Business ethics and CSR
Business ethics and CSR
Introduction
In the past time, the majority of enterprises regarded business ethics as internal regulations to comply with the rules of legal standards(Trevino and Nelson, 2010). However, the condition changes in modern times. Business ethics is more and more important to identify what it is right or wrong during the process of working or trading and so on(Wheelen and Hunger, 2011), which is closely related to the interests of stakeholders. Under the background, many companies recognize that they have to obtain more respect and trust of their consumers so as to be successful. As result, organizations pay increasing attention to their behaviors and corporate social responsibility (CSR) become a business principle for marketing behaviors with the increased public awareness about the role of enterprises in assisting to promote and practice business ethics in society and environment. in order to have a better understanding of business ethics and CSR, this report is going to logically identify business ethics and critically assessing its effect on an organization, identifying CSR and analyzing the lessons of the News Corporation scandal and the importance of CSR and then discussing the leadership during the process of promoting business ethics and CSR.
Question 1: identifying business ethics and critically evaluating its effect on an organization
1.1 Identifying business ethics
Case and Smith (2012) commented that free market system cannot guarantee the efficiency, and an efficient free market economic system need enterprises with honesty, integrity, fairness, justice and other ethics to operate the market in addition to a valid property right and the legal system. The comment perfectly demonstrates the necessity and importance of business ethics in market, although it does not make enough introductions about the features of ethics. In their opinion, business ethics refers to moral principles which are used to regulate the behaviors of a
Introduction
In the past time, the majority of enterprises regarded business ethics as internal regulations to comply with the rules of legal standards(Trevino and Nelson, 2010). However, the condition changes in modern times. Business ethics is more and more important to identify what it is right or wrong during the process of working or trading and so on(Wheelen and Hunger, 2011), which is closely related to the interests of stakeholders. Under the background, many companies recognize that they have to obtain more respect and trust of their consumers so as to be successful. As result, organizations pay increasing attention to their behaviors and corporate social responsibility (CSR) become a business principle for marketing behaviors with the increased public awareness about the role of enterprises in assisting to promote and practice business ethics in society and environment. in order to have a better understanding of business ethics and CSR, this report is going to logically identify business ethics and critically assessing its effect on an organization, identifying CSR and analyzing the lessons of the News Corporation scandal and the importance of CSR and then discussing the leadership during the process of promoting business ethics and CSR.
Question 1: identifying business ethics and critically evaluating its effect on an organization
1.1 Identifying business ethics
Case and Smith (2012) commented that free market system cannot guarantee the efficiency, and an efficient free market economic system need enterprises with honesty, integrity, fairness, justice and other ethics to operate the market in addition to a valid property right and the legal system. The comment perfectly demonstrates the necessity and importance of business ethics in market, although it does not make enough introductions about the features of ethics. In their opinion, business ethics refers to moral principles which are used to regulate the behaviors of a