Unit4 Business Ethics

Noida Institute of Engineering and Technology, Greater
Noida
Business Ethics
Unit: 4
Corporate Governance, Values

& Ethics AMBA0302 SHRUTI SHARMA
MBA
MBA 2nd Year (3RD Sem) Department
1
March 19, 2024
Shruti sharma AMBA 0302

Unit-4
Noida Institute of Engineering and
Technology, Greater Noida
(Unit –4) Topic 1
Meaning, Definition, Nature,

Importance of Ethics
Topic Objective & Topic Outcome
S No Topic CO
1 To understand the meaning of corporate CO 4
ethics.
And its need.
SHRUTI SHARMA CGV&E AMBA0302 Unit 4
03/19/2024 3
Session Learning Objective with CO mapping
Understand the meaning of corporate ethics, and its need.
Topic Course
Outcome
1. to make them understand the meaning of CO4
corporate ethics, its nature

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Meaning, Definition, Nature, Importance of Ethics.
• Ethics is mainly known as the principle of moral conduct that makes a distinction
between good and bad/ evil, right and wrong, virtue and non-virtue.
• The word ethics is derived from a Greek word ‘ethos’ meaning character. It is a
branch of knowledge that governs right and wrong conducts and behaviours of an
individual, profession, group or organization. It is a core of the professional and
personal lives of people.

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• Different scholars have defined ethics differently. However different their definitions
might be, ethics is always concerned with morality and right vs wrong and good vs
evil. It is applied universally.
• There is also ethics in professions such as journalism, advertising, education,

medicine, etc.
• “Ethics refer to a set of moral principles which should play a very significant role in
guiding the conduct of managers and employees in the operation of any enterprise.”
— Dale S. Beach

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“Ethics is the most important and functioning branch of philosophy in today. In general,
ethics is moral philosophy. The term ethics is derived from Greek term Ethos which
means custom, character. It is related to our values and virtues.
• Therefore, our actions and our experiences in everyday life are the subjects of ethics.
We have the capacity to think about our choices, so we are responsible for all our
decisions and actions.”

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There are 3 different scopes of ethics. They are:

1.Meta-Ethics
2.Normative Ethics
3.Applied Ethics
1. Meta-Ethics: Meta-ethics comprises the area of situational ethics and deals with logical
questions like ‘What do we mean by ‘freedom’ and ‘determinism’ etc. It delves into the
nature of ethical properties, attitudes and judgements.
For example, a media critic’s description of a TV series as ‘good drama’ does not
necessarily denote that the program is morally sound.

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2. Normative Ethics: Normative ethics deals with standards or norms by which we

can judge human actions to be right or wrong. It deals with the criteria of what is
morally right or wrong.
• For example, if someone murders a person, everyone will agree that it is wrong.
The question is: Why is it wrong to murder someone? There are a lot of different
answers we could give, but if we want to specify a principle that stated why its
wrong, the answer might be: Murder is wrong because when we kill someone,
we violate their right to live.
There are three elements emphasized by normative ethics:

•The person who performs the act (the agent)
•The act
•The consequences of the act
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3. Applied Ethics: Applied ethics is the problem-solving branch of moral philosophy. It

uses the insights derived from metaethics and the general principles and rules of
normative ethics in addressing specific ethical issues and cases in a professional,
disciplinary or practical field.
• Applied ethics is the vital link between theory and practice, the real test of ethical
decision-making. Applied ethics often requires not only theoretical analysis but also
practical and feasible solutions.

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Some of the key areas of applied ethics are:

•Decision Ethics
•Professional Ethics
•Clinical Ethics
•Business Ethics
•Organizational Ethics
•Social Ethics
Nature of Ethics
1. Scientific Nature: Not Art:

2. Variable Nature:
3. Exclusively for Human Beings:

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Objectives of Ethics
Ethical objectives are based on the following factors:

•Objectivity
•Impartiality
•Accuracy
•Public Accountability
•Fairness
•Truthfulness
The objectives of ethics are to study and assess human behaviour. It is also to
establish principles and moral standards of behaviour. Ethics is not compulsory
in a person’s life and it is not forced upon anyone but being ethical is one step
forward towards being a good person.
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Daily quiz
• Define ethics.
• Difference between ethics and business ethics.
• Discuss the Importance of ethics in day to day life.
• Difference between ethics and values.
• A ________ is a problem, situation, or opportunity requiring an individual,
group, or organization to choose among several actions that must be
evaluated as right or wrong.

