Sample Business Studies Research Paper on History of business

History of business

Top leadership responsibility

Ethical principles and responsibility is one of the top leadership requirements in large organizations that make it possible to balance profits and stakeholder’s concerns. It is asserted that it provides the foundation for work activities, business and organizations as it broadens the corporate priorities with the aim of generating more profits while enriching the stakeholders (Bhatia, 2008).  Business executives have opined that some of the ethical issues and principles are significant in influencing business organizations including those that have still maintained traditional priorities of delivering quality services (Bhatia, 2008). 

As a matter of fact, cost management accountants and general managers must increasingly take account of ethical considerations and to ascertain how they are likely to affect both business and corporate world. This important leadership responsibility will encompass other related issues and managers aiming to provide leadership must fully be aware and implement these related issues so that the business may prosper. Ethical professionals have asserted that these related issues comprise corporate social responsibility, ethical management and leadership, globalization sustainability, corporate governance, social enterprise, mutual relationships, cooperatives, employee ownership, micro-finance, and well-being at work and life balance (Ethics Resource Center, 2005). 

It has been established that top leadership managers should be aware that anything issue related to ethics will be important in balancing profits and the concerns of all stakeholders.  For instance, the business is obliged to take care of the environment in the process of making profits; the business may sponsor environment cleaning initiatives, sponsor local charities or support the less fortunate in the community (Ethics Resource Center, 2005). The business managers are also expected to implement sound ethical activities in the process of generating incomes; this may include avoiding mismanagement of funds. Due to the fact that businesses are becoming global in nature, many businesses may be affected by globalization and so requires top leadership of many organizations to address the negative effects of globalization. It is worth noting that managers must make good use of their conscience as there is no universally agreed rules to govern ethics and it is fascinating to pin point that ethics has become an important ingredient in business operations as an enterprise tries to balance between success and stakeholder’s welfare.

Present day businesses

Based on the arguments of Terris, business ethics since 1800s has been revolving around activities such as anti-competitive practices, businesses seeking unfair advantage through immoral arrangements with suppliers and public officials, failing to adhere to laws and regulations, and lack of transparency. Based on the assertions, today businesses are better placed due to strict observance of ethics in business practices. Business professionals have affirmed that the reasons for running businesses ethically have heavily been on maximizing profit while taking care of the concerns raised by all the stakeholders (Ethics Resource Center, 2005). In the light of this, running such businesses ethically is likely to become more complex in the future.

Most of what Terris discussed has been achieved with businesses aiming to protect their reputations and respective brands. This is achieved through improving on ethical practices of organizations, today businesses have taken upon themselves to protect their brand, establish strong customer trust while winning investor confidence. However, it has been established that globalization has brought challenges in leading business ethically; this is because it has brought stiff competitions in the industry that experts fear that it may lead to shadier business conduct now and in the future (Ethics Resource Center, 2005). This has impacted negatively on ethical practices and standards of business due to the increased pressure to meet unrealistic business objectives. Despite the challenges brought on board by globalization many people still expect businesses to behave ethically with the greater pressure witnessed. Currently, business have fully implemented corporate socially responsibility while making it a cornerstone of all business operations. Ethical researchers have asserted that it is clear that business specialists are expected to implement and anchor higher CSR standards in the year today and in the future (Ethics Resource Center, 2005). 

Today, studies have established that environmental issue concerns are becoming the second most important external driver of business practices as it ensures that concern of the community and surrounding are taken into account (Bhatia, 2008). In addition, it has been discovered that corporate cultures have also played a greater role in business today because it comes in to prevent unethical behaviors in organizations (Ethics Resource Center, 2005). This has been supported by leaders supporting myriad models of ethical behaviors in business organizations.  Currently, businesses are characterized by ethical leadership that revolves around keeping promises of all business undertakings, encouraging open communication, keeping employees informed and support employees who uphold ethical standards.

Welfare capitalism

Welfare professionals have opined that welfare capitalism is a combination of economic systems with welfares; it is aimed at providing welfare services to employees. It is asserted that through welfare capitalism business managers recognizes that providing workers with some minor benefits can forestall complaints about larger structural issues, such as unsafe conditions and long hours (Ethics Resource Center, 2005). Today, most organizations are offering new benefits for their employees through sponsoring sports teams, established social clubs, and provided educational and cultural activities for workers. To some extent some businesses are involved in even providing housing facilities and more generous retirement packages and health care for their employees. It is a forerunner in contemporary business ethics movement due to the motivation and encouragement that employees get from such gestures.

Social responsibility

Ideas of Howard Bowen have been discussed in regards to the evolution of SR of businesses, to a larger extent his predictions have been held as true since 1953. This is supported by the assertions of hearing a lot about corporate social responsibility these days that has its focus on how businesses can continue their pursuit of wealth creation in harmony with the environment and society. This notion can be traced back to 1930s when business executives provided measures on social performance of business with Howard Bowen being credited with coining corporate social responsibility indicating that it referred to the obligations of businessmen to pursue their policies ethically (Bhatia, 2008). 

The assertions provided by the author has been true since the idea of social responsibilities supposes that the corporation has not only economic and legal obligations but also certain responsibilities to society which extend beyond these obligations (Bhatia, 2008).   This is what has been considered as a greater achievement in contemporary businesses as it has brought on board obligations for good citizenship and improved environmental conservation and protection. Predictions have been proven today due to the emergence of issues such as voluntarism where businesses are voluntarily acknowledging and accepting that they have relationships of responsibility beyond the corporate fortress. In addition, contemporary corporate social responsibilities have brought up corporate caring, improved image and get rid of any evidence of unethical conduct.

References

Bhatia, S. K. (2008). Business ethics and global values for management courses. New Delhi:

            Deep & Deep Publications.

Ethics Resource Center (U.S.). (2005). National business ethics survey: How employees view

            ethics in their organizations, 1994-2005. Washington, DC: Ethics Resource Center.