Key Points of Doing Business - Case Study Example

The Importance of Business

Issues Raised by the Business Scandal

Running a business involves many stakeholders who either contribute to the growth or failure of the business. When a business starts operating, pressure builds from everywhere sine the government keeps fluctuating the tax rates, customers expecting quality but cheap rate, workers, demand for increased pay while stakeholders demand increased profits. The pressure influences the business to foster greatness. When a business starts gaining the market share through approval of goods by the quality standards agency, information may leak, leading to insider trading. According to Collin and Vyacheslav, insider trading involves leaking business' or companies' information concerning prices that lead to the mass purchase of goods for illegal profit purposes (13). Insider trading is the unethical business practice of using special knowledge for financial gains, which many countries term, illegal.

The government provides business regulations through terms of operation and policy measures. Many unethical practices that rise due to business scandals involve the effort by whistleblowers. Businesses start by getting involved in the authorized business; however, employees or managers may get involved in illegal businesses under the watch of a few employees. The unethical practices include bad business practices, fraud, bribery, and cover-ups, among others. However, the Sarbanes-Oxley Act has helped in curbing fraudulent activities. Sarbanes-Oxley Act refers to a federal law established in 2002, for companies to help protect the public, employees, and shareholders from fraudulent activities. Companies, for instance, Samsung have been involved in the bribery cases on their Samsung note7 phone brand. However, such practices become not tolerated by the authorities since its obstruction to justice. Obstruction to justice refers to an act that corruptly influences the administration of justice. Therefore, Samsung official, Lee Jae-Yong, is now facing a five-year jail due to obstruction of justice. The Samsung scandal involved batteries of note 7 exploding.

The loyal agent argument

One of the issues raised due to business scandals is the loyal agent argument. Companies and well-established businesses have been summoned questioned and charged based on the violations. Volkswagen scandal that started in 2014 and 2015 unveiled the companies’ bad practices of using illegal emission software that led to excessive emission of nitrogen. As much as companies and businesses expect employees to adhere and respect the regulations, policies, and measures put by the company, illegal or harmful practices should not be tolerated, hence the essence of the whistleblower. The loyal agent argument involves employees and the employer. According to Michalos, Employees have termed agents of the employer, and it is an agent must work as directed, provide confidential data of the employer, and also act in the employer's best interest (63). In the case of whistleblowing, the loyal agent argument is not always an act of disloyal but loyalty to ethical standards set by the business or company.

Organization Stigma

Once a business gets involved in a scandal, the stigma elements come as a result. Stigma, according to scholars, is either fair or unfair, depending on the circumstances. The organization's stigma undermines a person's credibility in the social role one plays. The Volkswagen scandal sparked mixed both from stakeholders, customers, and employees. Despite the implementation of antitrust laws in many countries, companies are continually getting involved in scandals, especially successful companies that have gained global attention in the respective industry of operation. Scholars define antitrust policies as competition laws that are established to protect consumers from predatory business practices. Countries provide a fair environment for all businesses to operate, whether new entrants or existing businesses. The business that engages in illegal actions paves the way for scandal or goes against the antitrust laws that make employees get stigmatized. Clark and Jean-Fran argue that price-fixing, bid-rigging is illegal since governments have provided business regulations that create an equal or fair environment (97). However, due to illegal business scandals, for instance, the Adelphia scandal employees get stigmatized making them less effective in terms of production. The Adelphia scandal owner was sentenced to a jail term of 15 years due to participation in bad business practices. John Riga was found guilty of conspiracies, securities fraud, and bank fraud. Stigma was one of the issues the rose out of the Adelphia scandal since the top management and other employees became scared of delivering duties in the bankruptcy moment. The researcher argues that the scandals could have been dealt with at an early stage by adopting structured finance, which entails. According to Bishop, the Adelphia scandal engaged in a breach of fiduciary duty, insider trading, unauthorized trading, and ineptitude, which in general sums up the material security law violations (3). However, scholars encourage the settling of conflicts through the right means, such as in the Kimberley Process. The Kimberly Process, which started in 2000, was established to discuss stopping the trade in "conflicts diamonds and ensure that diamond purchase was not financing violence. Regardless of the effort put, organization stigma remains one of the main issues raised by businesses scandal.