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(Unit –4) Topic 2
Meaning, Definition, Nature,

Importance of Ethics
S No Topic CO
1 To understand the meaning of corporate CO 4
ethics.
And its need.
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Understand the meaning of corporate ethics, and its need.
Topic Course
Outcome
corporate ethics, its nature

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Ethics – 6 Basic Ethical Principles:
• Beneficence: As an example, consider a person parking his/her motor vehicle, a car or a

motor cycle. He/She must park the vehicle in such a way that it does not block
pedestrians walking on the road, prevent smooth flow of traffic, or obstruct another
person‘s parked vehicle. Many times, people park their vehicle oil the road without
caring about the inconvenience caused to others.
• Least Harm: Consider another example of a day-to-day occurrence. Young people

travelling in a city bus are often seen grabbing a seat as soon as it is vacant, while a
senior citizen or a woman accompanying a small child has to travel standing. It is your
duty to offer your seat to such people if you are sitting.
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• Autonomy: As an example, consider your own case. As a student you may have opted
for a course based on your love for the subject. On the other hand, some of you may
have taken up the course because your parents took the decision for you. They have
invaded your autonomy to take decisions about yourself.
• Non-Violence or Peace: In a case that was reported by the press, a group was collecting
donations for a festival. The group approached a small shopkeeper and demanded Rs.
1000. The shopkeeper refused to pay more than Rs. 250. The group resorted to
violence, beat him up, and ransacked his shop. It is to be remembered that donations,
by their very nature, are voluntary.
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SHRUTI SHARMA CGV&E AMBA0302 Unit 4 18
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• Justice: For example, consider the many development-induced displacements that

make headlines in the newspapers these days. The building of a dam, the
requirement of a weapon-testing ground, the need for a nuclear power plant, or the
need for an expressway might necessitate displacement of a community to clear land
for such a purpose.
• Truthfulness: In the Upanishads, it is said asato ma sat gamaya, meaning ‘lead me

from falsehood to truth’. Truthfulness is thus a universal principle propounded by all
religious texts. In engineering measurements, it is mentioned that the true value of a
quantity is not known.
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Ethics – Importance of Ethics in Various Management Functions
Business ethics comprises various traits, such as – trustworthiness and transparency in

customer services. Ethical business practices strengthen customer relationship that is of
prime importance for long-term organizational success. It deals with retaining and
creating a long-lasting impression in the minds of customers.
Business ethics plays a very crucial role in various management functions.
1. Ethics in Finance
2. Ethics in Marketing
3. Ethics in Production
4. Ethics in Human Resource Management

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Ethics – 3 Basic Approaches to Ethical Behaviour
i. Utilitarian Approach:
This approach proposes that actions and plans should be judged by their consequences.
People should therefore behave in such a way that will produce the greatest benefit to
society with the least harm or the lowest cost.
ii. Individual Rights Approach:

This approach proposes that human beings have certain fundamental rights that should be
respects in all decisions. A particular decision or behavior should be avoided if it interferes
with the rights of others.

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iii. Justice Approach:

The justice approach proposes that decision makers be equitable, fair and
impartial in the distribution of costs and benefits to individuals and groups. It
follows the principles of distributive justice and fairness. This approach can also
include redistributive justice and compensatory justice.
Cavanagh proposes that we can solve ethical problems by asking the

following 3 questions regarding an act or decision:
1. Utility- Does it optimize the satisfaction of all stakeholders?
2. Rights- Does it respect the rights of the individuals involved?
3. Justice- Is it consistent with the canons of justice?

