Perspective - (2022) Volume 12, Issue 2
Received: 07-Feb-2022, Manuscript No. jbmr-22-56938;
Editor assigned: 07-Feb-2022, Pre QC No. P-56938;
Reviewed: 12-Feb-2022, QC No. Q-56938;
Revised: 21-Feb-2022, Manuscript No. R-22-56938;
Published:
28-Feb-2022
, DOI: 10.4172/:2223-5833.2022.12.428
Citation: Donthu, Naveen. "Religion on Business Ethics. Arabian
J Bus Manag Review 12 (2022): 428. DOI: 10.4172/:2223-5833.2022.12.428
Copyright: © 2022 Donthu N. This is an open-access article distributed under the
terms of the Creative Commons Attribution License, which permits unrestricted
use, distribution, and reproduction in any medium, provided the original author
and source are credited.
Nowadays, we see a variety of techniques to resolving ethical challenges, and we try to uncover new refined options to escape the thorny issues of contemporary day company standards. We assert that each town has its own business culture based on my research and the Latin phrase "cogitations poenam nemo patitur" (lat. law – nobody is responsible for thoughts). In truth, a variety of forces have shaped this civilization, with religion occupying nearly the greatest position. As a result, in today's society, many religious viewpoints have an impact on business ethics. Many beliefs have a source – "code of rules," and many firms rely on these ethical principles, which are in line with local ethical norms.
We live in an era of invention, free market expansion, and globalisation. As players on the global stage, new government authorities, world business leaders, and cutting-edge technology build commercial relationships and set norms for global business communication. More civilizations have begun to work together to create a single global communication system. Nonetheless, in developing a single global system of commercial communication, each civilisation follows its own distinctive philosophy of life understanding, which is frequently shaped by religion. Market and social forces are redefining business roles and duties with growing urgency. Modern businesses are expected to be responsible stewards of community resources, aiming to grow and succeed their enterprises as well as their communities. We believe that markets become or remain free if their participants are accountable and uphold the fundamental qualities of honesty, dependability, fairness, and self-discipline as part of their corporate ethics. Most persons working in the business world, from small business owners to employees to CEOs of global corporations, encounter ethical or moral difficulties at some point. For a long time, the ethical character of business action has been a source of public concern.
Business ethics, by definition, are the moral principles that determine how a company conducts itself and its dealings. In many ways, the same rules that apply to individuals in both personal and professional situations also apply to corporations. Assume Company A has a contact at Company B with whom it negotiates all of the prices for the supplies it purchases from the latter. Naturally, Company A is looking for the best supply pricing. When a representative from Company B visits their headquarters to discuss a new contract, they put him up in a high-end hotel, in the nicest suite, and ensure that all of his needs are met.
Religions have traditionally had ethical perspectives, including business ethics. Given religion's vast influence, it has influenced economic life throughout history. Religious ethics are a big component of how people think about ethical dilemmas in general. Many religions and denominations use an ethical criterion while investing and also advocate for specific ethical business practises. Both of these approaches have the potential to be useful in investment banking. There are religious ethical objections to harmful industrial sectors, such as alcohol, cigarettes, defence, gambling, and pornography, engaging in economic activity. The world's major religions, including Christianity, Islam, Judaism, Hinduism, and Buddhism, are concerned about these sectors. The three Abrahamic faiths, in particular, have a lot in common when it comes to ethical concerns about business, particularly specific commercial challenges.
Almost every firm now has a code of ethics. In part, that’s because technology and digital communication have made it simpler to discover and publicise ethical failures. Companies are dedicating greater resources on corporate ethics in order to avoid unwanted consequences. According to one survey of accountants, 55 percent believe the relevance of corporate ethics will increase in the next three years. In addition to developing formal programmes, organisations are creating ethical workplaces by employing the right individuals. According to a recent survey, "high integrity and honesty" is the second-most crucial characteristic for corporate executives. Today's business leaders must comprehend the relationship between corporate ethics and success [1-5].
