Importance of Business Ethics Research Paper Example | Topics and Well Written Essays - 2250 words

Importance of Business Ethics - Research Paper Example The researcher states that several ethical theories exist defining what ethical and otherwise. Business ethics is derived from the ethical theories as for the behavior and conduct that any business entity adheres to in their daily interaction with their environment. Business ethics involves the application of ethical values such as integrity, fairness, respect, and transparency in business interactions. Business ethics also relates to how the business develops its structures produces and delivers its products and services to its clientele. Interaction with consumers, suppliers, employees and the wider society should align with ethical practice. Business ethics is very important due to the moral reasons which come with it. According to deontological theory, an action is considered to be ethical if it complies with the duties allocated either formally or moral duties. The utilitarian perspective of ethical actions is those that yield greater good for the majority. Personal and communit y conduct should comply to set rules and regulations for it to qualify classification as ethical. Actions that undermine the rights of other people are unethical especially exploitative behavior even if the victim is not informed of their rights. At the same time, some ethical theory as suggested by Plato and others in his school of thoughts indicates that the end justifies the means. Provided the end results are considered to be positive and acceptable then the process is ethical. Being ethical in a business is the right thing to do and business should ensure all the business behavior is governed by ethics. Business ethics and corporate governance work together to ensure accountability of the business to all stakeholders. Business ethics brings about the cooperation required for a company and the business environment to survive.