Role Of Ethics In Modern Business Paradigm

Think India ◽  
2019 ◽  
Vol 22 (3) ◽  
pp. 2285-2294
Author(s):  
DIKSHA PAHUJA
Keyword(s):  
Business Ethics ◽  
Insider Trading ◽  
Ethical Issues ◽  
Code Of Conduct ◽  
Controversial Issues ◽  
Moral Issues ◽  
New Business ◽  
Modern Business ◽  
Corporate Social

Business ethics is the study of proper business policies and practices regarding potentially controversial issues such as corporate governance, Insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities .Business ethics simply we mean that the application of ethics in business. The study concentrates on how the modern businesses are accelerated by applying the code of conduct in the environment of the business. The article discusses the survival of modern in the present society. The results of this study would help the modern industries in achieving their targeted result in a smooth way. The existing companies can improve their practices and new business can comply with the results for better performance. This article also describes the ethical issues, which are vital to solving the problems related to business, and to give short preface to the moral issues drawn in the management of explicit problem areas in business.

scholarly journals Culture and business ethics – a comparative perspective

2017 ◽  
Vol 27 (3) ◽  
pp. 54-65
Author(s):  
Florin Lucian Isac ◽  
Eugen Florin Remes
Keyword(s):  
Business Ethics ◽  
Cultural Context ◽  
Ethical Issues ◽  
Comparative Perspective ◽  
Legal Regulations ◽  
Ethical Challenges ◽  
Ethical Perspective ◽  
Moral Issues ◽  
International Environment

Abstract Accelerating growth in business globalization places managers in an international environment with more ethical challenges. Ethical principles that govern businesses in a particular culture may not match with the conditions, norms and customs of other cultures. The article aims to examine comparatively the role of culture in explaining ethical issues and dilemmas in organizations. Treating the issue of business ethics in companies nowadays offer different perspectives depending on the influence of the cultural context of countries where these companies operate. Each cultural context shows its specificity, in addition to legal regulations, customs, habits or moral issues, which deserve to be highlighted in a paper on how to conduct business from an ethical perspective.

Responding to Social Responsibilities and Ethics - A Study of Refractory Industry in Odisha

2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Saikat Gochhait
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Ethical Issues ◽  
Business Organizations ◽  
Ethical Practices ◽  
Secondary Sources ◽  
Modern Business ◽  
Industrial Markets ◽  
Corporate Social ◽  
Profit Maximisation

Businesses work in a wide social environment in which they have a responsibility to a range of stakeholders including the community. The term Corporate Social Responsibility (CSR) refers to the responsibility that modern business organizations have to creating a healthy and prosperous society. Ethical practices in refractory marketing help marketers distinguish between right and wrong behavior. Adherence to ethics is essential in industrial markets as mutual trust among buyers and sellers is the key to long-term success. Marketing has evolved from a production-centric approach to a societal marketing approach that lays greater emphasis on the ethical issues in marketing. With the advent of globalization, corporations continue to evolve, grow in power, and influence the process of consolidation. Corporations are in positions of power that allow them to do greater damage to others when they act unethically or socially in an irresponsible manner. The rights theory encompasses a variety of ethical philosophies holding that certain human rights are fundamental and must be respected by other humans. The economic theories of the firm cannot be segregated of ethical considerations as they have crucial impact on how the firm concentrates on economic power, formulate the rules of law. Profit maximisation has always been the driving force and an undercurrent behind the development of corporate. But profit is not made in vacuum, it always has an associated cost, some of which is always externalized (Rhee, 2008). Corporate law has an ethical foundation and the debate on values necessarily revolves round the activities of the firm. This research paper on the basis of secondary sources of data collected from reports, research papers and Internet, focuses on corporate social responsibility (CSR) of TATA Group with reference to Tata Krosaki Refractories Ltd, Bajoria Group with reference to IFGL Refractories Ltd (Odisha), OCL Refractories Ltd, Sarvesh Refractories, and Manishree Refractories (Odisha). The study intends to understand the scope of corporate social responsibility and get an insight in CSR and ethical practices in the light of the case study of the refractory industries in Odisha.

