business ethics for a business ethics London Business Growth Hub London Business Growth Hub Contents Introduction 1 Theories 1 Principles 2 Ethics in leadership and management 4 Conclusion 4 References: 5 Introduction Business ethics is concerned with properly studying the policies and practices of business that relate to the potentially controversial issues like bribery, corporate governance, insider trading, discrimination, ethics and fiduciary responsibilities. Theories There are some theories related to business ethics that helps in the decision making when any dilemma about ethical or unethical behaviour occurs in the minds of
Business Ethics in Leadership and Management
Added on 2022-01-25
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BUSINESS ETHICSLondon Business Growth Hub
Contents Introduction................................................................................................................................1 Theories......................................................................................................................................1 Principles....................................................................................................................................2 Ethics in leadership and management........................................................................................4 Conclusion..................................................................................................................................4 References:.................................................................................................................................5 Introduction Business ethics is concerned with properly studying the policies and practices of business that relate to the potentially controversial issues like bribery, corporate governance, insider trading, discrimination, CSR and fiduciary responsibilities. Ethics related to the decision making regarding the right and wrong of business conduct. For e.g. when a person takes a 1
bribe from the parties in business and earns money from an illegal source, this practice is regarded as unethical in a business context. If a company is investing money in the good cause of the society and fulfilling its social responsibility, then this is regarded as an ethical business conduct. Theories There are some theories related to business ethics that helps in the decision making when any dilemma about ethical or unethical behaviour occurs in the minds of business people. These theories define some critical viewpoints from which one seeks guidance while making any decisions. Different points are emphasised in each theory which guides different decision- making style or different rule related to the decision. It tells how an individual can predict the outcome and how one can follow his/her duty to reach an ethically correct decision. The people should realise that everyone cannot make decisions in the same way because each has his mind set and perception. Also, the same information and same kind of rules cannot be employed in every situation. In short, a particular set of standards cannot be used in every situation, and one cannot adhere to what is written. Suppose it is written in the rule book that ‘one cannot take a bribe in the office', this does not mean that one can take bribe outside the office premises, but different people will understand this rule in a different way. So, one general rule should be made that ‘acceptance and grant of the bribe are unacceptable'. There must be some understanding of a common set of goals that are required to be taken by the decision makers to become successful. Principles There are some principles of business ethics that should be known to all(Edward Freeman, Rusconi, Signori & Strudler, 2012): 1.Beneficence- It guides that an individual should take the decision that is right and good. When a person does ‘good’, it makes an ethical perspective and the solution to any ethical dilemma pops up automatically. It also guides the decision maker that he should generate the ratio of good to bad in largest number that is possible. If the business and its people are striving to get the greatest amount of good, the benefits will also increase from the most of the ‘good’. 2
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