http://www.cuttingedgepr.com/articles/corprep_important.asp§
http://www.brighthub.com/office/entrepreneurs/articles/115557.aspx§
http://smallbusiness.chron.com/effects-lack-ethics-business-environment-23332.html§
http://content.time.com/time/magazine/article/0,9171,2113176,00.html§
http://www.thefreedictionary.com§
To a large extent, I agree with this statement. Many companies owners suggested that successful business depend on how profitable the business is, instead of their ethical responsibility to the society. On the other hand, From a business owner perspective, practicing business ethic is time-consuming and costly. However,many multinational companies, including HSBC, Coca-Cola Company, Visa...... embed business ethic into their operations. The truth is a business with poor business ethic is a poor kind of business, since it affect the reputation of the company, violation of law and employee performance.
Is good reputation vital to companies, since customers and investors ought to purchase goods and doing business with well-known companies. Having a bad reputation is more than notorious image , but also sales loss, or even a big chunks off a company's share price.For instance :Exxon’s share price plunged 20% after the Exxon Valdez incident, which is caused by a tank ship, Exxon Valdez. In addition,after the scandal of Hoi Tin Tong which about selling mouldy jelly and jelly with almost no turtle shell is revealed; most citizens criticized the management of the company, most of them even claimed for refund for the coupons they purchased, this not only post a great harm to sales, but also the stock market price.
A variety of laws and restrictions were instituted by government and NGOs for how a companies should be run. Companies which disobey or violate them often face large fines and other penalities.Eg:" McDonald's legislation" A typical case of influencing the lawmakers to enact legislation that serve their own selfish and haem society. In 1972, The company founder ,Ray Kroc, made a rare donation of 250,000 to Nixon's reelection campaign in exchange for the legislation of allowing companies paid teenager employee 20% less than federal minimum wages.Later, it was classified as McDonald’s most disastrous cases of bad business ethics and spawned tons of negative publicity. Moreover, The Mattel's crisis of manufacturing Hazardous dolls.A caseof I
0...According to United Nations Global Compact; there are ten principles of citizenship in the areas of human rights, labour, the environment and anti-corruption, such as:
You May Also Find These Documents Helpful
-
"A global ethic is only practicable as a personal commitment," says the author, Dalla Costa. He explains that for businesspeople, this does not mean valuing profit less, but instead valuing people more. Throughout the article, the author shows that business reflects who we are as a society and the beliefs that we live by as individuals. He uses several examples of organizations that have been hurt by unethical behavior to support his statement.…
- 456 Words
- 2 Pages
Good Essays -
Public sector net debt was £1,039.5 billion at the end of August 2012, equivalent to 66.1% of GDP.…
- 2580 Words
- 11 Pages
Powerful Essays -
This paper will compare the Franciscan Values with Kohlberg’s Levels. Cardinal Stritch University is a Catholic Institution of higher education. Cardinal Stritch was found and is sponsored by congregation if the Sister of St. Francis of Assisi. The Franciscan Values are Creating a Caring Community, Showing Compassion, Reverencing All of Creation, and Making Peace. The Kohlberg`s Three Levels and Six Stages of Moral Reasoning Lawrence Kohlberg, a professor of psychology in the University of Chicago, he created his own theory of moral development. The theory is based on children‘s reasoning, when facing moral dilemmas, however, Kohlberg went far beyond that and created a common theory for all ages. Under his theory moral thinking passes through six separate stages, which are broken into three levels. This paper aims to compare the Franciscan Values…
- 519 Words
- 3 Pages
Good Essays -
GlaxoSmithKline (GSK) is a global leader in the pharmaceutical industry. Their focus is Corporate Social Responsibility. However, their actions and litigations against them beg to differ. Since they merged together with one another, they seem to be more concerned about the revenue then the impact their product has on society.…
- 582 Words
- 3 Pages
Good Essays -
The problem to be investigated is the effect and consequences of the Sarbanes-Oxley Act. The main purpose of the Sarbanes-Oxley Act of 2002 was to improve the public trust and confidence in financial reporting provided by public companies and increase in the transparency of their reports (Jennings, 2012).…
- 1110 Words
- 5 Pages
Powerful Essays -
A Code of Ethics is a business or an organization's policy applicable to all its activities and relationships. It should identify principal responsibilities its stockholders, shareholders, employees and communities. Its main function is to provide guidance in cases of moral dilemmas. Many corporations have implemented codes of conduct that define unacceptable behavior and serve as a guideline for the practice of ethical conduct. This is a step in the right direction, but it is not enough for an organization merely to have written codes of ethics. Many business organizations are also taking a more proactive position in the area of promoting the practice of ethical behavior. To reinforce the organization's values and standards, ethics training programs should be held on a regular basis rather than being a one-shot deal. Business ethics should be practiced in every country around the world. The United States, Hong Kong and Russia are several countries that will be mentioned that practice business ethics.…
