Business Ethics and Social Responsibilities

The task of business is to optimize the outcome of economic activity. It is

the economic environment of business, which is the primary consideration

in evaluating the business tactics. The present day economic environment

of business is a complex phenomenon. The economic relations with the

government, public, society and community influence the trend and

structure of economy. People and society are part and parcel of an

organization. People want and need to be ethical not only in their private

life but also in public. The people are the ultimate sufferers if the affairs of

the organization were conducted unethically which are detrimental to the

society. Therefore, they have a concern over this. There is a growing

realization all over the world that ethics is virtually important for any business and for

the progress of any society. Ethics makes for an efficient economy. Ethics is good in

itself, ethics and profit go together in the long run and ethics alone can protect the

society. An ethically responsible organization is one, which has developed a culture

for caring for the people and for the betterment of society as a whole. Ethics has a

considerable influence on the economy for efficient and smooth functioning. The
government, the laws cannot always resolve certain key problems of the society and

business. Ethical behavior enhances the quality of life. An ethically based economy

can do wonders in the way of creating wealth or society. In twenty-first century

corporate ethics is evolving into two separate – but, perhaps, not necessary

exclusive – fields: Business Ethics (BE) and Corporate Social Responsibility (CSR).

This work defines features of each approach and explores the significance of BE and

CSR for business strategies and practices.

WHAT IS BUSINESS ETHICS?

Ethics is defined as the study of standards of conduct and moral

judgment. Ethics is the study of what ought to be, what is the ultimate

good and how to achieve it. People have always thought that the

primary purpose of business is to serve society. Business must have a

social commitment otherwise business cannot enjoy social sanction. It

is a study of human actions in respect of being right and wrong. Ethics

is an attempt to discover that ought to be. Ethics forms critique of both

ultimate values and goals and the means used in trying to achieve

them. The history of business ethics displays a growing recognition of

the need to examine the social transformations that have impacted

organization, management and society. Ethics is a mass of moral

principles or sets of values about what conduct ought to be. Ethics is a

 written or unwritten set of codes or principles governing business or

profession. Ethics is a study that constitutes good and bad conduct,

including related values. It has to do with fulfilling the relationship with

people and society at large. When this applied in a business context, it

becomes business ethics. Ethics in business has become one of the

most challenging issues confronting the whole business community.

Establishing ethical climate is like starting an endless marathon. The

first step should be to change unethical behavior. It is an “on going

process”. It never stops. Ethics is a contract between the business and

the community based upon certain values of principles. An effective

program of ethics requires involvement and commitment from all. The

constituents should ensure commitment towards ethical behavior at all

levels. Ethical consideration and ethical behavior should run thro’ the

marrow of the bones and should be carried by the capillaries to all

parts. Maximizing return has made a paradigm shift towards to the

concept that it should be ethically achieved. Mr.J.R.D. Tata in his own

words, ethical values have too often been ignored in recent years in the

belief that quicker profits would be result.

MAJOR ATTRIBUTES OF ETHICS

 Concept : The field of ethics may be conceived as a discipline, science,

study or evaluation.

Content : The subject matter of ethics is concerned with what is good

or bad, right or wrong.

Judgment : Judgment is required to determine whether human action

is ethical or not. The judgment concerns the overt act, not the

motivations behind it. Behavior and its cause is that what which is judged.

Standards : Judgment is based upon standards, which are, of course,

values.

Values : The final element of ethics therefore, is the set of values and

criteria used as standards for judging human conduct.

NEED FOR ETHICS

Business ethics are very much influenced by social movements, social

system and social preferences. No business can survive or grow without

social harmony. Individual’s values, however best they may be, are not

sufficient to attain the maximum level of ethical performance. Ethics and

social responsibility are necessary for the survival because of the highly

competitive climate that prevails today. The climate in which business

operates has become cold and unfriendly to day as a result of revelations

of unethical behavior that have rocked nations and the world. Ethics is

crucial for an efficient and smooth operating economy. An ethically based

capitalism can do wonders in the way of creating wealth for society.

