This research will begin with the statement that business ethics is a part of the corporate governance practices of a business. Ethics is not just an academic, legal or moral aspect but in the long term scenarios of business management, corporate ethics is aimed to be established as the essential behavioural traits and part of the organisational philosophy of a corporation which would further strengthen the brand equity of the company and also ensure stable and sustainable growth for the company in the future years. Also, with time, considerations are made regarding the individual consciousness about the application of business ethics in their work which would help to establish self-regulation as an integral part of ethics and corporate governance. Despite the corporate entities, academic institutions, researchers, scholars and practitioners all over the world focusing on the aspect of business ethics and highlighting its role in conducting a profitable and sustainable business, the realm of ethical problems continue to persist in the corporate environment and as a result of which a number of unethical activities and incidences in the corporate environment is often identified. As a result of this, questions arise as to how far the ethical aspects of business management are actually been integrated into the individual organisational approaches of corporate functions and the global stakeholder groups remain sceptical about the integration and real-life implementation of business ethics within the overall business domain.
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This research is being carried out to evaluate and present the views of the public regarding the actual implementation of business ethics in the corporate environment and their impacts on the functioning of the firms and the values created for the shareholders…
It can thus be seen that general business morality that is practices by a particular business enterprise is mainly dependent on an individual’s own moral standard as dictated by the cultural and political environment in which the business enterprise is currently operating (Chryssides and Kaler, 1993).
So, the scope of corporate governance is quite wide. In fact, corporate governance has its origin from a wide range of sources including stock exchanges and international organisations. There are certain commonly accepted principles pertaining to corporate governance.
The issue of ethics in governance and business dealings has affected huge corporations like Enron, Global Crossing, WorldCom, Tyco International, Anderson, Adelphia Communications, Merrill Lynch, Parmalat etc. Such organizations have been involved in unethical practices which have resulted in collapse of stock markets, corporate failures, abuse of power, abuse of public goodwill, accounting malpractices, criminal activities leading in low investor confidence.
Ethical codes are considered by organizations to help members in understanding the right and wrong decisions that are taken by them. GlaxoSmithKline (GSK) a pharmaceutical giant operating all over the world has their own code of ethics which make them unique in the pharmaceutical industry.
One of the greatest challenges of mankind and contemporary organisations is to maintain sustainability. The requirements of the present along with the future generations relating to the aspect of sustainability cannot be met, if proper care and respect are not provided to natural resources and core social as well as environmental values (Mullerat, 2011).
CSR, regardless of a company's primary objectives, is an important subject of debate in business ethics study since it is commonly believed that if a firm earns from the community, it must return the favor by giving back to the community. The idea makes sense and the argument can be backed by various ethical and moral theories.
Nevertheless, one thing is certain the fall in ethical standards in our social fabric is clearly being manifested in the level of corporate filth that is disgusting everybody.
Inasmuch as much as the public is so appalled by the unhealthy developments in our corporate environment, it is prudent to take a critical look at all the contending issues that have contributed in bring us this low.
hile external stakeholders are shareholders, debtholders, suppliers, customers, trade creditors, and communities affected by the activities of the organisation. So, the scope of corporate governance is quite wide. In fact, corporate governance has its origin from a wide range of
20 pages (5000 words)Essay
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