Consequentialism, Deontology and Virtue Ethics in Companies

Read Summary
Summary

Directors, executives, and accountants should understand consequentialism, deontology, and virtue ethics because it helps them make ethical decisions. Consequentialism focuses on the outcome of an action, and directors need to understand that their actions have consequences. Deontology focuses on moral principles, and accountants need to understand that lying is always wrong, even if it results in harm to others. Virtue ethics emphasizes the character of the moral agent, and executives need to understand that doing the right thing, like reporting accurate financial statements, is more important than their reputation or status. Understanding these ethical approaches can help them make better decisions and avoid unethical behavior.

Table of Content

Directors, executives, and accountants need to comprehend consequentialism, deontology, and virtue ethics. Consequentialism evaluates the moral worth of an action by its outcome, highlighting the role of consequences in determining morality. In line with this view, an act or decision is deemed morally right if it produces a favorable result.

This perspective, known as “The ends justify the means,” is crucial for directors to understand because their actions are dependent on whether the ends justify the means. Deontology maintains that an action can still be morally acceptable, even if it does not result in a greater benefit for society or the decision maker.

Directors need to recognize the difference between deontological principles and their outcomes. For instance, if a director tells an accountant to commit fraud by manipulating financial records (also known as “cooking the books”), the accountant may have moral principles that strictly forbid lying as inherently immoral. As a result, even though lying can cause harm, it is still considered ethically incorrect.

It is important for directors, executives, and accountants to understand virtue ethics in relation to evaluating a person’s decision-making based on their character or moral virtues. This ethical framework prioritizes the individual’s traits rather than rules or outcomes. In essence, it entails choosing the morally right course of action, such as producing accurate financial statements, even if it means sacrificing reputation, status, or employment.

Cite this page

Consequentialism, Deontology and Virtue Ethics in Companies. (2017, Jan 18). Retrieved from

https://graduateway.com/consequentialism-deontology-and-virtue-ethics-in-companies/

Remember! This essay was written by a student

You can get a custom paper by one of our expert writers

Order custom paper Without paying upfront