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Another approach to resolving ethical dilemmas is by applying Kant’s categorical

imperatives to guide our actions:
(1) A person’s action is ethical only if that person is will for the same action to be taken
by everyone who is in a similar situation. This is same as the Golden Rule. You
should treat others, as you would like them to treat you.
(2) A person should never treat another human being simply as a means but always as
an end. This means that an action is morally wrong for a person if that person uses
others merely as a means for advancing his or her own interests.

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Daily quiz
• Commitment, competence and consistency are three distinct characteristics

that result in ______________.
• Culture needs to be kept alive by ____________.
• Business ethics is a practice that determines what is right, wrong, and
appropriate in the________.
• Corporate value costs a lot of money. (true/ false)
• Ethics are the basic standards by which organisations conduct business. (true/
false)

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(Unit –4) Topic 3
Ethical Dilemma – Ethical Decision

Making, Ethical Reasoning, Ethical
issues,
S No Topic CO
1 To understand the ethical dilemma CO 4
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1. Understand the meaning of ethical dilemma.
Topic Course
Outcome
ethical dilemma.

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Ethics – Factors Affecting Individual Ethics
Individual ethics are determined by the following factors:
1. Family.
2. Peer Group Influences.
3. Life Experience .
4. Personal Values.
5. Situational Factors.
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Case Study
The nature of business ethics refers to the standard characteristics of human behavior in its
definition as its core concept. The nature of ethics in business is not often that companies are
celebrating good behavior. Here are the corporations with the principles that we can support:
Google
Although some may criticize the company, Google (NASDAQ: GOOG) regularly makes its policy
good: “Do not be evil.” Through its Google Green Program, the company has donated more than $
1 billion in renewable energy projects and its own footprint using energy-efficient buildings and
public transport.
The company is a strong supporter of open lectures, which can be seen from a frequent conflict
with the Chinese government.
• Google is also an open supporter of gay rights. Yet all these nails compared to Google’s status
as a paragraph for employee benefits.
• Naming just a few, Google employees have free healthcare and free medical treatment
facilities, free legal advice with discounted legal services, full stock snap pants and unsafe
cafeteria (less by world-class chefs, fewer than), and a free on-site nursery.
Through such a star record of social awareness and positive employee relationships, Google today
is the best example of Ethics in the corporate world today.

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Ethics – Ethical Dilemma
We are faced with ethical dilemmas almost every day, both at the
individual level and at the societal level. Ethical Dilemmas arise due to
conflict of interest or due to ignorance of what is the correct thing to do in
a given situation. Both, the individual and the community face dilemmas.
In many situations, the right action may be evident. However, there may
be many tricky situations where it may not be possible to decide the right
actions. Ethical theories help us win over such situations.

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• A major reason for ethical dilemmas is the conflict of moral principles. As we decide to
take action based on one or more moral principles that apply in a given situation, we
come to know that it conflicts with other moral principles that need to be followed.
For example, telling a lie or hiding the truth is against moral principles.
• However, there can be situations where telling a lie or hiding the truth may be the
correct thing to do according to some ethical theory. Dilemmas generally occur
because of such conflicts among moral principles. We face a dilemma when our moral
beliefs, such as – duty, rights, principle, and values, come into conflict in a given
situation.

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Let us illustrate ethical dilemmas with the following example:
As the purchase officer in an organization, an engineer has to choose between

many options in purchasing a particular item. Quite often it is not the lowest
price that matters but many other conditions, such as purchase agreement and
long term benefits. On a festive occasion, one of the suppliers comes with
sweets and gifts for the engineer.

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• The supplier directly does not tell the engineer to select his item for purchase
but gives the gift to him. Is it morally right to accept the gift? The engineer
feels that it is just a normal gesture during the festive season as he knows him
well and has had long discussions with him about products.
• The engineer feels that his decision to purchase any product is not going to be
decided by this gift given by the supplier. However, he is concerned about the
situation he is in.

