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Author: Navneet Singh
Publisher: Navneet Singh
ISBN:
Category : Art
Languages : en
Pages : 40
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Book Description
The concepts of social responsibility and business ethics are crucial components of modern business practices, emphasizing the ethical obligations and broader impacts that businesses have on society. Here’s an overview of each concept: Social Responsibilities of Business: Definition: Social responsibility refers to the ethical framework and obligations that businesses have towards the broader community, environment, and stakeholders beyond maximizing profits. It encompasses the voluntary actions businesses take to address social, environmental, and economic issues in their operations and interactions with stakeholders. Key Aspects: Corporate Citizenship: Businesses are expected to contribute positively to society by supporting community development initiatives, philanthropic activities, and volunteering efforts. Environmental Sustainability: Businesses should adopt sustainable practices to minimize their environmental footprint, reduce waste, conserve resources, and mitigate climate change impacts. Ethical Labor Practices: Ensuring fair treatment of employees, promoting diversity and inclusion, providing safe working conditions, and adhering to labour laws and human rights standards. Consumer Protection: Providing safe and reliable products/services, transparent marketing practices, and addressing consumer concerns responsibly. Stakeholder Engagement: Engaging with stakeholders (employees, customers, suppliers, local communities) to understand their needs, address concerns, and build mutually beneficial relationships. Business Ethics: Definition: Business ethics refers to principles, values, and standards of conduct that guide business decisions and actions, ensuring they are morally and ethically sound. It involves applying ethical principles to organizational culture, policies, practices, and decision-making processes. Key Principles: Integrity: Acting honestly and ethically in all business dealings, maintaining transparency, and fulfilling commitments. Fairness: Treating all stakeholders fairly and equitably, avoiding discrimination, favouritism, or exploitation. Accountability: Taking responsibility for actions and decisions, acknowledging mistakes, and striving for accountability in business practices. Respect: Valuing diversity, respecting human rights, and promoting a culture of inclusivity and mutual respect within the organization and in external relationships. Compliance: Adhering to legal requirements, regulations, industry standards, and ethical guidelines relevant to business operations. Importance and Integration: Enhanced Reputation: Businesses that demonstrate strong social responsibility and ethical behaviour build trust, credibility, and positive reputation among stakeholders, enhancing brand loyalty and competitiveness. Risk Management: Ethical conduct and social responsibility mitigate risks associated with legal liabilities, regulatory non-compliance, reputational damage, and stakeholder backlash. Long-term Sustainability: Integrating social responsibility and ethical practices fosters long-term sustainability by aligning business objectives with societal needs, fostering innovation, and attracting socially conscious investors and customers. Employee Engagement: A commitment to ethical principles and social responsibility enhances employee morale, motivation, and retention, creating a positive workplace culture. In conclusion, businesses play a pivotal role in society, and embracing social responsibility and ethical practices not only aligns with moral imperatives but also contributes to sustainable business success and positive societal impact. Integrating these principles into core business strategies and operations is essential for fostering trust, resilience, and long-term value creation in a rapidly evolving global business environment.
Author: Navneet Singh
Publisher: Navneet Singh
ISBN:
Category : Art
Languages : en
Pages : 40
Get Book Here
Book Description
The concepts of social responsibility and business ethics are crucial components of modern business practices, emphasizing the ethical obligations and broader impacts that businesses have on society. Here’s an overview of each concept: Social Responsibilities of Business: Definition: Social responsibility refers to the ethical framework and obligations that businesses have towards the broader community, environment, and stakeholders beyond maximizing profits. It encompasses the voluntary actions businesses take to address social, environmental, and economic issues in their operations and interactions with stakeholders. Key Aspects: Corporate Citizenship: Businesses are expected to contribute positively to society by supporting community development initiatives, philanthropic activities, and volunteering efforts. Environmental Sustainability: Businesses should adopt sustainable practices to minimize their environmental footprint, reduce waste, conserve resources, and mitigate climate change impacts. Ethical Labor Practices: Ensuring fair treatment of employees, promoting diversity and inclusion, providing safe working conditions, and adhering to labour laws and human rights standards. Consumer Protection: Providing safe and reliable products/services, transparent marketing practices, and addressing consumer concerns responsibly. Stakeholder Engagement: Engaging with stakeholders (employees, customers, suppliers, local communities) to understand their needs, address concerns, and build mutually beneficial relationships. Business Ethics: Definition: Business ethics refers to principles, values, and standards of conduct that guide business decisions and actions, ensuring they are morally and ethically sound. It involves applying ethical principles to organizational culture, policies, practices, and decision-making processes. Key Principles: Integrity: Acting honestly and ethically in all business dealings, maintaining transparency, and fulfilling commitments. Fairness: Treating all stakeholders fairly and equitably, avoiding discrimination, favouritism, or exploitation. Accountability: Taking responsibility for actions and decisions, acknowledging mistakes, and striving for accountability in business practices. Respect: Valuing diversity, respecting human rights, and promoting a culture of inclusivity and mutual respect within the organization and in external relationships. Compliance: Adhering to legal requirements, regulations, industry standards, and ethical guidelines relevant to business operations. Importance and Integration: Enhanced Reputation: Businesses that demonstrate strong social responsibility and ethical behaviour build trust, credibility, and positive reputation among stakeholders, enhancing brand loyalty and competitiveness. Risk Management: Ethical conduct and social responsibility mitigate risks associated with legal liabilities, regulatory non-compliance, reputational damage, and stakeholder backlash. Long-term Sustainability: Integrating social responsibility and ethical practices fosters long-term sustainability by aligning business objectives with societal needs, fostering innovation, and attracting socially conscious investors and customers. Employee Engagement: A commitment to ethical principles and social responsibility enhances employee morale, motivation, and retention, creating a positive workplace culture. In conclusion, businesses play a pivotal role in society, and embracing social responsibility and ethical practices not only aligns with moral imperatives but also contributes to sustainable business success and positive societal impact. Integrating these principles into core business strategies and operations is essential for fostering trust, resilience, and long-term value creation in a rapidly evolving global business environment.
