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A response to the post below, please no more than 180 words and a internet reference please. Thank you The definition of business ethics is ‘the study of business situations, activities, and decisio
A response to the post below, please no more than 180 words and a internet reference please. Thank you
The definition of business ethics is ‘the study of business situations, activities, and decisions where issues of right and wrong are addressed’ (JoHo, 2014). The right and wrong in the definition are meant morally, not commercially, financially, or whatsoever. A global trend towards business operations is to place more focus on sustainability - involving social and ethical issues. From an organizational ethics perspective, businesses are expected to be responsible for serving and protecting their stakeholders as well as the community as a whole.With intense competition, it is not easy for businesses to remain successful over a long period of time with sustainable success. Organizations who have adopted short-term cost savings strategies might downplay their performance with regards to environmental and social responsibility. As a result, their long-term business growth may decline. Some organizations ’ focus on short-term profit maximization may lead to corporate debacles such as Enron and WorldCom. Such financial scandals were caused by unethical decisions and irresponsible behavior. As a result, people have a perceived negative image of such organizations, these scandals damaged the credibility and trust (Collins, 2010) which is an important issue in organizations that has effect on performance and hidden long-term business growth (Wesarat, 2017). Malpractices can harm individuals, communities and organizations enormously (JoHo, 2019).Gaulden’s (2004) article highlights the importance of ethical working environment in enhancing organizational performance. organizations may integrate the principles of ethics into management process (planning, organizing, staffing, directing, and controlling) to ensure their implementation of ethical strategic plans (Tuan, 2012). Since organizations can implement an ethical strategy through organizational management, many of them enhance ethical performance by using a code of ethics as a practical guideline (Gaulden, 2004). The code of ethics is not just about right and wrong, but presents a contractual sense of duty to all employees (JoHo, 2019).