Ethical leadership

Ethical leadership refers to a form of leadership where a person demonstrates the conduct of the common good, which is appropriate and acceptable in the areas of life (Mihelic, Katarina, Bogdan, and Metka, 34). The ethical leadership provides for leadership characteristics and champions for the importance of ethics. Leaders, who uphold leadership ethics, can establish a positive environment across the three levels, especially at the personal level, team level, and in the overall organization. Businesses succeed in any field through ethical leaders and corporate sustainability. According to Schaubroeck et al., one cannot dispute the fact that lack of accountability, lack of positive role model, and lack of codified standards leads to unethical failure (23). Well-established businesses rely on the four pillars of corporate sustainability. The four pillars include environmental, economic, social, and human aspects. In social sustainability, the main aim of a business is to preserve social capital by creating services and investing, which is the backbone of society. In the economies' sustainability, the main aim is to maintain the capital. In the human aspect, top management, stakeholders, and customers should ensure that every individual adheres to the ethical values. One way to build leadership ethics is by defining and aligning values. A leader should first all consider the moral rose with especially when one desires to be treated nicely. Secondly, one should establish and foster open communication with juniors or senior employees and lead by example.

Ethical leadership calls for ethical leaders who uphold ethical business practices. According to Tsalikis and David, ethical practices involve practicing or upholding specific values, morals, and principles, which is equally important for the longevity and success of the business (337). The ethical business practices include honesty, integrity, trustworthiness & promise-keeping, loyalty, fairness, concerns for others, respect for others, law-abiding, commitment to excellence, accountability, morale, and good reputation. The ethical business practices should be practiced by all employees regardless of the position or role. Every employee is a leader of their own, hence the essence of practicing ethical leadership.

2.0 Moral Philosophies and Business

Moral Development

Mihelic, Katarina, Bogdan, and Metka define moral development as the process in which young ones develop proper behavior and attitude towards every individual in a given society and depend on the cultural practices, social norms, and beliefs (2). Morals, not only help an individual socialize and interact with people but also foster inner strength in accomplishing various plans and strategies. Successful businesses and companies have a precise culture which every employee should uphold regardless of the background. According to Kohlberg's theory of moral development, there are three levels, including pre-convention level, conventional level, and post-conventional level. Research shows that the pre-conventional morality a child gets exposed to various stages. These stages include obedience and punishment orientation stage where a child behaves to avoid being punished. However, in a business, a person needs to have the post-conventional morality which entails, social contract, and individual rights. For a business to succeed, the top management and staff should uphold upright morals to sell the business image. A business can also adopt the teleological approach to ethics since it is part of establishing moral development. Scholars state that the teleological approach involves the contempt of seeking a goal. Part of the business strategies are goals and objectives set to be accomplished; however, one can adopt the teleological approach to ethics to propel the accomplishment of goal strategies.

The business stakeholders, employees, and customers contribute to the success of the business. However, each person comes with a set of virtues, principles, and cultural practices that differs from one another. Research shows that 80% of the businesses run through the help of organization culture. Nonetheless, through the application of deontological theory, businesses can establish policies and measures that equally favor every individual during the work process. Businesses can establish policies based on the concept of a deontological theory, which asserts that the morality of an action should be based on whether an action itself is right or wrong. Fassin, Annick, and Marc argue that sometimes organizations or businesses do participate in immoral management leading to workers behaving in unethical manners (34). The work of business ethics is to provide behavioral guidelines; however, sociologists argue that the adoption of Kantian ethics can help mitigate immoral management leading to moral development. In Kantian ethics, it is argued that the wrongness or rightness of an act depends not on their consequences, but whether they have fulfilled the duty or not. According to Tsalikis and David, Moral development starts at an early stage; nonetheless, when a person becomes mature (35). It is argued that self-control on moral or ethical behavior should be at a personal level, Regardless of whether the action comes from a moral or imperative perspective. In the Kantian principle, it is evident that the theory acts on the ground of intrinsic value. Despite theories and ethics revolving around morals, values, and beliefs, they play a massive part in contributing to the success of many organizational cultures. Businesses and companies should define business ethics based on philosophies.

