How are ethics defined in a business setting?

In a business setting, ethics are defined as the principles that govern an individual's or organization's behavior. This definition encompasses the moral values and standards that guide decision-making and actions within a business context. Ethical considerations help determine what is right and wrong, shaping the corporate culture and influencing how companies interact with their employees, customers, and stakeholders.

Adhering to ethical principles can lead to trust and credibility in the marketplace, fostering positive relationships and a good reputation. In contrast, focusing merely on regulations imposed by government bodies, management practices, or financial norms does not capture the essence of ethics, which is more about intrinsic values and moral philosophy than adherence to rules or operational procedures.