Ethics means old tricks.
Varieties of business ethics Many people engaged in business activity, including accountants and lawyers, are professionals.
As such, they are bound by codes of conduct promulgated by professional societies. Many firms also have detailed codes of conduct, developed and enforced by teams of ethics and compliance personnel.
Business ethics can thus be understood as the study of professional practices, i. This entry will not consider this form of business ethics.
Instead, it considers business ethics as an academic discipline. Business ethics as an academic discipline is populated by both social scientists and normative theorists. This is reflected in the attendees of academic conferences in business ethics and the types of articles that are published in business ethics journals.
Social scientists—who at this point comprise the largest group within the field—approach the study of business ethics descriptively.
They try to answer questions like: Does corporate social performance improve corporate financial performance, i. I will not consider such questions here. This entry focuses on questions in normative business ethics, most of which are variants on the question: What is ethical and unethical in business?
Considered only as a normative enterprise, business ethics—like many areas of applied ethics—draws from a variety of disciplines, including ethics, political philosophy, economics, psychology, law, and public policy. This is because remedies for unethical behavior in business can take various forms, from exhortations directed at private individuals to change their behavior to new laws, policies, and regulations.
One is that the means of production can be privately owned.
A second is that markets—featuring voluntary exchanges between buyers and sellers at mutually determined prices—should play an important role in the allocation of resources.
Those who deny these assumptions will see some debates in business ethics e. Merck and Wal-Mart are examples of the first type organization; Princeton University and the Metropolitan Museum of Art are examples of the second. Business ethicists sometimes concern themselves with the activities of non-profit organizations, but more commonly focus on for-profit organizations.
Indeed, most people probably understand businesses as for-profit organizations. Corporate moral agency One way to think about business ethics is in terms of the moral obligations of agents engaged in business activity.
Who is a moral agent? To be precise, the question is whether firms are moral agents and morally responsible considered as qua firms, not considered as aggregates of individual members of firms. In the business ethics literature, French is a seminal thinker on this topic.Business ethics also refers to the moral responsibility business owners and corporate boards have not only to their shareholders but above all (in my opinion) to their employees (former and current), their customers, the local community and the environment.
Business ethics (also corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment.
It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. Companies can take a wide variety of approaches to how to discuss ethics. At one end of the spectrum are companies that rely on their code of ethics or on the exemplary behavior of people at the top.
Business Ethics and Corporate Governance, Second Edition by A. C. Fernando Stay ahead with the world's most comprehensive technology and business learning platform.
With Safari, you learn the way you learn best. Values and Ethics: Situations for Discussion Preparing for Your Session Values and Ethics Training Session Training •Develop a greater understanding of business ethics and values.
• Learn how to correctly respond to ethical situations.
• Learn a three-step checklist to ethical decision making. Bioethics Business Ethics Campus Ethics Character Education Government Ethics Internet Ethics Journalism Ethics Leadership Ethics Religion and Ethics Social Sector Ethics Technology Ethics More. Ethics Resources.