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Business Ethics and Corporate Governance
STUDY GUIFDE review exam solution
2022
Meaning & Definition of Ethics and Business Ethics:
Many philosophers have expressed different views about ethics. But they all agree that, in
essence ethics deals with what is right or wrong. Business ethics is nothing but an
application of ethical judgments to business activities. There was an argument whether
ethics should form a part of business or not. This resulted in three different views:
Unitarian view, Separatist view and Integration view. Unitarian view argues that morality
and ethics are related to business. The Separatist view expressed that, business should
concentrate on profits, and ethics and morality do not form a part of business. The
Integration view defined a new area called business ethics, where ethical behavior and
business are integrated. The external forces like government, market system, law and
services will guide the ethical behavior of the business. Finally, the chapter discusses
about the need or necessity for business ethics - business in order to survive in the long
run should concentrate on the welfare of the society.
Nature of Ethics: The followings are characterized as the nature of ethics.
1. Ethics deals with human beings
2. Ethics belongs to the field of social science. It deals with moral behavior and
conduct of human being.
Business Ethics and Corporate Governance
STUDY GUIFDE review exam solution
2022
, Business Ethics and Corporate Governance
STUDY GUIFDE review exam solution
2022
3. The science of ethics is a normative science. It deals with value judgment. It
decides what ought to be rather than factual judgments.
4. It deals with human conduct which is voluntary and not forced by other person or
circumstances.
Sources of Ethics: Five primary sources of ethics have been identified in the American
business area by ethics scholars George and John Stever as under:
1. Genetic Inheritance: A lots of evidence and arguments suggests that the
evolutionary forces of natural selection influence the development of traits such
as cooperation and alteration that lie at the core of our ethical system.
2. Religion: Many business people believe that their religion provides them with
ethical principles and standards which are applied in business. Hinduism,
Christianity, Islam, Judaism are the great world religions that guides people to
behave ethically. The Christians believe the ten commandments as the will of
god and so preached in their day to day life. The ethical commands are:
• You shall not kill
• You shall not commit adultery
• You shall not steal
• You shall not bear false witness against your neighbors
• You shall not covert your neighbor’s house.
3. Philosophical system: There are two basic philosophical systems who teach
Business Ethics and Corporate Governance
STUDY GUIFDE review exam solution
2022
, Business Ethics and Corporate Governance
STUDY GUIFDE review exam solution
2022
differently to pleasure and pain. The Epicureanism believe that pleasure is the
chief good. Whereas the stoics are indifferent to pleasure and pain. Similarly
different philosophies guide people differently towards good and bad.
4. Legal System: The law educates us about the ethical course in life. The
legal system of a nation guides the businessmen how to deal with
employees, shareholders, customers, suppliers and with the society at large.
5. Code of Conduct: The followings are the three primary codes of conduct to
shape our ethical judgement. These are as follows:
• Company Codes
• Company operating policies
• Code of Ethics.
Definition of Business Ethics:
Business ethics is a form of applied ethics that scrutinizes ethical principles and moral or
ethical problems that occur in a business environment. In the more conscientious
marketplaces of the 21st century, the demand for more ethical business processes and
actions (referred to as ethicism) is mounting. Also, pressures for the application of
business ethics are being exerted through enactment of new public initiatives and laws
What is Business Ethics?
Business Ethics and Corporate Governance
STUDY GUIFDE review exam solution
2022
, Business Ethics and Corporate Governance
STUDY GUIFDE review exam solution
2022
Business ethics demand that a company examines its behavior towards the outside world.
It takes into consideration morality, ethical reasoning and ethics application. For instance,
the business manager's moral philosophy of situations do affect the manager's ethical
beliefs. Moral philosophy pertains to the overall guiding belief system behind the
individual's perception of right or wrong.
It is important to be acquainted with moral philosophy, ethical reasoning, and especially
the application of ethics to business and management. Ethical theories and concepts are
important to resolving moral problems confronting business. Employees and managers
must integrate moral concerns into their decision-making process.
What is ethical business performance?
Ethical business performance always adheres to society’s basic rules that define right and
wrong behavior. One of the major challenges faced by business is to balance ethics and
economics. Society wants business to be ethical and economically profitable at the same
time. Therefore the ethical decision should be right, proper and just.
Ethical Objectives: The followings are the basic objectives of ethics.
1. It studies human behavior. It makes evaluative assessment of what is moram
and what is immoral.
Business Ethics and Corporate Governance
STUDY GUIFDE review exam solution
2022
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