Business Ethics, It’s more than stay away from corruption, more than obeying law, it’s more than keep your product competitive, its more than share some of your profit to build a hospital. It’s not only Stakeholder theory (Milton Friedman) but it’s Shareholder theory (Edward Freeman).
What is business ethics? The basic thing is do it legally, do not break any law. Business is the practice of making one’s living by engaging in commerce (Dictionary). Ethics is a set of moral principles, esp. ones relating to or affirming a specified group, field, or form of conduct (Dictionary). While moral means concerned with the principles of right and wrong behavior and the goodness or badness of human character (Dictionary). I could say that Business Ethics is ways of corporate to make high profit with right attitude, honors, moral, integrity, proud and do goodness to any group that related to corporate.
My lecture, Mr. Peter who explained business ethics as simple as possible, said that if there is some line to determine business ethics, we could find 3 lines and found 4 groups of ethic’s company level. First is basic line, it called “Law Line” means do it according to law. Any company below the line, are companies that break the law, e.g. company who does corruption, illegal logging, play with tax, did not pay minimum salary, you can add any bad criteria. I’m sure a lot of things we saw in daily life about illegal act.
Second line is “best governance practice line” Companies whose stand between Law line and best governance practice line is common company. Who made profit, did not break rules, but it just like that. There is nothing special about them.
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