ETHICAL ISSUES IN MODERN BUSINESS MANAGEMENT

ABSTRACT

The broad objective of the study was to examine ethical issues in Modern Business Management in Nigeria. Specifically, the study examined the investigated various ethical issues in business organizations and consider ways to develop more ethical business practices; identified prevalent challenges encountered by UNIBEN and in the implementation of ethical business practices; and determined the relationship between ethical business practices and business management in UNIBEN... The Survey research design was adopted for the study. The data used in this study was obtained from from a well-structured questionnaire which was validated by the supervisor, administered to respondents and retrieved for analysis. The method of data analysis uastilized was the simple percentage and frquency count, while regression analysi was used to test for the hypothesis. In line with the study objectives, the findings reveals that, sound ethical practices are a perquisite for the effective functioning of any organization that desires to perform maximally and gain the satisfaction of both employees and stakeholders in the organisations. Businesses must respect ethical standards, and implement rules to ensure that unethical practices are not permitted. Companies that engage in unethical acts risk tarnishing their reputation and losing their customers' and stakeholders' trust. This can lead to a loss of business, decreased revenue, and, ultimately, a drop in profitability. Businesses that participate in unethical actions may also suffer legal repercussions such as fines, penalties, and litigation. Unethical behavior might result in criminal charges and incarceration in extreme situations. It can also harm the economy by deterring investment and lowering consumer confidence. This can lead to a slowing of economic growth and employment creation. Companies that engage in unethical acts risk tarnishing their reputation and losing their customers' and stakeholders' trust. It was recommended that government should ensure that firms that engage in unethical behaviours are duly and strictly punished to serve as an example for others; firms should ensure that laws are enacted within the firm against unethical behaviours if they are determined to perform effectively and maximally; and that firms should ensure that individuals that engage in unethical behaviours are adequately punished so to serve as a deterrent to others who have unethical tendencies.