Proceedings of the 53rd International Academic Conference, Dubai

BUSINESS ETHICS AND SOCIAL RESPONSIBILITY: CHALLENGES AND OPPORTUNITIES

DOROTEA MILAS, MARIJA BARIČEVIĆ, LUKŠA LULIĆ

Abstract:

The concepts of business ethics – ethical behaviour and corporate social responsibility – have recently become more prominent both in developed and in developing countries. Both concepts may yield considerable benefits in business and have been shown to be extremely important for the growth and success of an organisation. The notion that apart from making profit companies implement corporate social responsibility in their business has shown to be a successful component that has ensured positive relations with employees and the community, as well as a more positive public image, greater customer loyalty, and healthier community relations. This paper deals with the concepts of business ethics and social responsibility, demonstrating the importance of both concepts for the growth and success of a company. Business ethics leads to positive relations with employees and the community, and organizations that adopt the concept are considered reliable and socially responsible partners. Social responsibility is the duty of an organization to maximize the positive and minimize the negative impacts it has on society. The adoption of CSR practices should not only refer to profit increase – it should also aim to establish responsible business as a moral and ethical imperative which will at the same time add significant value to the organization and help it to maintain its competitive advantage in a world abundant with challenges.

Keywords: business ethics, corporate social responsibility, duty, responsibility, ethical behaviour, business

DOI: 10.20472/IAC.2020.053.011

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