Five Event – Stories Business Ethics Essay
Business Ethics
Five Events/Stories
Story 1
Due to male dominance in the professional sector, there are certain cases recorded at South West workplaces in which people committed even suicide due to workplace bullying. The ethical issue is certain moral and ethical standers sets in the society sometimes act as barriers. There is some level of accountability inherited in the human. The only need is they have to respond them appropriately especially under these condition. The ethical theory that would be most appropriate for such situation is bullying at the workplace is Justice Theory (WBGayle, 2015). The Justice theory of ethic is best and most suitable for such legal issues present at the workplace. As every human have some rights like liberty, and can take a stand against those people who harm and create a problem for an individual for living a happy and free life. I think the story is the best fit in my worldview, and if the issue is not deal with the iron hand, it will cause the destruction of the human society.
Story 2
WorldCom scandal is due to the former CEO Bernie Ebbers. He was great leaders that enable its company to meet the horizon success in the telecommunication industry. The company turns out as a superpower in the telecommunication sector. However, the absence of ethical elements in his leadership result in the form of biggest financial scandal that caused the largest bankruptcy in the history of US (Boyd, 2003).
Hence, the role of corporate governance is limited to legislate morality and ethical values. That substitutes the accountability with the responsibility of employees and discourages them to involve in the unethical practices at the workplace.
Categorical imperative follows the universal law to consider other interest into account before taking any action. It is a highly legal and moral issue that needs attention at the higher level. Otherwise, the world will face a financial crisis that will affect the overall life, dignity, prosperity and living condition of the common people and make their life miserable.
Story 3
Apple is an innovative and leading technology company that threatened with patent infringement from the strategic group over its products. In the last year case between Apple and Samsung has remained at the top of covers of all newspapers. It is because of patent infringement cases filed by the Apple against Samsung. Apple claimed that contemporary design of Samsung tablet was the carbon copy of their iPhone. Samsung has stolen the physical design of the product that belongs to Apple (Geiger, 2014).Utilitarianism would be most appropriate for that story as the Samsung has taken the physical design of the Apple. The company might have the intuition to get more benefit from the market and cut the sale of the Apple product. I think, such issues are harmful to the surveillance and sustainability of the companies but also harm the competitive approach present in the business.
Story 4
Dynegy that is also in the energy trading business found the culprit of improper using SPEs (Special Purpose Entities) in their business. Their Crime listed under the “wash” energy trade crime. According to the court of bankruptcy, they not only found accused in the asset reshuffling of high worth but also caused a quick loss to the creditor (Checkler & Spector, 2012). The purpose of such creations is to avoid showing the indebtedness from financing along with the exponential increment of the operating cash for the company to shareholders. The facts of this agreement are same as use by the biggest culprit in the business history Enron. The ethical issue from the perspective of accounting is crucial to apply to the company for the sake of building public confidence in the product and services of the enterprise.
Utilitarianism would be most appropriate for the situation. Customers should be supplied timely information if any breach happens in the system. So, that they get informed about the actual status of the system. If companies hide essential data from the public and show false results, it will cause overall harm to the jobs and raise the rate of unemployment in the country. As happened in 2008 in the USA.
Story 5
Willbros Group, Inc. is an oil based company that committed to paying $32.3 million to get a contract from the Nigeria. Willbros Group, Inc wants to acquire some oil contracts through paying a bribe to settle down civil and criminal fines for resolving various allegations. The company also found to be accused of paying $387 million for constructing a gas pipeline as well as paid $6.3 million to Nigerian government officials. When the case filed in the year 2008, two former employees of the company found guilty and were charged related to that case (Eaton, 2008). Virtue ethic would be a most appropriate approach that fit well with the story. For doing business overseas, every company should think about honesty, liberty, and fairness to bring best from the company. If such practices continued, it will cause harm to the small business growth and increase the dominance of big companies in the global market. That will disturb the equal distribution of income among the people and strengthen the behaviors of extremism.
References
Boyd, D. P. (2003). Chicanery in the corporate culture: WorldCom or world con? Corporate Governance, 3(1), 83-85.
http://search.proquest.com/docview/205161421?accountid=62741
Checker, J. & Spector, M. (2012). Dynegy Asset Shuffle Called ‘Fraudulent.’ The Wall Street Journal.
http://online.wsj.com/articles/SB10001424052970204781804577271690819532220
Eaton, Leslie. Willbros to Pays $32.3 Million in Bribery Settlement. The Wall Street Journal. (2008).
http://www.wsj.com/articles/SB121081355004793859
Geiger, F. (2014). Bit by Bit, Apple Fights Patent Infringement Claim. The Wall Street Journal.
WBGayle (2015). Workplace bullying on the rise across the South West, new report reveals. Cornish Guardian.
http://www.cornishguardian.co.uk/Workplace-bullying-rise-South-West-new-report/story-28217944-detail/story.html
