Importance of Ethics in International Business - 1541 Words

Importance of Ethics in International Business Executive Summary Ethics in the business world is important and global. Ethics indicate what is right and what is wrong in business branches and also lead employees and stakeholders with moral values. Due to the globalization of markets and production processes, business people have to deal with ethical issues in cross-cultural settings at an increasing number. The purpose of this paper is to explain the importance of international business, emphasise the ethics of a business and the significance of ethics in terms of expanding internationally. Ultimately, creating and maintaining acceptable organizational ethics will become beneficial in international business. Why do businesses†¦show more content†¦Therefore, the reputation of having good ethical behaviour will lend to more investment, which is beneficial. In the business world, partnerships happen all the time. Good partners help companies do well in joint ventures. The only way to get good partners is to have a good reputation both in terms of a track record and in terms of your business overall (Yucel, 2009). Having a strong tradition of ethical business behaviour is the best way to get a good reputation. An organization creating good business ethics has to be aware of the ethical concerns as well. Are there any ethical concerns for international organizations? The ethical concerns of businesses have been rising for decades. This is because of the various problems due to the aftermath of globalizing economies and markets, which have executives facing ethical issues in their markets in which they conduct business. (Gokmen, 2012). Therefore, the ethical rules and codes in international business can be complicated. Corporate responsibility, social responsibility and bribery and corruption are critical ethical concerns of international organizations. The emphasis on the corporate responsibility of large organisations is increasing from developed nations and the way they operate in less developed countries. Child labour, working standards and conditions and corruption are some of the most common international ethical issues surrounding the environment (Yucel, 2009). Social responsibility isShow MoreRelated International Business: The Importance of Ethics in Business1636 Words   |  7 PagesInternational Business The business world has always relied heavily on contractual agreements while conducting business. These contracts while written in ink, are set in stone. Once your business partner signs his/her name on the dotted line the pact has been sealed and nothing else needs to be said. But what happens when you take away the physical contractual element and everything is agreed upon through ones word? 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