According to economic philosopher, Adam Smith: that our system of

capitalism does not work well unless it has the moral co-operation of its

participants. Jewish theologian wrote: “ It’s what people do when they all

are alone, when one is looking that makes all the difference between

civilization and the jungle.” Ethics is important because either government

or legislation cannot do everything to protect society. Technology races

ahead much faster than the government can regulate. People in an

industry often know the dangers in a particular technology better than

government regulators who sit at a distance. Ethics is good in itself. Ethics

is important to create a smoothly and efficiently running economy. The

Bhagavad Gita asks us not consider only the fruits of our actions. It

invokes the notion of passionless action. The concept of Gita of doing

one’s duty without seeking for the fruits, Manu’s concept of inheriting

debts as well as property, the Mauriyan idea of accountability provide a

basis for Gandhiji’s belief that politics and business must work hand in

hand for the development.

FACTORS HAVING IMPACT ON ETHICS

Ethical considerations vary by class, structure, economic group,

industry, professional group and so on. Business ethics has to be on par

with the ethical code of the society in which it operates. It is essential

that the business adheres to the well-established ethics. The following

are the factors that creates the basis to ethical consideration (a) Value,

(b) Culture,and (c) Transformation.

VALUE

Values are additions or accretions to the image. Values are not fixed.

They change. As they undergo change the society and its constituents also

have to undergo the process. When the values undergo a change it takes

the culture along with it. Values are crucially important factor in business

relationships. Values create credibility with the public. It will certainly add

value to the concern and create more credibility by being morally

responsible and accountable. This creates a confidence in those who are

directly and indirectly involved. An organization perceived by the public to

be ethically, socially concerned will be honored and respected even those

who have no knowledge of its actual functioning. Not only this enhances

the credibility within itself but also with its employees. It creates a feeling
of oneness among employees having a common goal. For an individual

business values derive from multitude of sources, such as mission of

business as a social institution, the nation in which business is located, the

type of industry in which it is active and the nature. Over a period of time

value become institutionalized with regard to business and society. These

values perform two important functions. First they form as a guide to

business environment. Second, they become strong motivators for people

in business. They become the key factor in the system relationship of

business with society. Business has certain rights but it also has certain

responsibilities to society and in turn society has certain rights and

responsibilities in regard to business activity. Value-ethical attitude helps

management for better decision-making. The decisions are in the interest

of public, society and environment. Ethical decisions are in the interest of

public, society and environment. Value added rather based ethical

decision-making will make an organization and its decision-maker to look

into all aspects of economic, social, politico-legal aspects.

CULTURE

Culture is described as human environment of humans. The system

aspect of culture is the set of relationship that makes it possible for human
beings to create a society to pass the accumulated learning of the species

from generation to generation and continue to make the accumulations of

learning. Culture refers to activities, thoughts, feelings and artifacts which

man acquires as a member of the society. Cultural differences separate

the ethical attitude of different people. Much more emphasis is given to

building and developing relationship and much less emphasis is given to

the abstract concept issues.

TRANSFORMATION

Transformation is yet another reason for the change in culture and

values. Transformation with regard to communication, viewing, travelling,

shopping, working and playing envisage a change in the ethics and ethical

practice. These phenomenal growth and development in these areas

brought about a social change amongst public, society and business.

These have improved the life style and quality of life, which in turn has

created a change in the cultural and cultural values bringing out a

revolutionary change in the ethical standards. Change is a permanent

feature on man’s social life and social system in the form of

transformation. The economy as a whole has been through five revolutions

in the twentieth century, which have transformed its basic structure and

method of functioning.

IMPORTANCE OF ETHICS

Ethics corresponds to basic human needs. Most people want to be

ethical not only in their private lives but also in their business affairs.

People want to be part of the organization, because they perceive its

purpose and activity to be beneficial to society. The basic ethical needs

are probably one of the most cogent reasons for ethical concern on the

part of organizations.

Ethics create credibility with the public. A company perceived by the

public to be ethically and socially concerned would be honoured and

respected even by those who have no intimate knowledge of its actual

working. Gaining the confidence of the community is vital to the business

sector. Public opinion is the most powerful force in a democratic society. It

is a way of achieving higher standards ethical behavior.

Ethics give management credibility with employees. It provides a

common language for aligning a company’s leadership and its people.

