Answer to Question #225859 in Finance for Anisha Radhika Kum

Question #225859

The incorporation of ethics into business practices has been characterised as ‘doing well by doing good’. (a) Why would firms want to ‘do good’? (b) Give some examples of ‘doing good’ by employees, the general community and the natural environment.


1
Expert's answer
2021-08-19T09:28:44-0400

a.

Firms have a moral responsibility of giving back to the society through corporate social responsibility programs which help them boost their public image.

Firms do good in order to build a meaningful organizational culture.

Firms do good to attract customers for their products they produce and take to the market.

Firms do good to motivate their employees who are very important factor in the production process.

Firms do good in order to be allowed by the government to continue carrying out their production activities in a certain set up where they prefer to operate in.

Firms do good in order to continue having a competitive advantage over other firms.

Firms do good to promote the much needed integrity among their employees.

Firms do good in order to create a lasting relationship with their customers and even attract more and more new customers to their business.


b.

Examples

Employees, general community and the environment

Firms offering incentives to their employees like free lunch, free transport et cetera

Firms get involved in conserving the environment they are operating in by planting trees, cleaning their surrounding by collecting garbages

Firms offering education sponsorships and bursaries to the school going children in the society they are operating in.


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