Ethical Ethics And Corporate Ethics Essay - 1306 Words

Ethics are principles of behavior based on the ideas of what is good and what is bad. Business ethics, or also known as corporate ethics, is a form of ethics that is used in the business environment. The study of business ethics looks at the decisions that businesses make and whether those decisions taken are right or wrong. Many company executives are unethical, because their number one goal is not to satisfy customers, or clients; Instead their number one goal is to make as much profit as they can no matter what. What this type of companies fail to realize is that there is long-run and short-run profit maximization. A company can maximize its profits by in the short-run by being unethical; however, in the long-run, the bad publicity, lawsuits, etc. will make the company suffer plenty in both the public appearance and the monetary aspect. One of the biggest legal scandals of a company being unethical was in 2001, when, Enron, a natural gas pipeline company went from having $65 bill ions in assets to being bankrupt 24 days after. Enron Corporation was founded in 1985, in Houston, Texas, it was a merger between Houston Natural Gas Co. and InterNorth Inc. Enron reached dramatic heights, it was the seventh largest corporation in America, and named the â€Å"Most innovative company† by Fortune magazine for 6 years straight. Enron innovated the entire natural gas market by adding a natural gas trading segment; making it the world s largest energy trading company. At its peakShow MoreRelatedEthical Principles Of Ethics And Corporate Ethics3491 Words   |  14 Pages(b)Write out the one page (up to 500 words) definition of what is Ethics and what is Morality on the first page. You will need to include in your definition also Sacred Texts, Sacred People, the Ethic itself and Human Reasoning. (We will refer to this in class). Ethics Definition: Ethics are the set of moral principles that guide a person s behavior. These morals are shaped by social norms, cultural practices, and religious influences. Ethics reflect beliefs about what is right, what is wrong, what isRead MoreThe Integration Of Law And Ethics945 Words   |  4 Pagestitle indicates, Substantive ethics is about the integration of law and ethics in corporate ethics programs. The author of this article gives numerous examples of why integration of law and ethics is needed. There are numerous areas of concern, such as dishonest corporate dealings, global human rights, tort lawsuits, and questionable executive salaries (Blodgett, 2012). There is a view that laws are rules meant to be followed and not necessarily understood for its ethical value. This in turn is a majorRead MoreThe Five Business Ethics Myths Essay879 Words   |  4 PagesCommon Ethics Misconceptions Trevino Brown (2004) in Academy of Management Executives talked about the five business ethics myths. 1. It is easy to be ethical 2. Unethical behavior in business results from bad people 3. A formal code of ethics is the easiest way to manage them 4. Principled leadership revolves around your leaders 5. At one time, people appeared to be more ethical Pundits and business leaders say being ethical is straightforward when being ethical is complexRead MoreEthical Ethics And Financial Performance1206 Words   |  5 Pagescompanies should become ethical throughout many perspectives. Ethics refers to the standards of right and wrong in an attempt to influence behaviour. (Kinicki 2015, p.83) In stating this, companies can be ethical within numerous occasions such as ethics and financial performance, ethical performance, ethics and sustainability and ethical competition such as competitive advantage. Despite the positive side, there are also some negative implications towards ethics. Ethics and financial performance:Read MoreBenefits Of Ethical Leadership : A Positive Corporate Reputation, Ethically Empowered Employees, Increased Quality, And Higher1734 Words   |  7 Pagesbenefits of ethical leadership; having a positive corporate reputation, ethically empowered employees, increased quality, and higher customer satisfaction. Ethical leadership will benefit an organization, because it creates a healthy ethical environment, and culture which produces a positive corporate reputation. This will foster employees that; appreciate that ethics is important, recognizes and discusses ethical concerns, works to resolve ethics issues at the lowest level, sees ethics as part ofRead MoreRole Of Corporate Ethics On Financial Performance945 Words   |  4 PagesAbstract. The article reviewed was The Role of Corporate Value Clusters in Ethics, Social Responsibility, and Performance: A Study of Financial Professionals and Implications for the Financial Meltdown. The key of the abstract is to demonstrate the influence of corporate ethics on financial performance. The financial meltdown negatively influenced top management mindset regarding professional ethics (p. 15). Introduction. The authors study 2008 collapse of financial system to analyze the link betweenRead MoreThe Importance Of Management And The Success Of A Company1192 Words   |  5 Pagesto the formal codes of ethics has had a dramatic increase in global industrial economy, because of the downfall of large organizations and repeated instances of corporate misconduct. There has been a reform in the general need for universally acceptable ethical principle in the globalized world (Bondy et al., 2004), widespread inclusion of codes as part of corporate governance initiatives (Potts Matuszewski,2004), and improved understanding of ethical issues in corporate leadership (fisher, 2003)Read MoreEthical Management Processes in an International Company1039 Words   |  4 Pagesï » ¿Ethical Management Processes in an International Company Introduction There are five things that can be done by the international business and its managers to ensure that ethical issues are calculated into the organizations business decisions. Those five are as follows: (1) hiring and promotion is accomplished within a framework of personal ethics; (2) the organizational culture is constructed with value placed on behavior that is ethical; (3) the organization ensure that leaders not only speakRead MoreOrganizational Culture : Business Practices1011 Words   |  5 Pages Does Organisational Culture Shape Ethical Business Practices? U5009333 Sarah Zuiderduin 14/10/2014 â€Æ' Introduction Organisation culture can be described as the beliefs, customs, value systems and behavioural norms and ways of doing business that are unique to each corporation. The impact of organisational culture on the ethical standards and moral practices of people in organisations has become increasingly common (Fisse Braithwaite, 1983). Managers within organisationsRead MoreEthical Ethics Of An Ethical Corporation Is Not An Oxymoron1645 Words   |  7 PagesAn ethical corporation is not an oxymoron. History is littered with tales of deceit and corruption. Human conduct towards ethics in today’s workplace is an important issue; recent headlines show consequences of unethical behavior on both companies and employees. Contained within the basic code of ethics in the workplace are words like, trustworthiness, respect, responsibility, fairness, (Chatov, 1980). Consider questions like, is it ethical to take office supplies from work for home use, or is