Essay On Governance And Business Ethics

Governance and business ethics arte the rules or strategies through which any organization runs their business. The corporate governance and business ethics are framed in a manner that social or moral values of business stakeholders do not hurt. The give and take process of trade runs based on this corporate governance and business ethics. Moreover, the governance helps to frame business objectives along with completion strategies (Wood and Hedges, 2021). Towards the continuation of this study, the researcher has discussed the contribution of ethical factors for maintaining a good governing process within organization. Apart from that, the study has stated decision making process with the help of corporate governance and business ethics. This study has shown the impact of ethical dilemmas on the organizational changes and how the organization can recover from that point. 

 

The good ethical factors come from the good corporate governance practices. In this process, the company would be able to take supportive decisions, can enhance clarion thoughts and proper execution of business objectives within time. A well-structured business ethics enhances the effectiveness of business laws and environment by accepting the personnel. The ethical considerations for business are fairness, honesty, respect, integrity, openness and responsibility towards the fulfilment of business objectives (Sari, 2021). A good ethical consideration helps the managers to take better decisions fort fulfilment of business objectives and aims. This could be a long-term process and it is necessary for all organisation to have a well-structured ethical rules on long-term basis. This can be said that good corporate governance and ethical considerations are interrelated to each other. 

 

Therefore, it is necessary for all business organisation to have a well-structured ethical rules on long-term basis and good corporate governance practices. Considering the modern academic theory of corporate ethics, the business economy depends on the smooth process of business, which can be driven by the laws of well-structured business ethics. Moreover, different empirical studies have been conducted based on business ethics; however, the interrelationship between corporate governance and business ethics have not been shown. Therefore, this study could be helpful for showing a relationship bridge between business ethics and governance (Ronaghi and Mosakhani, 2022). In this case, through the ethical practices and principles, the organisation would be able to maintain the moral values of personnel as well as the customers or other stakeholders. 

 

As it has been stated earlier that corporate ethics are important for better decision making process; moreover, it is also necessary to create a link between ethical decision making and strategic thinking process. Strategic thinking is a process, where the personnel actively combine all present factors of business and filter the necessary issues as salient. Based on that, an effective strategy can be made for resolving the issues. In this process, the personnel might forget some core business objectives and some modal values of other personnel mighty be avoided. However, ethical decision making can never avoid those factors while strategic implementation (Reinecke and Donaghey, 2021). Therefore, a link between ethical decision making and strategic thinking should be there for proper ethical development within organisation. 

 

Moreover, this can be stated that ethical decision making process helps to choose from alternate options and make an effective strategy by considering ethical principles. On the way to develop ethical decisions, it is prior to eliminate unethical factors to have the best ethical alternative. The ethical principles have core responsibility to maintain moral values of stakeholders. For example, the customer care executive would need to follow ethical rules for considering the complaints from customers. That means, ethical factors and principles maintain the moral values of customers and reminds the responsibilities of personnel to the customers (Kristjánsson, 2021). 

 

It is a crucial factor that each global firm has diversified culture in their workplace due to different categories of personnel. The personnel diversity can be due to cultural, and regional. Thus, it can be expected that the workplace can have different working culture and it is obvious that the cultural diversity can be seen between the employees. Therefore, there could be an exchange of knowledge or cultural aspects between the employees within an organisation (Nazari-Aref, et al. 2021). However, there could be issues or dilemmas due to cultural diversity within the workplace. In this case, the organisational employees might face issues due to different ethical and moral values; because a range of principles might not be similar for all cultural aspects. 

 

That could create dissatisfaction among the cultural diversified employees. As per the Virtue Theory of ethics, the principles or moral values should not harm someone’s feelings; rather it would be helpful for maintaining a strong relationship among the people. Therefore, as per the Virtue theory of ethics, the decisions should be made in that form so that everyone can understand and obey that; that is why, maximum global firms considers virtue theory of ethics for corporate ethical consideration (Buhmann and Fieseler, 2022). 

 

During the discussion of this study, as a researcher I have stated the importance of both corporate ethics and governance. Here, I have understood that in the context of how corporate governance and ethical principles can impact organisational decision making process. For more instance, I have stated the dilemmas from ethical considerations of different cultural impact within workplace. Therefore, it can be stated at the end that considering ethical principles on virtual process, would be helpful for making principles accepted by all personnel without any conflict.

 

This study has clear discussion and justification about the importance of ethics and governance. In this study, the researcher has discussed the contribution of ethical factors for maintaining a good governing process within organization. On the other hand, this study has stated decision making process with the help of corporate governance and business ethics. This study has shown the impact of ethical dilemmas on the organizational changes and how the organization can recover from that point. This study has stated the importance of virtual theory in the context of corporate ethics. Here, an interrelationship has been created between ethics and governance.

 

Buhmann, A. and Fieseler, C., 2022. Deep learning meets deep democracy: Deliberative governance and responsible innovation in artificial intelligence. Business Ethics Quarterly, pp.1-34.

 

 

Kristjánsson, K., 2021. Collective phronesis in business ethics education and managerial practice: A neo-Aristotelian analysis. Journal of Business Ethics, pp.1-16.

 

 

Nazari-Aref, G., Farokh-Seresht, B., Agha Ahmadi, G. and Eslami, S., 2021. Designing a Good Corporate Governance Model in the Context of Ethics and Rationality. International Journal of Ethics and Society, 3(1), pp.41-49.

 

 

Reinecke, J. and Donaghey, J., 2021. Transnational representation in global labour governance and the politics of input legitimacy. Business Ethics Quarterly, pp.1-37.

 

 

Ronaghi, M.H. and Mosakhani, M., 2022. The effects of blockchain technology adoption on business ethics and social sustainability: evidence from the Middle East. Environment, Development and Sustainability, 24(5), pp.6834-6859.

 

 

Sari, K., 2021. The Influence Of Business Ethics, Code Of Conduct, Shareholders And Good Corporate Governance (GCG) Policy On The Implementation OF GCG In Bank

 

 

Sumut. International Journal of Applied Finance and Business Studies, 9(1), pp.16-26.

 

 

Wood, L.A. and Hedges, P.L., 2021. Active Learning-Reflective Exercises for Face-to-Face and Remote Delivery of Governance and Business Ethics Classes. Journal of Business Ethics Education, 18, pp.181-198.