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Resolving Ethical Dilemmas:

When one faces a ethical dilemma, depending on the complexity of the problem, one has
to make an attempt to find a solution based on accepted ethical principles. Lack of clarity,
conflicting principles, and many other factors make it difficult to decide upon the
appropriate action.
34
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Solutions have to be case specific, but may generally involve the following steps:
i. Formulate some cardinal ethical principles that you would like to follow, if you have not done so
already.
ii. Collect all relevant facts of the case.
iii. Perform an ethical analysis of the given situation wherein you analyse the ethical factors that
predominate the problem and the ones that tend to conflict.
iv. While it may be difficult, prioritize the ethical factors in the order that you think should take
precedence.
v. Having formulated your ideas, it may be desirable to discuss with some people close to you
about the case and the implications you think any decision or action would have.
vi. Having received inputs from them, you can now formulate your plan of action, noting down all
the moral implications of the solution.
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WHAT IS WORK ETHIC?

• The meaning of work ethic refers to a set of behavioral rules that create a positive
environment at work. A strong work ethic can lead to employees being fairly
treated, which in turn motivates them and develops a sense of loyalty towards the
organization.
• On the other hand, office politics and a management that doesn’t encourage ethical
and fair behavior is bound to make employees depressed and disinterested.

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• Employees have to be made aware of whether they are doing the right things, and if
they need any course correction. A strong work ethic ensures that there are
adequate directives and correct work practices in place to mentor the employees
properly. These practices lead to fair and equal treatment of all employees and a
transparent appraisal system.
• In organizations where a strong work ethic is missing, employees may find it difficult
and uncomfortable to survive and work for the long term. Let’s take a detailed look
at the meaning and definition of work ethic to understand it better.

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Daily quiz
• Value exploration is concerned with how a company can efficiently create

more promising new value offerings. (true/false)
• Ethical Values are things, people or attitudes that groups of individuals think
are important or to be revered or respected. (true/false)
Column A Column B
When private interests compete with professional
responsibilities. For instance, when a board is
deciding whether to award a contract to a
a company owned by one of its members. a duty of care
When a board member’s decisions are, or might
be, influenced by objectives other than the
b organization’s best interests. b GRC
The fiduciary responsibility of directors to act in
c good faith when making decisions c Conflict of Interest
_______seeks to promote cooperation and prevent 38
d a ‘silo mentality’ that reduces transparency. d Conflict of Loyalty

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(Unit –4) Topic 4
Ethics Management – Key roles and

responsibilities, Benefits of Managing
Ethics in Work Place,
S No Topic CO
1 To learn about the Key roles and CO 4
responsibilities, Benefits of Managing Ethics
in Work Place.
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1. Understand the meaning of the Key roles and responsibilities,

Benefits of Managing Ethics in Work Place.
Topic Course
Outcome
1. to make them understand the meaning of the CO4
Key roles and responsibilities, Benefits of
Managing Ethics in Work Place.

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MEANING OF WORK ETHIC
• We just read about the meaning and scope of work ethic from an
organization’s perspective. Now, let us find out about the employee work
ethic. An employee also needs to reciprocate the care and trust that an
organization invests in him or her by hiring him.

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MEANING OF WORK ETHIC
• An ethical worker is loyal and committed to the goals of his organization by putting in
their best efforts. Genuine effort and dedication towards company goals is
appreciated and rewarded with remunerative and hierarchical growth by
organizations that have a strong work ethic.
• Hence, it won’t be wrong to state that building an ethical employee-employer
relationship is dependent upon both the stakeholders. While organizations need to be
impartial and supportive in their appraisal and performance review processes,
employees also need to display certain traits that highlight their strong work ethic.

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TRAITS:
•DEPENDABILITY
•INTEGRITY
•HONESTY
•PROFESSIONALISM
•FOCUS ON GOALS
•DEDICATION
•INHERENT VALUES
•DETERMINATION

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IMPORTANCE OF WORK ETHIC FOR BUSINESS
A strong work ethic is very important for any modern business organization. There
are a number of advantages of adopting an ethical approach at work:
• SUPERIOR ASSET MANAGEMENT

• SUPERIOR PRODUCTIVITY
• ETHIC BREEDS TEAM SPIRIT
• BRAND VALUE AND PUBLIC PERCEPTION
• EMBRACING CHANGE
• SMOOTH IMPLEMENTATION OF DECISIONS AND POLICIES
• FRICTION-LESS WORKING
• GREATER SUCCESS FOR THE BUSINESS

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Code of Ethics
• A code of ethics is a guide of principles designed to help professionals

conduct business honestly and with integrity. A code of ethics
document may outline the mission and values of the business or
organization, how professionals are supposed to approach problems,
the ethical principles based on the organization's core values, and the
standards to which the professional is held.

