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Ethical Business Practices

In: Business and Management

Submitted By MsYo35
Words 537
Pages 3
Yolanda S. Hawkins

AC1301917

Instructor: Ms. Sally Lozado

Assignment 3 – Illustration Essay: The Importance of Ethical Practices in Business

Submission Date: December 16, 2013

In today's business world, favorable ethical practices are paramount. Companies and their employees are required to comply with national, international, and local laws governing their operation. Failure to comply with these standards can be costly in terms of time, resources, brand image, and employee and customer loyalty. Companies with strong ethics programs have found that these efforts can provide access to capitol that increases and stabilizes the company's financial performance, positively influence the company's employee commitment, enhance customer loyalty, and improve the company's reputation. Development of strong ethics initiatives can greatly reduce the chance of fines resulting from wrongful, fraudulent, discriminatory or illegal activities. As early as 1988, a study by the Business Roundtable, "Corporate Ethics: A Prime Business Asset," reported that "a strong corporate culture and ethics are a vital strategic key to survival profitability in a highly competitive era" and that "sound values, purposes, and practices are the basis for long-range achievement." More recently, some academic studies have shown a positive link between the existence of corporate ethics programs and financial performance. A 1997 DePaul University study found that companies with a defined corporate commitment to ethical principles do better financially (based on annual sales/revenues) than companies that don't. Similarly, another study by the University of Southwestern Louisiana, titled "The Effect of Published Reports of Unethical Conduct on Stock Prices," showed that publicity about unethical corporate behavior lowers stock prices for a minimum of six months. Further,…...

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