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Chapter 1: The Importance of Business Ethics

This document discusses the field of business ethics and its importance. It covers how business ethics deals with questions about acceptable business practices and resolving ethical issues, though there is no single agreed upon approach. The development of business ethics as a field is also summarized, from focusing on social issues in the 1960s-70s to institutionalization in the 1990s to today's emphasis on developing global ethical culture. Reasons to study business ethics include promoting good business, relationships, and addressing issues like misconduct. Overall, the document provides a high-level overview of the key aspects and importance of the field of business ethics.

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Quenie Jane Sajorda Cortez
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400 views1 page

Chapter 1: The Importance of Business Ethics

This document discusses the field of business ethics and its importance. It covers how business ethics deals with questions about acceptable business practices and resolving ethical issues, though there is no single agreed upon approach. The development of business ethics as a field is also summarized, from focusing on social issues in the 1960s-70s to institutionalization in the 1990s to today's emphasis on developing global ethical culture. Reasons to study business ethics include promoting good business, relationships, and addressing issues like misconduct. Overall, the document provides a high-level overview of the key aspects and importance of the field of business ethics.

Uploaded by

Quenie Jane Sajorda Cortez
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Chapter 1: The Importance of Business Ethics

What is it about? Field of business ethics deals with questions about whether specific business practices are acceptable. Can you give examples? This field is controversial, and there is no universally accepted approach for resolving its issues.

Promotes good business and long term relationship with stakeholders Promotes brand and image of company Studying business ethics will help you identify ethical issues when they arise and recognize the approaches available for resolving them

Ethics is defined as inquiry into the nature and grounds of morality where the term morality is taken to mean moral judgments, standards and rules of conduct study and philosophy of human conduct with emphasis on determining right and wrong Difference between ordinary decision and ethical decision: Ordinary Decision -routinary (eg: dress attire) -little to no impact Ethical Decision -new decisions -crucial

The Development of Business Ethics: 1960s: The Rise of Social Issues in Business -Gender, racial and religious equality 1970s: Business Ethics as an Emerging Field -Corporate social responsibility 1980s: Consolidation -Recognition and promotion of business ethics as a filed 1990s: Institutionalization of Business Ethics 21st Century: A New Focus on Business Ethics Developing an Organizational and Global Ethical Culture Making ethics part of core organizational values To develop more ethical corporate cultures, many businesses are communicating core values to their employees by creating ethics programs and appointing ethics officers to oversee them

Business ethics comprises the principles, values and standards that guide behavior in the world of business Values are used to develop norms that are socially enforced Principles are specific and pervasive boundaries for behavior that are universal and absolute. They often become the basis for rules. Why study Business Ethics? Crisis in Business Ethics Increasing number of observed misconduct Specific abuses: Abusive behavior and harassment Accounting fraud Conflict of interest Defective products Bribery Employee theft What are some examples in Philippine setting? Reasons for studying business ethics: Promotes good organizational citizenship Promotes professionalism

Ethical culture is the decision making process that employees use to determine whether their responses to ethical issues are right or wrong Benefits of Business Ethics Ethics contribute to employee commitment Ethics contribute to investor loyalty Ethics contribute to customer satisfaction Ethics contribute to profits

Mgt19 (6/18/2013)

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