Advantages And Disadvantages Of Business Ethics In The Real World

Following in the workplace ensures everyone gets respectful and fair treatment. Business ethicsrefers to business morals, policies and practices that guide business decisions and actions. Business ethics is seen in all parts of a company, it emphasises generally accepted principles laid down by the founders of the company. It also covers the business’ interaction with the customers, the treatment of its employees, how it interacts with other businesses and the government, and how it deals with negative public publicity. Though complying with ethical practices is mostly voluntary, some ethical business practices are mandatory, such as obeying the rule of law. Early compliance saves businesses from future legal action such as large fines or business failure resulting from non-compliance with rules and regulations.

We used four gages developed by Lu et al. to measure loss aversion in our study . In order to gauge the endowment effect , we adapted four indicators from Lu et al. . Small business owners and managers in China took part in a survey that was conducted over the course of about 2 months (Sun et al., 2021). Using a deductive approach, the problems addressed in this study were first discovered through theoretical research, and then hypotheses were developed and tested in the field.

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Morality has a long history dating back to the ancient Greeks and is still relevant today. Human life is inextricably linked to the questions of morality, both in terms of objectivity and relativity (Dwivedi et al., 2020). Adam Smith, a classical economist, argues that human economic behavior is motivated by a moral sentiment, even if it is driven by rationality and self-interest (Jun et al., 2022).

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