Author: Khanka S.S.
Publisher: S. Chand Publishing
ISBN: 9383746122
Category : Business & Economics
Languages : en
Pages : 240
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Book Description
Profit maximization motive of business has led to competition and corruption erasing the distinction between ethical and unethical business practices. The result is rampant unethical practices in business causing harm both to business and society.
Author: David Federhen
Publisher: GRIN Verlag
ISBN: 363829014X
Category : Business & Economics
Languages : en
Pages : 14
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Book Description
Seminar paper from the year 2004 in the subject Business economics - Business Ethics, Corporate Ethics, grade: A- = 1-, International University in Germany Bruchsal (Department of Sciences and Liberal Arts), language: English, abstract: In the aftermath of recent business scandals such as Enron, Worldcom, and Parmalat the discussion about ‘Ethics in Business’, which was not exactly a hot topic during the last 20 years or so, has been inflamed anew. However, ethical corporate governance, the catch line of countless discussions in recent times, is only one but many aspects to ethics in business. This paper will focus on the aspect of corporate social responsibility rather than the issue of corporate governance. Although not as hot as corporate governance, corporate social responsibility is certainly no less important as incidents like the Exxon Valdez accident in 1989 clearly demonstrate. In fact, corporate social responsibility even covers the t opic of corporate governance since governance failures as observed at companies like Enron do not only hurt a company’s shareholders but to a large extent also most of a company’s stakeholders - which in the end often make up a considerable part of society. Milton Friedman’s (in-)famous 1970 article “The social responsibility of business is to increase its profits” will serve to represent the libertarian view which assumes great credibility to concepts like ‘Agency Theory’ and the ‘Invisible Hand’. After elucidating Friedman’s ‘classical’ liberalist approach, which in itself makes perfect sense, this paper will point towards the deficiencies of Friedman’s argument. By applying a broader understanding of how corporate social responsibility is to be derived i t becomes obvious that Friedman is telling only part of the story. This consideration will then serve as a foundation for the attempt of developing a framework of corporate social responsibility which goes beyond increasing profits only. [...]
Author: A. C. Fernando
Publisher: Pearson Education India
ISBN: 8131786692
Category : Business ethics
Languages : en
Pages : 265
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Book Description
Is profit-making the only goal of a business? Should an unbridled market mechanism drive corporate enterprise? To what extent should corporations compensate for the manifest and hidden costs that are incurred by the society at large? These are some of the questions that have engaged specialist economists, business barons, corporate heads and management experts for decades. Corporate Ethics, Governance, and Social Responsibility: Precepts and Practices addresses these issues and deals with three key concepts impacting contemporary businesses: business or corporate ethics, corporate governance, and corporate social responsibility.
Author: Morrell Heald
Publisher: Routledge
ISBN: 1351317342
Category : Business & Economics
Languages : en
Pages : 526
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Book Description
The concept of the social responsibility of business has roots in the Puritan doctrine of stewardship as well as the nineteenth-century gospel of wealth, but business leaders only began to consider community welfare as a whole in the context of their corporate aspirations of the latter half of the twentieth century. Originally appearing in 1970, The Social Responsibilities of Business surveys the history of corporate actions in pursuit of social responsibility, and attempts to assess likely developments. Reissued in 1988 by Transaction with a new introduction by the author and now available in paperback, the volume provides Morrel Heald the opportunity to evaluate his earlier predictions and identify prospects for further development in the area of corporate social responsibility. Some of Heald's predictions have not yet come to fruition, and he reflects upon the reasons. No effective structure yet exists to permit an open exchange of views and needs between business and representatives of its various constituencies. In addition, two of Heald's earlier suggestions have not taken root in the way he anticipated--the company foundation, and the corporate social audit-and he assesses why they have not, and what opportunities they still provide. The Social Responsibilities of Business provides essential back ground for understanding the developing social role of the corporation and for assessing its future direction.
