can use four ethical rules to analyze it: the utilitarian, moral rights, justice, and practical rules. Managers should behave ethically because this avoids the tragedy of the commons and results in a general increase in efficiency, effectiveness, and company performance. The main determinants of differences in a manager's, company's, and country's business ethics are societal, occupational, individual, and organizational. Show Sets with similar termsWhat are the 4 ethical rules?An overview of ethics and clinical ethics is presented in this review. The 4 main ethical principles, that is beneficence, nonmaleficence, autonomy, and justice, are defined and explained. Informed consent, truth-telling, and confidentiality spring from the principle of autonomy, and each of them is discussed.
What are 4 factors you should consider when making an ethical decision?Ethical decisions generate and sustain trust; demonstrate respect, responsibility, fairness and caring; and are consistent with good citizenship. These behaviors provide a foundation for making better decisions by setting the ground rules for our behavior.
What is moral rights rule?The moral rights rule is an ethical decision that maintains and protects the fundamental or inalienable rights and privileges of the people affected by it; basically what we think should be our entitled rights.
Why is a system of moral reasoning important to managers?If employees see their managers acting ethically in difficult situations (and receiving support from their leadership for doing so), they are much more likely to make ethical decisions themselves. In this way, management ethics has a critical impact on overall business ethics within an organization.
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Which of the following are important elements for managers to consider when using the moral rights rule?
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