Corporate Ethics: A study on Ethical Business - Essay Example

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Ethical Business Number: University: Course: Date: What is Ethical Business? Ethical business is also variously referred to as corporate ethics. Ethical business is defined as the constant application of various moral codes of conduct to both an organization’s operational and strategic management practices…
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Download file to see previous pages Levels of Business Ethics Ethics in business can be categorized into three levels so as to be able to classify the various diverse elements that are contained within the concept of business ethics. These levels are: The Macro Level: This level of ethical business is primarily concerned with ascertaining the main role of business in society as well as establishing the best governance model that can best be effectively used so as to ensure the delivery of most of the benefits in a manner that can be perceived as being the most responsible and moral. Morality in business is a concept that can be interpreted in a variety of ways key among them being that it alludes to “proper behavior” as well as “The ability of an individual to know what is the main difference between what is considered to be generally wrong and what is presumed to be right”. It is suffice to presume that morality is the main element that helps in setting the stage for ethics and it should therefore be considered as the main code of conduct by which various business activities can be able to be successfully carried out and allowed to be effectively carried out in a manner that can be perceived as being allowed by the various international and national standards and rules (Applied Corporate Governance, 2013). The Corporate Level: At the corporate level, the interpretation of ethical business is the sets of various standards and rules that help in successfully defining business ethics. These rules and standards are affected by the socio-cultural context and specific circumstances in which the public sector organization or business enterprise is operating. While most of the corporate entities are usually directly influenced by personal ethics and morality, it sometimes happens that there is often a relatively huge discrepancy between an individual’s behavior within the business environment and outside it. This gap is arguable one of the major causes of the mistrust of big businesses, where the separation that exists between the management and ownership is great and hence open to abuse. Although an organization’s senior management team and directors might not be acting in an unethical manner, it stands to chance that they would probably act in a different manner if the decisions they were making were affecting their own companies and money (Applied Corporate Governance, 2013). The Individual Level: At this level, the separation between an individual’s personal ethics while within the business environment and outside it is seen to be greatly influenced by factors such as peer pressure, the individual’s personality, and the current social-political environment. As such the business ethics can either be similar to or vastly different from an individual’s own ethical code of conduct. Limited liability essentially protects individuals in business and as such, the consequences of an individual’s action’s can have a greatly reduced impact on their own personal circumstances. It is evidently clear that all corporate entities are directly affected by the ethical and moral stance exhibited by individuals and any difference that may exist between personal ethics and business can be arguably perceived as being an indictment of that particular individual’s stance, since it implies that the individual exhibits some level of double standards (Applied Corporat ...Download file to see next pagesRead More
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