Business Ethics Essay

1589 words - 6 pages

Main Idea of Ethics - Ethics and morality are synonymous. The pursuit of creating a moralcompass dates back to the Ancient Greek philosophers of Plato and Aristotle, who simply askedwhat it was to be right and wrong. In ethics, a premium is placed upon defining what is good.Different approaches to defining what is right have evolved over the course of contributingphilosophers, governments, and religions all proposing their own lens for what it means to be anethical person. Ethics itself has been pondered and developed for centuries because ethics is arequirement for human life. It is our means of deciding what to do in certain situations that wefind ourselves in. Without it, our actions would be without purpose or direction. We would notbe able to work towards a goal because there would be no means of picking between a countlessnumbers of goals. Even if we have an ethical standard or standards that we live by, we may beunable to pursue our goals with an outcome of success in the proverbial "grey" area situations.Flawed ethics will reduce our ability to be successful and could affect not only ourselves butthose around us. Even if we are unable to make the right decision, it is important that we at leastunderstand that it is possible we can make the wrong one. That awareness in itself is vital for usto understand ethics. Business Ethics - We make ethical decisions throughout our lives, so it isonly natural that some of those situations can be brought up in the workplace. In the workplacethere are multiple parties of interest. According to Agency Theory, it is important thatmanagement (the agent) acts in the best interests of the stakeholders (principal) as it is commonthat that agent empowered will lose track of the principal's interest resulting in conflicts.Whether the interests of the stakeholder are upheld has largely to do with the ethical standards ofmanagement. A company defines its own ethical stance from the top and thus its culture willreflect the "tone at the top." This links management with employees and consequently with thosewho we do business with. There are always various stakeholders in the company as well asoutside the company who are affected by the ripples of company management. Some internalstakeholders include: employees, managers, executives, board members, trade unions. Someexternal stakeholders include: creditors, investors, suppliers, trading partners. In order to betterserve all stakeholders, companies often put in place some type of corporate governance in orderto guide employees and management in serving the interests of those who they are heldaccountable to. Corporate governance itself refers broadly to the rules, processes, or laws bywhich businesses are controlled, operated, and regulated. The term can refer to internal factorsdefined by the stockholders, officers, or the constitution of a corporation, as well as to externalforces such as clients, consumer groups, and government regulations. A well-defined...

Find Another Essay On business ethics

Business Ethics Essay

1817 words - 7 pages Business Ethics Business ethics is a diverse field that cannot be defined with a single definition. This area addresses numerous issues, problems, and dilemmas within the management of businesses. Does this through numerous perspectives and methods. Of course, in order to present the complexities of business ethics, we must explore the types of issues that business professionals are continuously confronted with. To understand one

Business Ethics Essay

952 words - 4 pages Business Ethics The statement has been made that "ethics has no place in business" and the implications of this statement and its inferring characteristics provide a complex issue in the operation of national and multinational corporations. Because ethical decision making is often not as profitable as choices that do not embrace ethical elements, the perspective has emerged that the nature of an effective business mindset inherently

Business Ethics

1783 words - 7 pages Outline : A) General overview. B) Utilitarian theory. C) Kant theory. C) Rawls theory. D) Conclusion. Foreword: This research paper discusses theories in business ethics. It also considers three cases that illustrate ethics principles violation. Thesis: Nowadays in the era of economic relations and international trade business ethics plays a very important role. Nowadays in the era of economic relations and

Business Ethics - 1441 words

1441 words - 6 pages In today’s global society, a Code of Ethics policy is used to label established, acceptable behaviors among that industry’s business associates, potential investors, and the corporation’s executive officers and employees, and most important, the consumer (Ethics Resource Center, 2003). In an attempt to promote an increased efficiency and productivity potential level, among employees and prospective clients, a corporation’s standard Code

Business Ethics - 941 words

941 words - 4 pages Business Ethics Business ethics is a multifaceted field that cannot be defined with a single definition. This area addresses numerous issues, problems, and dilemmas within the management of businesses. It does this through numerous perspectives and methods. Of course, in order to present the complexities of business ethics, we must explore the types of issues that business professionals are confronted with all the time. Business ethics not