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Types of Codes of Ethics:
A code of ethics can take a variety of forms, but the general goal is to ensure that a
business and its employees are following state and federal laws, conducting
themselves with an ideal that can be exemplary, and ensuring that the business
being conducted is beneficial for all stakeholders. The following are three types of
codes of ethics found in business.

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Types of Codes of Ethics:
Compliance-Based Code of Ethics

• To ensure that the aims and principles of the code of ethics are followed, some
companies appoint a compliance officer. This individual is tasked with keeping up to
date on changes in regulation codes and monitoring employee conduct to
encourage conformity.
• This type of code of ethics is based on clear-cut rules and well-defined
consequences rather than individual monitoring of personal behavior. Despite strict
adherence to the law, some compliance-based codes of conduct do not thus
promote a climate of moral responsibility within the company.

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Value-Based Code of Ethics

• A value-based code of ethics addresses a company's core value system. It may outline
standards of responsible conduct as they relate to the larger public good and the
environment. Value-based ethical codes may require a greater degree of self-
regulation than compliance-based codes.
• Some codes of conduct contain language that addresses both compliance and values.

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.
Code of Ethics Among Professionals
• Financial advisers registered with the security and exchange commission (SEC) or a
state regulator are bound by a code of ethics known as a fiduciary duty.
• Certified public accountants, who are not typically considered fiduciaries to their
clients, still are expected to follow similar ethical standards, such as integrity,
objectivity, truthfulness.

Daily quiz
What Are the Five Codes of Ethics?

What Is a Code of Ethics in Business?
What Is a Code of Ethics for Teachers?
What Is an Example of a Code of Ethics?
What Is the Difference Between a Code of Ethics and a Code of
Conduct?

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(Unit –4) Topic 5
Historical Perspective of Ethics –

Excerpts from scriptures, Socialization.
S No Topic CO
1 To learn about the conflicts between individual CO 4
ethics and corporate value. Historical Perspective
of Ethics – Excerpts from scriptures,
Socialization.
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1. Understand the meaning of Historical Perspective of Ethics – Excerpts

from scriptures, Socialization.
Topic Course
Outcome
CO4
1. to make them understand the meaning Historical
Perspective of Ethics – Excerpts from scriptures,
Socialization.

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Ethics – Development: Greek Ethics, Medieval Ethics and Modern Ethics

Ethics has developed as a science of moral reasoning in the following phases:
1. Greek Ethics:
It advocates that ethics deals with duties of a person as moral citizen of the nation. A
good or ethical man is the one who performs his duties as a good citizen. Famous
advocates of this view are Socrates, Plato and Aristotle.
03/19/2024 55

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Ethics – Development: Greek Ethics, Medieval Ethics and Modern Ethics
2. Medieval Ethics:
This is the period when Christianity spread in Europe. It spread the thoughts that ethics
is not simply a part of politics (as said in the Greek philosophy). It does not deal with
duties of a person. Rather, it deals with increasing the inner aspect of a person’s
morality.
3. Modern Ethics:
This era of ethics believes in performing actions whose results bring good to us and to
others. It deals with determining Tightness of the acts. It tells about what individuals or
institutions ought to do.
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Moral theories that advocate modern ethics deal with two components:
(a) Theory of Value or Theory of Good:
It decides about what is good or valuable, though it does not make this explicit. It
focuses on properties that we want to be realized in our actions. These properties
may be compliance with law of nature, human freedom, social solidarity or
combination of one or more of them.
(b) Theory of the Right:
It does not tell about which properties are valuable but tells about what individuals
and institutions should do by responding to valuable properties.

