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Business ethics or ethics in business?

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  1. The notion of corporate social responsibility
  2. How to determine which specific social obligations are implied in their business situation
  3. About business ethics : An obligation ?

Ethics is concerned with the code of values and principles that enable a person to choose between the right and the wrong and therefore select among alternative courses of action. The business world is also concerned about it. In the current scenario a large number of international, national and even local companies are faced with issues related to ethics. Indeed, the corporate social responsibility has become inevitable for both organizations and societies. This concept can be defined as a managerial obligation to assume social responsibilities. In other words, this term explains that corporations should be managed for the benefits of their stakeholders. The stakeholders are the individuals and groups who are directly or indirectly affected by organization's decisions (Wolff, 1994 cited in Certo, 2005). Therefore, a number of business specialists claim that, to gain competitive advantage, companies should conduct business in an ethical way and demonstrate social responsibility to a fair extent. However, there are some controversies about whether such an involvement is necessary or even appropriate because of the dilemma involved in ethics.

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