...Business Ethics This is the age of big businesses and people are living in a global economy. Business ethics are important to protect individual rights, and encourage human rights, abide by the law, and protect the environment. Ethics is the principles, norms, and standards of conduct governing an individual or group (Trevino & Nelson, 2006). Business ethics is the written and unwritten rules, standards and policies in which businesses control the actions that occur daily within the organization. Business ethics looks at ethical ideology and moral or ethical problems that occur in a business. Business ethical issues are about fairness, honesty, and respect for others. Three ethical issues within today’s business environment that affect communities and organizations are conflict of interest, privacy of personal information, and harassment, sexual and otherwise. One of the ethical issues that occur within businesses is conflict of interest. Conflict of interest occurs whenever an employee’s obligation or responsibility to the company is compromised by his or her interest. Corporations have policies that permits acceptance of favors from customers who are friends. Some common conflicts of interests are bribes, privileged information, and trading influences. To make sure one does not encounter a conflict of interest one must act impartial and make it look as if acted impartial. Another ethical issue in business is privacy of personal information. People have to...
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...Reaction paper on Business Ethics, social responsibility and Accountability Business ethics is the application of ethical principles and standards to business behavior. Ethical principles in business are not materially different from ethical principles in general because business actions have to be judged in the context of society’s standard of right and wrong”. (Thompson, A.A., Strickland, A.J. & J.E. Gamble) Now a day’s even in those companies who are believed to be practicing ethical code in the organization just have window dressing ethics and core values. These organizations mainly used or link their strategy, values and ethics stems mainly due to a desire to avoid the risks of embarrassment and of possible disciplinary action. In most societies, people believe that companies should not pillage or degrade the environment in the course of conducting their operations. In most societies, people would concur that it is unethical to knowingly expose workers to toxic chemicals and hazardous materials or to sell products known to be unsafe or harmful to the users. To the extent there is common moral agreement about right and wrong actions and behaviors across multiple cultures and countries, there exists a set of universal ethical standards to which all societies, all companies, and all individual can be held accountable. (Thompson, A.A., Strickland, A.J. & J.E. Gamble) Truly speaking, there is no universally applicable standard of ethical values and norms that can be implemented...
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...Business Ethics Edge of Darkness Sept 7, 2014 The film the Edge of Darkness is about police homicide detective Thomas Craven, who picks up his daughter Emma at the Boston station, as she is coming home for a visit. While Emma is getting into the car before heading home she starts to vomit. While they are at home and Craven is preparing them dinner, Emma’s nose starts to bleed, she vomits again, and becomes worried. Emma starts telling her father that she needs to go see a doctor right away, and she needs to tell Craven something. On their way out the front door to go to the hospital, a gunman, fires and hits Emma and she passes away in her father’s arms. Craven first appear to have been the target, however, the more he learns and uncovers it starts to lead him to rethink that. He learns that his daughter led a life that not too many people knew about that lead to her murder. He also uncovers a corporate cover-up and government conspiracy, that Emma became aware of that Northmoor was manufacturing nuclear weapons. After Craven started uncovering more and more evidence and revealing that they know almost everything that happened, the head of Northmoor orders Craven to be poisoned just as his daughter Emma was. Craven is now very ill and goes to Bennett’s house, who is the head of Northmoor, he kills one of the people at Bennett’s house who Craven comes to realize he is the man that shot his daughter. Bennett tries to kill Craven by shooting him, which ends up wounding...
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...Personal Worldview & Business Ethics Paper Liberty University BMAL 560 January 25, 2015 STEP 1 To what extent should personal religious beliefs impact our decisions about business ethics? Personal religious beliefs should impact all decisions about business ethics. If your beliefs are truly mandated in your life, then you have no choice but to be fair and honest about your business decisions. Business decisions can sometimes be difficult and harsh, but that is no reason to comprise the integrity of what you believe in. In 2012, Summers & Summers concluded that from the “Christian worldview”, God is the source and creator of all things. This means that God has provided all the resources we need in order for those needs to be satisfied. Our task is to use these resources properly. (pp. 30). Psalms 24:1 tells us “The earth is the Lord’s and everything in it, the world, and all who live in it; for he founded it upon the seas and established it upon the waters” (NIV). To what extent do your personal religious (or non-religious) beliefs about life impact your sense of business ethics and personal decision-making? The extent of my owm personal religious beliefs about life impacted my sense of business ethics and personal decicion-making. As a new Revenue Agent for the Internal Revenue Service, my on-the-job trainer told me to always assume the taxpayer was a liar. I was not able to do that. I always let the records speak for themselves and I counted on my good...
