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Ethics refers to accepted principles of right or wrong that govern the conduct of a person, the members of a profession, or the actions of an organization. Business ethics are the accepted principles of right or wrong governing the conduct of business people. Ethical decisions are in accordance with those accepted principles, whereas unethical decisions violate accepted principles. In our society, many accepted principles of right and wrong are not only universally recognized but also codified into law. In the business arena, there are laws governing product liability (tort laws), contracts and breaches of contract (contract law), the protection of intellectual property (intellectual property law), competitive behavior (antitrust law), and the selling of securities (securities law). Not only is it unethical to break these laws, it is illegal. The company I choose is Adelphia Communications Corporation. This was Pennsylvania-based company was ranked as the fifth largest cable company in the US before it yielded to bankruptcy in 2002 due to internal corruption. Two brothers started the company and decided to grow the company by purchasing smaller companies and merging them with their family companies. By doing so they got themselves deep into debt. To cover their debt, they decided to get loans and send the monies to other family business accounts. In the contracts, they stated that the brothers would be responsible for repaying the loans, but if they couldn’t, Adelphia would be liable. The company incurred a $2.3 billion debt, and its founders were charged with securities violations. John and Timothy Rigas were sentenced to 15 to 20 years in prison while five other officers were indicted. They’d made a complicated cash-management system where they diverted funds to other family-owned entities. If I was the CEO of this company I would rectify the violation by opening a compensation fund for investors who suffered losses in the alleged accounting fraud. I would also sell the company to pay back the loans and any other debt owed. I would then set the business code of ethic and have all employees thoroughly trained. What term refers to the accepted principles of right or wrong governing the conduct of businesspeople quizlet?Ethics are accepted principles of right or wrong that govern the conduct (behavior) of a person, the members of a profession, or the actions of an organization.
What term refers to the accepted principles of right or wrong governing?ethics. accepted principles of right or wrong that govern: conduct of a person, members of a profession, actions of an organization. business ethics. accepted principles of right or wrong governing the conduct of business people.
Which of the following refers to the idea that businesspeople should consider?The concept of corporate social responsibility (CSR) refers to the idea that businesspeople should consider the social consequences of economic actions when making business decisions.
When a business behaves in an ethical manner it is known as?The system of moral and ethical beliefs that guides the values, behaviors, and decisions of a business organization and the individuals within that organization is known as business ethics.
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What term refers to the accepted principles of right or wrong governing the conduct of businesspeople?
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