American Corporate Ethics: A Wake-up Call
The last century was filled with increasing decline in corporate ethics. Corporate scandals damaged the trust placed in Corporate America by millions of stakeholders. Corporate ethics become more complex in this era of globalization because of cross-boarder business activities that result from international operations. Although the unethical behaviors cannot be completely eliminated, measures in the form of reforms and disciplinary mechanisms are needed in order for corporations to be ethical in word and act. Action is needed now than ever before because research findings have confirmed that firms that are committed to ethical behaviors perform better financially than those that do not. Unethical behaviors are causes of concern for many organizations. As a result of this, many companies have developed programs for managing ethical behaviors and legal compliance. Corporate leaders join hands with academic leaders to develop measures for coping with the situation with the huge amount of money set aside for the purpose. Reforms are needed that will expose weaknesses in corporate governance and reduce the ethical behaviors. Business Schools, too, should not be only observers, of those corporate business ethics but also should be more active in influencing their students. They should be active agents of change in fixing the damage done to Corporate ethics by using good designs of their business curricula to provide rigorous ethical training for the future executives.
Keywords: Corporate Ethics, Ethics, Globalization
Dr. Gabriel Omolewu
Associate Professor of Management, Business and Economics, Wilberforce University