Ethics when perceived by employees as genuine create common goals,

values and language. The management has credibility with its employees
because it enjoys credibility with the public. It creates oneness among the

employees.

Ethics help in better decision-making. Ethical decision made by the

company will always be in the interest of the shareholders, stakeholders,

public and their employees. This is because respect for ethics will force the

management to consider all aspects of a question both economic, social

and ethical aspects.

FACETS OF BUSINESS ETHICS

Stakeholder/Shareholders or other providers of money

Transparency and openness in all dealings. Providing adequate information

to the shareholders/stakeholders. The investment protection and ‘return’ on

investment.

Employees

How the business values employees ? The company’s policies on: working

conditions, recruitment, development and training, rewards, health, safety &

security, equal opportunities, retirement, redundancy, discrimination and

harassment.

Customer Relations

Customer satisfaction. Quality of product or service dealt. Fair pricing. After-

 sales service.

Society/Community

The laws of the society and community are to be respected. Environmental

protection, Pollution abatement, Energy Conservation. In short improving the

standard and quality of life.

Government

Business ethics from the point of view of business and businessmen is to

provide information to the government in all matters that is required to be.

Following the guidelines, policies and standard set up by the government. Paying

the taxes that is legitimately due to the government.

A growing global role

People around the globe are more connected to each other than ever before.

Information and money flow more quickly than ever. Goods and services

produced in one part of the world are increasingly available in all parts of the

world. International travel is more frequent. International communication is

commonplace. This phenomenon has been titled “globalization.” While some

people think of globalization as primarily a synonym for global business, it is

much more than that. The same forces that allow businesses to operate as if

national borders did not exist also allow social activists, labour organizers,
 journalists, academics, and many others to work on a global stage.

— It means communication, interconnectedness.

— It means accomplishing things easier, cheaper, and quicker.

— Something on a bigger scope than local.

— It means opportunity, reducing trade barriers, growth.

— It means that there are many different ways to do things, all of which are valid

in their own right.

— It means a composite of things, an aggregate view.

— It means reallocating resources away from poorer nations to wealthier

nations.

— Its meaning depends on your point of view.

Globalization is a medium which touches nearly every aspect of contemporary

live in the “civilized’ world. Globalization is the engine of trade and of explosive

economic prosperity. Globalization is a dynamic concept of universal proportions.

The result is the pressure on business to play a role in social issues will continue to

grow. There is a growing interest, therefore, in businesses taking a lead in

addressing those issues in which they have an interest where government has failed

to come up with a solution. It is the continuing commitment by business to behave

fairly and responsibly and contribute to economic development while improving the

quality of life as well as of the community and society at large.

 Unless there is accountability and transparency in the dealings the business

cannot be socially responsible. The values of accountability, social responsibility,

long-term vision, and ethical behavior have become more important. The wealth

maximization or profit maximization begins at the floor level leading to value addition.

When once value is added the concept of social responsibility would creep in. The

present day scenario is different and far from reality.

The world is entering a century with unprecedented changes for peace and progress.

Globalization is the buzzword in the context. Business is the silken thread that binds

the whole world. Therefore globalization of ethics is needed. The need is envisaged

in the following areas.

Global need for

— Stable and honest governments

— Transparency and openness to promote honesty in governments

— Commitment to internationally recognized human rights

— Developmental programs for environmental protection, pollution control,

energy conservation

— Evolution for world code of ethics for business

Definitions:

a) Social responsibilities … are duties that a business owes to those affected by its
activities.

b) Business ethics … is the influence of values and beliefs upon the conduct and

operation of businesses, i.e. about morality and doing ‘what is right’ and not ‘what is

wrong’.

… “Why is it important that businesses should conduct ethical behavior?”…

Businesses are often said to be run for the benefit of their owners, i.e. their

“shareholders”. However, other “stakeholders” are also an important part of business

decision making because it is argued that businesses have “Social Responsibilities”

towards them. As such, businesses should act in a responsible and ethical manner

and consider the possible effects of any decisions they make.

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we should know that businesses do not operate in isolation, they are actually a “part

of society” who has an impact upon the lives of those communities in which they
operate. And therefore…

A firm which is ethical with regard to the society as a whole and the community

within which it is based might be described as “Socially Responsible”

Here are some examples where firms can show their ethical behaviors, these can

be…

1. …To their “Customers”:

2. Businesses have responsibilities to their customers, e.g. to sell them a well

made product which is reasonably priced.