Philosophies

Business leaders determine the course a business takes, especially in terms of business mission, vision, and goals. Mihelic, Katarina, Bogdan, and Metka state that business philosophies define why the businesses uphold certain practices in a given manner (7). Sometimes, the business philosophies are either unwritten attitude or specifically written to define how employees act or interact with one another (Stoyanov, 45). The written philosophies based on studies have always become a codified policy and be part of the mission or vision statement. Once an employee starts working, the company presents the code of ethics found in the employee handbook that provides practical guidelines and working relationships. However, many employees come from different cultural backgrounds to bring up cultural relativism. Organizations that practice cultural relativism accommodate different types of people from different cultural backgrounds. Glazer defines cultural relativism as the concept that a person's practices, values, and beliefs should be understood based on their culture. The culture relativism can be fixed in the business philosophy or code of practice.

Philosophy of Business Importance

Business philosophies should be genuine since it includes stakeholders, employees, and also customers (Stoyanov, 47). Employees will know the reason behind the business philosophies once they start working. Propelled by egoism, employees tend to critic or analyze the business philosophies adopted. According to Etta and Asukwo, Some of the business philosophies drive the business to achieve higher goals; however, employees will remain curious about the philosophy (56). Thomas Hobbes, who is a great philosopher, argues that curiosity is the lust of the mind. The idea is true, depending on the type of philosophy a business adopts. Statistics show that people work or perform duties for themselves or others. The majority undertake roles because of someone else, especially in the business sector. According to the perception of Carroll and Buchholtz in terms of corporate social responsibilities, employees respect the business philosophies when the code of conducts aligns with the cultural relativism. Businesses can adopt philosophies, for instance, being honest, standing, or fully supporting the business product and services regardless of the situation. Utilitarianism is a modern moral philosophy that is characterized by deontological and consequential ethics. However, many philosophies developed by businesses focus on the employee conduct based on how John Stuart Mill quotes in some of the philosophies. According to the "great happiness" principle, when an action causes more pleasure and less pain, the "better" it is morally. Some business philosophies' trigger happiness as it accommodates a wide range of employees from a cross-cultural perspective. Employees relate well with business philosophies that coincide with their cultural practices. The idea is supported by John Locke, who states that the main aim for people is not to know everything but things which concern the conduct. In the general business, philosophy should define how employees need to conduct themselves while undertaking roles. Ultimately, business philosophy helps the business grow through the implementation of a code of practice.

3.0 Corporation and stakeholders

Relationship with stakeholders

Werther Jr and David define Stakeholders as individuals, entities, or groups, which affect the business operation. Strong relationship and fair treatment is the key to long term business success and profit-making. The well- known stakeholders for businesses and companies include government agencies and regulators, partners, suppliers, owners, employees, communities, and customers. These stakeholders include the primary, secondary, social, and non-social stakeholders. According to Werther Jr and David, primary stakeholders are groups of people or entities in which the businesses are dependent for survival. Some research categorizes investors, shareholders, employees, customers, and suppliers as the primary stakeholders.

On the other hand, Deutsche and Mike categorize partners, vendors, employers, and stockholders as primary stakeholders (3). Business requires a long term relationship with primary stakeholders for existence. Secondary stakeholders are individuals, entities, or groups of people who indirectly have a relationship with the businesses or company. They include the general public, regulators, media, activists, associations, and the community at large. The secondary stakeholders tend to influence the business or companies from an outside perspective while still play a significant part in forming the social stakeholders. Studies show that the business-customer relationship is the most critical since customers can make or break the business. The Shareholder Model of Corporate Governance depends on the area or local of the businesses and also incorporates the business as part of the property. The Germany subscribers in the stakeholder's model perceive the shareholder as anyone who influences the company

Conversely to shareholders who own shares in the business or company but not the business. Banks play a huge part through financial services; hence businesses should create a good relationship with banks and other financiers. Public companies, despite having influence to major stakeholders they still need to abide by the Sarbanes-Oxley Act, which is a federal law that established auditing, sweeping and financial regulations for public companies. For a business to propel in the business sector, all relationships should be strong and long-lasting. Businesses can achieve long-lasting relationships through abiding by the measures or policies of the law set up by the regulatory agency. When the businesses environment is friendly, businesses and companies prosper.

