Imclone Business Ethics - 1042 Words

Running head: Case Study Report 3 Case Study Report 3 Deb Gephart Western International University LDR 620 Ethics and Corporate Social Responsibility Ray November January 28, 2008 Case Study Report 3 I chose to report upon the case study involving ImClone and Samuel Waksal’s deceitful practices involving selling personal shares of ImClone stock. Samuel Waksal knowingly participated in insider trading which involved selling his ImClone stock and then notifying his family of the impending refusal by the FDA for the approval of their first drug Erbitux. Waksal was privy to non-public information which he knew would negatively impact the value of ImClone stock. Rather than perform his corporate duty and abide by the†¦show more content†¦Nothing is guaranteed in the world of investing except unpredictable financial loss, gain, and anxiety. Samuel Waksal’s reaction was motivated by the desire to prevent financial losses to himself and his family regardless of the price paid by his stockholders, employees, and other investors of the company, including those employees who held no ImClone shares but dedicated their expertise to ImClone and developing its anti-cancer drug. Why were Samuel Waksal’s actions unethical? Samuel Waksal’s actions were unethical because he was acting with information his staff, board of directors, and stock holders were unaware of. Samuel took advantage of confidential information provided to him and used it for personal financial gain and for the financial gain of his family. His actions were deliberate and taken with the clear knowledge that what he was doing was ethically and morally wrong. The sentencing of Samuel Waksal to 87 months in prison and the order to pay $3million in fines and $1.2 million in restitution to the New York State Sales Tax Commission should serve as a stern reminder that although one may sit very high up on the corporate ladder, the code of ethics, integrity, and high personal standards cannot be put aside for even a moment. The higher one goes up the ladder, the harder the fall to the bottom will be when they abuse their position. Company officers are held to high standards of personal and professional conduct and are expected toShow MoreRelatedEssay on Douglas Fanueil Assignment621 Words   |  3 Pages 1. The key parties of this situation would be Stewart and myself. Even though I think telling Stewart about Waksal is unethical, following Baconivic’s orders and telling her would put her at an advantage because she would be able to sell her ImClone stocks before the rest of the shareholders could. Even though she could use the Waksal information for her advantage, she would be putting herself in jeopardy with the law. Following Baconivic’s orders would also make me look better in front of himRead MoreEssay on The Consequences of Bad Business Decisions1304 Words   |  6 PagesIn todays world business is very competitive. To compete with other companys executives have turned to corrupt practices. Once respected businesses like Enron, WorldCom, and Arthur Anderson have been found deceiving there customers, stockholders, and employees. C.E.O.s try to achieve the American dream and pursue capitalism to its fullest potential. In doing so, business leaders have lost their v alues and ethics, and make bad business decisions. The downfalls of a company are the consequence ofRead MoreAc 504 : Ethical Issues1993 Words   |  8 PagesUnit 6 Assignment AC 504 – Ethical Issues in Business Accounting June 23, 2015 Kumar Jadoo â€Æ' Abstract The Sarbanes-Oxley Act of 2002, which is also known as the Public Company Accounting and Investor Protection Act or the Corporate and Auditing Accountability and Responsibility Act and then more commonly called Sarbanes-Oxley, or SOX, is a United States federal law that set new or enhanced standards for all of the United States public company boards, management and public accounting firms. Read MoreEnron : Year Of Scandal Essay1711 Words   |  7 PagesThe ethical code of conduct is linked directly with the research ethics and this is the major arena that should be highlighted positively in our society in order to enhance potential outcomes. In an organization, it is important to see how work is done by keeping in mind the ethical code of conduct and how it is affecting the society. In the majority of the fields, information security is not directly linked with the security and ethics and this is the reason how it is leading towards various alarmingRead MorePost Enron Era4022 Words   |  17 PagesPost-Enron Era By: Brenda Palmer Management 320 Week 8 The post-Enron era has brought on many new changes in the way businesses are to conduct business and to keep in line with the laws and not to fall into the Enron mistakes and mistrust. Before Enron, many people including employees, stakeholders, shareholders, board of directors and people in the communities had high trust in corporations and didn’tRead MoreStakeholders and Shareholders Debate4838 Words   |  20 PagesThe Shareholders vs. Stakeholders Debate T he stakeholder theorists smell blood. Scandals at Enron, Global Crossing, ImClone, Tyco International and WorldCom, concerns about the independence of accountants who are charged with auditing financial statements, and