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WorldCom: The accounting scandal B Lyke, M Jickling - … Research Service Report for Congress, August, 2002 - wew.iwar.org.uk
Ethics and business performance
Corporate ethics and performance
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A case of USA Introduction We have seen the collapse of the big corporations like Enron, Lehman brothers and WorldCom. They were billionaire companies but they faced bankruptcy due to the corruption and mismanagement. There are some important concepts that those companies were lacking, like CSR, corporate governance and Business ethics, (Taysir & Pazarcik, 2013). By this example, we can see the importance of CSR and Business ethics. As these two dimensions are very important in the business that is why we will try to explore these variables and will find the relationship in-between them. There is an increasing trend in the CSR in between 1900-2008 that can be clearly seen in the picture below (Google Ngram, 2016) We can also see the importance In this study positivism paradigm will be used because it the best method will the quantitative analysis. We will be using questionnaire in our study. The questionnaire includes two parts 1 for the Business ethics and other for the CSR. There are 11 questions on Business ethics and 10 questions on CSR. The questionnaires have been adopted from (Fatoki & Chiliya, 2012). The questinnaire is based on the likert scale as all the values ranges in between 1 to 5. We have used 50 questionnaires in our study and the respondents we have selected are different organizations in the US. There are independent and dependent variables in our study. We will check the relationship ion between the Business ethics and the By this, we can see the importance of the business-ethics on CSR respectively. The conclusion If we conclude then we can see that in the above discussion we have proved with our findings that there is very strong and positive relation in between business ethics and the CSR. There are many businesses in world, which do not follow any guidelines and do not spend even a dollar on the CSR. They do not know the importance of CSR. However, the business ethics is one of the integral parts in our business. If a business is looking for the profitability, they need to be fair enough. We have seen the examples of WorldCom, Enron and Lehman brothers in the past that they miss communicate, they did fraud and they do no implement ethics in their business and what happens was they faced bankruptcy and everything was finished. Honesty is too much important in the businesses, the business ethics should not be ignored in any case as the study also showed the importance of it. This study can be very important for the businesspersons who are not implementing ethical behaviors in their business. For those who are not putting anything on CSR as this study shows the importance of both elements
For a company to be successful ethically, it must go beyond the notion of simple legal compliance and adopt a values-based organizational culture. A corporate code of ethics can be a very valuable and integral part of a company’s culture but I believe that it is not strong enough to stand alone. Thought and care must go into constructing the code of ethics and the implementation of it. Companies need to infuse ethics and integrity throughout their corporate culture as well as into their definition of success. To be successfully ethical, companies must go beyond the notion of simple legal compliance and adopt a values-based organizational culture.
Ethical behavior is behavior that a person considers to be appropriate. A person’s moral principals are shaped from birth, and developed overtime throughout the person’s life. There are many factors that can influence what a person believes whats is right, or what is wrong. Some factors are a person’s family, religious beliefs, culture, and experiences. In business it is of great importance for an employee to understand how to act ethically to prevent a company from being sued, and receiving criticism from the public while bringing in profits for the company. (Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in an business environment, or by a business. There are many situations that can arise in which a person is experiencing an ethical dilemma. They have to choose between standing by their own personal ethical standards or to comply with their companies ethical standards. In some instances some have to choose whether to serve their own personal interests, or the interest of the company. In this essay I will be examining the financial events surrounding Bernie Madoff, and the events surrounding Enron.
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
Business ethics simply can be defined as the application of business values in the business practice of a company (Seawell 2010, p. 2). For a multinational company, business ethics is one of the critical aspects need to be taken into account in business decision-making processes. Failure to give attention on ethics may bring consequences on company’s reputation (Meyer & Jebe 2010, p. 159). The company is expected not only to pursue its own profits but also contributing to the environmental and social welfare of the community where it operates (Svensson & Wood 2008, p. 308).
Nowadays, corporate social responsibility (CSR) becomes an integral part of each company. CSR can be understood as a management concept and a process that links social and environmental issues in business operations to a company’s interactions with it’s stakeholders. CSR not only gives the company a chance to help society but also enhances company’s reputation and investors’ attractiveness. In this paper, we will show a brief description about CSR and effects of CSR on international business, including pros and cons when a company applies the CSR program. Besides that, I give my ideas on conflicts of interest beween shareholders and the company’s managers. And then, advantages and difficulties for companies implementing CSR in Vietnam will be defined. Although CSR was first introduced widely in Vietnam many years, it is still a new concept. Therefore, pioneers in this area are facing lots of challenges in running CSR programs in Vietnam.
Corporate Social Responsibility (CSR) is a very familiar term in today’s world. Most of the successful companies try to be ethical and socially responsible toward their stakeholders. Because becoming ethical and socially responsible gains a lot in terms of profit or capturing more market share (Aras and Crowther,2009). This socially responsible approach is paved by the CSR activities of the companies which has a great contribution to their corporate strategy of winning the customers’ mind. In this assignment, the pros and corn of CSR activities of a particular organization a...
