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Bribery: The Negative Effects Of Bribery

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Stakeholders affected

Bribery has negative effects on various stakeholders. It can be said that consequences arising from bribery are destructive for businesses and economy as a whole.
It affects the company itself. Unlawful activities can severely damage the company’s reputation. Other firms that care about ethics do not want to do business with firm perceived as corrupted and unethical. As a result, a company is likely to lose some of its contracts.
Paying bribes can lead to discouragement of shareholders and investors. Investors are not likely to invest in companies that are engaging in unethical activities since they do not want their investment to go to waste. Paying bribes severely hinders the profitability in the long run due to the …show more content…

Strategies need to be conceived and implemented in order to decrease the amount of corruption that is taking place in the world.

Stronger and heavier punishments should be burdened on the corrupt business bodies and governmental officials so as to set an example. This would create a fear of giving and receiving bribes which would prevent the society from committing to such acts of corruption.

There are many businessperson role models within the business world. Some are followed immensely and also conceived as role models. It is up to businesspersons of this stature to show dedication and endorse doing business without paying bribes. The only way to achieve this is to lead by example and promote a more ethical way of doing business. Top management even within the firms and governments can do this by planning and setting up workshops for employees to show the long-term benefits of doing business in an ethical way.

Governmental and Business financial records can be more transparent. More transparency in financial records will discourage the number of bribes paid by and to businesses and governments. The chances of getting caught will increase and thus many individuals and organizations will be more reluctant to …show more content…

Governments should increase supervision on private auditing companies. Auditing companies should also have more restrictions concerning consultation services that they provide, conflicts of interest occur in such cases that lead to favouritism from bribery. Restrictions such as preventing sister companies do both auditing and consulting for a specific firm and assigning low salary employees who are more prone

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