Emerging Challenges & General Management: Business Ethics

Ethics deal with “what that ought to be”. Patrick and Quinn (1997), defined ethics as the study of individual and collective moral awareness, judgment, character and conduct. Business ethics is an art and science of maintaining harmonious relationship with society, its various groups and institutions as well as recognizing the moral responsibility for the rightness or wrongness of business conduct. Values are in inborn within individuals – embedded in individuals. Values differ amongst individuals. Individual values do change temporarily due largely to external influences/forces. Individuals have different sets of values. Values reflect a person’s sense of right or wrong. Values lay the foundation in understanding people’s attitude and motivation. Values are what we, as a profession, judge to be right. They are more than words-they are the moral, ethical, and professional attributes of character. Values are the embodiment of what an organization stands for, and should be the basis for the behavior of its members. Business ethics is not codified but yet literature’s on the subject matter has developed to extent that it has made its identity visible in corporate world and business at large. With the rapid pace globalization is gaining momentum it is must for organizations operating all over the world to adopt ethics in trade. Since, the ethical practices are culture specific, the Indian business ethics practice is also found to be differentiated on the basis of nature of business and demographic location of business. This paper concentrates upon ethical business practices to be adopted by the MNC’s of Indian origin for achieving success on a global platform. Through this paper an attempt has been made to identify some of the best ethical practices, Indian MNCs should adopt while operating in foreign land and in the home country. The paper also brings in light real examples of ethical practices from the Indian corporate that set lessons for other organizations operating worldwide.

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