Business Ethics and Corporate Governance, Second Edition

SIGNIFICANCE OF BUSINESS ETHICS

Events in corporate America, Europe, and in many emerging economies at the beginning of the new millennium and more recently in the fag end of 2008, have demonstrated the destructive fall-outs that take place when the top management of companies do not behave ethically. Lack of ethics has led highly educated, resourceful and business savvy professionals at mega corporations like Enron, Tyco, Waste Management, WorldCom and Adelphia Communications to get themselves into a mess. In India too, we have had several instances of highly successful corporations like ITC and Reliance getting into severe problems when the top brass misled them to unethical practices. Recently, the chairman of the South Korean automobile giant, ...