what is the summary of ethics and how it relates to corporate social responsibility?

Expert Solution

Ethics are codes of values and principles that govern the action of a person, or a group of people regarding what is right versus what is wrong . Therefore, ethics set standards as to what is good or bad in organizational conduct and decision making . It deals with internal values that are a part of corporate culture and shapes decisions concerning social responsibility with respect to the external environment. The terms ethics and values are not interchangeable . Whereas ethics is concerned with how a moral person should behave; values are the inner judgments that determine how a person actually behaves. Values concern ethics when they pertain to beliefs about what is right and wrong.In the business setting, being ethical means applying principles of honesty and fairness to relationships with coworkers and customers . Business or corporate ethics is a form of applied ethics or professional ethics that examines ethical principles, and moral or ethical problems that arise in a business environment.three levels of ethical standards i.e., the law, policies and procedures, and moral standards of employees.The advantages of ethical behavior in business include build customer loyalty,retain good employees,positive work environment,avoid legal problems etc..

Corporate Social Responsibility (CSR) can be understood as an integrative management concept, which establishes responsible behavior within a company, its objectives, values and competencies, and the interests of stakeholders . It refers to a business system that enables the production and distribution of wealth for the betterment of stakeholders through the implementation and integration of ethical systems and sustainable management practices . Companies have more and more of an incentive to be ethical as the area of socially responsible and ethical investing keeps growing.whereas business ethics includes the moral principles and standards that guide behavior in the world of business.

ekkarill92 answered 2 years ago

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