Business Ethics and Corporate Governance, Second Edition

SUMMARY

Ethics involves systemizing, defending and recommending concepts of right and wrong behaviour. It is important to clarify what is not ethics. Ethics is different from religion since it applies to all people irrespective of their religious affiliations. Ethics is not synonymous with law. Ethical standards are different from cultural traits. Ethics is also different from feelings. And strictly speaking, ethics is not a science.

While personal ethics refers to the application of desirable values in everything one does, business ethics is the application of ethical principles of integrity and fairness, and concentrates on the benefits to all stakeholders. Business managers should have integrity, impartibility, responsiveness to public interest, ...