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By definition, business ethics refers to the study of proper business practices and policies that regards the potentially controversial issues such as the insider trading, corporate governance and social responsibility, discrimination, fiduciary responsibilities, and bribery. It mainly revolves around relationships (Vazquez, 2016). Usually, such relationships exist between consumers and businesses on multiple economic and social levels. Often, the law is used to guide the business ethics. In some cases, however, a fundamental framework is provided by the business ethics that various areas of government, employees, and community may choose to follow for gaining public acceptance (Stansbury & Barry, 2007).
There has been a development of business ethics into standards of ethical and moral responsibility around the world. Possibly, the development, as well as the evaluation of the business ethics, has been encouraged by the demand for ethical and moral behavior in all aspects of the international and domestic business. It is not always simple to define the field of business. Usually, the field of business ethics is complicated by the areas of social behavior and the wide range of industries that exist between any consumer and the business or general public.
It is possible to practice business ethics in corporate offices as well as the local stores of grocery. It has to do with corporate compliance and social responsibility, as well as the rights of the employee and the employer (Stansbury & Barry, 2007). Several issues are addressed in the field of business ethics. In particular, these issues include responsibility, morality, and the actions and decisions that any business or company take from the grassroots level to the highest positions in the national or local governments.
Today, the expectations and rights of the consumers continue to receive increased attention in the society (Vazquez, 2016). The emergence of the international business development and internet has demanded the need for further international business ethic’s structuring in a wide range of countries with the various background of cultures. Business ethics is also essential in the financial world. Developing infrastructures and standards in the business ethics field helps in bridging economic language, and value or moral gaps between various countries and their ways of conducting business (Stansbury & Barry, 2007).
In general, business ethics are built upon four basic foundations that include value, behavior, attitude, and the normal expectations and customs. Even though the business ethics study may stray into the fields of law, it is more often than not dealing with the expectations, behavior, as well as the demand of common manners, honesty, courtesy, and integrity. Productivity and the living standards are normally damaged by the unethical business behaviors. Such practices may also affect environment and society (Vazquez, 2016). The products value and their manufacturers continue to go far beyond the function their perform or price-per-unit due to the increased competition of the business.
There is a serious need for understanding the goals and nature of business ethics to help individuals know their rights in the society of today. It is evident that business ethics goes much broader than the concept of dishonesty and cheating. Various topics that explore expectations, cynicism, as well as loyalty play a significant role in the study of business ethics. For this reason, ethics can also be defined as a set of moral values and principles or conduct that affects people at the personal level.
Stansbury, J., & Barry, B. (2007). Ethics Programs and the Paradox of Control. Business Ethics Quarterly, 17(02), 239-261. http://dx.doi.org/10.5840/beq200717229
Vazquez, P. (2016). Family Business Ethics: At the Crossroads of Business Ethics and Family Business. Journal of Business Ethics. http://dx.doi.org/10.1007/s10551-016-3171-1
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