Business Ethics

In the study, the researcher also included a brief review of the extent to which poor ethics contributed to the recent global financial crisis. A comprehensive literature review was done to gather information about the importance of ethics and corporate citizenship in building a positive image of the company in the minds of the public. A case analysis was done to prove the arguments about importance of ethics and corporate citizenship. The research proved that ethical decision-making, professional ethics, and corporate social responsibility play a vital role in improving organizational performance and productivity. 1. Introduction The concept of business ethics refers to a set of defined ethics that are required by a company to maintain its reputation in the market. Business ethics not only increase organizational value but also improve organizational effectiveness. Some of the core principles related to ethics that increase organizational effectiveness include ethical decision-making, getting facts from potential perspectives, recognizing and managing ethics, reducing the occurrence of ethical dilemmas, and using cross-functional teams while implementing an ethical management system in the company. Ethical conduct has become one of the main elements of a successful business. Employees of any company or organization need to show corporate social responsibility to fit into the definition of ethics as a practical manifestation of ethics in the workplace. In this paper, we will examine the extent to which ethical conduct is a vital element of modern organisations. We will also show how employee corporate citizenship proves as a practical manifestation of ethics in the workplace. Moreover, we will also focus the extent to which poor ethics have contributed to the recent global financial crisis. 2. Literature Review 2.1 What are Business Ethics? Business ethics refer to the conduct that employees and managers show while carrying out business activities (Stark, 1993, p. 41). Ethics are the backbone of the success of any business. Ethics take the business to the heights of success because they inspire people and all institutions related to the business (Joyner & Payne, 2002, p. 298). If a company does not incorporate business ethics in its daily activities and processes, it cannot achieve its goals and objectives in an appropriate manner. “Business ethics, like most areas of ethics, often tends to focus on principles of actions, on the action itself and its consequences” (Frederick, 2002, p. 30). According to Quinn (1997, p. 119), “business ethics is an area of growing public, corporate and academic concern”. In companies, ethical behaviors promote self-respect, self-esteem, and protection of basic rights of individuals and groups of people (Stark, 1993, p. 44). Business ethics also refer to the moral foundation on which employees build their professional careers. Typical definition of business ethics refers to the wrongness or rightness of behaviors (Lewis, 1985, 377). Some examples of ethical behaviors include fairness, truthfulness, honesty, respect, equality, sincerity, and helping other employees in fulfilling their job responsibilities. Employees need to show these behaviors to ensure discipline within their organization which in turn leads to increased organizational effectiveness. 2.2 Ethical Business Policies Murphy (1988, p.

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