Business Ethics

A self-regulating business model that holds companies accountable for their social, environmental, and economic impact. CSR goes beyond profit maximization to consider the welfare of employees, communities, and the environment.

The view that a company should create value for all stakeholders, not just shareholders. Stakeholders include employees, customers, suppliers, communities, and the environment, all of whom have legitimate interests in the firm's activities.

The system of rules, practices, and processes by which a company is directed and controlled. It involves balancing the interests of stakeholders and establishing accountability, transparency, and fairness in a company's relationship with all its constituents.

The act of an employee or insider reporting unethical, illegal, or harmful activities within an organization to internal authorities or external bodies. Whistleblowers play a critical role in exposing corporate misconduct but often face significant personal and professional risks.

An ethical framework based on the principle that the right action is the one that produces the greatest good for the greatest number. In business, this involves weighing the consequences of decisions on all affected parties and choosing the option that maximizes overall welfare.

An ethical approach holding that certain actions are inherently right or wrong regardless of their consequences. In business, this means following moral rules and duties such as honesty, promise-keeping, and respect for persons, even when doing so may not maximize profit.

A situation in which a person or organization has multiple interests, one of which could potentially corrupt the motivation or decision-making of that individual or entity. Managing conflicts of interest is fundamental to maintaining trust and integrity in business.

A framework for evaluating corporate behavior and sustainability based on three pillars: environmental impact (carbon emissions, resource use), social responsibility (labor practices, community engagement), and governance quality (board diversity, transparency, executive compensation).

Ethical relativism holds that moral standards vary by culture, time, and context, while ethical universalism argues that certain moral principles apply to all people regardless of context. This tension is central to international business ethics where cultural norms differ significantly.

A framework that expands the traditional measure of business success beyond financial profit to include social and environmental performance. The three Ps are People, Planet, and Profit, encouraging firms to account for their full impact on society and the environment.