Is your company views on its duty or obligation to make decisions that protect enhance and promote the welfare and well being of stakeholders and society as a whole?

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.

Sets with similar terms

What is the rule that describes ethical decisions in which a choice must be made to distribute or deny benefits among people and groups in a fair equitable or impartial way?

When an ethical decision is based on maintaining and protecting the fundamental or inalienable rights and privileges of people which ethical rule is being applied?

Are the moral principles and beliefs about what is the right or appropriate way to behave?

Which type of commitment to social responsibility is characterized by low levels of socially responsible behavior?