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Corporate Governance and International Business


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Business ethics refers to applying ethical standards in business activities. Business ethics may be regarded as a set of rules that govern how companies choose to make their products and what they will do to ensure customer satisfaction. It is important to ensure that the values you are learning are relevant to your own company, both inside and out. It is up to you to ensure that your company practices are consistently ethical. There are many different types of business ethics, including:

Business Ethics

 

o Business ethics related to finance. Finance ethics is the application of principles that govern the use of financial resources - usually referred to as assets or capital. These may include capital stock, retained earnings, profits, investment fund and the like. In this respect, finance ethics can also include the behavior of an intermediary between a customer and a lending institution, the integrity of advisors provided by banks and other financial institutions, and even the investment techniques used by wealthy individuals. All these areas are under the scope of finance ethics. Finance is an essential part of the economic process; therefore, any violation of finance ethics can seriously affect the viability of a company.

 

o Business ethics related to social responsibility. The social responsibility of a business is a branch that seek to improve the quality of life through a business's actions and its social responsibilities, such as providing a safe and clean environment, ensuring fair labor practices, and advocating for the protection of the vulnerable and homeless. There are different types of social responsibility such as environmentalism, animal rights, and humanitarianism.

 

o Business ethics related to maintaining strong business integrity. Integrity is an important concept in business ethics. Maintaining strong business integrity can mean different things to different people. However, generally speaking, business integrity means the ability to create and maintain the reputation of a company, take the responsibilities of acting responsibly, taking responsibility for the consequences of one's actions, providing services that are cost-effective and top-notch, and providing access to services and goods that are of high quality and that meet or exceed consumer expectations. Therefore, business ethics require companies to act in a responsible way, whenever they make decisions, provide goods and services, or engage in other activities that can have an effect on the reputation of a company. For example, it is unethical for a company to fail to report the existence of toxic chemical found in drinking water, or to fail to investigate the risks posed by shipping chemical weapons through the transportation of dangerous products.

 

o Business ethics and customer service. Businesses play a significant role in global finance; therefore, good business ethics require companies to demonstrate a commitment to customer service. This includes addressing customer concerns and complaints in a timely manner. In addition, business ethics and customer service require that businesses provide accurate and reliable financial and product information and that they promptly respond to requests made for such information. Finally, good business ethics require that companies provide a favorable working environment for employees of all kinds, regardless of race, sex, or religion.

 

These issues are important to understand. If you want to ensure that your company adheres to ethical standards, or if you want to prevent corporate governance from being corrupted, you must have a strong commitment to business ethics. In fact, no matter how large or small your business may be, if you do not practice sound business practices, your company will fail.

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