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Business practices are crucial for organisations, as the practices help in bringing transparency for future business ventures. Furthermore, business practices help in providing necessary ‘market-oriented lawful framework’ along with trustworthy discrepancy resolution procedures, so that the fairness in delivering of quality services are maintained accordingly (Ioannou & Serafeim, 2012).Contextually, the motive of every business organisation is to enhance profit and to satisfy stakeholders by delivering quality services and valuing ethics, policies along with rules of a business. It is evident that responsible conduct in performing business operations aid in contributing and enhancing a society through fairness and good governance. In this regard, it is worth mentioning that legislation in a business and role of the government is strong in the business functionality to promote ethical business practices and approaches for long term sustainability (Ioannou & Serafeim, 2012).The performance of a business is directly related to the economy of a country. Any non-adherence of the ethical business practices adversely affects the reputation of a business and finances of a nation as well. Fairness and honesty are the basic value of a business, which helps in enhancing stakeholder’s value along with legislation obligations (Ferrell & et.Ethical business practices influences a business by minimising risk from various threats and accordingly, helps in reducing the operational cost of a business. Ethical practices will also assist organisations by safeguarding employees and agents. The goodwill of a business largely depends on the performance and ethics of employees along with the other related stakeholders. The overall performance of a business depends on every aspect and department including ethical financial recording and marketing process (Bruckner, 2013).However, with the increasing competition in the market segments, illegal business practices are becoming the major concerns, which leads to various outcomes that include bankruptcy among others (Institute of Business Ethics, 2012). The advantage of the ethical business practices is that abiding by the norms of business will possess a strong competitive advantage at large. Moreover, it helps in increasing the access to credits, foreign investments and enhances the reputation of a business in the
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  • Pages: 9 (2250 words)
  • Document Type: Essay
  • Subject: Management
  • Level: Undergraduate
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