Definition and Nature:
Business ethics
refers to the principles and values that guide the behavior and decision-making
of individuals and organizations in the business world.
It is concerned
with ensuring that business activities are conducted in a socially responsible
and ethical manner, taking into account the interests of stakeholders such as
employees, customers, suppliers, and the broader community.
Business ethics
encompasses a wide range of issues, including corporate social responsibility,
fair labor practices, environmental sustainability, and anti-corruption
measures.
The nature of
business ethics is complex and multifaceted, requiring an understanding of
ethical theories and principles, as well as an awareness of the legal and
regulatory frameworks that govern business activities.
Objectives of
Business Ethics
Business ethics
refers to the principles and values that guide the behavior and decision-making
of individuals and organizations in the business world. The objectives of
business ethics are as follows:
Promoting
ethical behavior: The primary objective of business ethics is to promote
ethical behavior in the business world. This involves encouraging individuals
and organizations to act in a manner that is consistent with moral and social
values.
Ensuring
compliance with laws and regulations: Business ethics also aims to ensure that
individuals and organizations comply with laws and regulations. This involves
adhering to legal and regulatory frameworks that govern business activities.
Protecting
stakeholders' interests: Business ethics is concerned with protecting the
interests of stakeholders, including employees, customers, suppliers, and the
broader community. This involves conducting business activities in a socially
responsible and ethical manner, taking into account the interests of all
stakeholders.
Building trust
and credibility: Another objective of business ethics is to build trust and
credibility with stakeholders. This involves demonstrating a commitment to
ethical principles and values and creating an ethical climate where ethical
behavior is recognized and rewarded.
Promoting
corporate social responsibility: Business ethics also aims to promote corporate
social responsibility (CSR). This involves taking responsibility for the social
and environmental impacts of business activities and contributing to
sustainable and responsible economic development.
Ensuring
long-term sustainability: Finally, business ethics aims to ensure the long-term
sustainability of businesses. This involves adopting ethical practices and
policies that reflect the values and priorities of the communities in which
businesses operate and that contribute to the long-term success and
sustainability of businesses.
References:
Crane, A., & Matten, D. (2016). Business ethics: Managing corporate
citizenship and sustainability in the age of globalization. Oxford University
Press.
Ferrell, O. C.,
Fraedrich, J., & Ferrell, L. (2019). Business ethics: Ethical decision
making and cases. Cengage Learning.
Jennings, M. M.
(2018). Business ethics: Case studies and selected readings. Cengage Learning.
Treviño, L. K.,
& Nelson, K. A. (2016). Managing business ethics: Straight talk about how
to do it right. John Wiley & Sons.
Velasquez, M.
G. (2017). Business ethics: Concepts and cases. Pearson.
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