Business Ethics
The domain of business ethics has had an astonishing perceptibility, probably because of the misinterpretation of the connotation of terms as “morality”, “values”, and “principles”. We argue that a solid understanding of the significance of business ethics and its elements, such as ethical compass, ethical codes, ethical dilemmas, ethical teaching, ethical training, etc., can help organizations improve their relationship with stakeholders, as well as avoid prejudicial practices.
Business ethics has been seen and understood as a connection between the mission of a business and ethics, i.e. the way business goals align themselves with a code or mission of ethics and how that translates into business practices. The fundamental questions to be answered are how you can make the practice of business more ethical and how different stakeholders should interact with business from an ethical point of view (Robin, 2009). Another equally important aspect is that a business must remain ethical throughout the time; otherwise, ethics itself is in danger (Kaptein, 2017).
Regarding the different definitions of business ethics, we can go back to that is supported by different activities and situations where there is an uncertainty regarding what is right and what is wrong for a business (Crane & Matten, 2004). Also, ethics in business is perceived as a set of values and opinions that should govern an organization and its business behavior. Business ethics has to be taught, as it addresses not only traditional subjects, such as ethical dilemmas and Social Responsibility (SR), but also new findings related to moral psychology, organizational behavior and its interactions. In fact, it is impossible to discuss business ethics without addressing these key areas: moral philosophy, S.R. and ethical verdicts (Wines, 2008).