This paper purports to define the following terms namely, corporate compliance, corporate social responsibility (CSR), corporate governance, corporate sustainability, and business ethics in order to understand the various scopes and nature of improving the conduct of business…
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In accordance with the issues discussed in the paper since late 1970s, various organizations have addressed business ethics in different ways, as well as the development of codes of conduct, hiring of corporate responsibility managers and training programs of all kinds, introduction of compliant managers and programs, the preparation and dissemination of value statements, and the addition of board-level ethics committees. Studies conducted in 1960s indicated that European-based corporations were a head of their United State-based counterparts in implementing sustainability and corporate social responsibility practices. However, in the present days, business operations in Europe and the United States are not so much different as was initially assumed. Both businesses in these regions are currently striving to establish the exact meaning for a company to be responsible and ethical. The implementation of ethics and corporate social responsibility practices in most firms have not prevented Europe and United State-base companies from engaging in unethical behaviors that cause corporate scandals. This has created increased pressure for governments and Europe-based and U.S.-based corporations to establish more structured ethics and government programs, so as to ensure that these corporations are responsible to the communities within, which they are situated. There are many challenges, which are associated with corporate responsibility. ...
ion on how corporate ethics efforts can be improved, and how it can address the issue of underlying causes of misconduct, including the increasing demand for sustainable business, and proactive, socially responsible practices (Banerjee, 2007). Recent researches indicate that European-based companies are far much a head in implementing sustainability and corporate social responsibility practices than their United States-based counterparts, but the question is, are they doing better work of avoiding unethical conduct on a large scale? Understanding the aspects of business ethics is a challenging task since this field is vast, and it usually encompasses issues like reputation management, corporate governance, accurate accounting, environmental stewardship, and fair labor practices (Shaw, 2010). As a matter of fact, this field is concerned with the entire scopes of responsibilities, which a corporation has for all its stakeholders, especially those who have exhibited interest in the actions and decision of the company such as suppliers, stakeholders, community, clients, and employees. The understanding of business ethics is further made complex by several terms that refer to corporate programs and offices, which are focused on communicating, monitoring, and enforcing company standards and values (Sims, 2003). In theory, people can make certain distinctions among the various aspects of business ethics such as corporate compliance, corporate responsibility, and social responsibility. However, in practical perspective, such differentiations are of no significance since corporate offices of compliance that was established in 1970s can today function similarly to social and corporate responsibility (Trevino & Nelson, 2010). In order to understand the various scopes and nature
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(Ethics and Corporate Social Responsibility Essay)
“Ethics and Corporate Social Responsibility Essay”, n.d. https://studentshare.org/business/1395905-ethics-and-corporate-social-responsibility.
This research will focus on some important issues that relate to Ethics and Corporate Social Responsibility Theory. In doing this, the following objectives will be addressed: 1. An assessment of whether Enron's long-time Chief Executive acted immorally or not.
Business ethics posses wide explanatory dimensions. As a business practice and as a matter of professional interest, the area is mainly normative. Academics try to comprehend the ethical business behavior by the application of descriptive means. The variety and magnitude of business ethical issues replicate the communication of profit-maximizing behavior with non-economic apprehension.
Organizations, therefore, have to perform under certain control and constrains, and their actions shall not result in general damage to the society as a whole. Society, therefore, expects that all the citizens including organizations must work in a manner which is mutually beneficial for all the stakeholders.
Top business schools teach that maximizing profits and shareholders wealth is the primary measure of managerial competence. Corporate compensation policies including pay-for-performance schemes and stock options have also tended to perpetuate this narrow definition.
Abercrombie & Fitch maintains a business model that attempts to utilise marketing as a means of creating an exclusive brand, one that is aspirational and caters only to attractive and youthful consumers. The CEO Mike Jeffries once indicated that he “did not want his core customers to witness people who are not as hot wearing Abercrombie branded clothing” (Devon 2013, p.2).
Ethical codes are considered by organizations to help members in understanding the right and wrong decisions that are taken by them. GlaxoSmithKline (GSK) a pharmaceutical giant operating all over the world has their own code of ethics which make them unique in the pharmaceutical industry.
Social responsibility refers to the expectation that business firms should act in the public's interest. As a matter of fact, businesses have always been presumed to provide employment for individuals and to offer goods and services for clients. But social responsibility suggests more than that.
In addition to the fact that Coca-Cola India is imposed to the risk of losing its market share, the company has a moral obligation and responsibility which it has taken when formally announced its mission