Ethics and Business: Theory to Practice

This report delves into the study of ethics and business, examining the theory behind ethical decision-making and its practical application in the corporate world. It covers topics such as the nature of corporations, challenges and emerging issues, and corporate governance and accountability. The report also discusses employee rights and duties, as well as the obligations and limits of the modern workplace. Overall, it provides a comprehensive understanding of the importance of ethics in business.

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INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. STUDY PART 1: ETHICS AND BUSINESS FROM THEORY TO PRACTICE...........3
2. STUDY PARTS 2..............................................................................................................5
PART 2: THE NATURE OF THE CORPORATION...........................................................5
PART 5: CHALLENGES AND EMERGING ISSUES........................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................8
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INTRODUCTION
Business Ethics is study of appropriate business practices and policies related to potential
controversial subject that include insider trading, corporate governance, corporate social
responsibility, discrimination and other responsibilities (Munteanu and et. al., 2020). It is
essential for an organisation to conduct those business operations while aiding ethical policies
and procedures. Present report has been conducted on different type of topics that include the
nature of cooperation, work in the corporation and challenges and emerging issues.
MAIN BODY
1. STUDY PART 1: ETHICS AND BUSINESS FROM THEORY TO PRACTICE
Veil of ignorance is mainly defined as a moral reasoning device which is basically
designed to promote and making in impartial manner by denying decision makers access to
potentially biased information about who will least or most benefit from the available options.
The main purpose of veil of ignorance is to effectively explore ideas about equality justice
morality and social status in a structured manager (Johnston and Sheehan, 2020). It has been
identified that behind veil of ignorance no one knows who they are. According to Rawls veil of
ignorance can never be carried out in the literal sense. Furthermore, it has been underline that the
principle of justice are chosen behind a veil of ignorance effectively ensure that no one is
disadvantage or advantaged in the choice of principle by the outcome of natural contingency of
social circumstances. The principles that can be chosen are justice as fairness.
Nozick accepted the idea that individuals have a right to private property and own
themselves. However, he rejects any form of system that try to make sure a particular
distribution of wealth or income, example equal distribution. The main reason behind this is that
he believed such system work with towards interfering with an individual liberty. However it has
been underlined that no seek for the grants that in some circumstances forced redistribution is
permissible. The principles under which forced redistribution is permissible include, as per the
standard of equity and law, at that point the individual concerned is qualified for that holding. In
simple terms, property procured in a lawful and legitimate way will cause under the authority of
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the individual who has obtained it and it is a kind of equity. Along with this, in the event that an
individual ends up procuring a holding by methods for move and here for this situation the
essential standards of equity has been carefully adhered to, at that point this equity based
exchange can sensibly is known as entitlement. It has been evaluated that the transfer e happens
starting with one individual then onto the next. There are various types of move, for example,
intentional trade, endowments or some other sort. While at last if person is duly entitled to them
by the principles of justice in acquisition and transfer.
It has been identified that Utilitarianism is one of the best known as the as one of the most
influential moral theory. Furthermore it has been underlined that Utilitarianism emphasize that
morally best things to do is to promote everyone’s value by making increase in welfare with all
values treated equally. Smart effectively advocates that it is essential to foster happiness as well
as pressure and restrict those actions that can cause harm on happiness. It will lead towards
making political, social and economic decisions in an effective manner. While in terms with
Rawls and Nozick about smart theory of justice it has been underlined that they think that
humans are broadly reasonable as well as rational being while politics is related to the manner in
which they live together in mutually respectful ways. As per according to Rawal fact of
individual agreement would make both state and society self-sustaining over time.
According to Greenfield the way to perform corporate ethical behaviour is to effectively
pass law the duly encourage corporate ethics in a good manner. While on the other hand
discourages but corporate ethics. However it has been identified that business conditions keep
changing in a dynamic manner that lead towards making contest changes in laws. It is essential
for organisation to undertake use of ethics programs in order to use policies of employee training
in order to encourage employees to raise issues. There is significant relationship between the law
and ethical behaviour, as law effectively set minimum standards and ethics provide guide
perform lawful and right practices. Business conditions are dynamic that changes laws to fast.
However it is essential for organisations to perform corporate as it will behaviour in effective
manner while encouraging good corporate assets with the help of offering training to employees
and managers.
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2. STUDY PARTS 2
PART 2: THE NATURE OF THE CORPORATION
A. Agency, Legitimacy and Responsibility
It is essential for an organisation to include special awareness and features of rational
decision making in order to accomplish business goals and objectives in effective manner along
with their organisation is also required to remove weakness from the notion of moral
Responsibility in order Tu have strong internal decision structure it has been identified that
corporations are not individuals they are defined as an artificial legally Constructions and does
not hold responsible only responsible are individuals it is essential for a them to carefully defined
role of Agent corporate managers and have proper accountability to investors and shareholders
corporate executives are also require to emphasize upon moral responsibility in order to perform
business operations with honesty and integrity underline that it is essential for business
organisation 2 realise importance of ethical standards for business in order to perform my role in
marketing industry it is essential for me to effectively emphasize upon legitimacy and
responsibility towards ethical practices in order to conduct my rules in effective manner this will
significantly redmi you are sure successful outcomes
B. Corporate Governance and Accountability
Corporate governance and accountability play important role for organisation as it
allowed entity to develop strong relationship with shareholders. With the help of positive
fundamental corporate governance actions organisation can implement significant corporate laws
through which they can manage business affairs in effective manner. Corporate governance and
accountability allow organisation to undertake important financial decisions and distribute profits
according to accurate periodic reports that can further forwarded to shareholders that
significantly improve transparency. Corporate governance practices facilitate organization to
conduct their business operations effective manner with use of transparent processes. It is
essential for management of organisation to undertake power in positive use and establish basic
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objective related to corporate strategies and implement the same in organisation. With the help of
this company can not only establish and monitor procedures to effectively assure of operations in
effective manner according to federal, state and local laws but can also report to shareholders and
public about the manner in which organisation is abiding the laws in order to protect
shareholders investment. It has been underlined that it is important responsibility for
management to review important executive business proposal in order to ensure full compliance
with corporate laws. It will allow entity to set their corporate objectives. It is essential for me and
effectively imprecise upon right environmental protection and community relation, purchasing
and marketing management efficiency, consumer protection and employee welfare while I
perform my roles and responsibilities in marketing industry. It will significantly facilitate me to
conduct my future roles and responsibilities in effective manner.