Relationship with Employees

Supanti, Butcher, and Liz, state that employee relationship is essential the business since, the relationship impacts the production, services, culture, and also the interaction with customers (56). A good relationship between employers and employees influence productivity, employee loyalty, reduction of conflict, and also mutual resilience. Piening, Alina, Baluch, and Torsten define employees as persons whose daily works is controlled or directed by the business or company and work at a specific location for a specified period of time (34). The whole operations regarding productivity, businesses activities are run by employees who put the businesses on a competitive level. Many time employees influence direct competitions through the quality of products and services. Direct competition refers to a situation where two or more businesses or companies produce the same products or offer the same services. There are new entrant businesses and well-established businesses that employ different types of employees, depending on the business level. Businesses that have statutory employees should adhere to the contractual rights to avoid legal issues that may arise. All employees should be treated equally, fairly, and according to the policies or contractual rights to influence or foster consistent productivity.

Consistent productivity gets influenced by a long-lasting relationship with employees. Mutual respect and mutual resilient relationship make employees feel respected. The business should establish a degree of closeness with their employees to ensure that there is no confusion of hierarchy. Some employers prefer keeping employees at a distance to achieve respect; however; scholars argue that respect is earned through positive actions. One way to foster a good relationship between employers and employees is through the creation of mutual resilience, avoiding consecutive dismissal. Consecutive dismissals involve discharging or termination of employee contracts due to bad working environment or scandals nonetheless it creates fear and stigma to employees. Smother, et al., states that when a business experiences scandals, and issues, it is required that detailed investigation is done but not random consecutive dismissal, which affects the business operations (45). One way to deal with scandals and issues that arise in the business is through alternative dispute resolutions. Alternative business resolution refers to resolutions done out of the office and entails, direct negotiations which often lead to specific solutions. Approaching scandals in such manners create or establishes a good and strong employer-employee relationship.

Corporations and Consumers

All businesses rely on consumers; especially potential consumers who help propel the business by offering a variety of products and services. According to Poore, and Thomas one element about consumers or customers is that customers have a preference; hence they are subjected to change in taste and preferences, making them not dependent on one product or services (987). Consumers are responsible for the success or failure of the business since customers, according to scholars, tend to finance the business or company. On the other hand, corporations, according to business analysts, finance the business. Corporations provide an organized vehicle for poling cash and capital from a considerable number of investors. Breemer states that one of the benefits of corporations aside from funding businesses involves the engagement social and environmental issues and activities that help the community at large (23). Consumers form a vital element in the business since they play the community role and customers' role. According to Bremmer once customers start pooling away from the business, the revenue reduces, leading to losses in cash flow (65). One reason for customers disliking product or changing taste is when a product's quality reduces, or the price increases. Many times products get bad or affect the consumers in one way or another. When products affect the health or the wellbeing a consumer, consumers have the right to report and be compensated for the damages.

Product liability protects against the effect that arises from using a given product or service. Product liability based on research refers to an area of law in which manufacturers, retailers, suppliers, distributors, and producers who make the product available for consumers are held responsible for the injuries caused (Howells, 2). Hence for continuity of the businesses, stakeholders, especially suppliers, should ensure Omni channel. Omni-channel refers to the concept of true continuity of the experience. Extending one brand to reach a universal level makes the business thrive in the long run. The business achieves global presence through the consistent offering of quality and services. Businesses analyst claim that through total quality management, business and companies grow and expand to reach international markets. When corporations fund the business or foster for environmental and social agenda, the business should focus on total quality management while limiting cases that arise due to product liability.

Total quality management involves consistent quality delivery by employees. Employees get tasked to produce products or offer services. When there is consistent quality in terms of production in the business, customer floods in to purchase. However, scholars argue that customers or consumers get influenced by multiple factors when making purchasing decisions. Hence regardless of the consumer's decisions, the businesses should ensure that the interest of the customers is met. The concept or promotion or protection of consumer's interest is known as consumerism. The concept of consumerism has made many businesses, companies, or organizations improve their products and services. Both corporations and consumers play a huge role in propelling the business to another level.

