M.COM SEM 1 BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY QUESTION BANK

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M.COM PART 1 ( SEM 1 )

BUSINESS ETHICS AND CORPORATE 

SOCIAL RESPONSIBILITY

M.COM SEM 1 BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY


Q.1. What are features of ethics

ANS:

a. Ethical Values:

Morality is the soul of business ethics. Modern world is more aware about the rights, duties, buying, selling process is legal awareness has increased tremendously; so business world has tried its level best to attain the welfare of the society therefore business render its activities on self conscious ‘ethical’ values.

b. Code of conduct:

Morality and quality judgement are the core factors for conduct of business activities. Ethical business will lead the foundation for moral business. Self check and self control are other two parameter which will carry out company’s mission successfully.

c. Subjective Term:

Ethics differs from business to business. Its perceptions are based on moral and social grounds while conducting the business. There are no concreate rules and regulations for business activities. The soul aim is to attain welfare of the society as a whole.

d. Protection of the Interest of the Stakeholders:

Every business should give priority to the Society’s Welfare. After attaining the interest of the society, it has social binding to protect the interest of macro environmental factors such as Stakeholders government, suppliers etc.

e. Respect with dignity:

Business should not discriminate society on the grounds of income, class, creed, religion etc. Ethical business should create confidence in the society about opinions, equality etc.

f. Proper set-up:

Business community is bound by social, ethical rules and regulations within the legal framework they should operate administer their business policies. The ultimate aim is to achieve the interest of the society.

g. Based on Principles:

Like code of conduct, professional ethics business communities are based on legal, social, cultural, environmental principles. Once principles are laid down properly, it will be easy to pursue plans and policies of business effectively and efficiently

h. Universal Applications:

Business operations in the world are more or less based on Standard Operating Procedure (SOP). Irrespective of size of business, plans, policies, legal frame work etc. are generally based on proper code of conduct; In some cases business ethics may differ from country to country because of the forces of macro environmental factors.

i. Self Discipline:

Initially business system was mainly focused to the general welfare of the Stakeholders but afterwards awareness respect to social attitude, environmental aspects human relations etc. was very much inculcated among business communities. Ultimately at one point of time majority business communities started taking precautionary measures about business and concerned aspect of awareness.

j. Different approach from CSR

CSR is mainly associated with the functioning of administrative aspects of the enterprise whereas business ethics are mainly focusing on motivational and behavioural aspects. This goes on changing as social and environmental factors gets changed.

k. Different from Business Law:

Ethics provides set of guidelines based upon value judgement and morality. As business laws stress on fair conduct of  business practices which is mandatory whereas practices of ethical business is optional. Apart from this ethics are abstract in general and laws are expressed and published in proper format.

 

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