Business Ethics and Social Responsibility Reflective Journals

This assignment presents a series of reflective journals analyzing various case studies related to business ethics and social responsibility. The student explores ethical theories, such as giving voice to values (GVV), and their practical application in different business scenarios. Each journal entry focuses on a specific case, delving into ethical dilemmas, potential solutions, and the importance of sustainability. The assignment covers topics like whistleblowing, tax misconduct, ethical banking, supply chain risks, cultural clashes, and the impact of corporate corruption. The student reflects on the cases, drawing connections to their personal or future professional experiences, and considers the implications of ethical decision-making in a business environment. The assignment emphasizes the interconnectedness of ethics and sustainability and highlights the need for businesses to consider social, economic, and environmental factors.

Comparative business ethics and social responsibility
Comparative Business Ethics & Social Responsibility
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Comparative business ethics and social responsibility
Table of Contents.
Introduction:..................................................................................................................................2
Session t2: Reflective Journal.......................................................................................................3
Session t3: Reflective Journal.......................................................................................................4
Session t4: Reflective Journal.......................................................................................................5
Session t5: Reflective Journal.......................................................................................................6
Session t6: Reflective Journal.......................................................................................................7
Session t7: Reflective Journal.......................................................................................................8
Session t8: Reflective Journal.......................................................................................................9
Session t9: Reflective Journal.....................................................................................................10
Session t10: Reflective Journal...................................................................................................11
Conclusion....................................................................................................................................12
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Comparative business ethics and social responsibility
Introduction:
The term Business Sustainability and Ethics "is closely related to each other. Two of the words
are so interconnected that one cannot perform sufficiently without the other. Appropriate usage
of ethics in business management makes it easier for the company to run smoothly and
efficiently. There are primarily three aspects that are related to business sustainability, namely
social, economic and environmental sustainability. In this paper, various short cases and readings
have been analyzed methodically and important aspects have been focused on. An Individual’s
personal opinion has also been highlighted to give each journal a compact and consistent
structure.
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Comparative business ethics and social responsibility
Session t2: Reflective Journal
Case- Ethical theories and giving voice to values (GVV)
Reading - Although a social enterprise is not a charity, it should focus on social good.
Main insights from the case:
Jo is completely aware of the fact that Travel Tracker V2 is only a mere better version of the
Tracker Travel V1. It can be an option for travel agents who want to purchase Travel Checker for
the first time but not for existing users. Moreover, it is quite expensive and is unaffordable for
small travel agents. Jo being experienced in this sector should raise voice against Clive claiming
and manipulating clients to believe that Travel Tracker V2 is an innovation in the field of travel
trackers. Although Clive has an amicable relationship with the CEO who is inclined towards
earning short -term profits, for the sustainability of an organization it is important to follow
certain ethical rules and take decisions based on ethical theories. Therefore, Jo should take brave
steps to aware the clients about the actual facts of the tracker.
Main insights from reading:
An organization should function based on ethical principles and should focus on the well-being
of society. However, it should do so taking into consideration the financial stability of the
organization.
Relation to my present or future:
In relation to adopting ethics management in my company, there are strict rules and regulations
to be stuck to. These rules are durable and efficient in the long-run. The rules are made relating
to the following ingredients:
Respect, integrity, client satisfaction, taking risks, honoring, against bullying, etc.
Questions interesting or troubling me:
 Will it be accepted by all?
 Will this not hinder the functioning of the company?
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Comparative business ethics and social responsibility
Session t3: Reflective Journal
Case: Shakedown
Reading: Protect whistleblowers and thereafter pay them
Main insights from the case:
It was essential for Zhuk into the political scenario of Ukraine before deciding to run his
company in such a wobbling state. He should have carefully ascertained the issues. Therefore, it
could have stopped the happening of the first problematic event, ie, Hnatyuk bribing Mylofienko
from the telecommunication office and thereafter this could have stopped Ukraine's tax Authority
from assuming companies to be an easy target and chasing them.
Main insights from reading:
In Australia rules and regulations should be made to encourage people to step ahead to reveal tax
misconduct. This can be done by paying them compensation for doing so. Like in America, for
revealing tax misconduct individuals receive 15-20% of the amount received by the Internal
Revenue Service.
