business ethics


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Ethics

The study and practice of appropriate behavior, regardless of the behavior's legality. Certain industries have professional organizations setting and promoting certain ethical standards. For example, an accountant may be required to refrain from engaging in aggressive accounting, even when a particular type of aggressive accounting is not illegal. Professional organizations may censure or revoke the licenses of those professionals who are found to have violated the ethical standards of their fields.

In investing, ethics helps inform the investment decisions of some individuals and companies. For example, an individual may have a moral objection to smoking and therefore refrain from investing in tobacco companies. Ethics may be both positive and negative in investing; that is, it may inform where an individual makes investments (e.g. in environmentally friendly companies) and where he/she does not (e.g. in arms manufacturers). Some mutual funds and even whole subdivisions are dedicated to promoting ethical investing. See also: Green fund, Islamic finance.

business ethics

moral guidelines for the conduct of business based on notions of what is right, wrong and fair. Most business people rely upon their own consciences in making business decisions, falling back upon their own moral and religious backgrounds for guidance. However, business people are also affected by their superiors and immediate colleagues when making business decisions and may feel pressurized to behave unethically when seeking to make profits. Over recent years many firms and industries have attempted to develop codes of conduct which can be used to guide managers when making decisions.
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In 1996, a worldwide survey was conducted to reflect "the state-of-the-art of business ethics in the world today, with its challenges, initiatives, achievements, and open questions" (Enderle 1997: 1475).
Efforts to impact organizational cultures (Olssen, 2014) are an indispensable constituent of numerous business ethics interventions.
By 2011, 74% of companies had ethics training programs and the number jumped again to 81% by 2013, according to the Ethics Resource Center National Business Ethics Survey (2013).
The role and importance of CSR and business ethics is especially evident in controversial sectors of the economy.
According to FAR 52.203-13, contractors must: maintain a written code of business ethics and conduct that is available to all employees performing on government contracts; exercise due diligence to prevent and detect criminal conduct; promote a culture that encourages ethical conduct and a commitment to compliance with the law; comply with the Mandatory Disclosure Rule; and train employees and consider training agents and subcontractors on the code of ethics.
AAM also endorses international principles of business ethics including the Asia Pacific Economic Cooperation (APEC) and Mexico City Principles on Voluntary Codes of Business Ethics in the Biopharmaceutical Sector.
Determining the types of business ethics education and training that are most effective in Russia would be beneficial to researchers and practitioners.
(1) Strength of religious identity and strength of spiritual/religious beliefs are measured differently than in prior research on business ethics and religion.
Although limited research regarding Chinese business ethics is available (Sardy, Munoz, Sun, & Alon, 2010), another suggested explanation is that China has not dealt with ethical issues as much because it is more concerned with practice, rather than religious beliefs, largely based on its Confucian heritage (Fisher & Lovell, 2009).
Research on the nature of business ethics education during graduate-level training is somewhat limited.
This reprint of the 1953 seminal work on business ethics provides modern students and academics with new access to one of the most important, and often quoted, texts in the field.

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