In the past, the only thing most of businessmen interested in is how to maximize profits of companies and cut the cost as much as possible at any price. Very few companies of that time worried about the moral values and ethics in doing business. And when the concept corporate social responsibility (CSR) first appeared in the 1950s, not much corporation appreciated it, businessmen in that decade “talked” more than “action”. However, the emergence of this viewpoint showed the trend of the way doing business of the world has been changing. (Carroll, A. B., 2008).1 CSR is a quite new term compare to long history of the consciousness about behaving ethically on society beyond maximizing profit, and just has only become popular since the 1990s, when the globalization has widen with an astonishing speed (Muirhead, 1999).2 International trading, investment in foreign countries become easier and more popular, large amount of profit are earned, more opportunities to seek as well as more fierce competitions and more challenges in new cultural environment. In that situation, corporations need to find some ways to increase reputation, to specialize their image and brand name, which is highlighting the importance of ethics and corporate social responsibility in business. This essay will describe briefly about corporate social responsibility, how it effects on international business, different opinions about CSR of shareholders and stakeholders, and finally, difficulties international organization face when implement a CSR program in Vietnam.
In the business world there are many fundamental aspects and situations that can lead to several issues. In order to find an optimal and professional solution, business decision makers need to apply moral and ethical standards. And it is at that moment in which business ethics perform its role. Business ethics, which is in charge of examine how companies and individuals should act in business situations, is very essential in order to reach a common agreement and to work within the laws of business and solve an arisen dilemma. Working of the hand of ethical business companies, employees, investors, directors, and even individual officers can be beneficiated and obtain most favorable outcomes.
A company has an economic obligation. It must earn a favorable return for its stockholders in the restrictions of the law. But, corporate social responsibility means that organizations have also ethical and societal responsibilities that go past their economic responsibilities. CSR needs organizations to develop their documentations of their responsibilities to include other stakeholders such as workers, customers, suppliers, local societies, state governments, international organizations, etc. Ethics could be seen as a fundamental component of individual and group activities at the heart of organizations’ errands.
The examination has given an incredible understanding into the changing part of CSR, and how firms ought to approach this moderately new idea. We realize that associations are turning out to be more open in their operations, and that customers are presently turning out to be more taught and investigating the organization itself when settling on obtaining choices. We realize that shareholders don 't have faith in CSR unless it gives more noteworthy business sector introduction, then again we have confirm that backings advantages which far exceed this presentation and give the organizations more prominent brand value and respectability. We have considered the lawful point of view and realize that whilst there are authoritative confinements on
Before the 1950s, the very concept of CSR was looked down on, as it was an obscure and general concept that vaguely framed in moral terms. Companies were unable to see the benefits CSR would bring to the business, as financial gain was simply seen as not possible.
As a result of modern corporate scandals and rapid development of international business environments, social responsibility (SR) has become a key aspect of corporate competitive contexts. (Brammer, Williams and Zinkin, 2007). Businesses are under increasing pressure to incorporate SR amongst their profit-driven aims and have become increasingly accountable for their social and environmental actions. Increased interest in CSR developed in the mid 1990s as consumers began to lack their former trust in companies due to both environmental and financial scandals and it became noticeable that society was moving towards values incorporating harmony, quality of life and environmental conservation (Carrasco, 2007) Additionally, major corporate failures over the past two decades have resulted in increased demand for stronger, corporate governance (CG) rules. (Sui, Wright & Evans, 2007). Superior CG rules are needed in order to preserve the integrity of corporations, financial institutions and markets and the health and stability of world economies. (OECD Website)
Nowadays, since business ethics give the organization extra benefit among competitor, it become from the priority that CEOs of many organization keeps it in their minds when creating the strategies. A Corporate Social Responsibility (CSR) can be used as a tool to support ethics thus organizations use it in order to increase trust, value and care among the stakeholders.
As mentioned earlier, ethical business communication takes different forms, such as management of staff and employees to suppliers and customers. A wide range of writing exists with the significance of ethics in business communication; most disappointments in business credit to the absence of morals in their business operation, and affirm that ethics is the basic achievement of authoritative development and achievement elements. It's basic as building associations with partners and utilizing moral practices. The believability of the association assumes a part in guaranteeing productivity. It can be said that ethics are a vital segment in business achievement. Since business contacts is likewise the center of business procedures, then, ought to be joined morals in business correspondence procedure to make certain long haul gainfulness and great relations with the proprietors of hobbies. Janet and Chaney (2012) mentioned out that there is a direct correlation between ethical business communication and customer loyalty. Ethical business communication plays a role in the development of a loyal customer base because of the ethical manners of the company when it comes to communications command. Ethical business communication helps to create a positive image of the organization in the workplace, which helps in attracting
It is important to understand the importance of corporate social responsibilities. If Corporate Social Responsibility is properly maintained and emphasized by companies, it can benefit the society, economy and corporate sustainability. It can also be cost efficient to companies. also the environment . But above all effect (CSR) varies companies to companies. Where some corporates seem to make all sorts of benefits from their coporate social responsibilities but few of them are also having loss by trying to maintain CSR without properly evaluating their resources. (Porter and Kramer 2006) has said The inferences where corporates need to evaluate their CSR actions to figure out if they add