Business ethics is an interesting branch of business theory, primarily because of the fact that they are inherently interesting in a market economy. Far too many business ethicists have occupied a rarified moral high ground, removed from the real concerns and real-world problems of the vast majority of managers. 2. Every business irrespective of size exists more on ethical mean or in total regard to its social concern to survive long.
Ethical balance has a lot to do with how organized an individual is. An individual with a sense of stability in emotion and other aspects of their personal lives will be able to make firm moral decisions without indecision, panic, or guilt. However, it may be said that any individual who does not practice business ethics cannot be personally ethical even though the reverse may not also be true.
Examples like Texas Instruments show how a new paradigm is developing in organizations regarding the managerial focus on ethical behavior. Violations of ethics important in business, can lead to expelling the person from the organization and black listing him.
One’s moral values and central, value-related attitudes clearly influence his or her business behavior. Starting well before World War II and culminating in the 1960s and 1970s, the dominant approach to the moral dimension of business was a perspective that came to be known as corporate social responsibility.
And public image is important to success in most cases, which is one of the reasons as to why business ethics are important to a company’s overall success. Institute of Management Accountants Standards of Ethical Conduct (IMASEC) applies to all facets of financial management and accounting.