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MBA Corporate Social Responsibility (CSR) Subject Notes

UNIT – I - INTRODUCTION OF BUSINESS ETHICS
Unit Structure:
1.0 Objectives
1.1 Introduction
1.2 Definition & nature of business ethics,
1.3 Characteristics of business ethics
1.4 Ethical theories
1.5 Causes of unethical behavior
1.6 Ethical abuses
1.7 Work ethics
1.8 Code of conduct
1.9 Public good.

Objectives
After reading this unit you should be able to understand:
The meaning of ethics and business ethics.
The importance of business ethics.
The various types of Ethics.
Code of conduct etc.,

Introduction
Some years ago, one sociologist asked business people, "What does an ethic meanto you?" Among
their replies were the following:
"Ethics has to do with what my feelings tell me is right or wrong." "Ethics has to do with my
religious beliefs."
"Being ethical is doing what the law requires."
"Ethics consists of the standards of behavior our society accepts." "I don't know what the
word means."

Definition & Nature of business ethics:
The term "ethics" is derived from the Greek word "ethos" which refers to character or customs or accepted behaviors. The Oxford Dictionary states ethics as "the moral principle that governs a person's behaviour or how an activity is conducted". The synonyms of ethics as per Collins Thesaurus are - conscience, moral code, morality, moral philosophy, moral values, principles, rules of conduct, standards.

Ethics refers to well-founded standards of right and wrong that prescribe what humans ought
to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues.
Ethics is a set of principles or standards of human conduct that govern the behavior of
individuals or organizations. Using these ethical standards, a person or a group of persons or an organization regulate their behavior to distinguish between what is right and what is wrong as perceived by others. It is not a natural science but a creation of the human mind. For this
reason, it is not absolute and is open to the influence of time, place and situation.

In bygone times, kings used to keep food testers who ate the food prepared for the king before it was offered to him. This was royal clinical research to find out if the food was poisoned. The practice did not raise eyebrows because the king was regarded as the most important person in the kingdom, and his life was more precious than that of anyone else. It was the ethics of the time.

— Ethics can be defined as the discipline dealing with moral duties and obligation, and
explaining what is good or not good for others and for us.
— Ethics is the study of moral decisions that are made by us in the course of performance
of our duties.
— Ethics is the study of characteristics of morals and it also deals with the moral choices
that are made in relationship with others.
— Ethics is concerned with truth and justice, concerning a variety of aspects like the
expectations of society, fair competition, public relations, social responsibilities and corporate behavior.

Business Ethics
Business ethics is a form of applied ethics. In broad sense ethics in business is simply the
application moral or ethical norms to business. Business ethics refers to a 'code of conduct' which businessmen are expected to follow while dealing with others. 'Code of conduct' is a set of principles and expectations that are considered binding on any person who is member of a particular group. The alternative names for code of conduct are 'code of ethics' or 'code of practice'.

Business ethics comprises the principles and standards that guide behaviour in the conduct of
business.

Businesses must balance their desire to maximize profits against the needs of the
stakeholders. Maintaining this balance often requires tradeoffs. To address these unique aspects of businesses, rules - articulated and implicit, are developed to guide the businesses to earn profits without harming individuals or society as a whole.

The coverage of business ethics is very wide as it deals with norms relating to a company
and its employees, suppliers, customers and neighbors, its fiduciary responsibility to its
shareholders. It reflects the philosophy of business, one of whose aims is to determine the
fundamental purposes of a company.

Business ethics stands for the saneness or purity of purpose that is upheld through carefully
designed actual practices of business enterprises. It is an embodiment of conscience concern
towards execution of business processes in tune with the nobility of the purpose.

Attached Files

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