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Ethical dimensions of management decision‐making
Author(s) -
Stainer Lorice
Publication year - 2004
Publication title -
strategic change
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.527
H-Index - 16
eISSN - 1099-1697
pISSN - 1086-1718
DOI - 10.1002/jsc.688
Subject(s) - stakeholder , ethical decision , embeddedness , reputation , value (mathematics) , relevance (law) , context (archaeology) , principal (computer security) , business ethics , stakeholder theory , sociology , engineering ethics , business , management science , public relations , political science , computer science , economics , law , paleontology , social science , machine learning , anthropology , engineering , biology , operating system
Decisions related to an organization's activities and performance inevitably impact on its stakeholders. The principal aim of this paper is to promote enhanced understanding towards determining and resolving the complexity of making decisions in an ethical manner in the contemporary business environment with the consideration of practical recommendations. The real challenge is the way in which stakeholder values are gleaned and communicated, utilized in the overall corporate strategy and accepted by the wider society. The challenges encountered by management decision‐makers are discussed in an ethical context and ethical issues that emanate both within and outside the workplace are highlighted. The relevance and embeddedness of ethical dimensions to sound decisions are explored. A stakeholder values approach is analysed and presented as an effective paradigm for making decisions and the relationship of ethical decision‐making to performance and strategy is examined. Practical guidelines are provided for improved decision‐making to add value rather than tarnish the organization's principles and reputation.Copyright © 2004 John Wiley & Sons, Ltd.