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Ethics Business Ethics Lec1

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    Ethics & Business EthicsEthics & Business Ethics

    Lecture 1

    Sandhya Tewari

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    EthicsEthics

    y Moral principles or beliefs about what is

    right or wrong

    y Ethics guide managers in their dealings

    with stakeholders and others when the

    best course of action is unclear.

    y Managers often experience an ethical

    dilemma in choosing between theconflicting interests of stakeholders.

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    Values & AttitudesValues & Attitudes

    y Values

    Describe what managers try to achievethrough work and how they think they should

    behavey Attitudes

    Capture managers thoughts and feelingsabout their specific jobs and organizations.

    y Moods and Emotions Encompass how managers actually feel when

    they are managing3

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    Values are of two typesValues are of two types

    Terminal Values:A personal conviction about

    life long goals.

    Sense of accomplishment,

    self respect & equality

    InstrumentalValues:

    A personal conviction about

    desired mode of conduct or

    ways of behaving.

    Being hard working, capable

    & broad minded.

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    The terminal and instrumental values that arethe guiding principles in an individuals life

    are the Value System of that particular

    individual.

    y An individuals value system if often

    related to their attitude. Hence to

    understand the values we must have abetter understanding of attitudes.

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    AttitudesAttitudes

    y Attitudes in simpler terms is a collection offeelings & beliefs.

    y Job Satisfaction is collection of feelingsand beliefs that managers have abouttheir current jobs.

    Organizational Citizenship Behaviors arebehaviors that are not required of organizationalmembers but that help the firm in gaining acompetitive advantage.

    x Managers with high satisfaction are more likely performthese above and beyond the call of duty behaviors.

    x Managers who are satisfied with their jobs are less likelyto quit.

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    Ethics:

    Whats the Fuss?

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    When evaluating ones goals andobjectives, a vital question must be

    asked: What is your highest aspiration?

    A. WealthB. Fame

    C. Knowledge

    D. PopularityE. Integrity

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    If integrity is second to any of the

    alternatives, then it is subject tosacrifice in situations where a

    choice must be made. Such

    situations will inevitably occur in

    every persons life.

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    "We Will Not Lie, Steal Or Cheat, Nor

    Tolerate Among Us Anyone Who Does"

    -- Which do you think is the harder part:

    Line 1 or Line 2? Why?

    Educational Institutions

    have established ethics

    codes for their students,

    e.g. the U.S. Air Force

    Academy:

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    In his best-seller, The Closing of the AmericanMind, Allan Bloom says that the eternal conflict

    between good and evil has been replaced with Im

    okay, youre okay. Students unthinkingly embrace ablind tolerance in which they consider it moral

    never to think they are right because that mean

    someone else is wrong.

    [Allan Bloom, The Closing of the American Mind,

    New York, Simon and Schuster, Inc. 1987]

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    Where Do We Start?

    Upon What Can WeAgree?

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    Whether we

    derive a code of

    ethics fromreligious beliefs, a

    study of history

    and literature, orpersonal

    experience and

    observation: Wecan all agree

    upon some basic

    values. 14

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    In an issue of Management Accounting,

    James Brackner stated: The universities areresponding with an increased emphasis on

    ethical training for decision making. For the

    most part, however, they ignore the teachingof values. For moral or ethical education to

    have meaning there must be agreement on

    the values that are considered right.

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    Be sure you areright, then go

    ahead.

    Davy Crockett

    1786-1836

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    A nation or a culture

    cannot endure for longunless it is undergirded

    by common values such

    as valor, public

    spiritedness, respect for

    others and for the law; It cannot stand unless it

    is populated by people who will act on the

    motives superior to their own immediateinterest.

    Chuck Colson, Against the Night

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    When the situation

    needs improvement,

    Gandhi offers

    guidance: You must

    be the change youwish to see in the

    world.

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    Michael Josephson, in Chapter 1 of

    Ethical Issues in the Practice of

    Accounting, describes the Ten Universal

    Values: Honesty, integrity, promisekeeping, fidelity, fairness, caring, respect

    for others, responsible citizenship, pursuit

    of excellence, and accountability.

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    If we want to

    produce people who

    share the values of a

    democratic culture,they must be taught

    those values and not

    be left to acquire

    them by chance.

    Cal Thomas, The

    Death of Ethics in

    America

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    Can you makea difference?

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    To sin by silence

    when they should

    protest makes

    cowards of men.

    Abraham Lincoln

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    To see what is

    right and not todo it is want of

    courage.

    (Confucius)

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    The right way is notalways the popular and

    easy way. Standing for

    right when it is unpopular

    is a true test of moralcharacter.

    - Margaret Chase

    Smith, first womanelected to both houses of

    the U.S.Congress

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    Leadership is a potent

    combination of strategy

    and character. But if

    you must be withoutone, be without

    strategy.General H.

    Norman Schwarzkopf

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    The reputation of a thousand years may be

    determined by the conduct of one hour.

    Japanese proverb

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    At a Congressional Hearing on

    Accounting and Business Ethics,

    distinguished entrepreneur, Truett

    Cathy, the Founder of Chick-Fil-A,quoted Solomon"A good name is

    more desirable than great riches; to

    be esteemed is better than silver or

    gold."

    The truth is that fame and fortune arenothing compared to personal honor.

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    President

    Lincolnsaid:

    Honor isbetter

    thanhonors.

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