Kalyan Kumar Sahoo, Dr, Professor, Dean, Kings University College, Accra, Ghana
Over the years, foreign investors have expressed concerns about high risk of undertaking investment in Africa partly due to the unfavorable business practices such as faking of reports, corruptions as well as bribery. The concept of fairness and ethics were challenged which are core to any civilization.
The transformation is necessary for people of Ghana to meet their needs, as well assist in the creation of responsible business operations within a strong, forward looking governance and policy framework. This creation will help to create a stable, resilient and prosperous economy. Ghana’s banking, commercial law and practices, competition policy, corporate responsibility and anti corruption, marketing and advertisement like many areas need transformation. Other areas like digital economy, intellectual property, taxation, and trade and investment policy transform the ethical practices of Ghanaian business firms to match with globalized economy.
The paper aims to explore the fundamental principle of ethical fairness in business practices in today’s globalized economy. The first half of the research paper would attempt to discover the ethics in business dealings and the latter part tries to visualize the future of these concepts in corporate world and Ghanaian context.
Keywords: business ethics, Ghana, globalized economy.
JEL Classification: M14, F10, A22.
Cite as: Sahoo, K. K. (2017). Transform of Ethical Practices in Globalized Economy, a Special Focus on Ghana. Business Ethics and Leadership, 1(4), 58-65. DOI: 10.21272/bel.1(4).58-65.2017
- Nyampong, A. S. (2015, September 16). Ethical issues at Ghana Judicial Service. Retrieved from www.ghanaweb.com.
- Mark B. (2016) Ethical dimensions of Corporate Governance practice in Ghana: Developing thereotical perspectives. Corporate Governance in Africa. Palgrave. Mc Millan, London. p.97.
- Frempong, O.E., Fenning F.A., Appiah A.M.(2016). The Role of Business Ethics on Business Practices in Ghana.The International Journal of Business and Management.Michingan.USA. 3(9), 47.
- Owsu-Achampang, F. (2017, September 26). Professionalism and Ethics: Pillars of Corporate Governance. Retrieved from www.graphic.com.gh.
- Hinneh, S. (2015, March 31). Business Ethics is a key to drive investments to Ghana. Retrieved from www.ghanaweb.com.
- Adaracco, J. (2001). We don’t need another hero. Harvard Business Review, pp. 120-126.
- Barry, N. P. (2000). Business ethics (1st Ichor Business Book ed.) West Lafayette, IN: Purdue University Press.
- Berenbeim, R. (2000), Global ethics, Executive Excellence, 17(5), 7.
- Bollier, D. (1996). Aiming higher: 25 stories of how companies prosper by combining sound management and social vision. Amacom, New York.
- Brown, M. E., Trevino, L. k. & Harrison, D. A. (2005). Ethical leadership: A social learning perspective for constant development and testing. Organizational Behavior and Human Decision Processes, 97, 117-134.
- Carasco, E. & Singh, J. (2003). The content and focus of the codes of ethics of the world’s largest transnational corporations. Business and Society Review, 108(1), 71-94.
- Costa, J. (1998). The ethical imperative: Why moral leadership is good business. Perseus Books.
- DeGeorge, R. (1993). Competing with integrity in international business. Oxford University Press, Oxford.
- DeConinck, J. (2011). The effects of ethical climate on organizational identification, supervisory trust, and turnover among salespeople. Journal of Business Research, 64(6), 617.
- Donaldson, T. (1989). The ethics of international business. Oxford University Press, Oxford.
- Ferrell, O. C., Fraedrich, J. & Ferrell, L. (2002). Business ethics: Ethical decision making and cases (3rd Ed). MA: Houghton Mifflin Company.
- Ferrell, O.C., Fraedrich, J. & Ferrell, L. (2013) Business ethics & social responsibility. Mason, OH: Cengage Learning.
- Fisher, B., & Phillips, M. (1995). The legal, ethical and regulatory environment of business (5th Ed). West Publishing Company: St. Paul MN.
- Fraedrich, J. (1992). Signs and signals of unethical behavior. Business Forum, 17(2), 13.
- Fulmer, I., & Barry, B. (2009). Managed hearts and wallets: Ethical issues in emotional influence by and within organizations. Business Ethics Quarterly, 19(2), 155.
- Gonzalez-Padron, T (2015) Business ethics and social responsibility, San Diego, CA.
- Kanicki, A., &Kreitner, R. (2009) Organizational behavior: Key concepts, skills, and best practices. New York, NY: McGraw-Hill Companies, Inc.
- Laczniak, G., & Murphy, P. (1991). Fostering ethical marketing decisions. Journal of Business Ethics, 10(4), 259-271.
- O’Rourke, J. (2010). Management communication: A case analysis approaches (4th ed.). Upper Saddle River, NJ: Pearson Education, Inc.
- Paine, L. (1994, March). Managing for organizational integrity. Harvard Business Review, 72(2), 106.
- Pedersen, P. B. (1997). The Cultural Context of the American Counseling Association Code of Ethics. Journal of Counseling & Development, 76(1), 23-28.
- Robin, D. P. &Reidenbach, R. E. (1987). Social responsibility, ethics, and marketing strategy: closing the gap between concept and application. Journal of Marketing, 51(1), 44-58.
- Rockoff, J. (2011). Corporate news: J&J to reorganize unit after recalls. Wall Street Journal (Eastern Edition), p. B.3.
- Velasquez, M. (2002). Business ethics: Concepts and Cases. (5th Ed). Prentice Hall.
- Velasquez, M. G. (2010). Business Ethics: Concepts and cases, 6th edition. Pearson Education, Inc.
- Weaver, G., Trevino, L., & Cochran, P. (1999). Corporate ethics programs as control systems: Influences of executive Commitment and Environmental Factors. Academy of Management Journal, 42, 41-57.
- Wood, G. (2002). A partnership model of corporate ethics. Journal of Business Ethics, 40(1), 61-73.
- Yukl, G., Mahsud, R., Hassan, S., & Prussia, G. E. (2013). An improved measure of ethical leadership. Journal of Leadership & Organizational Studies, 20, 1.
- Murthy CSV. (2006). Business Ethics, Second edition, Himalayan Publishing house, Mumbai.