Business Ethics and Corporate Social Responsibility Essay

Business Ethics and Corporate Social Responsibility - Essay Example According to the research findings, business ethics is based on moral behavior and aims at conducting business activities in a just and fair manner. Corporate Social Responsibility (CSR) refers to the duty or obligation of a company towards the people, societies, communities, and environment that may be affected by the activities of the business. For example, reducing the environmental impacts of the operations of a business is one common aim of the business, especially in cases of companies whose operations affect the environment in a hazardous way like the automobile companies. In short, both terms are based on the social concepts of morality and responsibility. Business ethics involve the application of moral and ethical values in a business and CSR is extended form of business ethics in which these values are expressed and embedded in the organization through programmes and policies involving the stakeholder groups. CSR involves conducting ethical activities and business ethics involves conducting activities ethically. So, the underlying essence of the two remains similar. Corporate Social Responsibility (CSR) is a term related to the social responsibilities that a company has towards the community in which it operates. In contrast, business ethics is based on the factor of conscience. Business ethics is related to morality and differentiating between right and wrong and conducting the business operations by focusing on the rights and avoiding the wrongs. Using ethics in business implies that the company is obliged to set business policies, rules and conduct its activities in a just and right manner so that the activities of the company le ad to the good of every entity which is, directly and indirectly, related to the business. These entities include all the internal and external stakeholder groups of the company and the society as a whole. Business ethics, in the modern business environment, has emerged as a preliminary necessity that should be taken up by every company, irrespective of the industry or its level of operation in order to conduct its business in a legally and socially compliant manner. Corporate Social Responsibility (CSR), on the other hand, is the additional responsibilities that a business should take up in order to create sustainability and a positive brand image for itself.