Author: Dr. Amit Kumar,
Publisher: SBPD Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 242
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Book Description
1.Business Ethics : An Overview, 2. Business Ethics and its Theories, 3. Nature of Ethics and its Relevance to Business, 4. Corporate Governance : An Introduction and Framework, 5. Failure of Corporate Governance and Reforms, 6. Clause 49 : Corporate Governance Initiative in India, 7. Corporate Governance Practices : An Introduction, 8. Board Committee : Roles and Responsibilities, 9. Whistle Blowing : An Introduction , 10. Whistle Blower Policy and Framework, 11. Whistle Blower Protection Act, 2014, 12 .Corporate Social Responsibility : An Introduction, 13. Corporate Social Responsibilities and Social Audit.
Author: Difrine Madara
Publisher: GRIN Verlag
ISBN: 3346103765
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
Academic Paper from the year 2019 in the subject Business economics - Business Ethics, Corporate Ethics, grade: A, Kenyatta University, language: English, abstract: The view that businesses exists for the good of the society has come under massive scrutiny in recent years. Argument that as long as businesses act legally and ethically they should not concern themselves with the larger social goals is now being challenged world over (Fernando, 2010). As a result, businesses have been forced to be more conscious of their environment and sustainability of their products and processes. Businesses must now look deep into the possible adverse impacts of their operations in the society and consumers. According to John Browne, to divert anger and suspicions that they have created, businesses must reconnect with the society radically (Grant and Miller, 2018). Looking at the case of many multinational corporations such as Nike, Inc, it is clear that there are numerous ethical and social responsibility concerns that businesses grapple that make them bad members of the society. In this regard, the author examines ethical and social responsibility concerns at Nike and other corporations with an aim of determining the best ways through which a business can connect with the society.
Author: Raheem Cameron
Publisher:
ISBN: 9781643162317
Category : Business & Economics
Languages : en
Pages : 174
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Book Description
Business ethics and Social Responsibility
Author: Bjørn Andersen
Publisher: Quality Press
ISBN: 1636940617
Category : Business & Economics
Languages : en
Pages : 353
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Book Description
Maintaining solid corporate ethics goes beyond just being a ‘feel good’ story or a good public relations angle. Organizations that demonstrate strong ethical commitments can gain a real competitive advantage over others by keeping employees happy and productive and keeping customers satisfied and loyal, while avoiding some of the unexpected pitfalls that may beset a less ethical organization. These factors all lead to a more stable and consistent organization, and will improve the bottom line and drives higher profits. The erosion of business ethics affects everyone, from the employees laid off, stockholders losing investments, to customers paying a higher price or receiving lesser quality. In Bringing Business Ethics to Life: Achieving Corporate Social Responsibility, best selling author Bjørn Andersen has written an easy to read yet powerful book demonstrating the need for solid ethics in every organization. Andersen first explains the importance of creating a strong ethical culture within every organization, demonstrating the positive effects it will have throughout the business. He then shows how business leaders can make this happen, by introducing a holistic value-driven and ethically based model of leadership and management that can bring about dramatic changes for any organization.
Author: Boubaker Sabri
Publisher: World Scientific
ISBN: 9811206899
Category : Business & Economics
Languages : en
Pages : 500
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Book Description
Corporate activities are not only drivers of economic growth but also key actors of the changes towards more sustainable markets and environment as well as inclusive development. Significant efforts have recently been devoted to transform private and public firms alike from pure economic-oriented organizations to entities that deliberately and diligently create value without neglecting social and environmental implications of their activities. Firm performance, resilience, and survival are nowadays, more than ever before, dependent on how they consciously and purposefully engage in appropriate corporate social responsibility (CSR) strategies and actions.This book, Corporate Social Responsibility, Ethics and Sustainable Prosperity, will provide all readers, including investors, managers, lawmakers, and policymakers with an up-to-date, comprehensive, and thoughtful coverage of CSR and ethical issues at the crossroads of different finance and management disciplines. It contains a rich collection of insightful studies covering a wide range of topics in corporate ethics, CSR, and sustainable prosperity. Together, these studies help readers deepen their knowledge on different country environments and various organizational forms, policies, and activities. The book is composed of 16 chapters which are divided into two interconnected parts: Part I addresses ESG and ethical issues in corporate decision-making, while Part II provides insights towards sustainable prosperity.
