The Pivotal Role of Ethics in Contemporary Business
An Empirical Analysis & Case Study Exploration
DOI:
https://doi.org/10.47611/jsrhs.v14i1.8565Keywords:
Contemporary Business, Ethical Leadership, Case Studies, Microfinance, Business EthicsAbstract
The paper "The Pivotal Role of Ethics in Contemporary Business: An Empirical Analysis and Case Study Exploration" delves into the critical importance of ethics in modern business practices. Ethics, as defined in this study, represents a commitment to principles of integrity, fairness, and responsibility, guiding both individual and collective decision-making processes in business. The study employs a combination of data collection through surveys and interviews with business people in India, along with international cases from the Harvard Business School, to analyse the impact of ethical considerations on company reputation, stakeholder trust, and key business metrics. The research methodology includes a detailed analysis of survey results and interview insights, providing a comprehensive view of the ethical practices followed by businesses and their effects on customer satisfaction, employee retention, productivity, and profitability. The paper also explores the impact of COVID-19 on ethical business practices. One of the key findings is the significant correlation between ethical practices and positive business outcomes, highlighting the importance of ethics in the contemporary business environment. The paper also examines greenwashing, providing a critical analysis of superficial ethical practices and their implications for genuine ethical change. Case studies on social businesses and microfinance further illustrate the practical application of ethical principles in business. The conclusion reiterates the significance of ethics in business and offers recommendations for businesses to enhance their ethical practices, emphasising the importance of continual ethical training and review.
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