Business Ethics

865 words - 3 pages BUSINESS ETHICS REFLECTION 1Business Ethics ReflectionKimberly AdcockXMGT/216August 10, 2014Shakema Fleming-SandersBUSINESS ETHICS REFLECTION 2DESCRIBE THE RELATIONSHIP AMONG VIRTUE, VALUES, AND MORAL CONCEPTS IN THE ETHICAL DILEMMACompanies often promote a particular set of values through a corporate mission statement, code of ethics. The extent to which individual employees apply these values on a day-to-day basis depends on an employee's own

Business Ethics

3512 words - 14 pages I. ABSTRACTWithout question "business ethics" is one of the hot topics of the day. Over the past months we have seen business after business charged with improper practices that violate commonly accepted ethical norms. This has led to a loss of confidence in corporate management, and has had severe economic consequences. Business ethics serves the important social function of integrating business and society, by promoting the legitimacy of

Business Ethics

1307 words - 6 pages Business Ethics PAGE \* MERGEFORMAT 1 Running head: BUSINESS ETHICSBusiness EthicsDon CarterGrand Canyon UniversityBusiness EthicsIntroduction: One of the great arguments in business has always been whether a certain amount of deception or trickery is an ethical practice. For decades businessmen have perfected some form of business bluffing whether it was to gain an edge against a competitor or to get a promotion. However, simply because

Business Ethics - 1292 words

1292 words - 5 pages an organization and its employees are part of the team, therefore the organization would benefit if their leaders are having strong ethical principles and positive relationships . Because business ethics helps the team work better both individually and as a unit, thus inspiring ethical values while maintaining innovation and overall productivity. Effective leadership is relevant for business ethics because increasing demands are placed on

Business Ethics - 550 words

550 words - 2 pages Business Ethics Discussing the ethics of big business can very well get complicated. At the same time they can be very simple. Ethics of big business in a free enterprise system consist of some ideas. Some important ideas are competition, workers rights, and consumer protection.Productive resources let businesses produce goods and provide services. The Idea of Maximum Profit is very important in business. Profit is the businesses earnings after

Business Ethics - 1178 words

1178 words - 5 pages Business ethics can be looked at in two different ways. First from an individual standpoint and also an organizational standpoint. Individuals have the responsibility to exhibit ethical behavior to both there employer as well as the customer. Organizations carry the same responsibility towards the customer but also carry a social responsibility to contribute to the community in which they conduct business in.The decision process in making

Similar Essays

Business Ethics Essay 1764 Words

1764 words - 7 pages 7CokeAbstractImportance of Business ethicsLeigha Coke and Trevor DosterDecember 20, 2013The objective of this essay is to explain the importance of business ethics for small businesses. The definition of business ethics is described in full detail to help better explain the purpose of ethics. Ethics are the moral guidelines in which an employer should govern their business. Most ethics are geared toward the business's customers. A business must

Business Ethics Essay 2216 Words

2216 words - 9 pages sounds simple, it is easier said than done! There will always be a conflict of interest between various groups of people. Any decisions made by businesses need to be made with an informed awareness of the specific situation and then act according to some sort of system of principals which is Business Ethics. In my report I will talk about business ethics, provide the benefits of ethics and the implications of ethics to a company's stakeholders.What

Business Ethics Essay

2231 words - 9 pages achieve business objectives. In an April 1997 study, the Chartered Financial Consultants and the Ethics Officers Association, found that 56% of all workers feel some pressure to act unethically or illegally. The study also revealed that 48% of workers admitted they had engaged in one or more unethical and/or illegal actions during the last year. Among the most common violations: cutting corners on quality, covering up incidents, lying to

Business Ethics Essay 1554 Words

1554 words - 6 pages the ethics and values contained in their mission statements produce graduates who are highly valued and sought by ethical organizations." (Procario-Foley and Bean, 2002:101).The question then becomes, "Who should teach ethics, when and how?" (McDonald, G, 2006). According to Klein's 1998 article, the one condition necessary for a business ethics course is that the teacher must be a philosopher. He argues that philosophers are best qualified to