What Do Ethics/Morality in Business Mean

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What Do Ethics/Morality in Business Mean

By | December 2010
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What do ethics/morality in business mean? Difference between success and failure! The most important attribute that distinguishes business long-term success, are the practices of admirable business ethics/morality, which are then interpreted as the integrity of the company. So in essence, ethics/morality in business is the behavioral aspect that dictates all dealings within their world. In the business world most ownership or management groups, describe this function in three ways, avoiding breaking the law, avoiding actions that will result in law suits and negative publicity that reflects negatively on the image of the company. The reason these are of the utmost concern is that they involve the loss of profits and reputation. Unfortunately, the moral and ethical way companies do business varies drastically; it is inherent to their perception of what is ethically right or is ethically wrong. In a research study by IBE (The Institute of Business Ethics), the findings where clear that companies displaying a clear commitment to moral conduct distinguished and dominated the companies displaying a demeanor of poor ethical conduct. The study has demonstrated that it was profitable to be ethical, by inspection of the financial returns of the companies that participated in the research study. Being trustworthy, meeting obligations, maintaining accounting controls and being respectful did equate into long-term success with economic and profitable growth. Instilling this inherent unambiguous style of doing business will be extremely evident to all you do business with, including your competition. Bribery is a form of corruption, that implies the giving of money or gift that alters the behavior of the recipient (West’s Encyclopedia of American Law), it is difficult to define what a bribe is in business; if you bring a client to dinner for a business meeting, for example, trying to secure a signature on a contract to build their house, is that a bribe or an...
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