questions about the incentive schema and investor recommendations at Credit Suisse First Boston and iMerrill Lynch have all provided rich fodder for those who question the premise of shareholder supremacy. Many observers have claimed thatRead MoreEthics and Social Responsibility1313 Words   |  6 PagesEthics and Social Responsibility MGT/498 February 26, 2013 Ethics and Social Responsibility Companies, such as Enron and WorldCom brought new awareness of the terms ethics and social responsibility. Thus, corporations are including ethics as part of the company’s strategic planning objectives (Cato Institute, 2013). This writing will assess the role of ethics and social responsibility in developing a corporate strategic plan. Further, the considerationsRead MoreEssay Martha Stewarts Insider Trading1085 Words   |  5 Pages Stewart instead has the spotlight on her for crimes of insider trading. A tip from her former broker Peter E. Bacanovic, persuaded her into selling her IMClone stock after sharing information about a close friend of Stewart’s getting rid of his shares. Stewart’s companion, Sam Waksal, was also the chief executive of IMClone Systems Inc. IMClone Systems is a well-known company specializing in the research and development of therapies treatments of cancer. The stock selling was provoked due to a leakRead MoreEssay on Martha Stewart: Organization Ethics of Insider Trading2451 Words   |  10 PagesAbstract Insider trading mostly occurs by individuals close to the upper level management of an organization. This type of unethical behavior undermines the stability of the organization. In the ImClone scandal where Martha Stewart was indicted for her involement, the stability of her company suffered and the companies and people associated with Ms. Stewart suffered as a result of her decision. In this essay I will examine the parties that were privileged to knowing ImClone’s stock was going toRead MoreRequired Skills of a Systems Analyst Essay648 Words   |  3 PagesLeonard Marshall Bob OBrien CIS-320 October 7th 2012 Required Skills of a Systems Analyst A systems analyst is someone who solves business problems using information system technology. Problem solving means looking into the problem in great detail as well as understanding everything about the problem, generating several alternatives for solving the problem, and then picking the best solution for the company. Information systems are usually part of the solution, and information systems development

Essay about Advice to Youth and Mark Twain - 890 Words

Mark Twain, known at the time to be a humorous author, wrote a speech on ‘Advice to Youth.’ Twain gives several pieces of advice all with a twist of honesty attached. The way this speech was written suggest that it would have been delivered at a graduation ceremony. Perhaps Twain was asked to speak at a college graduation ceremony and was going to deliver this speech. It is the perfect speech to relate to youth. Twain’s advice begins with â€Å"always obey your parents†¦Ã¢â‚¬  (Norton, 550) which is sound advice. The rule of obeying one’s parents comes right from the Ten Commandments. Obeying one’s parents is a rule that is as old as time, engraved in everyday teachings. Twain twists this idea and adds â€Å"†¦ when they are present† (Norton, 550) saying†¦show more content†¦Twain is relating to the target audience. Twain is getting into the shoes of a youth in their era. This is one way to get the youth to listen and resp ond in a positive way. Twain writes every sentence positively then ends sarcastically. â€Å"If a person offends you †¦ hit him with a brick† (Norton, 550). This line is hilarious. Twain is telling young adults it is ok to act out aggressively, just wait for the appropriate time and place. Also, if it is the wrong person you act out against just apologize and everything will be fine. The lark is commonly used as a symbol in a variety of ways. Twain uses the lark in the part about going to bed early and waking up early. Waking up with the sun is the normal time to rise for the year this was written. Depending on the time of year the sun usually rises at about seven in the morning. Twain says to wake up with a lark is respectable but â€Å"you can easily train him to get up at half past nine† (Norton, 550). Meaning on average this would give you an extra two and a half hours to sleep in. This is evidence showing that Twain is writing to teens or college students bec ause they are usually the ones who like to sleep the day away. Mark Twain’s advice on lying is do not get caught. Twain says â€Å"once caught, you can never again be, in the eyes of the good and the pure† (Norton, 550) Meaning once a person lies, that person is a liar. Branded like cattle, forever having a mark of the liar. It literally scars aShow MoreRelatedAdvice For The Youth By Mark Twain1344 Words   |  6 Pagesof roles they acquire on a daily basis. In the memoir Advice to the Youth by Mark Twain, it relates a lot to identity, especially mine. The memoir gives advice to children about key topics that Twain thinks are important for the youth to know while growing up. I can relate to the passage because I have a younger sister that I love to teach things to. I always strive to do the right thing to be a good influence on her. 