Introduction
According to philosophers the field of ethics comprises of systematizing, defending, and recommending concepts of right and wrong behavior. Dino Lobaton has a definition and states that the"standard definitions of ethics have typically included such phrases as 'the science of the ideal human character' or 'the science of moral duty”. WhereasRichard William Paul and Linda Elder define ethics as "a set of concepts and principles that guide us in determining what behavior helps or harms sentient creatures".
Deducing from the line defined by several parties to develop the concept we can come up with a definition for business ethics, it can be defined the yard sticks, criteria and standards that guide behavior in the world ofbusiness. Ethics forms an integral part of day-to-day business transaction, this is because the business transactions are handy in every society and this form the backbone of mutual interdependence and survival.
Ethical values and legal principles are usually closely related, Ethics is different from law because it involves no formal sanctions. In some cases, the law mandates unethical conducts and they are not punishable but the state. Unethical behavior or a lack of corporate social responsibility, by comparison, may damage a firm's reputation and make it less appealing to stakeholders.Whenever the topic of business ethics is introduced we can almost always think of the positive side of the topic, e.g. how it will build trust and increase the consumers to the business and even the good-will it will earn.
However, there have been some controversial disadvantages associated with the topic such as the reduction of company's freedom to maximize its profit, because the ethics (as defined above) is about restrictions which might hinder firms’ own vision of increasing shareholder’s wealth. It is crucial to understand that ethics only