Ethics

ETHICS

2006

INTRODUCTION

Ethics are the moral standards according which actions can be judged as either right or wrong . This does not only refer to conduct on the personal or individual level it refers to all actions whether they are taken by groups , societies , establishments and companies , or by governments

The pursuit for the morally correct paths is the greatest and most important human endeavor throughout human history

In business , there are certain codes that were either created by businessmen and business organizations or were shaped through laws and

br regulations of different countries in to control the conduct of businesses

THE IMPORTANCE OF ETHICS IN TODAY 'S BUSINESS

What must be understood here is that ethics and moralities are not only referred to as the way different businesses deal with each other it also refers to the way in which a certain business deals with its employees , with its customers , and with its method of performing business decisions

According to Shaw (2005 , business ethics is the study of what constitutes right and wrong , or good and bad , human conduct in a business context ' The author explains more by stating that moral reasoning consists of forming moral judgments , assessments of the moral worth of persons , actions , activities , policies , or organizations

It is the most significant issue , in what concerns business success and ability to continue , to abide by the ethical standards that make it possible for all businesses (and employees within them ) to have durable and fruitful tracks of achievements . All businesses and employees (of all career levels ) should not seek illegal , immoral , or unethical means that can , in one way or another , lead their businesses to sell more , or to succeed over competitors . In this context , Bank , Vinnicombe Kakabadse (2004 ) state that it is the scale of poor practices and unethical behavior and the magnitude of the consequences of such unprincipled actions that have accelerated the importance of business ethics . The end does not justify the means and ethical leaders all over the world must sort out the Machiavellians in their organisations who think it does

THE IMPACT OF ETHICS

According to recent study published by the PR Newswire in 2006 , in the marketplace , corporate ethical reputations have a clear impact on the purchasing and investment decisions of Americans , but ethical lapses in the workplace put those reputations at risk . According to the findings of the study , almost half Americans decide to purchase stocks and shares of certain companies depending on the companies ' ethical conduct and reputation , while approximately the same number of citizens purchase (or boycott ) the products and /or services of a certain company depending on that company 's ethical and moral behavior in the market and with other competitive companies

Other impacts that can be mentioned are related to many events in the business world within the last few years . The Enron , WorldCom , Tyco , and most recently the spying case within Hewlett Packard had , and will continue to have , devastating impacts on those business and on...