Business Ethics and Corporate Governance's assignment.

     

                                             The Definition of Business Ethics.

      Business Ethics can be defined as the critical, structured examination of how people and institutions should behave in the world of commerce. In particular, it involves examining appropriate constraints on the pursuit of self-interest, or (for firms) profits, when the actions of individuals or firms affects others.

      The most widely accepted definition for business ethics says that it is a set of corporate values and codes of principles, which may be written or unwritten, by which a company evaluates its actions and business-related decisions. As the definition goes, business ethics can be written or unwritten. This is because most of the time, ethics business and the criteria for what is good and what is bad is shaped by a company’s best practices and long-standing culture.

      

      In simplest terms, ethics business refers to the propensity to differentiate right from wrong, and the resiliency to choose to do what’s right in terms of actions and decisions. It applies to the employees both rank-and-file and managers as well as the company as a whole.

      Companies and businesspeople who wish to thrive long-term must adopt sound ethical decision-making practices. Companies and people who behave in a socially responsible manner are much more likely to enjoy ultimate success than those whose actions are motivated solely by profits. Knowing the difference between right and wrong and choosing what is right is the foundation for ethical decision making. In many cases, doing the right thing often leads to the greatest financial, social, and personal rewards in the long run.

      In other way, Business ethics are ethics that refer to the moral rules and regulations governing the business world. In other words, they are the moral values that guide the way corporations or other business make decisions.