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When looking at Mark Twains Advice to Youth one very obvious strategyRead MoreJonathan Swift Satire Analysis1108 Words   |  5 Pagesomparing Irony In both Mark Twain and Jonathan Swift’s articles there is an effective use of irony. Irony in satirical writing is normally used for the speaker to convey the opposite intended meaning to which they are stating; along with antiphrasis, the use of a word when the opposite meaning is implied, irony makes a valuable asset to satirical literature. The sarcastic use of irony was input to both readings to express the writer’s disappointment towards their societies teachings during theirRead MoreThemes Of Huckleberry Finn3483 Words   |  14 Pagesbriefly show arguments, and conclusions within the writings of Mark Twain’s story Huckleberry Finn. I will discuss the various themes that Mark Twain is bringing to light within his story. This paper will show how Mark Twain uses those themes within the story, and how they are specifically used. I will also briefly discuss the life of Samuel Clemons, the author known as Mark Twain, and give the reasoning behind choosing the n ame of Mark Twain when writing his novels. Themes of escapism will be discussedRead MoreAnalysis Of The s Romeo And Juliet 2095 Words   |  9 Pagessixth century BCE in which there were figures wearing wings. The story slowly was created and eventually written in Latin (Hyde). Writing about the creation of this myth Jim Marks said, â€Å"The pairing of a legendary craftsman with a protà ©gà ©, or apprentice, is a common theme in a number of ancient eastern Mediterranean Myths.† (Marks). This is clearly a reflection of society during that time period and the importance they held on making new discoveries. People back then did not think flight was even possibleRead MoreChild Rearing (19th Century)6310 Words   |  26 Pages | | | |Bibliography |21 | 1. Introduction Many of educational child-rearing advices were produced during the 19th century in America. The good thing about these works is that they not only give us insights into what 19th-century writers thought parents should do, but also an idea of what parents actually were doing. LiteratureRead MoreLyndon B. Johnson s President Of The United States1833 Words   |  8 Pagesopportunity at a great education. This problem is very evident in our current society, but it is also a popular topic in classic literature. Such an example would be found in the time-honored novel The Adventures of Huckleberry Finn, by the legendary Mark Twain. In Huckleberry Finn, we follow Huckleberry’s adventures through the American Midwest in the 1800s. Throughout most of the novel, Huck spends his time with Jim, a black man who escaped the clutches of slavery. In the novel, Jim says, â€Å"Well, it’sRead MoreThe Discourse Community Of The English Subject2328 Words   |  10 Pages and the Elizabethan Period. Of course with every discourse community there are a vast number of people who help to make it up. In the discourse community of English some of these people include author and playwright William Shakespeare, author Mark Twain, author and poet Jane Austen , and a slew of famous African-American authors some including Toni Morrison, Alice Walker, Lorraine Hansberry, and poet Maya Angelou. African American Literature: Urban Fiction The aspect of the English discourse

Mobley Turnover Model Free Essays

oblJournal of Applied Psychology 1977, Vol. 62, No. 2, 237-240 Intermediate Linkages in the Relationship Between Job Satisfaction and Employee Turnover William H. We will write a custom essay sample on Mobley Turnover Model or any similar topic only for you Order Now Mobley University of South Carolina The relationship between job satisfaction and turnover is significant and consistent, but not particularly strong. A more complete understanding of the psychology of the withdrawal decision process requires investigation beyond the replication of the satisfaction-turnover relationship. Toward this end, a heuristic model of the employee withdrawal decision process, which identifies possible intermediate linkages in the satisfaction-turnover relationship, is presented. Previous studies relevant to the hypothesized linkages are cited, and possible avenues of research are suggested. A schematic representation of the withdrawal decision process is presented in Figure 1. Block A represents the process of evaluating one’s existing job, while Block B represents the resultant emotional state of some degree of satisfaction-dissatisfaction. A number of models have been proposed for the process inherent in Blocks A and B—for example, the value-percept discrepancy model (Locke, 1969, 1976), an instrumentalityvalence model (Vroom, 1964), a met-expectations model (Porter Steers, 1973), and a contribution/inducement ratio (March Simon, 1958). Comparative studies -that test the relative effiMuch more emphasis should be placed in the cacy of these and other alternative models of future on the psychology of the withdrawal satisfaction continue to be needed. process. . . Our understanding of the manner Most studies of turnover examine the direct in which the actual decision is made is far relationship between job satisfaction and turnfrom complete, (p. 