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Business Ethics - Essay Example

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Business Ethics The paper intends to emphasize on business ethics as well as corporate social responsibility (CSR) for conducting the business of an organization in an efficient way. The importance of stakeholder as well as shareholder viewpoints of business ethics is essential for the successful performance of an organization in accordance with the moral standards and rules…
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Business Ethics
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"Business Ethics"

Download file to see previous pages The organizations are required to perform their activities for the welfare of humans. An organization has two common approaches for business ethics which are from shareholder and stakeholder viewpoints (Johnson and Abramov, “Business Ethics”). CSR is the responsibility of an organization for providing fair profits to the shareholders keeping in consideration the societal perspective of providing greater benefits to the communities as well. The decisions as well as activities which are performed should be beneficial for the society and stakeholders. An organization should perform operations in a transparent way in accordance with laws as well as standards for the benefit of the society (Catalyst Consortium, “What is Corporate Social Responsibility”). Business ethics and CSR are essential elements for an organization for providing fair returns to the shareholders as well as making decisions which are to be beneficial for the stakeholders and society. The shareholder as well as stakeholder viewpoints of business ethics for an organization are the essential elements for implementing appropriate ethical values. From the perspectives of the shareholders, the decisions are made to provide a fair profit on investment. Shareholders are considered as stakeholders of an organization. These ethical values will help an organization to maintain a healthy relationship with the shareholders. Stakeholder perspective of business ethics is to perform activities or operations for the benefits of employees as well as society. The decisions of an organization are to be made for satisfying the needs of the stakeholders as well as these decisions have an impact on the people who are involved with the organization. Stakeholders are included among all those people who are a part of an organization. The key motives of an organization are to provide fair returns to the shareholders as well as to perform its activities with ethical values which are beneficial for all those who are involved with the organization. Therefore, it is apparent that appropriate ethical decisions can be made through shareholder or stakeholder perspective of business ethics (Pfarrer, “What is the Purpose of the Firm?: Shareholder and Stakeholder Theories”). Shareholder perspective is mainly focused on the notion of generating profit for the organization. An organization is functioning with the motive of generating profit and the effectiveness of the organization is determined with the quantity of profit earned as well as on other economic factors. The primary aim of an organization is to enhance the values of the shareholders. The stakeholder perspective should be to serve the people who are involved with the organization with due consideration to the notion of improving the health of the society. This viewpoint of stakeholder should be considered as a top priority above profitability for an organization. There is a vast ethical decisions difference in terms of the perspectives of shareholders and stakeholders which clashes with profitability and responsibility of an organization (Value Based Management.net, “Shareholder Value versus Stakeholders”). The ethical values as well as CSR of an organization are to perform activities or operations with the motive of providing fair profit to the shareholder as well as serving an organization in accordance with the appropriate ethic ...Download file to see next pagesRead More
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