- 3356 Words
- 12 Pages
Powerful Essays -
Determine the impact of this event on ARC’s “benefits of business ethics” (employee commitment, investor loyalty, customer satisfaction, and bottom line).…
- 1142 Words
- 5 Pages
Better Essays -
“. . . I think it is fair to sum up the prevailing attitudes of businessmen on ethics as follows: we live in what is probably the most competitive of the world’s civilized societies. Our customs encourage a high degree of aggression in individuals striving for success. . .”…
- 467 Words
- 2 Pages
Good Essays -
SCENARIO: You are ethical investment consultants who advise clients on what type of ethical businesses to invest their money in. One of your clients is thinking of setting up a business that produces and sells ethical clothing for high street shoppers. Primark will be one of their main competitors and your client has heard that they have recently begun to change some of their business practices in the face of public criticism. In an effort to get a better understanding of their competitor’s activities, your client has asked you to investigate Primark’s business activities and report back to them in a formal presentation…
- 934 Words
- 4 Pages
Good Essays -
Ethical decision making in an organization is based on the moral judgment about right or wrong is often influenced by its own culture. When the decision is ethical or moral, employees act for the right course of action accordingly. Business ethics or the code of ethics has now days became the part of implementing organizational strategy and it development since it emphases on stopping business malpractices, business survival, protecting employees and its shareholders, better relation with both internal and external customers, HR function, smooth functioning and health competition to competitors. Unethical business behavior will definitely damage organization’s reputation that will have negative impact in the market which in turn will discourage the investors. This kind of consequence will result in low profit. Therefore, the purpose of this report is to emphasize on the ethical issues, perspective, ethics in workplace relationship and objectives of business.…
- 3443 Words
- 14 Pages
Best Essays -
Economist define declining marginal utility of money as the following a utility is a definitions used to explain how much value…
- 1328 Words
- 6 Pages
Powerful Essays -
In today's fast-paced world dominated by globalization, business ethics is becoming exceptionally important. This importance is only becoming greater as more and more businesses come to existence in a global economy driven solely by the forces of capitalism. Globalization is Darwinism at its best, a true example of survival of the fittest. It is forcing companies into an enormous market with the extremity of its size matched only by its level of competition. When companies are so immensely pressured by such competition, they may sometimes go to extremes in order to advance or even just to survive. Extreme action is rarely ethical, which is why business ethics is becoming such a huge issue these days. It takes a lot of work to achieve ethical operations and a lot of sacrifices on the company's part.…
- 647 Words
- 3 Pages
Good Essays -
Without question "business ethics" is one of the hot topics of the day. Over the past months we have seen business after business charged with improper practices that violate commonly accepted ethical norms. This has led to a loss of confidence in corporate management, and has had severe economic consequences. Business ethics serves the important social function of integrating business and society, by promoting the legitimacy of business operations, through critical reflection. The social function of business ethics is implicit in leading business ethics foundation theories. Significant legal and ethical concepts are applied to establish the social integrative function of business ethics and to provide strong theoretical arguments against often heard criticisms of business ethics. Many of these criticisms are ideological in nature, in that they systematically play down the importance of integrative functions in the business society relationship, on the grounds of unrealistic assumption about the performance of economic and bureaucratic institutions. However, business ethics itself can also become ideological, if it forgets that the conditions for the application of ethics to business are not always ideal as well. This paper sets out to explore the potentials of a functional approach to business ethics and its relation to law.…
- 3646 Words
- 15 Pages
Powerful Essays -
Ethics Question: Some argue that aggressively investing in emerging economies is not only economically beneficial, but also highly ethical because it may potentially lift many people out of poverty. However, others caution that in the absence of reasonable hopes of decent profits, rushing to emerging economies is reckless. How would you participate in this debate?…
- 543 Words
- 3 Pages
Good Essays -
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. Business ethics has both normative and descriptive dimensions. As a corporate practice and a career specialization, the field is primarily normative.…
- 7229 Words
- 29 Pages
Good Essays