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.... Ethic Business Paper Melissa Malcolm PHL 323 January 13, 2015 Instructor Ashram Chooniedass Ethic Business Paper Enron started out in 1985 as a merger between InterNorth and Houston Gas Company, the company’s innovation leads to huge success. By 2000 Enron announce revenue of one hundred million dollars in profit. This huge increase was due to the trading energy sector of the company, shortly after it announced that Enron had become the sixth largest energy company in the world. In 1996 Jeffery Skilling became the new CEO while In 2001 Kenneth Lay held the title of chairman of the board. Skilling made it very clear that his focus is on revenue and profit increase margin and had no interest in Enron’s cash flow (Houston Chronicle, 2002). Skilling created a competitive atmosphere driven by huge bonuses, under his leadership the human resources department provided cheat sheet to recruiters to hire individuals who portray the image of sharp-dressing extrovert. They focus on graduates from Harvard, Yale, Princeton, Rice, Northwestern, and other leading universities. (Houston Chronicle, 2002). Unethical behavior such a falsifying transaction to boost volume was done by traders frequently, hide huge losses from shareholders, they encourage employees to buy stocks and discourage them from reporting poor accounting practices. Enron issue had brought a lot of businesses down due to the unethical actions that took place in that organization. Enron, an energy firm in...
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.... Ethic Business Paper Melissa Malcolm PHL 323 January 13, 2015 Instructor Ashram Chooniedass Ethic Business Paper Enron started out in 1985 as a merger between InterNorth and Houston Gas Company, the company’s innovation leads to huge success. By 2000 Enron announce revenue of one hundred million dollars in profit. This huge increase was due to the trading energy sector of the company, shortly after it announced that Enron had become the sixth largest energy company in the world. In 1996 Jeffery Skilling became the new CEO while In 2001 Kenneth Lay held the title of chairman of the board. Skilling made it very clear that his focus is on revenue and profit increase margin and had no interest in Enron’s cash flow (Houston Chronicle, 2002). Skilling created a competitive atmosphere driven by huge bonuses, under his leadership the human resources department provided cheat sheet to recruiters to hire individuals who portray the image of sharp-dressing extrovert. They focus on graduates from Harvard, Yale, Princeton, Rice, Northwestern, and other leading universities. (Houston Chronicle, 2002). Unethical behavior such a falsifying transaction to boost volume was done by traders frequently, hide huge losses from shareholders, they encourage employees to buy stocks and discourage them from reporting poor accounting practices. Enron issue had brought a lot of businesses down due to the unethical actions that took place in that organization. Enron, an energy firm in...
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...Business Research Ethics Paper Wayne Bell University of Phoenix RES/351 Business Research Robert Caldwell July 24, 2015 The Goldman Sachs Case When we think of the word ethics, we think of rules and regulations to keep us honest or to know the difference between right and wrong. Another way of defining ‘ethics’ focuses on the disciplines that study standards of conduct, such as philosophy, theology, law, psychology, or sociology” (Resnik, 2011). Considered by many economists to be the worst financial crisis since the Great Depression, the financial crisis of 2007 was primarily due to the collapse of the housing industries subprime mortgage market. Residential mortgage-backed securities are commonly issued bonds that are backed by thousands of residential real estate mortgages. The Goldman Sachs case was comprised of subprime mortgages. Most business organization possess a mission statement, a code of ethics or rules to follow to be able to limit the ethical issues that may arise within the Institution, Goldman Sachs did not have any of these. In exploring ethical behavior in the banking and financial institutions whose sole existent is to increase profits through the sale of consumer loans. In 2005, the banking industry started issuing subprime mortgage loans to consumers regardless of their income qualification. “The collapse in prices precipitated the collapse in banking profits, prompting a call...
