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Currently Ethical Issue in Business - Research Paper Example

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Currently Ethical Issue in Business

This has mainly emanated from the absence of transparency, consistency; accountability, coupled with institutional weaknesses within judicial and legislative systems have been a primary cause of corruption within companies. The paper explores ethical challenges associated with corruption and bribery in business. Business ethics has overtime attracted significant interest partly owing to the perception of crude capital tendencies, which elevate the making of profits relative to ethical making of such profits. The realization of corporate goals and objectives necessitates that business managers design relevant policies and strategies, which enable them to attain the set objectives and cope with the overriding business environment. Nevertheless, some of the corporate policies may offend ethical sensibilities (Trevino & Nelson, 2011). Background Corruption is a complex phenomenon covering a wide range of and its origin lies deep within political and bureaucratic institutions. Although, the costs of corruption may differ and systemic corruption may be accompanied by sound economic performance, studies on corruption demonstrates that corruption is bad for development. Bribery represents one of the core tools of corruption and can be employed by businesses as a mode of “buying” things availed by governments or other entities such as contracts, government incentives, lower taxes, legal outcomes, and licenses (Myint, 2000). Ordinary business practices when abused can be construed as corrupt payments. Bribery and corruption in companies limits competition, corrupts the society, and damages innovation. In most cases, “corrupt” and “illicit” can be employed interchangeably, which implies that corrupt behavior contravenes a principle of legality; nevertheless, not all illegal behavior is corrupt and not all corrupt behavior can be deemed as illegal (Kochan & Goodyear, 2011). Transparency International differentiates forms of corruption by motive, whereby corruption behaviors injurious to the firm can be labeled as dysfunctional corruption while that beneficial to the firm can be labeled as functional corruption (Myint, 2000). Such a distinction is relevant when discussing international business and corruption given that some acts such as bribes and kickbacks may enable the firm to operate profitably, especially in the short-term (Loughman & Sibery, 2012). Discussion The World Bank estimates that close to 0.5% of GDP is lost via corruption each year. Bribery is mode common form of corruption, which creates a leeway where organized crime can flourish, corroding of trust in institutions, and undermining the rule of and democratic practices. Corruption can be highlighted as endemic within emerging economies causing chaos in economic development. In recent years, there has been a surge in high-profile cases of corporate corruption and bribery, which have given rise to colossal fines for companies engaged in corruption surpassing $ 1 billion and increasing diplomatic tensions between countries. In response to increasing incidences on corruption, the U.S. Justice Department has increased prosecutions of alleged acts of foreign bribery by U.S. corporations. For instance, in 2009, over 120 companies were under investigation representing a stark contrast from what was happening in the previous years. Recent trends toward vibrant enforcement of ...Show more

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Current Ethical Issues in Business Author Institution Current Ethical Issues in Business Introduction Corruption has been highlighted as one of the biggest challenges impacting on both public and private business in contemporary times and remains a significant obstacle to sustainable development…
Author : garrettdoyle
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