ETHICAL AND INSTITUTIONAL ASPECTS OF BUSINESS CULTURE
Abstract
The purpose of this paper is to carry out theoretical analysis and highlight the basic ethical and institutional foundations of business culture in practical activity. The relevance of the chosen topic is due to the benefit of compliance with generally accepted moral and ethical principles and rules in the market system by business entities, as in the long term it forms a positive image, eliminates reputational risks, and also allows maintaining stable economic growth for society in general. The article is based on general scientific and fundamental provisions and principles of the mainstream theory – neo-institutionalism. The following general scientific methods were used in the research process: analysis, comparison, abstraction and specification, theoretical generalization. The genesis of the investigated issues and the relationship with the works of ancient philosophers are reflected. The most relevant elements of the problem of ethics and business culture of applied direction are detailed. Attention is focused on the basic principle of profitability of following certain ethical rules, as a result of systematizing business relations and obtaining competitive advantages. It was established that the ethical culture of business is a kind of product that has its own value and market value. The interpretation of the concept of "corporate business ethics" is presented. The list of universal ethical norms of business organizations corporate Codes is given and the advantages of their implementation due to the reputational, managerial and development functions of the general corporate culture are shown. It was emphasized that the application of ethical corporate codes is associated with certain difficulties, since there are no uniform requirements for their fulfillment. Further prospects are in the study of the national specifics of doing business in the context of moral and ethical issues.
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