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...Business ethics involved in Indian mining The following paper looks at the major problems in Indian Mining industry, the key players involved in the entire system and tries to offer suggestions to improve the efficiency of the process for the better functioning of economy PREFACE Especially when one is dealing with natural resources and public wealth, earning profits shouldn‟t be our goal, earning profits in a right way i.e environmental and society friendly way should be our goal. Any work that causes benefit to few but harm to large number shouldn‟t be done. Ethics is not simply the absence of a negative; it is not a list of „rules‟ we should follow and „regulations‟ we should not break. Rather, it is a vibrant code that expresses our values. When we live an ethical life or run an ethical business, it means our decisions, policies and behaviour are all congruent with our values. These values lay the vision for the world. 1|P ag e INTRODUCTION In a resource rich country like India, mining is one of the key industries in the Indian economy without which Indian economic growth would not have been the way it is. Having said that mining in India has been a contentious issue and has been plagued by a dangerous mix of bad policies, weak institutions, corrupt government oversight and thus regulation of India‟s mining industry is largely ineffectual. The result is chaos. The level of lawlessness that is prevailing in India‟s mining industry is hard to overstate. Illegal...
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...Introduce In this paper there will be a description of the differences between ethical issues and moral issues. A description of the differences between personal ethics and business ethics will be discussed. Also examples of common ethical problems in business for the ethical issues will be discussed in this paper. Differences between ethical issues and moral issues Morals issues pertain to personal character and focus on right and wrong. Ethics issues pertain to a social system in which those morals are applied. It is said that ethics issues are standard s or codes of behavior expected by the group to which an individual belongs. The two issues co-inside with each other and for there to be an ethical issues there are three main components that needs to be present. They are non-moral facts, concepts, and the moral, or ethical aspects. The difference will be moral deal with belief and involves a factual disagreement in belief. Moral issues do not involve a disagreement in attitude or in feeling. “Ethics involves the sphere of interpersonal, group, and community politics at the level of values—not just what can be achieved or how to achieve it, but more what should be sought, in the realm of social harmony and fairness. It is the complexity of the other side of individualism—other than taking care of oneself, what do we want our collective to do or refrain from doing? Ethics looks at our proper relations, our duties to each other, individually and...
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...Ethics and Moral Issues in Business BIS/216 September 14, 2011 Many businesses today have several issues to deal with on a daily. In this paper the subject to discuss is the differences between ethical and moral issues in business. Also discuss the differences on personal ethics and business ethics. Businesses have to be careful about dealing with the issues concerning moral and ethical dilemmas. Today’s businesses cannot afford any legal mishaps or wrong doings against the company. An ethical issue is the philosophical analysis of human morality and conduct. Moral issues are potential issues that help or harm anyone. The differences between these two issues are ethical deals with codified standards of behavior in a company, and a moral issue deals with actions right and fair. The website cfagbata.com said “companies are now realizing the importance of ethics in business that is crucial for them to succeed” (cfagbata, 2011, p. 1). Companies have to be very careful not to cross the lines between these two issues. The issues can cause confusion and disorder within the workplace if the business does not handle the issues properly. Personal ethics and business ethics are frequently foundation on the societies’ ideals and actions. The difference is one is personal dealing with that individual with the issue instead of the whole company itself. The business ethic is dealing with the company who issues or concerns became a problem within the workplace or environment...
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...am Scam and Ethics Running head: ETHICAL ISSUES IN SATYAM SCAM 1 A Study of Ethical Issues in Satyam Scam Haresh M Patel (Roll No.2234) B.K.School of Business Management (Evening Programme) ?Ethical Issues in Satyam Scam Abstract “Reputation is an idle and most false imposition: oft got without merit, and lost without deserving”. Failed institutions, including Lehman Brothers, Enron and Satyam, would stand a testimony to this affray in a post-mortem analysis. This paper discusses corporate ethical issues involved in ‘Satyam Scam’ from a compliance perspective. It makes a distinction between legal and ethical compliance mechanisms and also shows that the legal compliance mechanism has clearly proven to be inadequate as it lacks the moral firepower to restore confidence and the ability to build trust. The concepts of freedom of indifference and freedom for excellence provide a theoretical basis for explaining why legal compliance mechanisms are insufficient in 2 dealing with fraudulent practices and may not be addressing the real and fundamental issues that inspire ethical behavior. The focus of the virtues in governance is to establish a series of practical responses which depend on the consistent application of core values and principles as well as commitment to ethical business practice. In my opinion, No one makes it to the top ranks of corporate management without a healthy amount of self-assurance. Confidence underlies decisive, strong leadership, but does overconfidence...