3. …To their “Suppliers”:

4. An ethical firm should act fairly to their suppliers, e.g. paying reasonable

prices for products. They should also respect contracts which they have

signed with suppliers.

5. … To their “Employees”:

6. An ethical firm should offer equal opportunities to all employees, thus

encourage a fair competitions among employees.

7. … To our “Future Generation”:

8. Businesses can affect our future generation in various ways, e.g. messages

in advertisement. An ethical firm should be aware when building their brand

images, e.g. branding that emphasize on sex, violence, rebellion, etc…

9. …To “Communities”:

10. Businesses have social responsibilities to the communities in which they

 operate, e.g. in Africa, some small countries are highly dependent on single

mining companies or oil companies since they provide a large proportion of

jobs. And firms should treat them ethically, not taking advantages with it, i.e.

Nike  Low paid workers.

11. …To “Environment”

The Costs & Benefits of Business Activity

Definitions:

a) Private costs… are the cost of an activity to an individual or a business.

e.g. wages, materials, etc…

b) Private benefits… are the benefit of an activity to an individual or a business.

e.g. sales revenues, profits, dividends to shareholders, etc…

c) Externalities… are the costs/ benefits generated by businesses activities, to the

rest of the society which can be negative / positive;

 “Negative Externalities”… are the costs to the rest of the society

 “Positive Externalities”… are the benefits to the rest of the society.

c) Social Costs… are the cost of an activity to society as well as to a business.

i.e. private costs + negative externalities generated

d) Social Benefits… are the benefits of an activity to society as well as to a

business.

i.e. private benefits + positive externalities generated

The Costs & Benefits of Business Activity – Negative & Positive Externalities

It is obvious that when businesses conduct their activities, both “private costs” (e.g.
wages, direct material costs) and “private benefits” (e.g. revenue, profits) would be

generated. However, they might also create “other costs”,

e.g. A factory may dispose some of its waste in a local river.

Pollutants may be produced during factory production.

These kind of “extra costs” created, which have a negative impact on others, are

what we called, “Negative externalities”. They are normally created because

businesses failed to behave “ethically”. And of course, “Positive externalities” could

also be created when firms behave “ethically”, e.g. business activities may create

skills which can be used for other jobs in the area.

Different types of Negative Externalities & their impacts

As we have mentioned in part 1, “Negative Externalities” can generates impacts

towards different stakeholders. However, this section will focus on “Environmental

Costs”

1) Air Pollution:

Sources: factories, machines or vehicles emitting poisonous gases into atmosphere.

Impacts: a) Acid rain, destroying thousands of forest.

b) CFCs. The use by some firms of CFCs in refrigerators has contributed to

the break down of the ozone.

c) Global Warming

2) Water Pollution:

Sources: Industries like brewing and chemical manufacturing dump waste to the
nearby water source.

Impacts: a) Polluting our drinking water.

b) Polluting the sea which threatens thousands of life in the ocean.

3) Congestion and Noise:

Sources: Businesses’ logistics activities

Impacts: a) Traffic congestion. Recent estimates have put the cost of this congestion

on British Roads as high as £15 billion

b) Noise Pollution, affecting local residents

4) Destruction of the environment:

Sources: Buildings in rural areas

Impacts: a) Deprive villagers and visitors of previously unspoilt countryside.

c) Increase noise and congestion levels in village.

5) Waste Disposal

The Benefits & Effects of Ethical Behaviors

Benefits of behaving “Ethically”

There are certain advantages for businesses in behaving in an ethical or socially

responsible way.

1) “Ethical Behavior can be good for sales”…

Increasing numbers of consumers are taking into account a firm’s behavior when

buying products. As a result, ethical behavior can be good for sales,

(E.g. Body Shop. A feature of body shop marketing is that its products are not

tested on animals. The company has also lent support to groups helping firms in
 the world’s poorest countries.)

2) “Ethical behavior can improve the recruitment and retention of staff”…

Firms with an ethical approach believe that they will be more able to recruit well

qualified and motivated staff. In addition, ethical firms argue that they are able to

retain their staff better if they adopt a more caring approach to employees.

