Hence, business has a moral responsibility to contribute in enhancing larger social good. The main aim of this research paper is to analyze and understand the role of corporate social responsibility and sustainable development in India. Further, this paper will also analyze the contribution of various Indian organizations for the social upliftment.
Companies have to protect their social responsibilities by protecting their consumer rights, the ethical practices towards the consumers are important in order to improve and develop their businesses. Question 1: Business ethics is the study of business activities, decisions and situations. These actions of right and wrong are addressed, from a value based perspective. This is containing conflicting between
He gives us some assumptions and examples of their potential results and impacts on corporations to express his ideas clearly. In addition, he makes comparisons between being an individual and an executive and mentions the sharp differences between their responsibilities. The writer’s purpose is making it distinguishable and understandable for readers if there is a reality of the doctrine of the social responsibility for business. He aims to show
In addition companies create jobs and create career opportunities. All other functions are underpinned by the economic role of business in society. •Legal responsibilities - Although companies have their economical fundamental role they are expected to comply with the laws and regulations of the country they operate in. The legal expectations apply to companies, as juristic entities that can act as persons, and the employees they employ regardless of their responsibility. •Ethical responsibilities - Companies are also expected to comply with the ethical norms of a society.
Which of the three basic philosophies of social responsibility would you find most appealing as the chief executive of a large corporation. The three basic philosophies of social responsibility are: The Economic aspects: This involves having an understanding of the economic impact the company’s operation’s has on the
Therefore, corporate social responsibility is a business system that enables the production and distribution of wealth for the betterment of its stakeholders through the implementation and integration of ethical systems and sustainable management practices Smith (2011). These three characteristics; stakeholders, ethical systems and sustainable management practices highlight the key factors as to what corporate social responsibility involves. Avery broad definition of a stakeholder is any group or individual which can affect or is affected by an organization. Such a broad conception would include suppliers, customers, stockholders, employees, the media, political action groups, communities, and governments. A narrower view of a stakeholder would include employees, suppliers, customers, financial institutions, and local communities where the corporation does its business Mayer (2016).
Important principles of business ethics: There are some important principles of business ethics which is given below: Honesty: We all know that Honesty is the best policy. When you have honesty, then everyone wants to do business with you and everyone believes you whatever you are doing. Integrity: Being ethical in business means a lot of personal integrity. Integrity means having a stable character that determine your thoughts whatever thing you are thinking and so on. Keeping your promises: you should keep your promises.
Ethics and ethical standards as it relates to businesses maybe be defined in many forms. Ethics is synonymous with principles, professional competence, truthfulness and honesty. According to IFAC Code of Ethics 2006 business ethics is defined as “A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest.” Ethics is about more than simple conformance with the law or about choosing right or wrong, good or bad, hence, the question that should be asked is, how this can apply to the business world one may ask. It is believe that the discussion of business ethics is a subjective one, for different individuals brings different notions of ethical behavior to the table. Some professions such as medicine and law undoubtedly have distinct codes of professional ethics.
What are business ethics? - Business ethics and corporate social responsibility - Anglo American | Anglo American case studies, videos, social media and information | Business Case Studies. [online] Available at: http://businesscasestudies.co.uk/anglo-american/business-ethics-and-corporate-social-responsibility/what-are-business-ethics.html#axzz3K88S081H [Accessed 27 Nov. 2014]. B.V., ï¿½. (2014).