The news story must pertain to business practices and can either be on a local, national, or international scale. Companies should comply with the government’s rules of conserving the air, water, and the general environment. Cases have occurred where companies that had been involved in unethical practices clear their names in courts through bribery. Global Journal of Management and Business Research Volume XVII Issue IV Version I. Y ear ( ) A. Cases have occurred where auditors are bribed to certify false financial statements so that powerful companies can evade from paying the rightful amounts of taxes to the government. justify particular practices or rules within the world of business. "Unethical business practices and their effects." Companies are always obliged to portray transparency in all their activities. Level construal . No amount of fine can compensate for the unethical practice of selling unapproved drugs to humans. Whenever the investors resolve to have the company investigated, the company managers and other executives resist the investigations. In the contemporary world, businesses that comply with the rightful ethical conducts are decreasing drastically. Of course, you cannot avoid what you don’t know. The company’s partners, customers, and all other stakeholders will feel intimidated to be associated with a company that does not value the environment. Unethical Business Practices. 2019. In most businesses, at least one business practice is done in an unethical manner. A Code of Ethics isgenerally a more blanket statement of values and beliefs that defines … Unfortunately, your browser is too old to work on this site. unethical (i.e. The unethical business practice clearly indicated that the executives of the company were extremely selfish. Some companies release chemical pollutants into the air or into water bodies. 201. learners. As such, unethical business practices usually reflect the values, attitudes, beliefs and behaviour patterns of the organisational culture. It can send wrong signals about your services and products and drive away potential consumers. Essentially, if the global economy is to be on the safe side, companies must adopt ethical business practices. Moreover, GlaxoSmithKline financed the publishing of a medical journal that had manipulated clinical trial data to promote the use of the Paxil drug in children. Wal-Mart did the investigation in Mexico, Brazil, China, and India, which are its major international markets. August 27, 2019. https://ivypanda.com/essays/unethical-business-practices-and-their-effects-term-paper/. The unfair competitive practices would only earn a company massive profits in the short run. The executives of some companies have taken advantage of humble investors to mishandle their propriety. You can use them for inspiration, an insight into a particular topic, a handy source of reference, or even just as a template of a certain type of paper. business toparticles unethical. As a result, unethical business practices become an effective tool with the help of which companies can take a competitive advantage in their business, whereas politicians using financial support of business cover unethical practices of their supporters. Some unethical practices that harm the employers include low wages and unsafe working environment. However, these unethical business practices continue until consumers take notice and start questioning the authenticity of the information. However, some businesses are too greedy to allow the other parties to enjoy some good profits. The highly sensitive information was very essential for the prosecutors to file charges against the GlaxoSmithKline Company, and it was very controversial to find out who disclosed those unethical practices. Some companies are used to offering the intermediaries with kickbacks so that they can continue purchasing their products. Therefore, managers and supervisors should be warned that employees would be submitting to their unethical orders to set them up. "Unethical business practices and their effects." 2.1k Views. Journal of Education for Business: Vol. The company’s director agreed to pay fines amounting to $3 billion because of promoting a drug for unapproved uses, and improper marketing for other drugs (Thomas & Schmidt, 2012). With globalization, companies are trying their best to reap maximum profits and outweigh their competitors’ profits at the expense of the global economy. The G4S Company has existed for decades and it has expanded globally, however, the company can collapse within a short period if its reputation is disputed. Defamation of a competitor, misappropriation of their trade secrets, and trade mark infringement – all these fall under unfair competition which gives a wrong impression to the consumers about the competitor and its products. Here are ten companies that have engaged in terribly unethical business practices and are, fortunately, being called out for it. unethical behaviour can cause significant reputational and financial impact for a company. All companies ought to adhere to the pollution norms set by the government. You are free to use it for research and reference purposes in order to write your own paper; however, you must. 27 August. Essentially, whistle blowers earn a great share of the amount that the federal government recovers from the unethical business practices that they report. The database is updated daily, so anyone can easily find a relevant essay example. Business executives must ensure that their businesses spend their investors’ monies in worthwhile projects. The Relationship Between Academic Dishonesty and Unethical Business Practices. Once consumers know that a company employs unethical business practice in their operations, the effects are inerasable. Boeing's Board had independent directors in the majority. Therefore, emphasising on both ethics and compliance is crucial for businesses. This sad incidence clearly indicates that the greedy executives of such companies care less about those individuals and other living things that are affected in one way or another. