What do you think might be advantages of making business executives adhere to a code of ethics as do

QUESTION

What do you think might be advantages of making business executives adhere to a code of ethics as do physicians and lawyers?
What do you think might be advantages of making business executives adhere to a code of ethics as do physicians and lawyers? Solution: Ethics are the norms or standards or set of principles of conduct within an organization or in general normal routine which helps and guides an organization or individuals in establishing behaviour of its members and also in decision making. Business ethics is the study of business policies and practices regarding the controversial issues like insider trading, corporate governance, corporate social responsibility, discrimination, bribery etc. Code of ethics is a set of principles of conduct within an organization which guides the behaviour and decision making. The sole purpose of code of conduct is to provide member with guidelines which needs to be followed while rendering their duties so that ethical choices are made. Generally corporates issues a policy statement in which the codes of ethics are written which is to be followed by each and every individual while serving their duty. The main advantages which enterprises might have by making their business executives

re to the code of ethics are: Guide employees in situations where it is not possible to have ethical course of action. Helps an organization in reinforce and acquaint new employees with the values and culture. Minimize the inconsistent and subjective management standards Helps the corporates in complying with the complex government regulations Helps corporate in communicating the expectation to its vendors, employees, staffs and customers. Offer protection in defending against lawsuits Promote market efficiency Build public trust and enhance the business reputation If business executives or any other employees fails in adhering the code of conduct which are stated by the corporate then it will result into negative public image of company.

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