In the business environment, there are number of different ethical and moral dilemmas that may arise. Both medicine and management are referred to as sciences.” Business ethicists share with medical ethicists the challenge of having to bridge a gulf between their own preoccupations with morals and the harder, more scientific” nature of the professions they study.
Given these definitions, business ethics is at minimum something more than operating a business under existing laws; the values to be applied arise from values currently held by society; but the ethics a company may define as its own may hold to an even higher standard.
Historically, transparency has been seen more as an ethics practice for third party analysis of an institution’s finances and practices; however, the more widespread study of business ethics and organizational behavior is pointing to operational transparency as a management practice that can both address those daily management issues, and also become an internal source of sustainable competitive advantage that is difficult for competitors to imitate.
Moral philosophy tends to value altruism, the idea that an individual should do good because it is right or will benefit others, not because the individual will benefit from it. For many business ethicists, motivation can be either altruistic or self-interested, but not both.
For example, if your coworkers make long-distance telephone calls on company time and at company expense, you might view that behavior as acceptable and ethical because everyone does it. Significant others are persons to whom someone is emotionally attached-spouses, friends, and relatives, for instance.