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
Business Ethics
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
Case Study: Scam of the Century – Bernie Madoff’s Ponzi Scheme
In the world of finance, there are a select amount of manipulative masterminds that sit on a throne of lies. Those who commit these white-collar crimes take advantage of institutions and all classes of people. Ultimately, the enormity of these crimes brings ruin and chaos to the lives of those affected. In this manner, Bernard Lawrence Madoff is just one of these individuals who ran history’s largest Ponzi scheme. To begin, Bernie Madoff was born in Queens, New York in 1938. He received his Bachelor’s degree in Political Science from Hofstra University in 1960 and shortly thereafter started his own firm known as Bernard L. Madoff Investment Securities, LLC., which offered reliable returns, alongside his wife Ruth. Due to the companies growing popularity from those reliable annual returns, his client list grew to include impressive celebrities like Steven Spielberg, Kevin Bacon, and Kyra Sedgwick. Also included were some of the Continue reading
Case Study: The Financial Collapse of the Enron Corporation
Enron began its life in 1985 and appeared to be a rising star in the business world. In conjunction with the accounting firm Arthur Anderson Enron became one of the biggest accounting scandals in history. There were numerous ethical dilemmas in addition to the many illegal acts during rise and fall of Enron. The Enron scandal was the biggest bankruptcy in United States history which cost 4,000 employees their jobs. Once it was obvious that something was amiss with Enron’s bookkeeping, there was action on behalf of the Securities and Exchange Commission. By October 31, 2001 the inquiry had upgraded into a formal investigation and on December 2, 2001 Enron filed for bankruptcy. It was an event that will always be remembered as one of the most disastrous events in the financial world. In late 2001 Enron’s shares drastically dropped from over $90.00 to just pennies which was seen as Continue reading