PART 3: WORK IN THE CORPORATION
C. Employee Rights and Duties
There is a significant difference between positive and negative rights which is posed in
organisational structure. Rights as corresponding duty and based upon needs are known as rights
of recipient which is essential to be received by employees in order to effectively conduct their
operations. It has been identified that the right to employment is termed as a positive right which
is essential to employer to provide (Harvey, Maclean and Price, 2020). This right to individuals
is essential right related to property, right to life and liberty are negative rights. According to the
analysis it has been identified that positive rights of employees are those that may be present to
government or legislation regulations. There is a significant relationship between employee and
employer which is required to effectively understand in order to conduct corporate business
operations with moral obligations. Is it essential for employer to provide safe and protected
workplace environment to improve with no equality difference. There are number of rights that
have been required to be presented by organisation to employees in order to develop a significant
relationship. Employees are having right to work the right to meaningful work, right to privacy,
right to pension protection, right to a living wage, right to equal treatment without regard to
gender, right to compensation for injury, right to job security and due process in promotion and
firing, right to healthy and safe workplace environment, the right to collective bargaining such as
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disclosed established by National labour relations board and many more. With the help of having
effective knowledge of these rights I can perform my roles and responsibilities in effective
manner in marketing industry. Effective knowledge of all these rights will lead me to perform
my responsibilities while having proper understanding of my rights.
D. The Modern Workplace: Obligations and Limits
Moral obligations allow organisation to conduct meaningful business operations. It is
essential for management of organisation to have model of education in order to provide
meaningful workplace structure to employees. Meaningful work place effectively allows workers
to effectively exercise their independence and autonomy. Furthermore, it has been underlined
that with the help of corporate meaningfulness organisation can enable employees to develop as
capacity that further allow organisations to provide effective development through each and
every work. Furthermore, according to the analysis it has been underlined that meaningful work
effectively allow organisation to provide sufficient or physical welfare. Meaningful work based
upon Kant’s explicit writing (Kimani and et. al., 2020). It is essential for organisation to
emphasize upon wellness and respect of employees and provide them effective workplace culture
by offering them independence and physical wellbeing along with the satisfaction of their
desires. It has been identified according to Kant’s theory that an organisation is defined as well if
employee’s humanity is treated in effective manner. It is important for organisation to emphasise
upon self respect of employees by offering them independence and satisfies their desire. With the
proper understanding of this I can conduct my future roles and responsibilities in effective
manner by promoting happiness and positive freedom of other individuals.
PART 5: CHALLENGES AND EMERGING ISSUES
H. Challenges and Emerging Issues
Ethics plays most important role in business organisations that allow the company to
perform their operations in a different manner. It is essential for an organisation to perform their
roles and responsibilities while abiding business ethics, as it will allow managers to overcome
the ethical issues in effective manner. Ethics play most important role in organisation as it allows
them to professionally manage business operations in a well defined and effective manner. It is
essential for managers to be ethical and understand the concept of business ethics and the
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concern of most managers. With the help of having formal disciplined managers can undertake
effective decision making and can assure long-term profitability. According to the myopia of
moral philosophy ethics mainly have two basic problems that enlightened self-interest attitude
behaviour always and enlighten organisational interest and allow company to ensure long-term
sustainability. It is essential for me to understand the concept of ethics and perform my future
roles and responsibilities and marketing with proper business ethics in order to assured by future
development and growth in effective manner.
CONCLUSION
As per the above mention analysis it has been concluded that in order to perform future roles and
responsibilities it is essential to emphasize upon certain aspects that include employees right and
duties, the modern workplace limits and application, the challenges and emerging issues and
corporate governance and accountability. By emphasizing upon these factors future growth and
development can be issued in effective manner.
REFERENCES
Books and Journals
Johnston, J. and Sheehan, M. eds., 2020. Public relations: Theory and practice. Routledge.
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Madani, M., Vedadhir, A., Larijani, B., Khazaei, Z. and Gharamaleki, A.F., 2020. Bridging the
Gap Between Ethical Theory and Practice in Medicine: A Constructivist Grounded
Theory Study. Science and engineering ethics, 26(4), pp.2255-2275.
Mol, A.P., Sonnenfeld, D.A. and Spaargaren, G. eds., 2020. The ecological modernisation
reader: environmental reform in theory and practice. Routledge.
Kimani, D and et. al., 2020. Analysing corporate governance and accountability practices from
an African neo-patrimonialism perspective: Insights from Kenya. Critical Perspectives
on Accounting, p.102260.
Harvey, C., Maclean, M. and Price, M., 2020. Executive remuneration and the limits of
disclosure as an instrument of corporate governance. Critical Perspectives on
Accounting, 69, p.102089.
Munteanu, I and et. al., 2020. Convergent Insights for Sustainable Development and Ethical
Cohesion: An Empirical Study on Corporate Governance in Romanian Public
Entities. Sustainability, 12(7), p.2990.
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