Ethics, Values and Corporate Governance | OpenMindCourse Objectives. To make students understand the importance of Ethics. To make students aware of good Business and Corporate Governance. Module 1 Introduction to Ethics. Module 2 Ethical Aspects. Module 3 Ethics in Functional Areas. Module 4 Corporate Governance.
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Ethics, Values and Corporate Governance
Business ethics means the application of ethics in business Definition of Business Ethics: Business Ethics is a specialized study of moral right and wrong. It concentrates on moral standards as they apply particularly to business policies, institutions, and behavior. Characteristics of business ethics Differ with persons: ethical questions do not have a unique solution but a multitude of alternatives Ethical decisions are not limited to them, but affect a wide range of other situations as well. Ethical decisions involve a tradeoff between cost incurred and benefits received. Consequences are not clear Every person is individually responsible for the ethical or unethical decision and action that he or she takes Ethical actions are voluntary human actions. Why is ethics important in business? Ethics corresponds to basic human needs Values create credibility with the public Values give mgmt credibility with employees Values help better decision making Ethics and profit Law cannot protect society, ethics can.
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