173) over. The model presented in Figure 1 suggests The present paper suggests several of the pos- a number of possible mediating steps between sible intermediate steps in the withdrawal decision dissatisfaction and actual quitting. Block C sugprocess (specifically, the d ecision to quit a job). gests that one of the consequences of dissatisPorter and Steers (1973) suggested that expressed faction is to stimulate thoughts of quitting. intention to leave† may represent the next log- Although not of primary interest here, it is recogical step after experienced dissatisfaction in the nized that other forms of withdrawal less extreme withdrawal process. The withdrawal decision than quitting (e. g. , absenteeism, passive job beprocess presented here suggests that thinking of havior) are possible consequences of dissatisfaction (see e. g. , Brayfield Crockett, 195S; Kraut, quitting is the next logical step after experienced 197S). issatisfaction and that â€Å"intention to leave,† folBlock D suggests that the next step in the lowing several other steps, may be the last step withdrawal decision process is an evaluation of prior to actual quitting. the expected utility of search and of the cost of quitting. The evaluation of the expected utilit y of search would include an estimate of the Preparation of this paper was supported by a chances of finding an alternative to working in grant from the South Carolina Business Partnership the present job, some evaluation of the desirFoundation. Requests for reprints should be sent to William ability of possible alternatives, and the costs of H. Mobley, College of Business Administration, search (e. g. , travel, lost work time, etc. ). The University of South Carolina, Columbia, South evaluation of the cost of quitting would include Carolina 29208. suc’h considerations as loss of seniority, loss of 237 Reviews of the literature on the relationship between employee turnover and job satisfaction have reported a consistent negative relationship (Brayfield Crockett, 19SS; Locke, 197S; Porter Steers, 1973; Vroom, 1964). Locke (1976) noted that while the reported correlations have been consistent and significant, they have not been especially high (usually less than . 40). It is probable that other variables mediate the relationship between job satisfaction and the act of quitting. Based on their extensive review, Porter and Steers (1973) concluded the following: 238 SHORT NOTES clft iJ ,Pi 1^ : i 1 1 A. i * i* Evaluation of Existing Job f,-; i « 1! J 1! L B . l L Experienced Job Satisfaction4†¦ 1 * Dissatisfaction a) Alternative forms of withdrawal, e. g. (a )Aite absenteeism, passive job behavior absents 1 Thinking of Quitting J Evaluation of Expected Utility of Search and Cost of Quitting L E. IL LJL-: 1 Intention to Search for Alternatives (b )Nor (b) Non-job related factors e. g. , I 1 transfe of spouse, may stimulate transfer intent! (c) Unsolicited or highly visible alternatives may stimulate evaluation F. I-L-. Search for Alternatives G. 1 1 1 J Comparison of Alternatives vs. Present Job d) One alternative may be withdrawal from labor market  »1_ 1. 1 Intention to Quit/Stay 1 i Figure 1. The employee turnover decision process. vested benefits, and the like. This block incorporates March and Simon’s (1958) perceived ease of movement concept. If -the costs of quitting are high and/or the expected utility of search is low, the individual may reevaluate the existing job (resulting in a change in job satisfaction), reduce thinking of quitting, and/or engage in other forms of withdrawal behavior. Research is still needed on the determinants of alternative forms of withdrawal behavior and on how the expression of withdrawal behavior changes as a function of time and of changes in or revaluation of the environment. If there is some perceived chance of finding an alternative and if the costs are not prohibitive, the next step, Block E, would be behavioral intention to search for an alternative (s). As noted by Arrow (b) in Figure 1, non-job-related factors may also elicit an intention to search (e. g. , transfer of spouse, health problem, etc. ). The intention to search is followed by an actual search (Block F). If no alternatives are found, the individual may continue to search, reevaluate the expected utility of search, reevaluate the existing job, simply accept the current state of affairs, decrease thoughts of quitting, and/or engage in other forms of withdrawal behavior (e. g. , absenteeism, passive job behavior). (e) Impulsive Behavior SHORT NOTES If alternatives are available, including (in some cases) withdrawal from the labor market, an evaluation of alternatives is initiated (Block G). This evaluation process would be hypothesized to be similar to the evaluation process in Block A. However, specific job factors the individual considers in evaluating the present job and alternatives may differ. (See Hellriegel White, 1973; and Kraut, 1975, for a discussion of this point. ) Independent of the preceding steps, unsolicited or highly visible alternatives may stimulate this evaluation process. The evaluation of alternatives is followed by a comparison of the present job to alternative(s) (Block H). If the comparison favors the alternative, it will stimulate a behavioral