A RESPONSIBLE BUSINESS ENTERPRISE IN AN EMERGING MARKET ECONOMY Ethics is the systematic study of the laid down principles about human conduct or someone’s principles which lead to good and bad future in the process of any operation personal or professional. Example of good conduct includes; airiness, truthfulness, justice, honest, respectful, and hospitality. Examples of bad conduct include; telling lies, being greedy, stealing, rape, committing murder etc. Business ethics is defined as behaviour that is consistent with the principle, norms, and standards of good business practice that have been agreed upon by society. Business ethics [also known as corporate ethics] is a form of applied ethics or professional ethics that examine ethics principle, moral, or ethical problem that arise in a business environment. Some examples of good business ethics conduct are respectful, keep an open mind, meet obligation, be trustful, have clear document, become community involved, and maintain accounting control while the bad business ethics conduct includes, stealing company property, dumping a cancerous chemical into the local stream, telling lies to a customer etc. Setting business ethics standard in a responsible business enterprise in emerging market economies, one must consider the following responsibility to 1. Society; one off the major responsibility to society from owed and managers is to create new wealth by employing people so that they can earn income to rise their standard of living. Businesses are also responsible for promoting social justice. For its own well-being, business depends on its employees being active in politics, law, religion (churches) arts, charities and so on. 2. Social auditing; it is hopeful to see some effort s made towards creating safer products, cleaning up the environment, designing more honest advertising and treating women and minorities fairly on issues that are responsible and responsive to the environment and employees. A responsible business enterprise in emerging market economy describes the role that a responsible business conduct as owners and managers strive to improve business performance, make profit and contribute to economic progress in their communities. A responsible business enterprise contribute to successful evolution from command economy and the challenge those legacies presents to business to a market economy by improving its business performance by helping build social capital on its economy and by working with leaders in business government and civil society to develop essential market oriented institution. The market economy prove to be an essential condition for meeting the needs of the people by improving business performance, projects and economic progress to meet the reasonable expectations of their primary stakeholders; customers, employees, suppliers, investors and the environment as well as the owners and managers themselves. Effectively, they generate revenue by satisfying customers. It attracts capital by meeting investors’ expectation for returns on investment. It increases effectiveness by attracting the best employees. It reduces cost by reducing mistakes, misconducts and misunderstandings. A responsible business enterprise inspires and guides its employees and agents, because these purposes beyond profit sustain business enterprise. A responsible business enterprise also helps employees and agents to have a deeper understanding of intent behind specific goals, measures and actions through ethics code, training programme and other communication channels. A responsible business enterprise can contribute to successful evolution from command economy and the challenges those legacies presents businesses to a market economy by improving its business performance by helping build social capital on its economy through the following; Recognizing political, economic, social and technological pressure. Understanding organizational culture; core beliefs participation, responsibilities, knowledge sharing, methods of dealing conflicts. Fostering reasonable stakeholder’s expectation. Developing responsible management practice to meet stakeholder’s expectation. Learning from enterprise decisions. This manual describes the processes as reflecting emerging global implementation of a business ethics programme requires extreme sensitivity to locals norms, values and standards.
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