Articlebronze2015

Corporate governance and business ethics

Douglas R. McKay · Romy Nitsch · Daniel A Peters

11 citations0/0 files storedPlastic Surgery

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Ethics in Business and Education Corporate Social Responsibility Reporting Corporate Governance and Financial Management

Abstract

T he primary objective of a corporation is to increase shareholder value.Successful corporations must operate within society; to that end, they must maintain the values and norms of the society in which they operate.Volkswagen has been the unfortunate recipient of a great deal of press time lately.In case you missed the details, it recently came to light that Volkswagen knowingly deceived the United States Environmental Protection Agency (EPA) with respect to nitrous oxide (NOx) engine emission for their TDI engines.The company programmed the vehicles to favourably behave differently during EPA testing.The engines actually exceeded emission test levels during every day use by roughly 40 fold.The number of affected vehicles is not small -approximately 11 million cars worldwide.While the old adage goes that there is no such thing as bad publicity, the company's publically traded market share losses topped €14 billion during the fallout, suggesting otherwise.The scandal has fueled the ire of those who question the altruism and decry the intent of big business.The scandal has thrown the subject of business ethics back into the spotlight.The corporations or organizations surgeons typically navigate are hospitals and universities -institutions held to strong social standards of ethical accountability.However, hospitals are not the only organizations we interact with.We use the products of for-profit corporations and make decisions on behalf of our patients many times without them knowing a choice has been made.We have the good fortune of working with ethically strong corporate partners in a highly regulated industry, but Volkswagen has shown us it is both academically interesting and prudent in practice to understand the ethical tenets governing our corporate partners in patient treatment as they balance their efforts to advance medical research while increasing shareholder value.

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