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You are senior executive at a large corporation that has been struggling financially due to the covid-19 pandemic. your boss approaches you with a proposal. if you falsify the company financial statements to make it look like they are performing better than they actually are, you will receive a significant bonus and job will be secure. what do you do? discuss this answer on the basis of the ethical temptation ( the business ethics trade off framework can be considered )?
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You are senior executive at a large corporation that has been struggli...
Response to the Scenario
Ethical Temptation
The scenario presents an ethical temptation for the senior executive to falsify the company's financial statements to receive a significant bonus and job security. The senior executive is faced with a dilemma of either acting ethically or succumbing to the temptation of personal gain. The ethical temptation arises due to the current financial struggles that the company is facing, which may lead to job losses and financial instability.
Business Ethics Trade-Off Framework
The business ethics trade-off framework can be used to evaluate the ethical dilemma presented in the scenario. The framework involves weighing the benefits and costs of different ethical decisions and choosing the option that maximizes the benefits and minimizes the costs.
Benefits of Falsifying Financial Statements
- Receiving a significant bonus
- Job security
- Positive impact on share prices and investor confidence
Costs of Falsifying Financial Statements
- Legal and reputational risks if caught
- Loss of trust from stakeholders
- Adverse impact on long-term financial performance
Recommended Course of Action
Based on the business ethics trade-off framework, it is recommended that the senior executive does not falsify the company's financial statements. While the temptation of personal gain is significant, the costs of such action outweigh the benefits in the long run. Falsifying financial statements is an unethical practice that violates the trust of stakeholders and may lead to legal and reputational risks if caught.
The senior executive should instead focus on finding ethical and sustainable ways of improving the company's financial performance. This may involve cutting costs, exploring new revenue streams, or seeking external support from investors or government programs. By acting ethically and transparently, the senior executive can rebuild trust with stakeholders and ensure the long-term success of the company.
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You are senior executive at a large corporation that has been struggling financially due to the covid-19 pandemic. your boss approaches you with a proposal. if you falsify the company financial statements to make it look like they are performing better than they actually are, you will receive a significant bonus and job will be secure. what do you do? discuss this answer on the basis of the ethical temptation ( the business ethics trade off framework can be considered )?
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