Importance Behind Corporate Governance For Business Finance Essay - Free Essay Example

Sample details Pages: 2 Words: 675 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? 1.1 Introduction of Corporate Governance. Corporate governance had defined by Cadbury Committee(1992) as the systems by which companies are directed and controlled. It is concerns the relationships among the management, Board, shareholders and other stakeholders. Hence, it is about the way or how the boards oversee the operation of a company by its manager, and the accountability of the board members to the shareholders and company. Good corporate governance plays essential role in underpinning the integrity and efficiency of financial market, and enhances the reputation of the company. 1.2 The Important of Corporate Governance 1.2.1 Key Element to Attract Investors and Enhance Their Confidence Investor Relation (IR) plays an important role in attracting investor confidence and good governance in Malaysian companies  [3]  . Better corporate governance provides investors a timely dissemination of reliable, full and accurate information relates to the company. If OneFamily Berhad has promoted the open disclosure policies, they are able to attract more investors and enhance their confidence in investing in their expansion plans  [4]  . So, the business will have support from its investors and will be more sustainable. Don’t waste time! Our writers will create an original "Importance Behind Corporate Governance For Business Finance Essay" essay for you Create order 1.2.2 Easy to Raise Capital Good corporate governance can raise capital more easily and cheaply in the market where capital is a scarce resource. Since the board is going for listing, they need a high cost of planning and launching an Initial Public Offering (IPO). The process is tedious and need to comply with regulatory requirement. Hence, the process may involve many parties and some of the cost may incur  [1]  . Besides that, OneFamily Berhad also needs capital to fund the expansion plans. If the company adopts good corporate governance, they are able to raise fund easily from the investors. 1.2.3 Prevent Corporate Scandals Much country emphasis on corporate governance is because of the high-profile corporate scandals  [2]  , globalization and increased investor activism. Financial malpractice such as nontransparent of financial statement and gross mismanagement may cause the corporate scandal. Good governance promotes open disclosure policies, timely dissemination of reliable, full and accurate information to all players and accountability. If OneFamily Berhad adopts good corporate governance, they can prevent from the corporate scandals through transparency of financial statement and open disclosure policies and to increase their reputation. 1.2.4 Long Term Sustainability Corporate governance contributes to sustainable economic development of the company. It can be done by enhances the company performance and increase their access to capital outside the company. Well governed company usually outperform other companies and is accountable and transparency to its shareholders and other stakeholders. So, basically they are more sustainable compared to weak corporate governance company. Improve in internal control system will ensure the quality decision making of company. Since OneFamily Berhad decided to diversify their business in other industry, what they need is the long term sustainability of the business and to gain competitive among their investors. 1.2.5 Protect Shareholder Right Corporate governance protects the right of shareholder by enhance disclosure and transparency. It addresses the agency problem throughout a combine of company law, stock exchange listing rules and self-regulatory codes. Since OneFamily Berhad going to be listed in Bursa Malaysia, the director needs to act bona fide and accountable for the success of company and maximizing shareholders wealth as director has owed their duty to company and shareholder. