Essays on Business Ethics at the Millennium Case Study

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The paper 'Business Ethics at the Millennium' is a wonderful example of a Business Case Study. Business ethics refers to a type of ethics whose concern is the problems of morality or principles of ethics which are bound to occur in any given business environment. Business ethics refers to the conduct of individual players in a business organization and also the conduct of entire organizations. Closely linked to the issue of business ethics is the Corporate Social Responsibility. Corporate Social Responsibility refers to a type of internal mechanisms through which corporations regulate their operations.

Corporate Social Responsibility is put in place by organizations so that they such organizations are able to meet the requirements of ethics, international norms and the spirit of the law (Freeman, 2000, p. 169). A Corporate Social Responsibility policy is geared towards ensuring that corporations take responsibility for the results of what their actions result to. A company should be in a position to ensure that the activities it carries out are made with the environment in mind, the community in which such a company operates, its employees and every other person who can rightly be considered as being affected by the activities of such a company(Freeman, 2000, p. 172).

A business that is concerned about the impact that its activities have on the environment and the key players can be said to be run in a manner that is ethical. It is therefore critical that managers should not just concentrate on the idea of maximizing profits but they should show some responsibility to the environment and the people who contribute to the overall success of the business. The paper seeks to address the issue of business ethics.

The paper is informed by the raging debate on whether firms are supposed to be responsible for a host of other things and not just ensuring that their shareholders gain the maximum returns from the business.   Discussion The issue of business ethics is a relatively new concept has come into use during the 1980s and 1990s. There was a need for companies to show that they conducted their businesses in a manner that took cognizance of the people who were affected by the operations of such a business.

It could be described as having resulted partly as the era of globalization took root and many such corporations gained a foothold in many countries and held a lot of influence. Major corporations make it a point to show the fact that they consider other factors as important and not merely maximizing profits (Freeman, 2000, p. 171). Such corporations therefore adopt social responsibility charters and also codes of conduct. The field of academia has been interested in the issues of ethics just as much as the large corporations have.

This is reflected in the fact that courses have been developed with the title business ethics which are supplemented by textbooks covering the same subject in addition to journals (William, 1994). Major scandals which resulted in rip off of clients can be seen as having motivated large corporations to make it clear that they adopted practices which would not lead to a crisis in loans and savings and hence end up causing much pain and suffering to people who might have spent the better part of their lives trying to take care of their lives following retirement.

References

Blackman, A., Thomas P. L., & Nicholas S. (2006). Voluntary environmental agreements when regulatory capacity is weak. Comparative Economic Studies 48: 682–702.

Crane, A. (2008). The Oxford handbook of corporate social responsibility. Oxford: Oxford University Press Inc.

Freeman, E. (2000). Business Ethics at the Millennium. Business Ethics Quarterly, 10(1): 169-180.

Hosmer, L.T. (2000). It’s Time for Empirical Research in Business Ethics. Business Ethics Quarterly, 10(1): 233-242.

Schaefer, B. P. (2008). Shareholders and social responsibility. Journal of Business Ethics, 81(2), 297-312.

Shaw, W., Barry, V., &Sansbury, M. (Eds) (2008). Moral issues in business. (1st Asia-Pacific ed.), Melbourne, Australia: Thomas Nelson.

Velasquez, M. G. (2006). Business ethics: Concepts and cases (6th ed.). Upper Saddle River, NJ: Pearson-Prentice Hall.

Vitell, S. (2009). The Role of Religiosity in Business and Consumer Ethics: A Review of the Literature. Journal of Business Ethics, 90(2): 155-167.

Werther, W. B., & Chandler, D. (2006). Strategic corporate social responsibility: Stakeholders in a global environment. Thousand Oaks: Sage.

Werther, W. B., & Chandler, D. (2011). Strategic corporate social responsibility: Stakeholders in a global environment. Los Angeles: SAGE.

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