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Business ethics - Essay Example

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Dynamics of Business Ethics in a Modern Organization Table of Contents Table of Contents 2 Introduction 3 Business Ethics- Theoretical View 3 Ethical Structure 5 Ethical Process 5 Ethical Performance 6 Business Ethics in HSBC 6 HSBC-Brief Overview 7 Environmental Analysis 7 Environment Protection 11 Challenges for HSBC 11 Stakeholder Engagement 12 Sustainable Finance 12 Recommendations 13 Conclusion 13 Reference 15 Introduction The concept of business ethics is not a new one in the block because ancient literature provides the existence of business ethics among traders for almost 1000 years ago…
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Download file to see previous pages In such context, it is crucial for management to realize the importance of business ethics in maintaining the sustainability of business operation. Hence the study has decided to look back at importance business ethics in context to modern organizational settings. The study has selected HSBC, which is a renowned bank, for understanding the importance of business ethics in the organization. Analyzing the impact of business ethics on internal and external stakeholders of HSBC will also be the part of the analysis. In the last section the study will provide recommendation to the bank for improving their current business ethics approach. Business Ethics- Theoretical View According to research scholars such as Geraint (2003), Moberg (2003) and Kidd (2003), business ethics play significant role in those cases where the organization is suffering from asymmetric turbulence in terms of business operation, controlling activities of agents or managers, fraudulent activities to achieve undue advantage and disregard of interest of shareholders and stakeholders. From academic viewpoint, business ethics can be subdivided into three parts such as, Descriptive Business Ethics- moral values of the business owner to run the business in transparent manner without hurting the interest of shareholders and stakeholders and Normative Business Ethics- supporting activities required to control and discourage unfair business practices by organizations (Brenkert, 2004). However, very few research scholars have actually tried to create demarcation between organizational structures driven business ethics from process driven business ethics. In this paper the study will try to identify the role of business ethics in context to organizational structure, organizational process and organizational performances. The proposed model can be viewed in the following manner. (Source: Svensson and Wood, 2011) There is no doubt that the concept of business ethics is multifaceted and number of research topics can synchronized in implicit or explicit manner with the ethical perspective of business operation. For example, maintaining business ethics in terms offering high value to external stakeholders such as customers (Svensson, 2009), performing corporate social responsibility (CSR) in order to become responsible corporate citizen who is ready to put serious effort to improve quality of life of unprivileged section of the society (Young and Kielkiewicz-Young, 2001), improve the sustainability by forcing the supply chain partners to follow human rights while treating with workers (Lippman,1999), following green purchasing policy to ensure environmental sustainability (Zsidisin and Siferd, 2001), sustainable supply chain management (Svensson, 2007), following corporate governance codes in order to ensure better governance and decrease the scope for the organization to commit financial fraud which can not only hurt the interest of shareholders but also affect the interest of stakeholders (La Porta et al, 1997 & Shleifer and Vishny, 1997). Ethical Structure Factors like ...Download file to see next pagesRead More
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