Business Ethics and Corporate Governance, Second Edition

VALUES AND ETHICS IN BUSINESS

Business ethics are related to issues of ‘what is right’ and ‘what is wrong’ while doing business. The constituents of business ethics include adherence to truth, a commitment to justice and public integrity. What values are to individuals, ethics are to business.

Personal values as we have seen earlier, refer to a conception of what an individual or group regards as desirable. A value is a view of life and judgement of what is desirable that is very much part of a person’s personality and a group’s morale. Thus, a benign attitude to labour welfare is a value which may prompt an industrialist to do much more for workers than what the labour law stipulates. Service-mindedness is a value which when cherished in an ...