Importance of Ethics in International Business Essay
Ethics in the business world is important and global. Ethics indicate what is right and what is wrong in business branches and also lead employees and stakeholders with moral values. Due to the globalization of markets and production processes, business people have to deal with ethical issues in cross-cultural settings at an increasing number. The purpose of this paper is to explain the importance of international business, emphasise the ethics of a business and the significance of ethics in terms of expanding internationally. Ultimately, creating and maintaining acceptable organizational ethics will become beneficial in international business.
Why do businesses …show more content…
Why is ethics important in international business?
Business ethics is important for a company and its success. Each business has a particular public image, which represents the way in which the public views them. Public image is largely reflected on the behaviour of a company and since business ethics determine behaviour, ethics play a large role in determining public image (Doh, 2010). Thus, public image is one of the reasons as to why business ethics are important to a company's overall success.
Another reason that business ethics are important is the relationship they have to investment. Many factors are taken into consideration in terms of investing in a particular stock. Aside from the “quantitative factors” surrounding a company's profit margin, consideration is also given based on the point of view of the consumers, such as their public image a company (Vasquez, 2012). As a result, the ethics of company is taken into account before the final investment is made. A strong sense of business ethics would help assure extra business investment. Businesses with a bigger reputation