Ethics in Business

Paper Summary:

This paper examines how recent events in businesses make it urgent that corporations consider their ethical stances very carefully and that they not only communicate these standards to employees, but use internal controls to assure that employees conform to those expectations. It looks at how such policies, backed up with effective implementation, will help prevent other companies from going down the path Enron chose. It shows that, while business ethics have always been important, in today's emotionally charged atmosphere, the company with clear and strong ethical principals may well have an advantage in the marketplace.

From the Paper:

"The problem for corporations when they take the view that ethics are the province of each individual executive is that the executives' actions reflect on the company and sometimes obligate or implicate the company in legal ways as well. While individuals may act according to their own personal scruples, values that may never have been thought out carefully by the individual, the actions are part of company action. It could be argued that the company sets the atmosphere that makes unscrupulous dealings by individuals either more likely or less likely (Paine, 1994) and that companies such as TI, who have a strong ethical company philosophy, are more likely to have few problems with individuals who act for the company in unethical ways."

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