The International Standardization Organization (ISO) and the Organization for Economic Cooperation and Development (OECD) have also implemented measures to internationally standardize CSR. In 2000, the UN enacted the UN Global Compact as an international protocol, which establishes ten principles in four large areas: human rights, labor, environment, and anti-corruption and classifies CSR as an international norm. There have been active efforts and discussions for the international standardization of CSR, such as the UN Global Compact. Consequently, the next sections of this paper expose what CSR and Business Ethics are followed by addressing their relationship. Therefore, based on the secondary data reported in books and journals, we intend to carry out our analysis to explore the relationship between CST and Business Ethics. The methodology persuaded by this study is qualitative in nature based on the comparative content analysis of reported literature about both CSR and business ethics. The paper studies the CSR and Business Ethics as a concept and tries to identify the relation, which can exist between them. The objective of this paper is to explore the Corporate Social Responsibility in the context of Business Ethics. For example, they may: 1) attract customers to the company’s products, thereby boosting sales and profits 2) encourage employees to adhere to the business, reducing labor turnover and therefore increasing productivity 3) attract more employees to the business, thus enabling the company to hire the most skilled employees and 4) attract investors and keep the company’s share price high, thereby protecting the business from takeover. It is expected in research works speaking about the major benefits these two concepts may bring to a business. The role and the importance of Corporate Social Responsibility and Business Ethics are evident essentially in business development.
In the same vein, we find that ethics in business “involves a basic dislocation relating to phenomenal experiences arising when things are out of place”.
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Besides, according to The World Business Council for Sustainable Development in its publication “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local communities and society at large”.īusiness ethics is a “form of applied ethics or professional ethics that examines the ethical principles and moral or ethical problems which arise in a business environment”. In this way, CSR is “about how companies manage the business processes to produce an overall positive impact on society”. The European Commission defines CSR as ‘‘a concept whereby companies decide voluntarily to contribute to a better society and cleaner environment.
In recent year, there is a growing trend toward the value of Ethical Business and Corporate Social Responsibility to a business.
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