Business Ethics and Cost Management in SMEs

2018 ◽  
pp. 109-127
Author(s):  
Sorinel Căpusneanu ◽  
Dan Ioan Topor
Keyword(s):  
Sustainable Development ◽  
Corporate Social Responsibility ◽  
Business Ethics ◽  
Ethical Behavior ◽  
Ethical Issues ◽  
Cost Management ◽  
Business Environment ◽  
Corporate Social ◽  
The Cost ◽  
Empirical Framework

This chapter illustrates aspects of business ethics and cost management applicable to small and medium-sized entities. The main objectives of this chapter are to identify and clarify ethical issues and business ethics theories applicable to small and medium-sized entities as well as to identify the functions and principles underpinning the cost management of small and medium-sized entities. Based on the literature, the authors also identify the factors that generate the ethical behavior, the organizational culture, the factors that influence the cost management of small and medium entities. There are also highlights of sustainable development and corporate social responsibility through which small and medium-sized entities align with the expectations and requirements of customers, the population and investors. Through the authors' contribution, a new conceptual and empirical framework is created to discuss other issues encountered in the business environment of small and medium-sized entities.

Homegrown Kenya: the horticultural industry under fire on CSR

2011 ◽  
Vol 1 (1) ◽  
pp. 1-14
Author(s):  
George O. K'Aol ◽  
Francis Wambalaba
Keyword(s):  
Corporate Social Responsibility ◽  
Business Ethics ◽  
Social Responsibility ◽  
Business Performance ◽  
Ethical Issues ◽  
Subject Area ◽  
Content Type ◽  
Labor Policies ◽  
Corporate Social ◽  
The Impact

Subject area Corporate social responsibility (CSR). Study level/applicability The Homegrown case is designed for teaching corporate social responsibility and business ethics at undergraduate and graduate levels. The case may be used on a variety of courses including: corporate social responsibility, business ethics and corporate social responsibility, and business ethics. Case overview In May 2003, the headline of the East African newspaper screamed “The Kenyan Horticultural Industry under fire.” The industry was accused of exploitative labor policies with respect to working conditions, workers' welfare, sexual harassment, and exposure to harmful pesticides by the key stakeholders led by the Kenya Human Rights Commission. The stakeholders had announced plans to conduct national and international campaigns against the flower growing and exporting companies in Kenya. Mr Richard Fox, the Managing Director of Homegrown was worried that the publicity had adversely tarnished the image and reputation of the horticultural industry in Kenya as a whole, including Homegrown. He wondered how best to respond to these allegations. Should Homegrown wait to see what the competitors and other stakeholders would do, as these were industry-wide problems or should Homegrown take the lead? And if so, what should be the scope of the programs, given the diverse nature of the issues? He had to make decision quickly. Expected learning outcomes The case provides opportunity for students to analyze, discuss, and debate topical issues in CSR. At the end of the case, students should be able to: identify emerging CSR and ethical issues facing the horticultural industry in Kenya; analyze the cost of implementing CSR programs in business organizations; evaluate the impact of CSR programs on business performance; justify and defend choices on CSR, and ethical decisions. Supplementary materials Not included.

scholarly journals BUSINESS ETHICS, BETWEEN THE THEORETICAL CONCEPTS AND THE ROMANIAN FIRMS’ PRACTICES

2014 ◽  
Author(s):  
Roxana Mironescu
Keyword(s):  
Business Ethics ◽  
Ethical Issues ◽  
Political Contributions ◽  
Shareholder Returns ◽  
Business Decision ◽  
Theoretical Concepts ◽  
Fiduciary Responsibility ◽  
The Many ◽  
Corporate Social ◽  
A Company

Business ethics reflects the philosophy of business, of which one aim is to determine the fundamental purposes of a company. If a company's purpose is to maximize shareholder returns, then sacrificing profits to other concerns is a violation of its fiduciary responsibility. Ethical issues include the rights and duties between a company and its employees, suppliers, customers and neighbors, its fiduciary responsibility to its shareholders. Issues concerning relations between different companies include hostile take-overs and industrial espionage. Related issues include corporate governance; corporate social entrepreneurship; political contributions; the marketing of corporations' ethics policies. Business ethics issues are complex, due to the extensive consequences, to the many alternatives and to the conflicting results, uncertainties and the personal implications. Managers make decisions and develop actions affecting the others; if the effects are adverse, if the others are suffering, then we are dealing with an ethical issue that requires a certain level of an ethical analysis, in addition to the usual economic analysis. But what is more important above all is the recognition that every business decision or action that may affect the others. In the business Romanian environment the unethical behavior is not just an exception.

To Take or Not to Take?

