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MCOM BECSR Lect 1 Business Ethics

The document defines business ethics as principles and philosophies concerned with moral judgements and good conduct in business situations. It discusses the characteristics of business ethics and explains the need and importance of business ethics to business firms to ensure survival, protect stakeholder interests, maintain good societal relations, and facilitate growth and profitability. References and online links are also provided on definitions, characteristics, and importance of business ethics.

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MANDAR JUVEKAR
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126 views2 pages

MCOM BECSR Lect 1 Business Ethics

The document defines business ethics as principles and philosophies concerned with moral judgements and good conduct in business situations. It discusses the characteristics of business ethics and explains the need and importance of business ethics to business firms to ensure survival, protect stakeholder interests, maintain good societal relations, and facilitate growth and profitability. References and online links are also provided on definitions, characteristics, and importance of business ethics.

Uploaded by

MANDAR JUVEKAR
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Dr.

MV Vaithilingam
Mob.: 7039321379/ E-mail: [email protected]

S.I.W.S.
N.R. Swamy College of Commerce & Smt. Thirumalai College of Science
Wadala, Mumbai, Maharashtra 400 031
M.Com. (Part I, Semester I), 2021-2022)
Business Ethics and Social Corporate Responsibility
Questions-Answers
Lecture 1a: 1. Business ethics and characteristics
Lecture 1b: Need and importance of business ethics to business firms
1. Define business ethics. Discuss its characteristics.
Definition of business ethics: Business ethics may be defined as those principles,
practices and philosophies that are concerned with moral judgements and good conduct
as they are applicable to business situation (Robert Grinner). Business ethics is the study
of proper business policies and practices regarding potentially controversial issues, such
as corporate governance, insider trading, bribery, discrimination, corporate and social
responsibility and fiduciary responsibilities (Investopedia). 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 business environment. It applies to
all aspects of business conduct and is relevant to the conduct of individuals and entire
organizations (Stanford Encyclopedia of Philosophy). Business ethics is the study of
business situations, activities, and decisions where issues of right and wrong are
addressed (Andrew Crane).

Characteristics of business ethics (Brief): (1) Ethical values, (2) Relative term, (3)
Protection of stakeholders’ interest, (4) Business-society relationship, (5) Provides
framework, (6) Systematic study, (7) Code of conduct, (8) Guiding principles, (9)
Universal application, (10) Voluntary in nature, (11) Evolved discipline, (12)
Reconciliation between economic and social objectives, (13) Business ethics is different
from business law, and (14) Ethics and social responsibility.

2. Explain the need and importance of business ethics to business firms.


Need and importance of business ethics to business firms (Brief): Survival of business,
(2) Protection of consumer rights, (3) Consideration of society’s interest, (4) Interest of
small-scale industry, (5) Better relations with members of the society, (6) Mutual benefit,
(7) Facilitates growth and expansion, (8) Benefits to shareholders, (9) Decision making,
Market share and profits, (11) Attracts and retains competent employees, (12) Corporate
image, and (13) Other benefits.

References
1. Crane, Andrew, and Dirk Matten. 2004. Business Ethics, a European Perspective:
Managing Corporate Citizenship and Sustaintability in the Age of Globalization. Oxford:
Oxford University Press.
2. Michael Vaz and Aurora Vaz. 2016. Business ethics and corporate social responsibility.
Mumbai: Manan Prakashan. Pp. 2-9.
3. Mackenzie, John Stuart, 1897. Manual of ethics. London; New York: University
correspondence college Press.

Online links from other sources


1. Definition of business ethics https://www.youtube.com/watch?v=IEmUag1ri6U
2. Characteristics of business https://www.youtube.com/watch?v=2FkE7zi6sqk
ethics
3. Importance of business ethics https://www.youtube.com/watch?v=Ahz56xoCSCc

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