Ethical And Socially Responsible Business Practice

1662 Words7 Pages
Intro This essay will examine in details the challenges, limitations faced by corporations and the strengths that are drawn from their ethical and socially responsible business practice. In today 's business world, it is difficult for corporations to define what is regarded as a responsible business practice in the areas of ethical and social responsibilities. The hallmark of a good company is to maintain a strong ethical practice, values, policies and social responsibilities that guides its conducts as well as the activities of its employees. Taylor (1975), defined "ethics as the inquiry into the nature and grounds of morality where the term morality is taken to mean moral judgments, standards and rules of conduct". Based on this definition, business ethics can be said to rely on individuals and the business to adhere to high moral principles and judgements. The incorporation of ethics in an organization business values and strategy enables social corporate responsibility to be ingrained in their daily decision making. Corporate social responsibility (CSR) as defined by Carroll (1979) refers to the inclusion of moral, lawful and economical obligations that is expected of a business by the society (Brtitzelmaier, Kraus 2012). Organisations are expected to act responsibly, but many would agree that their actions and policies do have a direct or indirect effect on the society at large and the environment. The success of most organisations is dependent on their corporate
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