In the past couple of decades the businesses sector and other organizations have witness a significant amount unethical conducts of corporation and individuals that have impacted stakeholders’ faith in the market. One the major ways organizations have attempted to circumvent unethical and legal misconduct is ethics auditing. Ethical auditing is used by corporation as mean to plan for ethical disasters, which in all likelihood would result in considerable legal and financial expenses and interfere with normal operation of the business including its staff, efficiency, reputation, and stakeholder faith in them ( Ferrell, Fraedrich, & Ferrell, 2013).
Moreover, the federal government stepped in to ensure that corporation avoid unethical actions a s displayed in “The Sarbanes–Oxley Act of 2002” which placed more legal obligation on companies to safeguard the stakeholders. There are other reform that have been put into effect that address industries such as banking, credit and other lending industries that abused the economic system . In other words the government attempted to regulate industries that have used unethical methods to increase their profits at the expense of stakeholders (Baack, 2012).
When one evaluation ethical and unethical actions, it should be understood that it continues to be fundamentally an individual choice. For example, Baack, (2012) cite how Individuals made bad or unethical decision that was responsible the “2010 Gulf of Mexico oil spill”. Additionally, Baack (2012) states Individual lenders neglected to inform home buyers about the risky mortgages which lead to a great number of foreclosures during the recent financial crisis. Likewise, Individuals was responsible for the financial s...
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...int Education, Inc.
Cheng, J. (2013). Integrating Six Sigma with Business Strategy: An Empirical Study of Industries in Taiwan. International Journal of Management, 30(2 Part 1), 492-506.
Ferrell, O.C., Fraedrich, J. & Ferrell, L. (2013) Business ethics & social responsibility [OMM640 Custom edition] Mason, OH: Cengage Learning
Freiesleben, J., & Pohl, T. (2004). Quality: An Ethical Inquiry. Total Quality Management & Business Excellence, 15(9/10), 1209-1216.
Jones, E. C., Parast, M., & Adams, S. G. (2010). A framework for effective Six Sigma implementation. Total Quality Management & Business Excellence, 21(4), 415-424. doi: 10.1080/14783361003606720
Sridhar, K. (2012). The relationship between the adoption of triple bottom line and enhanced corporate reputation and legitimacy. Corporate Reputation Review, 15(2), 69-87. doi: http://dx.doi.org/10.1057/crr.2012.4
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