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Ethical issues include the rights and duties between a company and its employees, suppliers, customers and neighbors, its fiduciary responsibility to its shareholders. Issues concerning relations between different companies include hostile take-overs and industrial espionage.
Ethical leadership is leadership that is directed by respect for ethical beliefs and values and for the dignity and rights of others. It is thus related to concepts such as trust, honesty, consideration, charisma, and fairness. [1] [2] Ethics is concerned with the kinds of values and morals an individual or a society finds desirable or appropriate.
An organization forms when individuals with varied interests and different backgrounds unite on a common platform and work together towards predefined goals and objectives. [1] A code of ethics within an organization is a set of principles that is used to guide the organization in its decisions, programs, and policies. [2]
Ethical codes are adopted by organizations to assist members in understanding the difference between right and wrong and in applying that understanding to their decisions. An ethical code generally implies documents at three levels: codes of business ethics , codes of conduct for employees, and codes of professional practice.
Examples of a company's internal and external stakeholders Protesting students invoking stakeholder theory at Shimer College in 2010. The stakeholder theory is a theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others. [1]
In business ethics, Ethical decision-making is the study of the process of making decisions that engender trust, and thus indicate responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. [ 1 ]
In philosophy, an ethical dilemma, also called an ethical paradox or moral dilemma, is a situation in which two or more conflicting moral imperatives, none of which overrides the other, confront an agent. A closely related definition characterizes an ethical dilemma as a situation in which every available choice is wrong.
When such “favorable conditions” are not present, managers—and the organizations they work for—should see a better return on investment from transformational leadership. [ 32 ] Leader continuity was shown to enhance the effect of transformational leadership on role clarity and commitment, indicating that it takes time before ...