The Importance Of Business Ethics
Business Ethics
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Business Ethics Business ethics can be described as an applied ethics that seeks to inculcate an awareness of responsible business conduct within the employees of a given company. Currently, business initiatives are often tainted by a severe deterioration of business values, as well as corruption and hypocritical pursuits of self-interests (Kumar, Reddy, & Ramaiah, 2014). Such an unfavorable business environment reveals the need for business ethics in order to improve workplace relationships, productivity, and customer satisfaction. Accordingly, the present investigation examines the significance of business ethics, as well as the regulation of business conduct. Additionally, the study argues that regulations alone cannot effectively promote ethical business practices. Ethics in business is important due to a variety of reasons. Firstly, ethical principles correspond to the primary human needs. As such, ethics represents a human characteristic that requires individuals to engage in ethical practices in their private lives and business affairs. People are also attracted to organizations that promote moral values and possess a reputation for honest activities that benefit the society (Kumar et al., 2014). Consequently, companies feel compelled to become ethically oriented. Secondly, ethics establishes the credibility of an organization. For instance, a company that is generally perceived as socially and ethically responsive
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997 Words | 4 PagesAccording to research by Mayer, Aquino, Greenbaum, and Kuenzi (2012), moral leaders will often practice appropriate business ethics. In turn, the leader establishes similar positive ethical attribute in all fronts of their organization, since the employees and stakeholders are prompted to follow suit. This is in line with Terris’ (2005) opinion in the book Ethics at Work. Terris commends the Lockheed-Martin program for institutionalizing functioning work ethics at the administrative level (Terris, 2005, p. 47). Furthermore, according LRN research conducted in the United States, most of the full-time workers preferred working in an ethical company, suggesting the importance of leaders and stakeholders’ ethical behavior in the organization (Dubrin, 2010).
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1813 Words | 8 PagesThis statement is supported by Bennett (2014) wherein ethics clearly defines what is the right and wrong things and shapes what kind of behavior the business should act on. For the sense of business according to Joseph (2013), ethics are constructed and decided by each business and underpins decision that an employee makes. When it comes to the business’ environment, a well-constructed ethics is a key for a considerate and responsible decision making in a business (Bennett, 2014). Business Ethics is very important inside the company, it will show the moral standards that a company or business have whether it is right or wrong and good or bad.
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1324 Words | 6 PagesApart from that, ethics and high integrity could also increase the confidence of customers towards the organization (Trevino & Nelson, 2010). On contrary of that, according to Cadbury (2002) argument on unethical behaviour or a lack of corporate social responsibility, by comparison, may damage a firm 's reputation and make it less appealing to stakeholders and profit could fall as a result (Cadbury S., 2002). Besides
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The Importance Of Business Ethics In International Business
1039 Words | 5 PagesThe earlier opinion stated that a business cannot be ethical, but this opinion is not used anymore in the modern business. Today business has belief that they must be responsible for social since they live and operate within a social structure. The key factors that make business ethics is important at the quarter of the 20th century are corporate social responsibility, corporate governance, and globalized economy. The culture of an organization, or else we can call it as the philosophy of an organization which is related with ethics have a great relationship with the performance of a business in long and short term. As a business is manage by human being, the people who manage a business
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