The analytical framework leads to recommendations as to the types of actions that might be more effective in improving business ethical conduct under varying sets of market-based competitive conditions. ) of the interactive effect between different types of external market-based competitive conditions, institutional opportunities to engage in ethical behavior, and the likelihood that corporations would do so. A framework is presented that provides a systematic analysis (. Therefore, a more comprehensive explanation of ethical business conduct must incorporate both corporate, i.e., internal considerations, and competitive, industry structure-based, i.e., external considerations. This paper argues that in the realworld corporate actions are influenced, to a considerable extent, by external market-based conditions. ( shrink)Īnalysis of ethical conduct of business organizations has hitherto placed primary emphasis on the conduct of that corporation’smanagers because ethical conduct, like all conduct, must manifest itself through individual behavior. We conclude by assessing how this approach adds to the existing debate around social responsibility and shared value. Building on his central concept of ‘sympathy’, we introduce the idea of the Impartial Spectator Test, which we argue builds on traditional stakeholder perspectives and which provides an objective route to ethical criteria of demarcation. We identify the eighteenth century economist and philosopher Adam Smith in his book The Theory of Moral Sentiments as a source for an ethical approach to business. ) the problem of the ‘separation thesis’ between business and ethics :89–118, 1996 Harris and Freeman, Bus Ethics Q 18:541–548, 2008). In response to this challenge, we begin by examining Porter and Kramer’s :64–77, 2011) call for a shift from a social responsibility to a shared value framework and the need to respond to (. Today the problem is viewed by many commentators as an ethical challenge to business itself. Growing inequality and its implications for democratic polity suggest that corporate social responsibility has not proved itself in twenty-first century business, largely as it lacks clear criteria of demarcation for businesses to follow.
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