Professional Ethics

subject Type Homework Help
subject Pages 8
subject Words 2776
subject School University Of Science Malaysia
subject Course bachelor of accounting

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What is social responsibility?
Social responsibility assumes that corporations must behave in a way that promotes society, in
addition to maximising shareholder value. For investors and customers who pursue investments
that are not only profitable but also contribute to the wellbeing of people and the environment,
social responsibility has become increasingly relevant. Critics, however, argue that culture is
not considered a stakeholder by the very structure of industry. Social obligation assumes that
there is a requirement for people and corporations to behave in the best interests of their
community and culture as a whole. Social justice is known as corporate social responsibility
(CSR), as it refers to companies. The essence of this idea is to enforce policies that foster an
ethical harmony between the dual mandates of aiming for productivity and serving society as
a whole. This policy may be either commissioned (philanthropy-money, time, or resource
donations) or excluded (e.g. "go green" measures such as lowering greenhouse gases or
compliance with pollution-limiting EPA regulations). Many firms have made social conscience
an important part of their corporate strategies, such as those with' green' programs, and they
have done so without losing profitability. In 2018, the most socially conscious corporations in
the world were listed by Forbes. The technology firm Google, closely followed by The Walt
Disney Corporation and Lego, which revealed in March 2018 that it will start making its parts
from plant-based sources, is at the top of the list.
In addition, before making an acquisition or order, more and more customers and buyers
are factoring in the contribution of a business to socially responsible activities. As such, the
prime directive-maximization of shareholder capital-will benefit from accepting corporate
responsibility. There is, likewise, a moral imperative. Future generations may be influenced by
behaviour, or lack thereof. Put clearly, it is just sound corporate practise to be socially
conscious, and a failure to do so will have a deleterious impact on the balance sheet.
In general, as opposed to being forced by the government to do so by legislation,
corporate responsibility is more effective when a corporation takes it on willingly. Social
responsibility can raise the morale of companies, and this is extremely true when a business
can involve workers in its social causes.
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What is ethics?
And what is business ethics? The principle has come to mean different things to different
people, but in general it comes to understanding what is right or wrong in the workplace and
doing what is right. This is in terms of product or service impact and stakeholder partnerships.
Wallace and Pekel clarify that during times of radical transition, commitment to corporate
ethics is crucial times more like those encountered today by corporations, both non-profit
and for-profit. Values which were historically taken for granted are now highly debated in
moments of radical change. Many of these values are not followed today. There is also no
simple moral compass to lead rulers through difficult dilemmas on what is right or wrong. In
the workplace, commitment to ethics sensitises leaders and workers to how they can behave.
And most critically, commitment to workplace ethics helps ensure that executives and
administrators maintain a firm moral compass while they are suffering in times of crisis and
uncertainty. Attention to corporate ethics, however, still gives many other advantages.
Literature review on ethics and social responsibility.
They analyse the relationship between organisational engagement and employee expectations
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