IMPACT OF ETHICAL AND UNETHICAL PRACTICES IN BUSINESS
INTRODUCTION
It is widely accentuated that, globally business is adopting and following the Classic Concept of Corporate Governance. It has come to be recognized that to be a successful Business entity, every company needs to attract and protect all stakeholders, be it shareholders, Creditors, society, employees, internal customers, external customers, suppliers and the environment in and around the company. Global capital investors feel comfortable in an environment where the fundamentals of Corporate Governance are best protected and practiced. Business stands to benefit by adopting systems that bolster Stake holder’s trust through transparency, accountability and fairness. With increasing interdependence and free trade among countries and citizens across the globe, good Corporate Governance is of inevitable for companies seeking to distinguish and position themselves differently in the global environment. Practicing ethical business practices simply refers to adopting and practicing good Corporate Governance. The attitude to practice good business practices could be well evidenced basically by the mission and vision of an organization. Knowing the importance of adhering to the best business practices to reap the fruit of success, some of the ethical practices need to be practiced and being followed by the well-known Business and some of the unethical business practices necessarily to be avoided to become successful are presented in this paper.
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