3) “Ethical behavior can motivate employees”…

Ethical firms believe that their employees are more committed to their success as

a result. They may be prepared to work harder to allow the business to achieve

its aims.

Possible drawbacks of behaving “Ethically”:

1) “Increase in Costs”…

E.g. an ethical firm may be forced to turn down cheaper supplies from a firm

which tests its products on animals. Similarly, costs may be raised by pollution

reducing filters put on coal-fire power station.

2) “Loss of profit”…

Firms may be forced to turn down profitable business due to their ethical stance.

(E.g. a business may reject a profitable investment opportunity in a company

which produces animal fur.)

3) “Conflicts: Profit Vs. Ethics”…

When a firm’s overall profitability comes into conflict with its ethical policy,

problem may result.

 (E.g. the shareholders of a firm may object to the ethical policy as the return on

their investment is harmed.)

4) “Huge Range of Business practice”…

Businesses may need to alter the way in which it approaches a huge range of

business matters.

(E.g. considering the impact of its activities on the environment- Providing equal

opportunities for all applicants regardless of age, sex, ethnic background or

disability in its recruitment policy? The extent to which its advertisement are

offensive or in poor taste? The protection given consumers buying their

products?)

Methods of Controlling Environmental Costs:

Because of concern about the impact of business on the environment, attention

has been focused on how pollution, congestion and other environmental costs can be

controlled:

1) “Through Government regulation”…

Using “LAW”, i.e. set limits on the maximum amount of pollution.

2) “Through Taxation”…

The aim of taxation is to ensure that the “social cost” of any pollution caused by a

firm is paid for.

(E.g. A firm which produces a $5 product with “Environmental unfriendly”

packaging might be taxed $0.50 for this packaging, raising the price to $ 5.50.)
 This tax revenue might be used to minimized the impact of this packaging to the

environment, as well as to act as an incentive for the firm to prouce more

environmental sensitive packaging.

3) “Through Compensation”…

Firms could be forced by law to compensate those affected by such negative

externalities.

(E.g. Airport might provide grants to nearby residents, so that they can purchase

double glazing and other types of insulation, which provide protection from

aircrafts noise.)

4) “Pollution Permits”…

These allow businesses a certain amount of emissions. If the business reduces

its pollution below a certain level, it can save the allowance and sell it.

Other alternatives including:

a. Education,

b. Government subsidization,

c. Consumers pressure, etc…

Methods of Encouraging “Ethical behavior”:

All businesses have to make many ethical decisions which some are affected by

“LAW”, e.g. it is illegal to dump waste by the roadside. However, many ethical

decisions have to be made without the help of law, e.g. should a company stop

buying goods from the Far East what it knows that work conditions are poor and
wages are very low?? Apart from control, we can also use the following methods to

“encourage” ethical behavior through…

1) Government intervention:

Government can intervene directly to ensure that a business accepts the

consequences of its behavior.

(E.g. in Germany, all retailers and manufacturers are required to recycle 80% of

their packaging.)

2) Self regulation:

Government can work with particular industries and business sectors to

encourage the creation of regulatory bodies which help to control the activities of

business. (E.g. the Press Complaints Authority and The Advertising Standards

Authority in UK.)

3) Market pressure:

Some commentators believe that there is no need for government to exert direct

pressures on businesses to act responsibly because the ‘free market’ will act

effectively to police less responsible businesses. The argument is that such

businesses will be unpopular with consumers, who will be less likely to purchase

their products. Thus consumers’ behavior will force irresponsible businesses to

act with greater accountability.

4) Pressure group:

Pressure group such as animal welfare pressure group can sometimes exert
 influence over firms.