2019 ◽  
pp. 137-155 ◽  
Author(s):  
Katarzyna Lipska ◽  
Emilia Kijanka
Keyword(s):  
Business Ethics ◽  
Ethical Issues ◽  
Public Trust ◽  
Economic Benefits ◽  
Local Market ◽  
Moral Issues ◽  
Ethical Attitudes ◽  
The People ◽  
Economic Sphere ◽  
The Face

Business ethics are not only an effective method of competitive struggle but also measurable economic benefits. The sense of responsibility allows to limit arbitrariness and develop a concept of freedom that will take into account the needs of others. In the face of a crisis of values, the ethical attitudes and moral issues are of particular importance, both in the professions of public trust and in the economic sphere. The analysis confronts two separate groups, those who enter the market and establish their business and those who already are in the market and have to manage. The attitude of the people involved in the market depends on the atmosphere on it. Due to this, the authors analyze the beliefs of the students to ethical issues and their views on the rules which control the economy because they will be responsible for the local market.

Transforming Crises into Opportunities to Generate Sustainable Business in Brazil

2015 ◽  
pp. 46-60 ◽  
Author(s):  
Marcia Juliana d'Angelo ◽  
Janette Brunstein ◽  
Emerson Wagner Mainardes
Keyword(s):  
Narrative Analysis ◽  
Social Entrepreneurship ◽  
Business Models ◽  
Participant Observation ◽  
Sustainable Business ◽  
The Sustainable Development ◽  
Social Actors ◽  
New Business ◽  
Corporate Social

Meeting the sustainable development complex requirements in a scenario, which involves multiple social actors, relationships, contexts, and interests, has demanded new business models. Thus, this chapter discusses how one of the largest companies in Latin America's chemical segment formed a network with 23 social actors and has built a Corporate Social Entrepreneurship model to deal with the dialectic between return on investments for its shareholders and benefits for its stakeholders. Research was conducted based on Boje's narrative analysis. The data was built through interviews, informal conversations, textual and audiovisual documents, and non-participant observation. The chapter describes the Corporate Social Entrepreneurship model's elements and in this manner contributes to the discussion of the role of Academia, Industry, and Government in entrepreneurship.

REFINING THE ROLE OF THE CORPORATION: THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON SHAREHOLDER PRIMACY THEORY

2005 ◽  
Vol 10 (2) ◽  
pp. 572 ◽  
Author(s):  
HUGH ALEXANDER GROSSMAN
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Corporate Culture ◽  
Business Success ◽  
Special Interest Groups ◽  
Shareholder Primacy ◽  
Modern Business ◽  
Corporate Social ◽  
The Impact

<div class="page" title="Page 1"><div class="layoutArea"><div class="column"><p><span>[</span><span>Evidence indicates that we may be witnessing a redefinition of traditional theories of the role of the corporation. Traditional shareholder primacy theory contends that a corporation is primarily responsible to its share- holders to maximise wealth, consequently social factors should not inter- fere in a corporation’s business operations. In the modern business setting however, a company’s core objective of profit maximisation must be un- derpinned by a proactive approach to corporate social responsibility in order to manage and mitigate a broader array of risk factors. Managing risk via community engagement and the implementation of socially re- sponsible strategies is increasingly linked to business success and stake- holder confidence. Intangibles such as trust, ethics, corporate culture, employee satisfaction, environmental behaviour and community responsi- bility are increasingly relevant to consumers, business partners, govern- ments, special interest groups, existing and potential employees and investors</span><span>.] </span></p></div></div></div>

Business Ethics and Cost Management in SMEs

2021 ◽  
pp. 40-58
Author(s):  
Sorinel Căpusneanu ◽  
Dan Ioan Topor
Keyword(s):  
Sustainable Development ◽  
Corporate Social Responsibility ◽  
Business Ethics ◽  
Ethical Behavior ◽  
Ethical Issues ◽  
Cost Management ◽  
Business Environment ◽  
Corporate Social ◽  
The Cost ◽  
Empirical Framework

This chapter illustrates aspects of business ethics and cost management applicable to small and medium-sized entities. The main objectives of this chapter are to identify and clarify ethical issues and business ethics theories applicable to small and medium-sized entities as well as to identify the functions and principles underpinning the cost management of small and medium-sized entities. Based on the literature, the authors also identify the factors that generate the ethical behavior, the organizational culture, the factors that influence the cost management of small and medium entities. There are also highlights of sustainable development and corporate social responsibility through which small and medium-sized entities align with the expectations and requirements of customers, the population and investors. Through the authors' contribution, a new conceptual and empirical framework is created to discuss other issues encountered in the business environment of small and medium-sized entities.

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