The corporation within the community and the public good

The corporations not only invest in the business but also in the community at large through social and environmental activities. Aside from the corporate social reasonability which businesses and companies should uphold, cooperation s fund environmental activities and social events while promoting the businesses products and services. One way corporations provide or engage in social activities is through offering public goods. Public goods, according to Duan and Elisabeth, refer to services or commodities that are made available for the public (32). Often public goods are provided by government corporations and agencies. Some of the characteristics of public good include: public good should be non-excusable, and non-rivalries. Businesses are encouraged to use outplacement policies to maintain healthy relationships, reduce unemployment, negative externalities and liability protection. Negative externalities refer to the costs a third party insures as a result of economic transaction. Outplacement gives the remaining employees the perception and belief that their efforts are recognized and valued by the businesses or company. In the long run, the outpatient concept makes the brand better. One way to create a healthy production environment is through recognizing employee's effort and motivating them. Customers and employees form a significant part in the businesses; hence, the businesses can adopt the in-kind donations. In-kind donations, according to Wydick, Elizabeth, Brendan refers to gift in kind that involves giving money to buy certain products or receive certain services, the products and services are given instead( 36). In-kind donations are regarded as a charitable move by corporations towards society. Corporations, especially government corporations, usually provide the platform for businesses and the community at large access services in a charitable way.

Social Responsibilities of a Business

Moral and ethical stances

Social responsibility of a business's according to Du, Chitrabhan and Sankar the obligations of the business management to protect the interest of the society or community (65). Businesses managers aside from maximizing the profit for the shareholders, they are tasked with the responsibility of protecting the interest of the member of the public, for instance, workers, consumers and the community at large. Many analysts regard social responsibility as a social contract which must be fulfilled regardless of the businesses level. One way to achieve social responsibility is through upholding good morals and ethical stances. Many theories try to define the concept of morals and ethical stances. However, Milton Friedman, who is an American economist, argues that inflation is regarded as morals since businesses are dependent on it. The businesses can achieve moral and ethical stance through upholding the corporate social responsibilities.

However, businesses face issues, for instance, the tragedy of the commons. According to Albuquerque and Pauline the tragedy of the commons refers to an economic problem in which each individual has the incentive to consume resources at the expense others with no alternative of excluding a given individual (2). Businesses that face tragedy for the common regularly experience imbalance resulting from over-consumption, under-investments, and ultimate depletion of resources. The tragedy of the commons creates scares resources and rivalry in terms of consumptions. Businesses can leverage through the tragedy of the commons by delivering quality services, balancing investments and the use of resources. Such a strategy creates moral and business ethics at the society level. Member of the public who form the businesses revenue prefer businesses that engage in philanthropic responsibilities rather than the tragedy of the commons.

Philanthropic responsibilities revolve around voluntary responsibilities a business engages in. For instance, businesses can engage in activities like donation of good and services, volunteering activities which are regarded as ethical responsibilities. However, businesses get subjected to the iron law of responsibility as part of exercising ethics. The iron law of responsibility refers to the law of long-run self-interest, which involves the members of the public, in judging the businesses whether the business has utilized the power it has responsibly (Flyvbjerg, 4). Regardless of the businesses of services a business's offers, the community become judgmental when there is the misuse of power or responsibility, especially in a matter concerning moral and ethics. Businesses should consider investing in teaching and upholding society-perceived morals and ethics to have long-lasting and profitable businesses. Businesses or company can adopt the socially responsible investing concept, which is also referred to as conscious, socially, sustainable or ethical investing. Social responses investing revolve around making an investment strategy that seeks to consider both environmental/social good and financial return to bring about social change. The social, ethical investments pave the way for consumers and the communities at large apprise the effort put by businesses not only to provide goods and services but also positively impact the society. Therefore all businesses must consider upholding the right or correct morals and ethical standards not only in the businesses but also to the society through corporate social responsibility.