intention to quit (Block I), followed by actual withdrawal (Block J). If the comparison favors the present job, the individual may continue ‘to search, reevaluate the expected utility of search, reevaluate the existing job, simply accept the current state of affairs, decrease thoughts of quitting, and/or engage in other forms of withdrawal behavior. Finally, Arrow (e) gives recognition to the fact that for some individuals, the decision to quit may be an impulsive act involving few, if any, of the preceding steps in this model. The relative incidence and the individual and situational determinants of an impulsive versus a subjectively rational decision process presents yet another area of needed research. The model being described is heuristic rather than descripitve. There may well be individual differences in the number and sequence of steps in the withdrawal decision process, in the degree to which the process is conscious, and as noted earlier, in the degree to which the act of quitting is impulsive rather than based on a subjectively rational decision process. One value of such an heuristic model is to guide thinking and empirical research toward a valid descriptive model that can account for such individual differences. There is a lack of research evaluating all or even most of the possible steps in the withdrawal decision process. There have been a few studies that have tested one or two of the intermediate linkages proposed in the present note. Mobley (Note 1) found high negative correlations between satisfaction and frequency of thinking of quitting (Blocks B and C). Atkinson and Lefferts (1972), who dealt with the association between Blocks C and J, found that the frequency with which people thought about quitting †¢their job was significantly related to actual termination. Kraut (1975), looking at the associations among Blocks B, I, and J, found significant cor- 239 relations between expressed intention to stay and subsequent employee participation. These correlations were much stronger than relationships between expressed satisfaction and continued participation. Finally, Armknecht and Early’s (1972) review is relevant to the relationships between Blocks D and/or F and Block J. They concluded that voluntary terminations are closely related to economic conditions. Each of these studies fails to look at a complete withdrawal decision process. Such research would appear to be sorely needed. Several researchable questions that follow from the withdrawal decision process described in the present note were mentioned earlier, Additional questions include the following. Do individuals evaluate the expected utility of search? If so, what are the determinants and consequences of this evaluation? What are the consequences and determinants of behavior in the face of an unsuccessful search? In such cases, do individuals persist in search, reevaluate their existing jobs, reevaluate the cost of search, or engage in other forms of withdrawal? Is the process and/or content for evaluating alternative jobs the same as for evaluating the present j o b ? Does satisfaction with the present job change as a function of the availability or evaluation of alternatives? Attention to these sorts of questions rather than a continued replication of the direct relationship between job satisfaction and turnover would appear to be warranted. Particularly useful would be the longitudinal analysis of the variables and linkages suggested by the model. Such research would be responsive to Porter and Steer’s (1973) conclusion that more emphasis should be placed on the psychology of the withdrawal decision process. Reference Note 1. Mobley, W. H. Job satisfaction and thinking of quitting (Tech. Rep. 7S-3). Columbia: University of South Carolina, College of Business Administration, Management and Organizational Research Center, 1975. References Armknecht, P. A. , Early, J. F. Quits in manufacturing: A study of their causes. Monthly Labor Review, 1972, 11, 31-37. Atkinson, T. J. , Lefferts, E. A. The prediction of turnover using Herzberg’s job satisfaction technique. Personnel Psychology, 1972, 25, 53-64. Brayfleld, A. H. , Crockett, W. H. Employee attitudes and employee performance. Psychological Bulletin, 1955, 52, 396-424. 240 SHORT NOTES oj industrial and organizational psychology. Chicago: Rand-McNally, 1976. March, J. G. , Simon, H. A. Organizations. New York: Wiley, 1958. Porter, L. W. , Steers, R. M. Organizational, work, and personal factors in employee turnover and absenteeism. Psychological Bulletin, 1973, SO, 151176. Vroom, V. H. Work and motivation. New York: Wiley, 1964. Hcllriegel, D. , White, G. E. Turnover of professionals in public accounting: A comparative analysis. Personnel Psychology, 1973, 26, 239-249. Kraut, A. I. Predicting turnover of employees from measured job attitudes. Organizational Behavior and Hitman Performance, 1975, 13, 233-243. Locke, E. A. What is job satisfaction? Organizational Behavior and Human Performance, 1969, 4, 309336. Locke, E. A. Personnel attitudes and motivation. Annual Review oj Psychology, 1975, 26, 457-480. Locke, E. A. The nature and consequences of job satisfaction. In M. D. Dunnette (Ed. ), Handbook Received February 5, 1976 †¢ How to cite Mobley Turnover Model, Essay examples