Key Term and why you are interested in it Ethics is defined as “the discipline dealing with what is good and bad and with moral duty and obligation”. “Business ethics is defined as “the study of ethical dilemmas, values, and decision making in the world of business”, which is not considered as a “separate disciple from ethics, and international business ethics, “examines many practical issues that result from international context of business” (Satterlee, 2009). Ethics is an interesting term because it is a large concept and it has many variables to consider. There are issues that constantly test our ethics, and we make choices that will sometimes fall into gray areas. Ethics is also interesting because different cultures may or may not have different opinions as to what ethics is, or what is considered ethical conduct.
In particular, stakeholder theory, which stresses the importance of all groups that affect or are affected by a firm, has been proposed as a more adequate theory of the firm for studying business ethics. An important benefit of business ethics research conducted within such a framework would be a narrowing of the gulf between business ethics and the fields of financial economics and corporate law. Business ethics is widely dismissed as irrelevant by researchers in these fields because of its failure to recognize the existing financial and legal structures of the corporation, which are built largely on a contractual foundation. Hence, a common framework could increase the relevance of business ethics research and create a mutually beneficial dialogue. As a framework for identifying and analyzing many common business ethics problems, the contractual theory focuses our attention on the need to provide adequate safeguards for each constituency's interests.
Therefore, business ethics are politically charged in different circumstances and that in turn serves to make them important. Aside from being crucial to gaining the trust of the populace, business ethics are also important for a company in terms of expansion. The following are only some of the many factors through which business ethics can affect a business. 1. Public Image It is impractical to discuss business ethics as an essential aspect in an organization without taking a look at the correlation between business ethics and public image.
According to Luthans & Doh (2015), "the ethical behavior of business and general social obligations of companies have become significant concerns in the U.S. and worldwide". There was a time when scandals and unscrupulous business activities were ignored. However, with the efforts of nongovernmental organizations (NGOs), more attention is given to human and environmental rights. Global companies must take into account those risks associated with operating within international borders. International managers need to understand the political, environmental, ethical and legal issues that arise from their activities in a developing country.
International Legal and Ethical Issues When businesses deal globally to expand their markets they may face dilemmas which must be dealt with to avoid conflict. The types of issues many companies encounter deal with legal, ethical and cultural encounters. From our example we see the legal issues in settling disputes for international transactions can become very complex. Ethical issues concerning the workers, the culture, and the environment are all contributing factors international companies must be ready to address. CadMex Pharma and Gentura must establish a business agreement that protects both of the company’s interest from issues concerning the social, legal, and ethical norms of the host business.
Nowadays in the era of economic relations and international trade business ethics plays a very important role. It is of vital importance at any level of activity: corporate, state or international. Questions of corporate social responsibility and business ethics are engaging business more and more - both domestically and internationally (Sims 2006). This tendency is emphasized by outrageous cases in international trade illustrated by violating rules of ethical behavior. Rules and regulations on ethics and behavior are affected unavoidably by basic values about the goal of company in the community.
This is “a moral theory that dictates that people must choose the action or follow the rule that provides the greatest good to society” (Cheeseman, 2007, p. 186). To ensure that global ethical behavior is at the fore front in an organization, research needs to be conducted to make certain that the company’s policies and procedures are in line with the international and local laws. The business should also contribute to the development of the international country. International corporations should adhere to the values of the culture they are in and avoid practices that would have a disadvantageous... ... middle of paper ... ...hem with adequate pay. Because Nike is such a lucrative company officials investigated to see if Nike had paid officials in the past to overlook what was going on.
Are businesses in corporate America making it harder for the American public to trust them with all the recent scandals going on? Corruptions are everywhere and especially in businesses, but are these legal or are they ethical problems corporate America has? Bruce Frohnen, Leo Clarke, and Jeffrey L. Seglin believe it may just be a little bit of both. Frohnen and Clarke represent their belief that the scandals in corporate America are ethical problems. On the other hand, Jeffrey L. Seglin argues that the problems in American businesses are a combination of ethical and legal problems.
This essay will outline why business ethics is concerned with the issues of right and wrong behaviour in a business context. Furthermore, this essay will mention four alternative views of ethical behaviour in the context of business organisations. Additionally with the use of examples, it will state how this could link to definitions of corporate social responsibility. Furthermore, I will also be using books, academic articles and journals to help me write my essay. Business Ethics Business Ethics is crucial for all businesses as this can have a massive impact on your business; this is not only bad behaviour of business ethics, it is also good behaviour the business applies.
Ethics in International Environments Introduction Global marketing opportunities usually form the pillar under which viability and profitability of international marketing depend upon. This merged with globalization of market today makes international marketing practices a concern globally that calls for moral responsibility (ethics) in conducting business (Danley, 1983). Ethics in international marketing poses many dilemmas and this is because value judgments differ among different cultures. What is fully accepted as right in one country is completely wrong in another country. Upon a close look of existing ethical frameworks, international marketers cannot fully depend on universal ethical norms like hyper norms.