Business Ethics And Corporate Social Responsibility Essay

SOLUTION Business Ethics Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual’s actions also apply to business. Acting in an ethical way involves distinguishing between â€Å"right† and â€Å"wrong† and then making the â€Å"right† choice. It is relatively easy to identify unethical business practices. For example, companies should not use child labor. They should not unlawfully use copyrighted materials and processes. They should not engage in bribery. However, it is not always easy to create similar hard-and-fast definitions of good ethical practice. A company must make a competitive return for its shareholders and treat its employees fairly. A company also has wider responsibilities. It should minimize any harm to the environment and work in ways that do not damage the communities in which it operates. This is known as corporate social responsibility. A code of conduct is a set of organizational rules or standards regarding organizational values, beliefs, and ethics, as well as matters of legal compliance that govern the conduct of the organization and its members. Codes of Behavior The law is the key starting point for any business. Most leading businesses also have their own statement of Business Principles which set out their core values and standards. In Anglo American’s case, this is called â€Å"Good Citizenship†. A business should also follow relevant codes of practice that cover its sector. Many companies haveShow MoreRelatedCorporate Social Responsibility And Business Ethics8391 Words   |  34 Pages CORPORATE SOCIAL RESPONSIBILITY AND BUSINESS ETHICS Final Project Report for Legal Aspects of Management Submitted To Prof. Dr. D.S. Sengar Professor, IIM Lucknow Submitted By Group 9 Abhinav Bansal, PGP31186 Chheda Adarsh Jayesh, PGP31199 Manideep Akarapu, PGP31213 Ritika Srivastava, PGP31226 Surbhi Aggarwal, PGP31239 â€Æ' Table of Contents Executive Summary 3 Acknowledgement 4 Business Ethics 5 Corporate Social Responsibilty 7 CSR Law 7 Crisis Management CSR 10 Read MoreBusiness Ethics and Corporate Social Responsibility756 Words   |  4 PagesBusiness Ethics and Corporate Social Responsibility April Duhon DeVry University The United States has several laws that are intended to further fair, balanced, and competitive business practices. Do you think that such laws are effective? If so, why? If not, why not? The effectiveness of the laws that the United States have that are intended to further fair, balanced, and competitive business practices depends on how ethical a business is. Below I will explain why I do not believe theseRead MoreBusiness Ethics And Corporate Social Responsibility1502 Words   |  7 Pages Nowadays, a business wants to exist and grow in a society, which business ethics and corporate social responsibility are sensitive and crucial objectives, the business should do what is right. Many people agree that business does not exist beyond society, it is a citizenship in the society. Therefore, business has to have many certain obligations and social responsibility. It generally means business have to do something good for the community, making social contribution, and using effectivelyRead MoreBusiness Ethics : Corporate Social Responsibility Essay1675 Words   |  7 PagesSeydina M. Fall E-Business Ethics A corporation must try to avoid egregious negative externalities, must actively promote corporate social responsibility (CSR), and must engage in philanthropy. Let’s take the example of the mining industry, in which 75% of mining companies (diamonds, copper, uranium, cobalt, etc.) are listed on the Toronto Stock Exchange1. For Canada, mining is a source of economic prosperity that brings along with it some risks. To maintain their competitive advantage, it is crucialRead MoreBusiness Ethics And Corporate Social Responsibility1512 Words   |  7 PagesSocial Responsibility ITC Ltd has worked exremly hard to start several procedures that have led to compliance of the standards of social responsibility. ITC’s dealings within the tobacco industry have contributed to the increase in company revenues and the company has worked towards following the triple bottom line and giving back to society. Most, businesses pay little attention to their social responsibilities and make it part of their overall strategy, instead they concentrate more on financialRead MoreCorporate Social Responsibility : Business Ethics1964 Words   |  8 Pagesfrom the variety of companies that they have the option to endorse. A business can spend millions of dollars on advertising, researching, sampling and surveying customers all of which can be undone by a mistake that ruins their reputation. Corporate social responsibility is a term that has its origins in the 1950s. It refers to â€Å"situations where the firm goes beyond compliance and engages in actions that appear to fu rther some social good, beyond the interests of the firm and that which is required byRead MoreCorporate, Social Responsibility And Business Ethics1958 Words   |  8 PagesCONCEPTS applied by the organization CAT (based on 3 units-communication skills, ethics