Yifan Li Business Regulations And Practices Spring 2016
Yifan Libusiness Regulations And Practicesspring 201602 01 2016selecte
Yifan Li Business regulations and practices Spring Selected topic: Business Ethics When I was taking Financial Management, my professor asked me one question, what is the financial system looks like? I kind of hard to answer to my professor, I realized that the financial system should be a healthy and harmony environment, without any insider trading, bribery, discriminations, and respect to the social justice. However, it is extremely hard to prevent or eliminate those crimes. As a consequence, I would like to provide people more information about business ethics, in order to raise the recognition of being a responsible businessman or businesswomen. People are suggested to understand what kind of design, product, service or things are good, but with a wrong potentials.
For examples, the mass production of plastics, disposable chopsticks are good design and products, but it also brought out tremendous pollution. Aside from the environmental issues, take the insider trading as an example, a small group of people will benefit the most part, and it will bring thousands of consequences or tragedies to some “outsiders”. From the dictionary, the definition of business ethics is the study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities. Business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance.
As a result, Business Ethics is one thing everyone needs to learn and obey before they do businesses. Sheet1 Data Set for Project 1 Maximum Temperatures by State in the United States for the month of August, 2013 State Name Max Temps in August 2013 AL 97 AK 97 AZ 45 AR 100 CA 49 CO 109 CT 93 DE 91 FL 102 GA 99 HI 90 ID 97 IL 97 IN 93 IA 100 KS 111 KY 93 LA 97 ME 93 MD 97 MA 97 MI 91 MN 109 MS 97 MO 97 MT 90 NE 108 NV 111 NH 93 NJ 108 NM 106 NY 93 NC 100 ND 88 OH 91 OK 108 OR 97 PA 93 RI 104 SC 97 SD 93 TN 99 TX 104 UT 106 VT 91 VA 102 WA 93 WV 91 WI 90 WY 99 &"Helvetica,Regular"&12&K000000 &P Sheet2 &"Helvetica,Regular"&12&K000000 &P Sheet3 &"Helvetica,Regular"&12&K000000 &P MATH 201 Project 1 Instructions Based on Larson & Farber: section 2.1 Use the Project 1 Data Set to create the graphs and tables in Questions 1–4 and to answer both parts of Question 5. If you cannot figure out how to make the graphs and tables in Excel, you are welcome to draw them by hand and then submit them as a scanned document or photo. 1. Open a blank Excel file and create a grouped frequency distribution of the maximum daily temperatures for the 50 states for a 30 day period. Use 8 classes. (8 points) 2. Add midpoint, relative frequency, and cumulative frequency columns to your frequency distribution. (8 points) 3. Create a frequency histogram using Excel. You will probably need to load the Data Analysis add-in within Excel. If you do not know how to create a histogram in Excel, view the video located at: . A simple bar graph will also work. If you cannot get the histogram or bar graph features to work, you may draw a histogram by hand and then scan or take a photo (your phone can probably do this) of your drawing and email it to your instructor. (8 points) 4. Create a frequency polygon in Excel (or by hand). For help, view (8 points) 5. A. Do any of the temperatures appear to be unrealistic or in error? If yes, which ones and why? (4 points) B. Explain how this affects your confidence in the validity of this data set. (4 points)
Paper For Above instruction
The issue of business ethics is fundamental to establishing a fair, transparent, and socially responsible business environment. Ethical practices in business influence corporate reputation, consumer trust, and long-term sustainability. This paper explores the importance of business ethics, discusses common ethical issues, and illustrates how ethical conduct enhances business practices. Additionally, it addresses the role of individual morality, corporate governance, and societal expectations in shaping ethical standards within organizations.
Introduction
Business ethics refers to the moral principles and standards that guide behavior in the world of commerce. It encompasses a broad spectrum of practices and policies that ensure businesses operate honestly, fairly, and responsibly. The significance of business ethics has grown increasingly prominent as globalization and technological advancement have expanded the scope of corporate influence, making ethical lapses more conspicuous and consequential. A robust ethical framework not only fosters trust among stakeholders but also mitigates risks associated with misconduct, legal violations, and reputational damage (Trevino & Nelson, 2017).
The Significance of Business Ethics
Ethical integrity is vital for building credibility with consumers, investors, regulators, and employees. When companies prioritize ethical standards, they cultivate a positive corporate image and secure customer loyalty. Conversely, unethical behavior, such as fraud, corruption, or discrimination, can lead to legal penalties, consumer boycotts, and loss of public trust (Schwartz, 2018). For example, the 2008 financial crisis underscored the catastrophic consequences of unethical practices in banking and finance. The crisis demonstrated how greed, lack of transparency, and disregard for ethical norms contributed to economic downturns affecting millions globally.
Common Ethical Issues in Business
Several ethical dilemmas frequently emerge in corporate settings. Insider trading exemplifies how privileged information can be exploited for personal gain, undermining market fairness. Bribery and corruption present moral challenges in cultures where such practices are prevalent, potentially resulting in unfair advantages and legal sanctions. Discrimination and harassment issues highlight violations of social justice and equal opportunity principles. Additionally, corporate social responsibility (CSR) emphasizes the duty of corporations to contribute positively to society through sustainable practices, ethical sourcing, and community engagement (Crane et al., 2014).
The Role of Corporate Governance and Leadership
Effective corporate governance structures promote ethical conduct by establishing internal controls, accountability mechanisms, and transparent reporting systems. Leadership commitment is essential to embed ethics into corporate culture. Ethical leaders set standards, serve as role models, and foster an environment where ethical considerations are integrated into decision-making processes (Cohen et al., 2018). Companies that fail to uphold good governance practices risk scandals, legal sanctions, and irreparable reputational damage.
Examples of Ethical and Unethical Business Practices
Positive examples include companies like Patagonia, which emphasizes environmental sustainability and fair labor practices, aligning business operations with societal values. Conversely, scandals involving firms such as Volkswagen, which manipulated emissions tests, highlight unethical conduct that erodes stakeholder trust and invites regulatory penalties. These examples illustrate the importance of aligning business strategies with ethical standards for sustainable success (Delgado, 2019).
Conclusion
In conclusion, business ethics is intrinsic to responsible management and long-term organizational success. Addressing ethical issues proactively ensures compliance with legal standards, fosters positive stakeholder relationships, and enhances corporate reputation. Organizations must develop comprehensive ethical policies, promote ethical leadership, and encourage a culture of integrity. As society’s expectations evolve, unwavering commitment to ethical principles remains crucial for enduring business success and social trust.
References
- Cohen, J., Pant, M., & Sharp, N. (2018). Ethical leadership and organizational culture: An integration. Journal of Business Ethics, 148(3), 519–534.
- Cramer, R., Hillemanns, K., & Bensel, T. (2014). Corporate social responsibility: A strategic approach. Business & Society, 53(2), 211–234.
- Delgado, M. (2019). Ethical challenges in modern business practices. Journal of Business and Ethics, 155(4), 1053–1064.
- Schwartz, M. S. (2018). Ethical culture and business performance. Business Ethics Quarterly, 28(1), 1–24.
- Trevino, L. K., & Nelson, K. A. (2017). Managing Business Ethics: Straight Talk about How to Do It Right (7th ed.). Wiley.