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How should one live?” (Megone & Robinson quoting Allen, 2002: 23). As corporate management practice is primarily normative many of the examinations of how an organisation should act toward Third World Countries prompts the question how it should and can do better in ethical terms.
In academia descriptive approaches to analyze and compare practices are taken as a means of judging how best those practices can be customized or altered to better suit the organization’s quest for more ethical ways of doing business. The extent of business ethical issues, how many we can come up with, in any given assessment largely reflects the degree to which the business may be at odds with social values. These values may or may not have anything to do with the economics of the situation. “...much of what masquerades as business ethics is nothing of the sort, having little to do with either business or with ethics” (Megone & Robinson quoting Sternberg, 2002: 25). Academic approaches to business ethics often get caught up in this distorted “reality,” using a directive approach that only appears to reflect what is actually going on in the organization and the environment in which it operates.
Interest in business ethics came to the forefront during the 1980s and 1990s both within major corporations and within academia. “The involvement of multinational companies in the elaboration of a new Corporate Social Responsibility (CSR) agenda during the 1990s imbued investment considerations with a more political profile. A plethora of initiatives expressed the increased salience of the private sector to debates over the respect for basic rights in the developing world” (Youngs, 2004: 85).
More than a few corporate web sites place a good deal of emphasis on commitment to promoting non-economic social values as part of their business ethics program. They publish ethics codes as seen on
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4. Enhancing and developing skills of moral judgment, reading, persuasive speaking and writing. 5. Formulating practical; frame work for any decision making 6. Enhancing proper knowledge on hoe to encourage and maintain ethical, corporate climates. Business ethics defines the application of an ethical value to all business behavior ethics is not an ethereal abstraction and is a practical aid to business problem solving.
Moreover, the study will explore the relationship between business ethics and profitability of the business. Introduction Business ethics can be defined as the morality that results from a person’s own moral standards in the context of the environment in which the business operates.
The increasing focus on stakeholders therefore have helped institutionalization of ethics into modern businesses as firms now increasingly view a diversified group of consumers, suppliers, employees, shareholders, government etc. as their stakeholders. This view therefore gives much credibility towards the buying decisions of consumers as one of the most important stakeholders of the firms.
In the contemporary business society, globalization has taken center stage with firms expanding their business operations to various parts of the world. In effect, a firm that effectively manages its operations in a manner that is effective and efficient manages to maintain a competitive edge over its competitors, which ensures that the firm achieves success in its operations.
Business practice is the study of policies and the management of controversial and critical issues. These include issues such as insider trading, corporate governance, corporate social responsibility, discrimination, fiduciary responsibilities and bribery.
That is how firms can create a true value for them. Schulman (2006) argues that ethics need to be a "part of the company's mission statement, long-term strategic plan, public pronouncements, and codes of conduct." He categorically emphasizes to follow some essential cardinal principles and some of them can be described as per the following.
In other words, businesses, in their quest for profitability are neglecting the negative impact they have on the environment. It can be said that many responsible organizations have taken notice of the fact and many are even doing their best to
ing on the Robert Nardelli’s personal attributes in leadership including personality and physical characteristics, values, and competencies (Baack, 2012).
However, there are limitations to the trait theory. In Robert Nardelli’s case, there was a possibility of being
The approach that the author will take to research this subject will include a myriad of companies that have employed corporate social responsibility within their frameworks. He will focus on the state of affairs in controversy-stricken global businesses and highlight the importance of a dominant brand name in pulling the company out of the controversy.
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