and behaviour, goal settings) We did some research online and decided to choose CATERPILLAR as our subject. Its performance is used as an indication to figure out world’s economy today. This is a six sigma company and follows all the quality standards and all the business process discussed in the text book. Thus we have applied our concepts and applications based on the work done by Caterpillar Inc. It is anRead MoreBusiness Ethics and Corporate Social Responsibility Essay722 Words   |  3 PagesEthics are a collection of principles of right conduct that shape the decisions people or organizations make. In a market economy, a business put all possible effort in its own best interest in order to make the best profit. In other hand, businesses are involved each other in that process. It’s ethical in business to do the best possible for your own business without harm the interests or profits to other businesses involved. Ethical behavior is what all carrier people should have in all businessesRead MoreCorporate Social Responsibility : A Business Ethics Stance Essay897 Words   |  4 PagesCorporate Social Responsibility From a business ethics stance â€Å"corporate social responsibility† (Velazquez, 2007, pp. 23), refers to the social interest an organization manifest in the environment it operates. SoftMagic has not seized opportunities from corporate social responsibility. In the U.S., the use of pro-bono activities to develop networking is fundamental considering that multiple leaders of different firms participate and engage in activities that consequently offer an opportunity toRead MoreBusiness Ethics, Corporate Social Responsibility, Integrity, And Integrity1318 Words   |  6 PagesAbstract The success of business now a days is apparent, but recently there is much concern in the business (and in society) literature and in the general press on whether business fulfils its social role responsibly. Business ethics, have been created in recent years as responses to an increasing sense of corporate wrong doing. This essay attempts to discuss what business ethics are for improvement of business behavior to the satisfaction of the â€Å"constituents† of business, i.e. the major stakeholders Business Ethics and Corporate Social Responsibility Essay Ethics are a collection of principles of right conduct that shape the decisions people or organizations make. In a market economy, a business put all possible effort in its own best interest in order to make the best profit. In other hand, businesses are involved each other in that process. It’s ethical in business to do the best possible for your own business without harm the interests or profits to other businesses involved. Ethical behavior is what all carrier people should have in all businesses. Differentiates between right and wrong exist in businesses, especially when sell a products for profit. There are certain rules to be followed in that meter. It’s unethical to send photographs or copyright of a company to a competitor without†¦show more content†¦Normandale took unethical business action toward Mathis and has to be punished according the law. Normandale’s actions affect negatively the opposite company in the following way – decrease in sells, decrease in profit and as an effect the company may lay off some of its employees. Because of Normandale’s unethical actions Mathis may have suffered a lot of damages. The damages that Mathis may suffer are loss of profit. Mathis is subject to this because of the Proximate Cause which implies that â€Å"recovery damage for loss of profits is subject to the general principle that damages must be proximately caused by the wrongful conduct of the defendant†(Don, Robert L., Recovery of Damages of Loss Profits, 5th edition, 1988). In that situation the defendant will be Normandale. Corporate social responsibility is an obligation for the company to follow long term goals that are good for the society. It different words are to conduct a business in an ethical way and in the interest of the wider community. From Normandale’s point of view selling Mathis’s products at a lower price would be good for consumers of the communities. People may argue that is not the job of business organizations to be concerned about social issues and problems. In the free market view, the job of businesses is to create a wealth considering the interests of its shareholders. As a contrast, the corporate social responsibility view is that businesses should beShow MoreRelatedBusiness Ethics And Corporate Social Responsibility Essay1382 Words   |  6 PagesSOLUTION Business Ethics Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual’s actions also apply to business. Acting in an ethical way involves distinguishing between â€Å"right† and â€Å"wrong† and then making the â€Å"right† choice. It is relatively easy to identify unethical business practices. For example, companies should not use child labor. They should not unlawfully use copyrighted materials and processes. They should not engageRead MoreCorporate Social Responsibility And Business Ethics8391 Words   |  34 Pages CORPORATE SOCIAL RESPONSIBILITY AND