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How are business ethics and corporate social responsibility related?

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Answer 1

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According to a paper in Procedia Economics and Finance, corporate social responsibility is a subset of business ethics. This conclusion was made when viewing corporate social responsibility under the normative stakeholder theory, or a philosophy that “affirms that business corporations are ‘morally’ responsible to look after the concerns of a larger group of stake holders which could include owners, customers, vendors, employees and community rather than its stockholders.” Some sources define stakeholders as groups that the organization depends on for its existence.

In this context, corporate social responsibility becomes synonymous with the duties and relationship between the business and the environment that facilitates its existence. And thus, it is not enough to cover certain ethical practices in businesses. For instance, corporate social responsibility does not include the ethicality of how the organization pursues profits or subscribes to political associations.

Corporate social responsibility is related to business ethics, but the former is a narrow topic within the latter area. Businesses should use corporate social responsibility along with processes like corporate governance, corporate outreach and politics, business process redesign and corporate strategy to reconcile with the ethicality of doing business, according to Procedia Economics and Finance.

Applying Ethics to a Career in Business

Business professionals should have a solid grasp of ethical practices for their careers. Grace College’s business programs are rooted in sound moral and ethical approaches to business, with a focus on Christian servant leadership.

Grace’s fully online Bachelor of Science in Business Administration focuses on the skills and tools graduates need to adapt and excel in the business world. This GOAL (Grace Opportunities for Adult Learners) program is designed for students balancing personal commitments while pursuing an education. It is priced substantially below most degree completion programs and can be completed in as little as 16 months.

Grace’s fully online Master of Business Administration provides students with a strong foundation in marketing, accounting, finance and human resources as well as coursework in entrepreneurship. This program can help graduates pursue leadership opportunities in business.