ETHICS IN MANGEMENT

Ethics are principles of conduct used to govern the decision-making

and behavior of an individual or group of individuals. Management is

concerned with making decisions within an organization. Ethics of the

individual or group making decision have significant implications for

the organization’s stakeholders, employees, customers, shareholders,

suppliers, the government and the public at large. It is important to

develop code of ethics for decision-making. A code of ethics is a written

document that outlines the principles of conduct to be used in making

decisions. Code of ethics is based on philosophical approaches: justice,

individual rights and utilitarianism. The principle of justice involves

making decisions based on truth, without bias and consistency. The

principle of individual rights concerns making decision based on

protecting human dignity. The principle of utilitarianism involves

making decisions directed towards promoting the greatest number of

people. The Laws relating to ethics in business speaks about consumer

protection, product safety, shareholders and stakeholders rights and

environmental protection. Having a code of ethics with an

implementation program is the minimum requirement for reputation of

the management. Ethics focus its attention on solving not only the

internal problems of the concern but also of the society at large. The

economy as a whole has been thro’ five revolutions in the twentieth

century, which have transformed its basic structure and method of

functioning. First, the organizational revolution led to increase in

number, size and power of organizations of all types. Second, the

corporate revolution expanded the scale of business enterprise and led

to dominate of modern big business corporations. Third, the

managerial revolution saw the emergence of a class of professional

mangers who took over the active control of large corporation. Fourth,

the property revolution separated ownership and management and

diffused property rights within the corporation. Finally, the capitalist

revolution brought about a change in the moral order of capitalism and

greatly enlarged the public role of business and the economic role of

government. In this changed socio-economic environment the focus of

business ethics is on social responsibility. Social responsibility is a

reaction to the goals of the society and the economic, technological,

social and political forces that mould the society.

 The ethics in the business community is not alienated or any different from

the ethics in the society at large. The codes of ethics, legislative changes and the

standards will not result in the desired holistic change. It is the mind set of the

concerned people which matter most and not the stick that forces compliance

with reluctance. Hence, there is an imperative need on the part of the corporate

sector and profession to create a higher standard of openness, truthfulness,

honesty, clarity, transparency and accuracy to ensure that all the stake holders

have the best possible timely information. The corporates in general and

professionals in particular must adhere to the highest ethical standards and

assume a positive duty to unfold and update equivocally material information.

Institutionalizing Ethics

A business that seriously desires to operate in an ethical environment has to

institutionalize ethics by drawing up a company policy and code of ethics,

familiarizing all concerned at all levels with the code of ethics and ensuring the

implementation. Code of ethics is nothing but a blue print of what is going to

followed and adopted by the company from then onwards. The company’s ethical

code should be printed and circulated to all those who deal with the company, by

clearly bringing out what is unethical conduct. The company may appoint ethics

committee which offer training within and outside. The duty of the committee is to
report periodically to the Board and offer suggestion for the betterment. The

committee must also review the code of ethics from time to time keeping pace

with the changing environment. Business ethics has to be practiced and

preached. Before setting business standards, ethics and morality have to be

internalized so that they become a part of the blood stream. If the

corporate becomes committed to self-imposed standards of business morality the

whole country’s standards could be influenced.

Development of Program of Ethics

Merely endorsing a standard code or copying that of another will not suffice. It

is important to find out on what topics and areas require guidance.

Select a prominent personality to endorse the business ethics policy.

Choose a framework, which addresses issues as they affect different

constituents or shareholders of the company. The usual ones are: shareholders,

employees, customers, suppliers, and local/national community. Some might

even include competitors.

The code needs piloting - perhaps with a sample drawn from all levels from

different locations.

The code of conduct framed should be distributed in booklet form.

Publish and send the code to all concerned.

 Values and ethics are matters of governance. The board must be notified to

involve themselves for ethical policing.

Practical examples of the code in action should be introduced into all areas.

Training for all concerned.

Review mechanism should be established.

A code master needs to be appointed.

Conclusion

A society cannot function without a set of values. Society is undergoing social change.

Business system is a product of customs and beliefs of the society in which it exists. Ethics is

a study of what is right and wrong. Ethical considerations decide whether the business

enterprise is on par with the society’s needs. Society is undergoing social change due to

ethical considerations. So long as the value systems and philosophies of business go

together, society will accept it. The resultant contribution would be positive. Social and ethical

challenges in business take several forms and the impact is multidimensional and corporate

governance is the key phrase. The changes that are taking place in the internal and external

environment in which the business operates gave rise to a re-identification of their mission

statement as “BE INFORMED. BE INVOLVED. MAKE A DIFFERENCE.” This new ethical

standard and social attitude is blooming everywhere.

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