Managerial Ethics

When we discuss about the Social Responsibility and Managerial Ethics of a business institutions, I would like to confine my discussion on 5 main issues :

1. What is Social Responsibility

2. Social Responsibility and Economic Performance

3. Value- Based Management.

4. Managerial Ethics.

4.1 WHAT IS SOCIAL RESPONSIBILITY

Business students or managers managing business institutions, need to realize that the institutions should go beyond making profits only, but also to include protecting and improving the societies or communities. This view which is called as SOCIOECONOMIC VIEW is well received by the society today.

But there is a different school of thought having the view that business institutions should only concern on financial returns only. If there is a social obligation to be made financially, the costs should be passed to the consumers in the form of higher price. Such school of thought may be called as CLASSICAL VIEW.

Those who incline to [classical view] the view that business institutions should focus on profits only, have their own arguments  The following MAPPiCXS Chart mapping out the arguments put forward by those who against social responsibility, and also the augments from those who are in favors that business institutions should also contribute to the welfare of the societies.

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Managerial Ethics:

The term ‘ethics’ refers to value-oriented decisions and behaviour. The word ethics comes from the Greek root, ethros, meaning character, giving beliefs, standards, or deals that pervade a group, a community, a people——–. Today ethics is the study of moral behaviour—the study of how the standards of moral conduct among the individuals are established and expressed behaviourally. Terms such as business ethics, corporate ethics, medical ethics, or legal ethics are used to indicate the particular area of application. But to have meaning, the ethics involved in each area must still refer to the value-oriented decisions and...