Character, the bedrock of leadership and human conduct in the presence of a morally bankrupt society, is a self imposed commitment to a set of qualities without compromise (Munroe, 2013). The moral sense, given by nature and nurtured, shapes the attitudes, values and belief systems that inform one’s character and ethical thinking.
There are numerous cases, from the executive to their employees, where ethical dilemmas were mishandled and resulted in violation of public trust, lack of transparency, sexual and financial scandals, unlawful financial and social practices, to name a few (Munroe, 2013; McBride, et al., 2016; Pallardy, 2024). The overarching motivation for business is a critical factor in driving the decision to behave ethically. The capitalist system that engenders profit maximisation as the central goal of business, though meaningful, has in many cases stymied moral rectitude since it crowds out social and moral values among business executives and results in negative consequences for society and the environment (Orts, 2024).
Human beings are rational, volitional agents who can reason, choose and adopt moral philosophy which provides a framework from which they can think ethically (Wolff, 2018; DeCoste & Phillips, 2018; McConnell, 2016; Bok, 2019). Being incentivized by profit maximisation, executives may select ethical schools of thought inconsistent with the benefit of all stakeholders.
This chapter advances moral philosophy as the foundation and framework for ethical business conduct and practices. Embracing ethical codes, norms and principles are necessary for engendering the ethical decision-making required for sustaining businesses in the long run. It presents a critical evaluation of some ethical dilemmas in business and articulates the morality that influences ethical thinking. The chapter proceeds to assess the evolution of moral philosophy, discusses ethical theories, business ethics and the ethical organisation. It then elucidates application of ethical frameworks to business practices, with an emphasis on Christian Ethics. As the chapter closes, a theocentric ethical approach and pluralistic business purposes, supported by examples, are presented as the pathway to stymie the growing cries of ethical misconduct in business. This is expected to advance the greater good of business executives, their employees, society and the environment.
Though age old, this adage by Confucius (551-479 BCE) bears greater weight now more than ever before for ethical business practices:
“Do not do to others what you would not have them do unto you” (Sullivan, & Pecorino, 2002).