The Importance Of Business Ethics In The Global Business?

Business ethics are considered as the unwritten or written codes of principles that govern the organizational decisions within a corporate scenario. According to Ruggie (2017), the organizational culture sets the appropriate standards for ensuring the bad or good decision making and justified behavior to perform the internal functionalities. The ethical approaches reflected through the organizational performance that helps in acquiring the greater profitability and achieving the determined goals (Wang et al., 2016). However, it has been observed that the business marketers often fail to maintain the appropriate ethical concerns that develop the remarkable corporate social responsibility. Therefore, it becomes quite difficult to sustain the

Furthermore, the study would also analyze the underlying challenges to achieve the profitability parameter and the business goals.

The modernized business entities strive to meet the higher standards of the ethical, legal, environmental, public and commercial fields. Therefore, the maintenance of the corporate social responsibility has become one of the most significant considerations for the global businesses (Filatotchev & Nakajima, 2014). The continuous and frequent changes in the legal, technological, economic, social, and political structure have been signifying the considerable challenges for the global organizations. As per the triple bottom line mode, it is notified that CSR of a company depends on three major responsibilities, such as, environmental, social, and economic factors. These organizations are embedded in and they interact with the different environmental situation (Schmeltz, 2014). These environments are specifically concentrating on the business ethics by maintaining the appropriate interactions and

In defining the CSR, the triple bottom line is the most preferable theoretical model that would present the core concept of the subject area. As per the triple bottom line mode, it is notified that CSR of a company depends on three major responsibilities, such as, environmental, social, and economic factors. On the contrary, Carroll (2015) argued that each of the company needs to focus on four major responsibilities that include the ethical concerns as well. The global scenario is much more competitive than the domestic business scenario. The counterargument presented by Schmeltz (2014), who stated that the company must add the stakeholders while performing the CSR activities. However, considering these specific factors those contribute to the business sustainability, it is essential to understand the basic perspectives. The CSR activities in a global perspective should be concentrating on developing more societies or effective functionalities that turn out to be much beneficial for the societies. For example, providing the fair wages, fair trade policies, upholding the human rights, and resolving the ethical issues would be much beneficial in managing the social responsibilities in a global