Impact Of Business Ethics

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In evaluating the impact of ethics and social responsibility on companies, it is imperative to establish the underlying conceptualization of the terms 'ethics' and 'social responsibility.' Essentially, this provides a better comprehension of how they may impact businesses. The concept of ethics is based on moral judgments of what is considered right or wrong. In the context of the corporate world, ethics is concerned with the examination of moral principles and issues that a company may face or that come up in the professional environment of business. Indeed, ethics applies to all aspects of the company including processes and ways of conducting business both internally and externally (Singhapakdi et al., 2006). In essence, the concept of ethics …show more content…
Ethics in corporations is formed and decided in line with the particular policies guiding the conduct of employees in each firm. In this respect, it is important to note that every company will have their structured set of values that underpin the actions taken and decisions made in the running of the company. This is because every company is different and will consequently place value of different factors that govern their operations. A company’s decision to behave and conduct business in an ethical manner is in line with various aspects such as organization values, culture, and other associated factors. In this way, the decision for an individual to behave in an ethical manner is not difficult for any morally decent human being. However, Giacalone & Thompson (2006) note that ethics in the sense of a company is based on the complexity in the nature of the corporation. Ethics and social responsibility in relation to corporate companies are centered on considering the magnitude of effect decisions of such corporations can have …show more content…
Ethics and social responsibility are important to any business that wants to be progressive and grow in addition to having a good standing in the region of operation. According to Singhapakdi et al. (2001), the significance of social responsibility for a company is in its demonstration to all the stakeholders of the corporate company that the company is interested in a wide scope of social issues with no direct impact on their bottom line. An ethical company would want to demonstrate its commitment to advancing the society and environment in which it operates without necessarily benefiting financially. Most corporate companies have had negative associations with the environment and society of operation thus giving them a negative image in the public sphere. A business therefore needs to establish interests in matters national, global, or even local directed towards the wellness, wellbeing and the concern of others that has nothing to do with
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