In order to understand the members of a particular society, it is required to have some idea of their daily lives , their tradition , their beliefs , their way of looking at the world , their value system. Values determine what is right and what is wrong for an individual , for a group of people ,for the people living in a particular nation. Individual’s value system decide the dos and the don’ts in their life. It forms the foundations of their characters. Depending on their value system , in a given situation they behave in a particular manner. The culture of various countries differ. There may be some similarity, but they are not the same. The values, beliefs and notions of Japan differ that of America, china or India. An organization is a part of the society . therefore, as far as an organization in a Continue reading
Business Ethics
Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and business organizations as a whole. Business ethics can be both a normative and a descriptive discipline. As a corporate practice and a career specialization, the field is primarily normative. In academia descriptive approaches are also taken. The range and quantity of business ethical issues reflects the degree to which business is perceived to be at odds with non-economic social values.
Case Study on Financial Ethics: The Bernie Madoff Case
On December 11, 2008, as the arrest of Benard Madoff, the former non-executive chairman of NASDAQ and chairman of Bernard L. Madoff Investment Securities LLC, many investors, big firms, banks, charities, universities and even governments were in panic, realizing that they were involved in a giant financial fraud, ‘all just one big lie’. According to an official document on March 12, 2009 from the Department of Justice of United States, Madoff pleaded guilty to eleven felony counts related to a massive Ponzi scheme and faced a statutory maximum sentence of 150 years in prison. Actually, what Mr. Madoff did was simple; He continually paid high returns to existing clients with the funds injected by new investors without engaging in any form of legitimate investment activity and this is what people call ‘the Ponzi scheme’, named after Charles Ponzi who did such kind of financial fraud in 1920’s. However, it is Continue reading
Business Ethics: Theories and Approaches
Business ethics is the attitude and ways in which a business is formed and the way in which a business deal with the world. Many businesses behave in divert or different ways depend on the way it’s formed by the owners of the business. Business ethics can be described as principle and standard that is guiding behavior of people in the business. Many business have different reputation depends on the ways in which they are formed some business have bad reputation while some have bad reputation. Some businesses are formed for money making venture while some are formed because they want to make money and at the same time want to give its customers maximum satisfaction. The way in which a business is formed brings about ethical behavior. Ethics is a set of moral principles that a business should follow and values that a business should embraced in order for Continue reading
Corporate Governance – Concept, Need and Principles
Corporate governance can be defined as a set of rules and regulations according to which the behavior of a company is affected. Another aspect of it is that it is also concerned with the relationships which exists among different stakeholders of the company and with the goals which the company has in view. Shareholders, board of directors, employees, customers, creditors, suppliers, and the community at large are the main stakeholders of a business. Gabrielle O’Donovan defines corporate governance as ‘an internal system encompassing policies, processes and people, which serves the needs of shareholders and other stakeholders, by directing and controlling management activities with good business know-how, objectivity, accountability and integrity. Sound corporate governance is reliant on external marketplace commitment and legislation, plus a healthy board culture which safeguards policies and processes. The most common definition of corporate governance has been provided by the Organization for Economic Cooperation and Development (OCED), Continue reading
Concepts of Social Innovation and Community Engagement
Developing societies are facing challenges with basic needs of food and water, housing and energy. Increase in population is intensifying the challenges. The problems of sustainable development, distribution of energy and energy security are interlinked with each other and therefore a new idea or innovation is required to address the societal challenges. The social environment is rapidly changing with the want of sustainable economic development and stable democracies. Scientists and engineers play vital role in social innovation and helps in addressing the social needs and challenges of the people. Social innovation is the adoption, integration development and creation of new practices and concepts that creates a better world. The innovation gives most importance to people and planet. Social innovation involves steps that focus on people health, community development, education and working conditions. People residing in a society are the main components of society that leads to social development. Social innovation Continue reading
Indian Ethos For Modern Management
Indian ethos for management means the application of principles of management as revealed in our ancient wisdom brought forth in our sacred books like our Gita, Upanishads, Bible and Quran. There are 6 basic principles, which come to light in the holy books applicable in today’s management world. They are : Each soul is a potential God Holistic approach Equal importance to Subjectivity/Objectivity Karma yoga Yogah Karmasu Kaushalam Co-operation 1. Each Soul is a potential God A human being has a soul, a spark of the Divine. The divine resides in the heart of a person. The Divine means perfection in knowledge, wisdom and power. Therefore a human being has immense potential power or energy for self — development. Thus human efforts can achieve even an apparently impossible goal and convert the impossible into a reality. The partnership of God and Man can bring about extraordinary or miraculous results; Continue reading