Institutionalization of Business Ethics
Linda Ferrell and O.C Ferrell in their journal regarding the history of business explore the process at which business ethics were institutionalized. According to the authors, the ethics can be approached from various viewpoints that include normative and descriptive perspectives(Ferrell, & Fraedrich, 2015). The normative strategy entails what should be done while the descriptive perspective approach entails what really occurs in regards to organizational ethical conduct(Ferrell, & Fraedrich, 2015).
Institutionalization of business ethics was an established discipline in the academic system by 1990. From 1990-2000, there was rapid adjustment by organizations in regards to ethical conduct during business operations(Ferrell, & Fraedrich, 2015). Ethical misconduct from all parties involved in business affairs triggered the interest of discussing about the wrongs and right as well as the required legal actions. In the early 21st century, public corporations began introducing ethical programs especially because the Federal Sentencing Guidelines for Organizations (FSGO) institutionalized ethics at business settings(Ferrell, & Fraedrich, 2015).
The guidelines provided were meant to take action in detecting and preventing misconduct in business operation as well as enhancing government regulation. FSGO regulated misconduct by promoting policies such as taking legal action against business misconduct; the policy pushed companies to promote corporate values, devise a suitable code of conduct, and invest in preventing ethical misconducts(Ferrell, & Fraedrich, 2015). In the 2004 FSGO amendment, the regulation board required the governing board of every organization to regulate their code of conduct in alignment to implementation, content, and effectiveness.
In regards to institutionalization of business ethics, it is ideal to agree that it is beneficial to all parties involved in the business operations at all levels. When an organization follows the required ethical conducts in its operations, it tends to build a business culture that favors its organizational performance and individual development of its employees.
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