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...articles were: What is Business Ethics by Peter F. Drucker, 1981, The Social Responsibility of Business is to Increase its Profits by Milton Friedman, 1970 and The Relevance of Responsibility to Ethical Business Decisions by Patrick E. Murphy, 2010. Ethical Perspectives of Friedman, Drucker and Murphy Peter F. Drucker is known as the man who invented management. Drucker wrote many books on management and influenced the way business and industry thinks about management. “Peter F. Drucker was a writer, professor, management consultant and self-described ‘social ecologist,’ who explored the way human beings organize themselves and interact much the way an ecologist would observe and analyze the biological world (Drucker Institute, 2013).” Drucker’s paper from 1981, or 32 years ago, was trying to answer the same questions which today’s business society and government are trying to answer: What is business ethics/social responsibility and who is responsible for both? These are difficult questions to answer and questions which Drucker sets out to answer in Casuist, Ethics of Prudence and Confucianism. “Business ethics undoubtedly is a close parallel to casuistry. Its origin is political, as was that of casuistry. Its basic thesis, that ethics for the ruler, and especially for the business executive, has to express social responsibility is exactly the starting point of the Casuist. But if business ethics is casuistry, then it...
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...Business ethics are a pivotal aspect in strategic business finance, or finance in general. Poor ethical practices and immoral acts have been conducted across many years by many individuals and businesses in the business world in regards to finance. This paper will focus on two of the more well-known ethical issues that occurred in the late 1990s and early 2000s, Enron Corporation and WorldCom. This paper will focus on the factors that led to the demise of the corporations, as well as the violations that occurred within the accounting practices, and the specific ethical violations in strategic financial planning. To summarize, the largest contributing factor to the demise of Enron Corporation and WorldCom was simply corporate governance failure (Stanford GSB Staff, 2016). The smaller factors that led to the governance failure were such things as increases in executive compensation and stock options, jumps to incentives to manage earnings, and major shifts in the structure of auditing firms. These changes directly led to the loss of money and public confidence. These reason can be classified as nothing other than management greed. This can be validated by the statistical increases in worker compensation which rose forty-two percent in the 1990s as well as corporate profits rose eighty-eight percent, the standard and poor index increased two hundred and forty-eight percent, as well as CEO compensation rose four hundred and sixty-three percent during this timeframe (Stanford GSB...
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...EssaysArtsCustom PapersEnglishForeignHistoryMiscellaneousMoviesMusicNovelsPeoplePoliticsReligionScienceSportsTechnology Business Ethics What is business ethics? According to International Business Ethics Institute, understanding business ethics can be problematic in the sense that, this field is vast, often encompassing many concerns such as corporate governance, social responsibility, reputation management, accurate accounting and audits, fair labor practices and environmental stewardship to name a few. Moreover, it generally addresses the entire scope of responsibilities and obligations that a company has to each of its stakeholders like clients, employees, shareholders, suppliers and the community. To simply define business ethics, it is a form of applied ethics where it inculcates a sense within a company’s employees on how to conduct business responsibly. Business ethics seems easy to understand but when you get to the real one, you could find yourself in a confusing situation. Since the term ethics can pose many definitions in a broad context and it can be difficult to find a common understanding of the term, hence, most companies refer the concept of the term ethics as integrity, business practices or responsible business conduct. After you have known the basic definition of business ethics, you would now begin to know the business ethics of a chosen company. This paper aims to give some views on how Hewlett-Packard, an international company which provides mostly computer technologies...
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...I.T.S - INSTITUTE OF MANAGEMENT GREATER NOIDA Announces National Seminar on Ethical Imperatives for Contemporary Business Organisations 20th & 21st January, 2012 Venue of the Seminar Seminar Hall, I.T.S- Institute of Management 46, Knowledge Park III, Greater Noida-201308 Ph: 0120-2331000/1062/1069, 9212180556 E Mail ID: imseminar@its.edu.in Website: www.itsim.edu.in About I.T.S-The Education group I.T.S is a fast growing education group in Northern India. Established in 1995 with its first campus at Ghaziabad, the Group has more than 700 faculty members and 9000 students in 8 Institutions located at 4 campuses. With the prime objective of providing quality education and building on its reputation, the l.T.S Group has evolved as a brand amongst the premier educational institutions in the field of Management, Information Technology, Engineering, Dental, Biotechnology, Pharmacy, Paramedical Sciences and related vocational courses. The vision of I.T.S - The Education Group is "Creating a Thinking Professional Order", and the group makes incessant endeavors to create learning processes in response to the changing managerial paradigms. About ITS-Institute of Management I.T.S - Institute of Management aims to provide excellence in management education and intends to become first choice for management aspirants. The Institute is strategically located at Knowledge Park III, Greater Noida in National Capital Region (NCR). Greater Noida was strategically conceptualized to...
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