How is business ethics connected to corporate social responsibility?
Therefore, ethics set standards pertaining to what is good or bad in organizational conduct and decision making [14].
It also deals with internal values that are a part of corporate culture and shapes decisions concerning social responsibility regarding the external environment..
What are business ethics and corporate social responsibilities?
While ethics, in general, are concerned with right and wrong, business ethics focus on doing what is best for the shareholders and stakeholders.
On the other hand, social responsibility is focused on the company's impact on the environment and community..
What is business ethics and corporate social responsibility?
Thus, whereas business ethics focuses on the role and responsibilities of managers and employees as business agents, corporate social responsibility, on the other hand, is more focused on the corporation (or organization) and its obligations and behavior to other stakeholders in the larger social system (Daft, 2001)..
What is corporate social responsibility in business PDF?
Corporate Social Responsibility is a process that is concerned with treating the stakeholders. of a company or institution ethically or in a responsible manner. ' Ethically or responsible' means. treating key stakeholders in a manner deemed acceptable according to international norms. 2..
What is the relationship between CSR and business ethics?
In fact, both corporate social responsibility and business ethics are part of the other, which means that business ethics are part of corporate social responsibility or vice versa.
In addition, locating an organization's “pressure points” that highlight the need for CSR action is recommended..
Why to study business ethics and corporate social responsibility?
Business ethics enhances the law by outlining acceptable behaviors beyond government control.
Corporations establish business ethics to promote integrity among their employees and gain trust from key stakeholders, such as investors and consumers..
- ETHICS & SOCIAL RESPONSIBILITY
Being ethical and socially responsible encourages individuals to make sound decisions by relying on their moral beliefs and upholding their civic duty.
Each individual has a responsibility, understanding that the actions they commit should ultimately benefit societal welfare. - Exercising ethical behavior in business is important for the following reasons: It can help build trust and credibility with stakeholders.
Promote long-term sustainability and profitability.
Prevent reputational damage, legal problems and loss of business. - Many companies view CSR as an integral part of their brand image, believing that customers will be more likely to do business with brands that they perceive to be more ethical.
In this sense, CSR activities can be an important component of corporate public relations.
