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Business Ethics and Social Responsibility

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Large organizations and publicly held companies often use corporate governance to promote business ethics and social responsibility. This governance creates the framework of policies, procedures, and guidelines for all individuals financially invested in a company. Outside stakeholders who do not have an investment can also benefit from corporate governance. Large organizations and publicly held companies typically face more scrutiny pertaining to business ethics since they command large portions of a region or nation’s economic resources. These companies must try to provide benefits to local communities and increase the living standards of as many people as possible, and they must be careful not pollute the surrounding environment.

While business ethics certainly play an important role in the business environment, it is possible for governments and individuals to demand too much social responsibility from companies. While companies should not abuse or misuse natural and economic resources, companies cannot pay for all the needs or wants of individuals. Some governments, individuals, or special interest groups can try to force companies into paying more money to improve society than the company can afford. This can result in lower business profits and the inability to pay for future, more reasonable and responsible social items.

In the long run, businesses that pay attention to ethics as well as law do better; they are viewed more favorably by customers. But this is a difficult claim to measure scientifically, because “the long run” is an indistinct period of time and because there are as yet no generally accepted criteria by which ethical excellence can be measured. In addition, life is still lived in the short run, and there are many occasions when something short of perfect conduct is a lot more profitable. The market does respond to unethical behavior.

Maximizing profits while being legally compliant is not a very inspiring goal for a business. People in an organization need some quality or excellence to strive for. By focusing on pushing the edge of what is legal, by looking for loopholes in the law that would help create short-term financial gain, companies have often learned that in the long term they are not actually satisfying the market, the shareholders, the suppliers, or the community generally.

Thus, we can do successful business that based on the relationship between business ethics and CSR activities as well as we can go with our goal for long-term because we have just created customers’ loyalty by our meaningful actions. Moreover, the high evaluation of some famous organizations all over the world, or simply from our community, we can find it easily to maintain and develop our market share next period, for everywhere, for every product or service – because they, community, always believe us and our business.

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Business Ethics and Social Responsibility. (2018, November 15). GradesFixer. Retrieved November 24, 2020, from https://gradesfixer.com/free-essay-examples/business-ethics-and-social-responsibility/
“Business Ethics and Social Responsibility.” GradesFixer, 15 Nov. 2018, gradesfixer.com/free-essay-examples/business-ethics-and-social-responsibility/
Business Ethics and Social Responsibility. [online]. Available at: <https://gradesfixer.com/free-essay-examples/business-ethics-and-social-responsibility/> [Accessed 24 Nov. 2020].
Business Ethics and Social Responsibility [Internet]. GradesFixer. 2018 Nov 15 [cited 2020 Nov 24]. Available from: https://gradesfixer.com/free-essay-examples/business-ethics-and-social-responsibility/
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