Abstract
Ethics and ethical behavior are issues which are increasingly being focused on the business community today. People are becoming more concerned about what is actually happening in business organizations in the name of competition, growth, and profitability. Organizations are crossing the red zone of ethics and ethical behaviors. A growing number of organizations are constantly surveying and evaluating the unethical practice in business organizations worldwide. The purpose of this paper is to examine the importance of ethical practices and how to implement those ethical practices in business organizations. It is empirically proved that ethical practices in business organizations help to create favorable relationships with other organizations and can also establish long-term positive relationships with existing and potential future customers. Descriptive and analytical research methodology is applied in this research paper. The findings of this paper is that it is very essential to have a code of business ethics in every business organization and this code of business ethics must be implemented in the organization in objective and effective way.
Highlights
At the present time, governments and stakeholders in business organizations are emphasizing on the code of business ethics
That is why academic scholars and corporate practitioners are worried about the increasing number of unethical practices occurring in business organizations
Academic scholars are writing a lot of books on business ethics and asking business managers to practice themselves and to implement those ethical principles in their organizations
Summary
Governments and stakeholders in business organizations are emphasizing on the code of business ethics. Proper implementation of business ethics in organizations can ensure maximization of lawful profits and effectively protect the interests of all stakeholders of business organizations including corporate social responsibility of business organizations about which much has been said and written by academic scholars (Sealy, 1987, 2001; Petrini and Pozzebon, 2009; Blumberg, 1970; Machan 2009) This eventually can ensure a viable and competitive business environment worldwide and such a viable and completive business practice is very much needed in the world of business as well as in the capital market. (3) To recommend ways how to implement this code of ethics in the business organizations
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