Relation to my present or future:
In relation to tax misconduct, my company has appointed personnel and lawyer so that the Tax
authority cannot create obstruction and so that nothing like this can happens.
Questions or interests troubling me:
 How far this can be implemented?
 How much compensation is to be paid?
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Comparative business ethics and social responsibility
Session t4: Reflective Journal
Case: Should you sell that product?
Reading: giving voices to values
Main insights from the case:
Olivia represented the idea of her team for the El Diablo series, i.e. a series of e-books, before
the company’s founder and CEO. This was actually the idea of the newest member of Olivia’s
team. He was impressed by this innovative idea for the company to flourish. Since this can be a
good and easy option for the readers to read whenever and wherever they want. However, he
later rejected it on hearing the negative aspects from the head of the Institute of African-
American. In this case, Olivia should make her senior understand the positive aspects of using e-
books and how it can be profitable for the company.
Main insights from reading:
The main ways of giving voices to values are:
 Understand your intentions and thoughts
 re-assess one’s opinion
 Think rationally and reasonably keeping themselves in place of the stakeholders and
overcome fear and be brave.
 Look into matters if the stakeholders are on the wrong track or grabbed by any false
belief.
 Wait for the opportunity, convince others, form a plan and then raise voice against ethical
values.
Relation to my present or future:
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Comparative business ethics and social responsibility
With respect to my company, GVV strategies are given importance for the betterment of the
company and its employees. Forming a proper plan and raising voice against immoral and
unethical things is essential not only now but in the future too.
Questions interesting or troubling me:
 Will it hinder one’s own career?
 Is GVV useful?
Session t5: Reflective Journal
Case: Can an ‘ethical’ bank support guns and fracking?
Reading: Reserve Bank of Australia warns against climate risk
Main insights from the case:
Jay was the President and founder of an ‘ethical’ bank which focused on the sustainability of the
environment. In the haste of starting his business, he did not make any strict guidelines for the
values to be followed in order to grant and reject loans. In such a scenario, two loan requests
arrived, one was the gun-making company and the other involved in fracking. Therefore, Jay
feared that this could lead to his directors resigning, his bank receiving negative publicity from
the media, etc. He should have made guidelines before, nevertheless, since the aim of the bank
was environmental sustainability he should make the guidelines now and reject such loan
requests.
Main insights from reading:
Global warming is on the rise. This can lead to huge economic instability in the world. Due to
this, the governments are making new climate-change regulations so as to change the working
policies. The government is paying serious concern to this issue.
Relation to my present or future:
Concerning this, my company has taken various precautionary means to focus on environmental
sustainability. It is the responsibility of every member of society not to ignore this issue.
Questions interesting or troubling me:
 How far is it possible to do so?
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Comparative business ethics and social responsibility
 Will it be beneficial?
Session t6: Reflective Journal
Case: Taking the cake
Reading: Recycling plastic
Main insights from the case:
In this case, Peter should suggest the CEO of the company to change product lines since they are
getting negative reviews about the products. Although from a utilitarian perspective, profit-
making is the aim of a company, thus they should focus on sharing it more in the market. But by
applying ethical values and theories and thereby recasting their products removing the defects
will be the best solution to regain public trust and positive opinion. Also by following the food
and drug regulations, they can escape lawsuits.
Main insights from reading:
China has banned the import of plastic wastes, thereby making it important to recycle plastic.
This can be effective however, more responsibility is to be taken. It was seen that 79% was
wasted, 12 % was destroyed and 9% was recycled.
Relation to my present or future:
In this respect, my company’s concentration is on public health, safety, and satisfaction.
Questions interesting or troubling me:
 How far is it possible to follow this?
 How can it be successful?
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Comparative business ethics and social responsibility
Session t7: Reflective Journal
Case: Enron- The smartest guys in the room
Reading: Growth in a world of scarcity
Main insights from the case:
The documentary is about corporate corruption similar to contemporary society. Enron
Corporation adopted all sorts of illegal means to survive in a competitive market and keep the
profit margin high. The ethical issues raised in this documentary are effective and can be learned
from business ethics management in today’s corporate world. This reveals the fact that in every
organization there is a need for efficient accounts management as well as corporate governance.
Moreover, proper guidelines for maintaining ethical values are also required for the sustainability
of a business.
