Business Ethics vs. Success in Modern Business Research Paper

Business Ethics vs. Success in Modern Business - Research Paper Example en corruption and success in business in this research was retrieved from the university faculty, contemporary firms and graduate students of business. The fundamental concept on which the term â€Å"business ethics† is based is that individuals should be held accountable for their practices in business. â€Å"Businesses are at the strategic center of a civil society, and they have a stake in their communities† (U.S. Department of Commerce, 2004). In conventional terms, business ethics are thought of as drivers for successful business. In the modern age, companies and business entrepreneurs evaluate the effect of ethics on their individualistic and collective performances. A lot of studies have shown that unethical practices and corruption have been incurring the companies a cost worth billions of dollars every year. Such studies have portrayed a negative image of corruption and have emphasized upon the potential ways in which the unethical business practices affect the brand image, value of shares and the overall profitability of the business (Maheshwary & Ganesh, 2006). Following the principles of ethics is very imp ortant for a company’s success (Turner, 2006). â€Å"I have always recognized that the object of business is to make money in an honorable manner† (Cooper cited in Rajeev, 2011). Unethical business practices have traditionally caused a lot of damage to the business. However, not many business entrepreneurs are aware of the toxicity of such practices because the costs are often not obvious and come as overheads. Most of the costs of the unethical business practices are hidden. Since the business entrepreneurs can not see these hidden costs, they can only see the convenience that the unethical practices bring them. Thus, many of them are reluctant to abandon such practices. However, the harm caused by such practices is inevitable and is often borne by the society as a whole. For example, when an oil company discharges oil into the sea, it is the marine