Individual responsibilities within a business

A business involves many stakeholders who are either, individual, groups or entities. However given the number of activities business has, each person needs to undertake responsibilities as per the businesses requirements. The tasks are distributed to a precise person or group of persons based on the qualifications skills and the businesses requirements. According to Rohloff The executive position within businesses and company is an individual responsibility which the members or group of members should fulfill regardless of the circumstances prevailing in the businesses (45). Regardless of the position in the busses, company or organization, responsibilities are individually based on the loyal agent arguments. An employee is an agent of the employer; hence; employees should perform duties based on the business requirements and satisfy the employer regardless of the process. Part of giving precise task, roles and responsibilities involves the concept of job analysis. Job analysis refers to the procedure of identifying the content of a job in terms of attributes, activities involved and job requirements needed to perform specific roles ( Raymond, 2). Employees facilitate the production and implementation of ideas through the leadership of key superiors.

Nonetheless, some managers consider making decisions without regarding the moral virtues. According to Robbins, Jason, and Philippe, intentional amoral refers to the behaviour of performing businesses duties, making business decisions without moral consideration as long as it is within the legal and regulatory bounds (5). For a business to run successfully, every stakeholder should perform the duties based on the business requirements and moral responsibility.

Global responsibilities of a business

Business responsibilities go beyond borders to include global business responsibilities. Global responsibilities include both environmental and social responsibility, especially on matters affecting the business. Van den Heuvel, Joseph and Tobias state the matter that affects the business included climate change, political issues, social pressure, and social responsibility, among other social concerns (366). When a business reaches the global marketing, researchers argue that the competition increases to include social competition in terms of meeting the communities set of moral standards. A business can engage in producing or offering services with no quarrels or short cuts. Many global businesses have adopted the Certified Conflict Free Diamonds concept. Certified Conflict Free Diamonds refers to a diamond that gets mined and shipped with no connection with terror groups or rebels. Through such strategies or measures, a business achieves global presence. Resources become scarce due to depletion; however, many government agencies have adopted policies which help reduce the exhaustion of resources or natural creatures—for instance, the Endangered Species Act of 1973 that protects the imperiled species.

Sustainable business growth and environmental responsibility

The business not only gets involved in producing or availing products and services but also has social and environmental responsibilities. Businesses deal with a variety of products and services. Some business engages in chemical or products that, can lead to serious injuries once not properly handled. However, government agencies have put up acts and policies to help protect the community and regulate chemical use, for instance, the Emergency Planning and Community Right-to-Know Act which was established to help the community plan for chemical emergencies. Also, the Toxic Substances Control Act, which was established in 1976, regulates the introduction of the new or already existing business. The first step for sustainable business growth is complying with environmental regulations. Complying with the environmental regulations protects the businesses from fines and legal actions that could be imposed by the relevant authority. The United States has put multiple laws and measure to protect the quality of the environment. One of the regulations relates to Command and Control Regulation which allows policymakers to regulate the process and amount by which a company maintain the quality of the environment. Therefore businesses should create an environmental management plan by abiding by the environmental protections act for business to grow. Matos and Bruno argue that businesses should design, create and sell green products as part of the sustainable businesses growth (399). Since governments, for instance, the U.S govern the businesses resources, especially the environmental resources through The Resource Conservation and Recovery Act of 1976, businesses can sustainably grow by reducing, re-using and recycling waste.

Every business requires essential natural resources, for instance, air and water. According to Choi, and Yongjian firms cannot run without water and air; hence firms must prevent pollution by reducing pollutants and infecting water effluents (93). Authorities have come up with policies that protect harming the environment. For instance, the Clean Water Act which is a federal law in the U.S that governs the water pollution especially by restoring and maintaining the biological, physical and chemical integrity of the nation’s water. The Clean Air Act which control water and air pollution, respectively. Other policies include the "super found" law which was designed in 1980 to investigate and cleanup sites contaminated with hazardous substances. Law Firms can pollute the environment leading to acid rain, global warming, and releases of the Chlorofluorocarbon (CFC) which is against the National Environment Policy Act. In case the business gets into legal issues concerning the environment, a business can adopt alternative dispute resolutions to settle the matters. Consequently, businesses and firms can adopt green projects and practice environmental safety measures as part of the agreement. Based on the discussed business-related matters, businesses are essential in many ways, and it's the duty of businesses to the firm to ensure that all responsibilities are fulfilled. Overall, the businesses are essential in the member of the public and the community at large.

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