This essay, prepared for MAA763, critically examines the relative impact of ethical versus legal compliance on corporate governance. The essay argues that ethical compliance has a greater impact on corporate responsibility by exploring ethical principles, providing examples such as the Enron and Volkswagen scandals, and applying ethical theories like Utilitarianism and Deontology. It contrasts the limitations of legal compliance with the benefits of ethical leadership and decision-making. The essay also acknowledges the importance of legal frameworks while emphasizing that ethical behavior is crucial for balancing stakeholder interests, preventing fraud, and ensuring long-term corporate sustainability. The analysis includes references to relevant literature and provides a comprehensive overview of the topic.
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