Business ethics is a division of ethics that pertains to the interaction of business and ethics and applies ethical analysis to the business area. It is both expressive and normal. The five activities within business ethics can be delineated as follows:
1. Using general ethical principles to specific practices in business.
2. The analysis of whether moral terms related to individuals' actions may be applied to combined entities such as firms.
3. Analysis of presumptions of business.
4. Analysis of other related areas of information as guided by embedded problems in business.
5. Describing morally commendable and exemplary actions of firms (Barrett, 2009).
Corporate social responsibility (CSR) entails any activity that encourages the interests of any stakeholder of a business corporation. Occasionally CSR refers to philanthropic programs that target communities or employees. In other instances it refers to obligations to promote the welfare of suppliers. It also refers to an assortment of activities designed to enhance environmental stewardship or sustainability. In general, it refers to the blurred intention to better society. When used loosely, the term can be combined with common ethical practices in regards to customers, investors, or any other stakeholder. Basically, the term has an assortment of meanings and functions. Today, it can pertain to every business within all industries. The CSR concept of laxity and oversimplification allow it to include such a wide variety of ethical practices that have virtually become meaningless (Ludescher and Ahsud, 2010). Based on the beliefs of CSR, there are several implicit assumptions that are embedded in CSR. These include:
Normal business performances are unjust, unsafe, environmentally destructive, and unethical.
Ordinary firms essentially present no value to a community or society as a whole.
The profits of a firm accrue to their primary stakeholders only.
Common firms take something from society.
A critical stipulation of the usual business is a selfish and uncompassionate nature (Barrett, 2009).
Determining the appropriate courses of action that needs to be taken falls within the realm of a viewpoint known as ethics. The term ethical is often used universally used to mean a code of values used to guide actions with respect to human connections. It is by and large thought to be normal in temperament, but examination and synthesis in ethics also may be expressive. There are numerous ethical classifications, such as Judeo-Christian, Objectivist, and moral relativism. These systems are often in disagreement on definite matters, so the choice of ethics is generally entrenched in other perspectives of philosophy, specifically metaphysics, epistemology, and axiology. Based on the additional branches of philosophy, and their interdependent combination, ethical truths may then be derived (Barrett, 2009).
Corporate governance has traditionally specified the rules of business decision making that apply to the internal mechanisms of companies. This set of norms and laws has served to form the relations among boards of directors, shareholders, and managers as well as to resolve agency conflicts. Yet in the aftermath of Enron, corporate governance has emphasized issues that go beyond this traditional focus to touch on corporate ethics, accountability, disclosure, and reporting. As companies seek to assure regulators and investors that they are fully transparent and accountable, corporations have increasingly pledged their commitment to honest and fair corporate governance principles on a wide spectrum of business practices (Gill, 2008).
At the same time, the corporate social responsibility (CSR) movement has developed the idea of corporate...
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