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Corporate Governance & Business Law

UNIT II Moral Values & Ethics

generosity are all examples of values that many people endorse. values reflect a person's sense of right and wrong or what "ought" to be. things. Values are standards or ideals with which we evaluate actions. "Excellence deserves admiration". "Equal rights for all". innovation and community involvement. Beauty. justice. or situations.Values . peace. honesty. As such. Some common business values are fairness. people. Values can be defined as broad preference concerning appropriate courses of action or outcomes. Values have major influence on a person's behaviour and attitude and serve as broad guidelines in all situations. and .concept     Important and lasting beliefs or ideals shared by the members of a culture about what is good or bad and desirable or undesirable.

and give less time to their families in order to achieve their goals. . etc. freedom. equality. e. Other people might value success instead. Moral values: values that help determine what is morally right or wrong. Aesthetic values: values associated with the evaluation of artwork or beauty. and structure their lives so that they can spend more time with their family. For example. well-being. fairness. some people regard family as their most important values.g.Formation & types of values     In thinking about values it is useful to distinguish them into three kinds: Personal values: values endorsed by an individual.

First we learn to appreciate things that fulfil our basic needs. Their behavior towards us becomes the main reference of what is valuable.Formation & types of values    We start forming values in our childhood. but we value especially those people that provide them to us. We learn to value the substance and the form of everything they say and do. We also learn to differentiate between the theory and practice of values. and what they don’t say and don’t do. . Each gesture or comment affects how we learn to make choices. our character and personality are moulded through the attitudes and behavior of the people who raise us. whether they’re our parents or other relatives. Thus. The latter is what marks us the most. Their behaviors determine in large part what will subsequently become our most important beliefs and principles.

they are behaviors we gladly decide to follow and produce satisfaction. but values have the support of our will. and many parents hope that school will form the values that were not instilled at home. . leaders. and value models at school can reinforce what was formed at home. they will soon be exposed to an intense social competition against other beliefs. because school does not fulfil the basic needs of life… that is the responsibility of those who raise us. Teachers. but they cannot replace them. We have learned their importance due to the benefits they produce.Formation & types of values    Values are often confused with habits. values are convictions. unlike norms. We can follow norms against our will. Why is it so difficult to form values? Because. This is not possible. If the convictions formed at home are not solid. individually and collectively.

Values are only conveyed through the example of our daily attitudes and behaviors. However. They are our parents. elder siblings. we must first possess it. to convey something. teachers. They can seldom be formed by explaining them or through a list of what is considered correct or incorrect. grandparents. peers we admire.Formation & types of values   Those who play a leadership role in our lives are most powerful at conveying to us their values. . and bosses. some relatives. Memorizing their theoretical meaning does not guarantee their implementation. professors.

often addressing disputes of moral diversity. Ethics may be divided into four major areas of study: Meta-ethics. is the study of people's beliefs about morality. about the theoretical meaning and reference of moral propositions and how their truth values (if any) may be determined. Normative ethics. or within some particular domain of action (such as business). Applied ethics draws upon ethical theory in order to ask what a person is obligated to do in some very specific situation.Ethics and Behaviour       Ethics involve systematizing. defending and recommending concepts of right and wrong conduct. also known as comparative ethics. Descriptive ethics. . about the practical means of determining a moral course of action.

is the study of people's beliefs about morality. about the theoretical meaning and reference of moral propositions and how their truth values (if any) may be determined. Applied ethics draws upon ethical theory in order to ask what a person is obligated to do in some very specific situation. . Ethics may be divided into four major areas of study: Meta-ethics. or within some particular domain of action (such as business). Descriptive ethics. often addressing disputes of moral diversity. also known as comparative ethics. about the practical means of determining a moral course of action.Ethics and Behaviour       Ethics involve systematizing. Normative ethics. defending and recommending concepts of right and wrong conduct.

justice and crime. and voluntary or involuntary. or artificial entities in conjunction with their environment.Ethics and Behaviour   Ethics seeks to resolve questions dealing with human morality—concepts such as good and evil. . systems. whether internal or external. which includes the other systems or organisms around as well as the (inanimate) physical environment. overt or covert. virtue and vice. Behavior is the range of actions and mannerisms made by organisms. It is the response of the system or organism to various stimuli or inputs. conscious or subconscious. right and wrong.

Values of Indian Managers         Establish a presence of fairness Establish trust Establish honesty Establish the expectation of commitment Resolve ethical issues and dilemmas as they arise Helps in setting high standards Helps in practicing managerial conduct and decision making Effectiveness in work depends on ethical and moral values .