Factors of Business Ethics
The main factors determining business ethics are as follows:
Personal Values: The personal values and belief of top managers largely determine the level of ethics in company. Lower level managers and workers follow the ethical standards adopted y their superiors.
Social Factors: The values, customs and traditions of a particulars society govern the ethical behavior of citizens and businessmen in that society. Society a compel business community to follow ethical norms.
Professional Codes: Ethical codes prescribed by professional associations influence ethics in business. For example, the All India Management Association (AIMA) has laid down a code of conduct for professional managers.
Political Factors: The Government in power, political parties and leading politicians exercise significant influence on business ethics. Legislative measures, judicial measures and executive measures determine ethical standards in business.