Sustainability and Business Ethics
Chapter from the book:
Akay,
E.
&
Palabıyık,
N.
(eds.)
2024.
Sustainable Management.
Synopsis
Sustainability aims to ensure the protection of natural resources and the continuity of ecological balance by fulfilling businesses' social, economic and environmental responsibilities. Business ethics plays a fundamental role in achieving this goal, enabling businesses to carry out their activities within the framework of ethical principles such as justice, transparency, accountability and responsibility. With the impact of globalisation, the importance of business ethics and sustainability concepts has gradually increased, and practices such as ethical supply chain, global ethical standards and environmental protection have become critical in managing businesses' social, environmental and economic responsibilities.
Business ethics practices support the long-term success of businesses by providing many benefits such as employee and customer loyalty, employee motivation, investor confidence, financial sustainability, increased corporate reputation and competitive advantage. Ethical leadership, increasing ethical awareness, developing ethical decision-making processes, and integrating business strategies with ethical values are important in this process. In addition, practices such as protecting the rights of stakeholders, developing future trends in the light of ethical guidelines, carrying out activities by international standards, and transparent reporting enable businesses to fulfil their social and environmental responsibilities. Sustainability and business ethics practices contribute to society's economic and social welfare and environmental protection in the long term.