Business ethics can be defined as the ethical behavior of a business to conduct its operations (Marques & Azevedo-Pereira, 2009). The ethical values in the business can be changed as per nature of the business. Business ethics mostly deals with the concept, process and practices of the organization in the business environment. Business ethics in organization requires value based leadership from the top management.
The role of business ethics has become significant in today’s challenging environment. Recent corporate scandals in the business environment increased the requirement of ethical business practices. It is very important for the organizations to follow a certain level of ethical consideration to eliminate possibility of fraud.
The stakeholder of the company plays a vital role in implementing ethical values within organization. Business ethics is quite effective to build a good public image and facilitate success in the long-term (Ferrell, Fraedrich & Ferrell, 2009).
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Ferrell, O., Fraedrich, J., & Ferrell, L. (2009). Business Ethics: Ethical Decision Making and Cases. USA: Cengage Learning.
Marques, P., & Azevedo-Pereira, J. (2009). Ethical Ideology and Ethical Judgments in the Portuguese Accounting Profession. Journal of Business Ethics, 86, 227-242.