A Study on Influencing Factors and Challenges of Ethics in Business in Indian Context
Keywords:business ethics, social responsibility, ethical leadership, ethical practices
In order to survive and grow in the market, moral values are one thing which must be taken into consideration along with the vision set up by Organization. From a business point of view each and every organization tries to achieve the main goal, which obviously is to ‘maximize the profit’. But while doing so these organizations should also consider their moral, ethical and social obligations. Business ethics refers to the principles, values, and moral standards that guide the behavior and conduct of individuals and organizations within the business environment. As economies evolve and global markets expand, the role of ethical behavior in business becomes increasingly important. Ethics support indirectly to the growth of the Organizations. In this era of sustainability, ethics is the power in the hands of organizations to achieve sustainable practices.
This research paper aims to explore the various influencing factors and challenges that impact ethical practices within the world of business. The study examines various internal and external elements affecting ethical decision-making processes among businesses, analyzes the implications of these factors on corporate behavior, and suggests potential strategies to promote ethical practices. It is an exploratory & descriptive study completed massively with the help of Secondary data. The paper encompasses the world of Ethics in Business & describes the associated factors & challenges. The Author has suggested a recommendary model stating the essence of ethics in business and the approaches required to achieve the same. The Author has considered industries at large and the same may be the limitations of the study as the inferences are indicative in nature rather exhaustive. Ethics have a strong role to play in the world of Business, this attempts to generate insights in this respect.
A Culture of Ethical Behaviour is Essential to Business Success. (2023, August 20). Retrieved from Business News Daily: https://www.businessnewsdaily.com/9424-business-ethical-behavior.html.
Advantages and Disadvantages of Business Ethics in Real World. (2023, August 18). Retrieved from Dominion: https://www.dominionprint.com/advantages-and-disadvantages-of-business-ethics-in-the-real-world/.
Ahmed, A. (2023, August 18). Decision making in business ethics. Retrieved from Chron: https://smallbusiness.chron.com/decision-making-business-ethics-446.html.
B., M. J. (n.d.). Significance of Ethics in Business Management. Ethical Dimensions in Business & Management Conceptual v/s Reality.
Factors Influencing Business Ethics: Determinants, Importance & Example. (2023, sept 1). Retrieved from Edukedar: https://edukedar.com/factors-influencing-business-ethics/.
Fair Labour Practices & Business Ethics. (2023, August 29). Retrieved from studocu: https://www.studocu.com/in/document/alagappa-university/business-ethics/fair-labour-practices-and-business-ethics/50573557.
Garde, A. R. (2023, September 3). Business ethics in India. Retrieved from IIM Indore: https://www.iimidr.ac.in/wp-content/uploads/Business-Ethics-in-India.pdf.
How to Promote Gender Equality in the Workplace. (2023, August 29). Retrieved from indeed: https://www.indeed.com/hire/c/info/gender-inequality-in-the-workplace.
Importance of Business Ethics in an Organization. (2023, August 25). Retrieved from Keka: https://www.keka.com/importance-of-business-ethics.
Insights on Exploring Human Potential and Personal Growth. (2023, September 2). Retrieved from BetterUP: https://www.google.com/url?q=https://www.betterup.com/blog/work-ethics&sa=U&ved=2ahUKEwjD87Cwo9KAAxUve2wGHRkuC-oQFnoECAcQDQ&usg=AOvVaw3M1tU0UiDPRBjZ047Kurgm.
Jacob, K. (2023, August 23). What is business ethics and why is it important?. Retrieved from upGrad: https://www.upgrad.com/blog/what-is-business-ethics-and-why-is-it-so-important/.
Kam C. Chan, & H.-g. F. (2010, August). Business Ethics Research: A Global Perspective. Research Gate, pp. 39-53.
Reading: Global Business Ethics. (2023, September 1). Retrieved from lumenlearning: https://courses.lumenlearning.com/suny-internationalbusiness/chapter/reading-global-business-ethics/.
Seven Factors Influencing Business Ethics in an Organization. (2023, 4 September). Retrieved from myHQ Digest: https://digest.myhq.in/seven-factors-influencing-business-ethics/.
Social Responsibilities and Ethics: 8 Best Business Practices. (2023, September 3). Retrieved from indeed: https://www.indeed.com/career-advice/career-development/social-responsibilities-and-ethics.
Unethical Business Practices- The Effects they can have on Your Company. (2023, September 3). Retrieved from e.releases: https://www.ereleases.com/pr-fuel/unethical-business-practices-the-effects-they-can-have-on-your-company/.
Work Ethics: What Goes Into a Great One? (2023, August 26). Retrieved from Personio: https://www.personio.com/hr-lexicon/work-ethic/.
How to Cite
Copyright (c) 2023 Jyoti Mishra
This work is licensed under a Creative Commons Attribution 4.0 International License.