BUSINESS ETHICS Final Project Report for Legal Aspects of Management Submitted To Prof. Dr. D.S. Sengar Professor, IIM Lucknow Submitted By Group 9 Abhinav Bansal, PGP31186 Chheda Adarsh Jayesh, PGP31199 Manideep Akarapu, PGP31213 Ritika Srivastava, PGP31226 Surbhi Aggarwal, PGP31239 â€Æ' Table of Contents Executive Summary 3 Acknowledgement 4 Business Ethics 5 Corporate Social Responsibilty 7 CSR Law 7 Crisis Management CSR 10 Read MoreBusiness Ethics and Corporate Social Responsibility756 Words   |  4 PagesBusiness Ethics and Corporate Social Responsibility April Duhon DeVry University The United States has several laws that are intended to further fair, balanced, and competitive business practices. Do you think that such laws are effective? If so, why? If not, why not? The effectiveness of the laws that the United States have that are intended to further fair, balanced, and competitive business practices depends on how ethical a business is. Below I will explain why I do not believe theseRead MoreBusiness Ethics And Corporate Social Responsibility1502 Words   |  7 Pages Nowadays, a business wants to exist and grow in a society, which business ethics and corporate social responsibility are sensitive and crucial objectives, the business should do what is right. Many people agree that business does not exist beyond society, it is a citizenship in the society. Therefore, business has to have many certain obligations and social responsibility. It generally means business have to do something good for the community, making social contribution, and using effectivelyRead MoreBusiness Ethics : Corporate Social Responsibility Essay1675 Words   |  7 PagesSeydina M. Fall E-Business Ethics A corporation must try to avoid egregious negative externalities, must actively promote corporate social responsibility (CSR), and must engage in philanthropy. Let’s take the example of the mining industry, in which 75% of mining companies (diamonds, copper, uranium, cobalt, etc.) are listed on the Toronto Stock Exchange1. For Canada, mining is a source of economic prosperity that brings along with it some risks. To maintain their competitive advantage, it is crucialRead MoreBusiness Ethics And Corporate Social Responsibility1512 Words   |  7 PagesSocial Responsibility ITC Ltd has worked exremly hard to start several procedures that have led to compliance of the standards of social responsibility. ITC’s dealings within the tobacco industry have contributed to the increase in company revenues and the company has worked towards following the triple bottom line and giving back to society. Most, businesses pay little attention to their social responsibilities and make it part of their overall strategy, instead they concentrate more on financialRead MoreCorporate Social Responsibility : Business Ethics1964 Words   |  8 Pagesfrom the variety of companies that they have the option to endorse. A business can spend millions of dollars on advertising, researching, sampling and surveying customers all of which can be undone by a mistake that ruins their reputation. Corporate social responsibility is a term that has its origins in the 1950s. It refers to â€Å"situations where the firm goes beyond compliance and engages in actions that appear to fu rther some social good, beyond the interests of the firm and that which is required byRead MoreCorporate, Social Responsibility And Business Ethics1958 Words   |  8 PagesCONCEPTS applied by the organization CAT (based on 3 units-communication skills, ethics and behaviour, goal settings) We did some research online and decided to choose CATERPILLAR as our subject. Its performance is used as an indication to figure out world’s economy today. This is a six sigma company and follows all the quality standards and all the business process discussed in the text book. Thus we have applied our concepts and applications based on the work done by Caterpillar Inc. It is anRead MoreCorporate Social Responsibility : A Business Ethics Stance Essay897 Words   |  4 PagesCorporate Social Responsibility From a business ethics stance â€Å"corporate social responsibility† (Velazquez, 2007, pp. 23), refers to the social interest an organization manifest in the environment it operates. SoftMagic has not seized opportunities from corporate social responsibility. In the U.S., the use of pro-bono activities to develop networking is fundamental considering that multiple leaders of different firms participate and engage in activities that consequently offer an opportunity toRead MoreBusiness Ethics, Corporate Social Responsibility, Integrity, And Integrity1318 Words   |  6 PagesAbstract The success of business now a days is apparent, but recently there is much concern in the business (and in society) literature and in the general press on whether business fulfils its social role responsibly. Business ethics, have been created in recent years as responses to an increasing sense of corporate wrong doing. This essay attempts to discuss what business ethics are for improvement of business behavior to the satisfaction of the â€Å"constituents† of business, i.e. the major stakeholders