key term - Ethics

Definition

Ethics encompasses the moral principles that govern an individual's or group's behavior and decisions in a business context. It involves determining what is right, fair, and just in business practices and acting accordingly.

Related terms

Corporate Social Responsibility (CSR): A self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Code of Conduct: A set of guidelines designed to outline acceptable behaviors for members of a particular group, organization, or profession.

Stakeholder Theory:

A theory that management should consider the interests of all stakeholders in its decisions, including employees, suppliers, customers, and the broader community