What impact can ethics play in the world of finance? Do you believe that more and more financial institutions are becoming more ethical or not? Why?
In today’s modern world, it is said that good ethics is equal to the good business so, ethics are important in financial world. The companies having strong ethical identities are reaping massive benefits financially in business world as good ethics may lead to good reputation and financial results may be improved also. Conversely, the lack of professional ethics in the business may lead to negative financial results and it is evident in the cases of many well-known corporations today.
Ethics matters a lot, because it is a huge transaction on company’s account and it has been also important because even people wanted to work in ethics free zone but must be in accordance with business ethics to keep their own financial stability and increment. Both small and large corporations must also behave ethically not for personal financial benefits but for benefits of their employees, customers, and stakeholders (Dobson, 1993).
Yes, keeping in view, the fact of good ethics and good business and bad ethics and bad business, not only financial institutions but almost all corporations are on way to good ethical identities for stable and enhanced financial positions as people are not only watching the company from perspective of profits and earnings but they are also watching them as ethical identities working for the betterment of both societies and environment. This concept is resembled to whistle blowing which may impact within the financial organizations where employees also wanted to remain in an ethically operating corporation.