The Unprecedented Business Ethical Dilemma in the World Financial Markets
The purpose of this article is to explore the importance of business ethics in the corporate business world. Good ethical practices and behaviors are critical to the success of organizations. The first code of professional conduct (as cited in Messier, Glover, and Prawitt, 2008) was introduced and written in 400 BC(Hippocratic Oath). The Sarbanes Oxley Act of 2002 brought financial transparency among corporate management and auditors in order to prevent white collar crime. Clement (2006) found in his study that in top 100 Fortune corporations, only forty engaged on unethical behavior. The Foreign Corrupt Practices Act (FCPA) is one of the fastest changing acts in the criminal law arena. It attempts to curb bribery of foreign officials that give business advantages to those paying the bribe. The Securities and Exchange Commission (SEC) has collected over $1.4 billion in fines (Turk, 2013) due to both illegal and unethical acts. In today’s global economy, corporate scandals are increasing at a rapid pace.