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. IvyPanda. Certainly, if all companies adopt the above named ethical practices, every individual in the world would be very comfortable, whereas, companies will be making honorable profits. The company has a motto of delivering excellent services and maintaining the highest level of ethical standards. ethical issues, or to be precise, unethical challenges faced by citizens of all societies. Managing unethical behavior in organizations: The need for a behavioral business ethics approach - Volume 23 Issue 3. Unethical business practices as those practiced with Wal-Mart’s competitors will result into bad publicity, and the company may never win the publicity trust in the future even though it struggles to employ ethical conducts. Such companies do not care about the repercussions of their ill deeds. Where the Apple iPad Fits into the Business … The managers have a responsibility of offering a favorable working environment for all their employees. The company would meet the full payments of hunting excursions and all sorts of luxuries to win the doctors, and force them to promote some unapproved drugs. Moreover, if the courts decide to be very strict with such companies, they may be fined heavily. What’s your deadline? August 27, 2019. https://ivypanda.com/essays/unethical-business-practices-and-their-effects-term-paper/. Clifford, S. & Barstow, D. (2012). professional specifically for you? Share. If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda. Katharine Jones. The multinational company invested heavily to investigate and determine the extent to which its competitors adhere to the anti-bribery law. Unethical practices attributed to authors also include under- reporting of data. They should make it their obligation to think about their descendants who will need a safe environment. 1. Of course, the company will have to cater for their Medicare bills, and pay fines if employees decide to sue the company. In most businesses, at least one business practice is done in an unethical manner. The Underlying Causes of Unethical Business Practices Since the business practices of concern involve organizational behaviours and interrelationships, it is important to understand the relationship between consumers, 8. retailers, tour or wholesale companies and government regulations. Tweet. Moreover, the affected individuals would be junior employees of the company who may suffer from lifestyle diseases. Unethical business practice can destroy business's reputation and possibly lead to legal troubles (Rahman, 2008). Copyright © 2021 - IvyPanda is a trading name of Edustream Analyzing Unethical Advertisements and Examining Ethical Business Practices Saint Joseph’s University HSB Undergraduate Student Business Ethics Paper Competition Spring 2014 Grace Gunnels | Word Count: 3,707 words The research performed for this paper was done for my Summer Scholars research project. (2019) 'Unethical business practices and their effects'. However, cases have occurred where companies are involved in unethical behaviors that harm the environment. That is why, the purpose of this article is to identify information technology impacts as ethical issues on society especially its individuals. Unethical business practices and their effects. In the 21st century, the role of ethics in international business transactions and interactions will receive more attention. While GlaxoSmithKline may not feel the pain of paying such a huge fine, the company executives should know that its publicity reputation was destroyed. – Distortion of facts to mislead or confuse. … What type of assignment 📝 do you need? Therefore, company executives are obliged to ensure that the company pays taxes exclusively. It was so embarrassing that G4S was unable to supply enough security guards in a contract that would earn it massive profits during the 2012 Olympics. Essentially, any practices that make the employees uncomfortable in the work place are unethical, as they do not comply with the federal working standards. Patricio Dobrée. Unethical business practices are those practices that are morally unacceptable, which certain individuals bring into their business environment because they want to make more profits at the detriment of their customers. Further, the company distorted the data of a diabetic drug that recorded very high sales, and it marketed other drugs improperly. manager, Unethical practices _____ 1. All business people aim at gaining a competitive advantage over their competitors to win the trust of many customers. 1. Download. … This category includes knowing a co-worker is conducting personal business on company time. Finally, the consumers have all the rights to file lawsuits in case they consume unsafe products. In the case of molesting the investors, the company places itself at a high risk of lacking investors in the future. One of the Mexican subsidiaries that happen to be Wal-Mart’s major competitors had indeed paid bribes to be allowed to open new stores in Mexico (Clifford & Barstow, 2012). Unethical Business Practices 417 instances and interests that create opportunities for the moral lapse. Keep in mind that unethical actions are not always illegal, but they will hurt society. You should avoid such practices at all costs. Download Full PDF Package. Business managers should never take advantage of their might to disadvantage their competitors. Companies’ sales managers are obligated to try all possible ways of making massive sales. An Institutional History of the Field, and an Intellectual Agenda Within some of the earliest writings in the history of Western and non-Western traditions of thought we find philosophers evaluating practices, virtues, and vices in commerce and money-lending (see $+$.6). – Resorting to dishonesty, trickery or deception. This very sad incidence affects innocent individuals who purchase such products unknowingly. In fact, a policy guiding taxpayers against fraud has set aside about $10 billion to compensate the whistle blowers. Firstly, the court can impose heavy fines to the company, which can declare it bankrupt. Practice of learning and work ethics is a good determinant of qualitative education. In fact, junior employees have a tendency of alleging to their supervisors in every aspect. Misuse of company time. Retrieved from https://ivypanda.com/essays/unethical-business-practices-and-their-effects-term-paper/. This term paper on Unethical business practices and their effects was written and submitted by your fellow student. The paper will bring in ideas, information, and examples of unethical business practices in major organizations. Upper Saddle River, NJ: Prentice Hall. Wal-Mart inquiry reflects alarm on corruption. The unethical business practices in organizations result from the corporate culture of the organization, where the entire business is corrupt from the top to the bottom, and often individuals may also be unethical in their work. August 27, 2019. https://ivypanda.com/essays/unethical-business-practices-and-their-effects-term-paper/. We will write a custom Term Paper on Unethical business practices and their effects specifically for you for only $16.05 $11/page. Employees are very essential stakeholders in any company because they determine the level of productivity of the company. 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