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It may be argued that the business professional is not solely responsible for proper business conduct, but the organization can assist ethical behavior of a business person by laying code of conduct which may be used for immediate reference when the individual is unsure of the step ahead.
Business ethics does not have a typical definition because the rightness or wrongness of a behavior in business is not agreed by all as morally right or wrong, ethical or unethical, good or bad. Ethics has evolved from ancient tradition based on cultural, religious and philosophical beliefs. Business ethics is an argumentative subject with disagreements erupting due to its dynamism, complexity and interdependence in business. Business operations usually involve compromise. There are two basic viewpoints about business ethics: (a) business ethics is inseparable from personal or other ethics and (b) business will not be more ethical than the people who conduct business.
There are certain assumptions that form the basis for business ethical and unethical business conduct. It is assumed that profit is not the only motive of business, competition leads individuals to ignore ethics, pressure to compromise ethics occurs often at lower and middle management levels, a person who act ethically has a proper personal code, ethics is highest among youngest and those in the final stages of their careers, individuals with ethical superior tend to behave ethically, workplace pressures to exhibit performance can lead to unethical behavior and more managers and employees identify their ethical behavior with the policies of their organization(Lewis, P.V. 1985 p.377-383).
Some scholars define ethics as an inquiry into the grounds and nature of morality where morality is considered as standards, moral judgements and rules of conduct. The confusion in understanding ethics is due to the inability to determine precisely the various factors of business ethics and
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Public reaction to the scandals has been strong, and it has generated numerous suggestions to improve the ethical standards and behavior of business people. Some of the specific problems identified through these scandals are corporate accounting irregularities evidenced by the need for earning restatements by several large corporations
According to the task, these ethics can be explained in many different theories of ethics that include virtue ethics, rationality, utilitarianism, communitarianism, social ethics and normative ethics. Hence, international business ethics and corporate governance can be explained in various ways (Casson 95).
Business ethics are rules as well as standards which an organization is required to follow while performing its activities or operations. It mainly consists of moral standards which vary among organizations and it also helps in determining the right and the wrong decisions.
For example, according to the limited knowledge of the researcher, Magna Carta of 1215 was the first legal reference for ethics in UK (Holme, 2008). However, magnitude of importance for ethical perspective of business operation has been increased manifold in recent years after the financial scams by corporate such as Enron, Lehman Brothers, Worldcom, Nortel and many others came to the light.
Business ethics theories are often adopted by organisations seeking to curb practices that are deemed as corrupt. They usually have moral principles that organisations can implement to make sure that all the workers operating in the company conform to accepted codes of behaviour
Examples of ethical issues concerning three different issues have been explained along with their alleged law suits that have flagged these issues in the United States.
Business ethics are the moral eternal, abstract, and the
To some, the suggestion that an orderly and analytical process of decision making, not only on a personal level – but more so in business, should include the discussion of highly controversial ethical issues, about which
The other group of business people takes it as avoiding activities that portray bad image of the company. If the above are not considered as business ethics the business institutions may suffer loss or may earn the business bad reputation.Business people believe that if good business ethics are adhered to then the business will experience an upward trend with a lot of profit.
A similarity between ethics in the United States and ethics in Asia is that they address a variety of similar factors such as pollution, corruption, fraud and contracts among others. Although approaches to dealing with
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