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Legal Aspects and Ethics in Business
Legal Aspects and Ethics in Business
Legal Aspects and Ethics in Business
ETHICS IN BUSINESS
CHAPTER 8
Introduction
Business Ethics:
The principles and standards that define
acceptable conduct in business (Ab. Aziz
yusof, selvan Perumal & Faizuniah Pangil, 2005)
Ethics -
A set of principles prescribing a behavioral
code that explains what is good and right or
bad and wrong. ( Kuratko & Hodgetts, 2007)
Ethics and Business
Decisions
In addition to the normal challenges of
business decisions, the entrepreneur is
faced with specific ethical dilemmas.
Figure 1 illustrates four main themes of
ethical dilemmas:
i. conflict of interests
ii. Personality traits
iii. Responsibility to stakeholders
iv. Level of openness
The conflict of interests
1. Responsibility to society.
2. Committed to the profession
3. Time management
4. Willing to take the initiative
5. Continuous improvement