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Ethical Orientations: Utilitarianism
• Utilitarianism is an ethical principle attributed to Jeremy Bentham in the 16th

century, and a hundred years later to John Stuart Mill. The approach of a utilitarian
is to pursue the greatest good for the greatest number. In actual practice utilitarian
is not a simple or trivial approach.
• Utilitarianists conduct research and evaluate multiple possibilities in order to make
the most informed and equitable decisions. Utilitarianism, in contradistinction to
deontology, always considers the consequences of decisions and would never act
solely on the basis of personal opinion or preference.

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Why Socialization Matters
Socialization is critical both to individuals and to the societies in which they

live. It illustrates how completely intertwined human beings and their social
worlds are.
First, it is through teaching culture to new members that a society

perpetuates itself. If new generations of a society don’t learn its way of life, it
ceases to exist. Whatever is distinctive about a culture must be transmitted to
those who join it in order for a society to survive.

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• Socialization is just as essential to us as individuals.

• Social interaction provides the means via which we gradually become able to see
ourselves through the eyes of others, and how we learn who we are and how we fit
into the world around us.
• In addition, to function successfully in society, we have to learn the basics of both
material and nonmaterial culture, everything from how to dress ourselves to what’s
suitable attire for a specific occasion; from when we sleep to what we sleep on; and
from what’s considered appropriate to eat for dinner to how to use the stove to
prepare it.

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Nature versus Nurture

•
Some experts assert that who we are is a result of nurture—the relationships
and caring that surround us. Others argue that who we are is based entirely in
genetics.
• According to this belief, our temperaments, interests, and talents are set before
birth. From this perspective, then, who we are depends on nature.
• One way researchers attempt to measure the impact of nature is by studying
twins. Some studies have followed identical twins who were raised separately.

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Unit4 Business Ethics

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Noida Institute of Engineering and Technology, Greater

Corporate Governance, Values

Shruti sharma AMBA 0302

(Unit –4) Topic 1

Meaning, Definition, Nature,

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

Understand the meaning of corporate ethics, and its need.

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

• There is also ethics in professions such as journalism, advertising, education,

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

There are 3 different scopes of ethics. They are:

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

2. Normative Ethics: Normative ethics deals with standards or norms by which we

There are three elements emphasized by normative ethics:

3. Applied Ethics: Applied ethics is the problem-solving branch of moral philosophy. It

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

Some of the key areas of applied ethics are:

1. Scientific Nature: Not Art:

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

Ethical objectives are based on the following factors:

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

(Unit –4) Topic 2

Meaning, Definition, Nature,

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

Understand the meaning of corporate ethics, and its need.

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

Ethics – 6 Basic Ethical Principles:

• Beneficence: As an example, consider a person parking his/her motor vehicle, a car or a

• Least Harm: Consider another example of a day-to-day occurrence. Young people

Ethics – 6 Basic Ethical Principles:

Ethics – 6 Basic Ethical Principles:

• Justice: For example, consider the many development-induced displacements that

• Truthfulness: In the Upanishads, it is said asato ma sat gamaya, meaning ‘lead me

03/19/2024 SHRUTI SHARMA CGV&E AMBA0302 Unit 4 19

Ethics – Importance of Ethics in Various Management Functions

Business ethics comprises various traits, such as – trustworthiness and transparency in

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

Ethics – 3 Basic Approaches to Ethical Behaviour

ii. Individual Rights Approach:

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

iii. Justice Approach:

Cavanagh proposes that we can solve ethical problems by asking the

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

Another approach to resolving ethical dilemmas is by applying Kant’s categorical

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

• Commitment, competence and consistency are three distinct characteristics

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

(Unit –4) Topic 3

Ethical Dilemma – Ethical Decision

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

1. Understand the meaning of ethical dilemma.

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

Ethics – Factors Affecting Individual Ethics

Individual ethics are determined by the following factors:

03/19/2024 SHRUTI SHARMA CGV&E AMBA0302 Unit 4 29

Ethics – Ethical Dilemma

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

SHRUTI SHARMA CGV&E AMBA0302 Unit 4

Let us illustrate ethical dilemmas with the following example:

As the purchase officer in an organization, an engineer has to choose between

SHRUTI SHARMA CGV&E AMBA0302 Unit 4