Main insights from reading:
It is evident that, if amenities are limited, constant growth and development is difficult.
Thereafter, companies should take innovative steps to deal with the issue. Some of these are:
making sustainable products, improving services to replace other products in the market or at
least reduce their impact, make sure that the customers are satisfied and the product is customer-
friendly.
Relation to my present or future:
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Comparative business ethics and social responsibility
In this respect, my company has taken full consideration of the issues and adoptive methods to
work accordingly are being chalked out.
Questions interesting or troubling me:
 How far is it helpful?
 Will it be useful in the long-run?
Session t8: Reflective Journal
Case: When tragedy strikes the supply chain
Reading: Risks in supply chain
Main insights from the case:
Currently, T&T produces 36% of its merchandise in China. Shifting this specific operation
would lead to over 50% of supply coming from China. This would create risks such as a rise in
costs, strikes by workers, or another natural disaster. Bangladesh has low labor and logistics
expenses and also a duty-free trade with the European Union. Even though the political situation
in Bangladesh is corrupted and a chaotic situation persists there, T&T including other retailers
has made big investments that have made the economy powerful as well as improved their way
of living. An alternative decision is to relocate to any country other than Bangladesh and China
which can be difficult to adjust and operate in a new environment. Therefore, Laura should make
a decision which is best for the company, its employees and its customers that is to work from
Bangladesh.
Main insights from reading:
The supply chain faces various risks such as:
 Financial risk (energy prices, labor cost, cost of raw materials)
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Comparative business ethics and social responsibility
 Social, ethical and environmental (Child labor, health care, waste)
 Strategic issues ( reputation, market changes, dealing with legal issues)
 Continuity issue ( poor management, the financial failure of supplier and shortage of raw
materials)
Relation to my present or future
In this respect, my company has to focus on these criteria and take necessary steps corresponding
to the issues. The supply chain risk can if not dealt properly can lead to serious mishaps in the
company.
Questions interesting or troubling me:
 Is it possible to overcome and manage these risks?
 How far is it possible?
Session t9: Reflective Journal
Case: Culture clash in the boardroom
Reading: Creating shared value (CSV)
Main insights from the case:
In this case, problems evolved when Almond Chemical, a German company, and Chongqing,
Chinese local company decided to merge and expand their business. The German-based
company was trying to expand the business. The main issue was relating to cultural differences.
German companies were more disciplined and ethical in their approach whereas in China
companies having good connections get the deal. This is against Germany’s moral corporate
culture. Moreover, safety equipment is a luxury to China whereas a necessity to Germany. This
difference of opinions is due to cultural diversity which is essential to be kept in mind before
doing business tie-ups.
Main insights from reading:
The strategy of establishing shared values can be beneficial for companies. It helps a company
to work cooperatively and get successful results in the competitive market. This surely can
eradicate the issue of cultural differences. Sharing values and changing previous methods should
be adopted if a company wants to expand its business globally and earn more fame and profits. It
helps companies to accept each other’s cultures and thereby negotiate to work appropriately.
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Comparative business ethics and social responsibility
Relation to my present or future:
With this, my company has created certain structural frameworks to accept cultural diversity and
run the business efficiently. However, this is not enough. More changes are required so that trade
and business can be carried on easily and smoothly.
Questions interesting or troubling me:
How far is it easy to create shared values?
Is it acceptable by all?
Will it not hurt anybody’s culture?
Will it hinder the profit-earning mechanism?
Session t10: Reflective Journal
Case: At first, Susan Kim wasn’t sure whether she’d heard her new manager correctly
Reading: Performance management tools
Main insights from the case:
In this case, the confusion of Susan Kim when she was asked by Mr. Moon, the manager of
Zantech to contact different companies for market research and introduce herself as an MBA
student. This is because she was an intern working with Mr Moon. Although her father asked her
to follow Moon’s instruction others suggested her to refuse as this can hamper her future career.
In such a case, it is important for Susan to follow ethics and not to lose her integrity. This shall
surely have negative impact on her career.
Main insights from reading:
The performance is assessed from financial perspective, customers and employees’ perspective,
innovation perspective as well as from sustainability perspective.
Relation to my present or future:
With this, my company operates in the similar manner.
Questions interesting or troubling me:
How far is it possible?
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