Business Ethics Essay

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business ethics and corporate governanceReflective Journal-3 (week-5 and week-6) Posted on April 13, 2011 REFLECTIVE JOURNAL-3 BASED ON SUPPLEMENTARY READING 1, WEEK-5 INTERNATIONAL BUSINESS ETHICS Mahdavi, I 2010, ‘International Business Ethics: Strategies and Responsibilities’, Journal of Academic and Business Ethics, pp. 1-6, viewed 12th March 2011. JOURNAL ARTICLE SYNOPSIS: Ethics can be generally defined as the accepted principles of yes and no that govern the act of an individual and that of an organization (Hill, Cronk & Wickramasekera 2008). The ethics plays an important role in the way a business operates and its effect on the stakeholders. Ethics are counted and play an important role in various aspects of the business may it be management, finance, product, shareholders, stakeholders, and almost everything. It has been observed through practical and live examples that companies do not perform the way they should. For example, Nike literally exploits the employees in its Vietnam factories by paying them a wages that are unbelievably low. USA ships the containers full of hazardous chemicals and waste, for disposal, to other countries. So, the big question arise here is whether such acts of saving one’s own country and exploiting others is ethical? The increase in global trades and presence of multinational companies in different countries has increased the complexity of the ethical questions. What should a company/manager do when he/she goes to a foreign land? Follow the ethics or try to maximize their size and profits by entering into ventures that are highly profitable but not ethical. The choice is difficult. According to the journal article the companies who themselves have maintained a strong set of ethical standards rarely face the difficulties of ethical dilemma. No matter, they need to adjust to the situations in the host country but

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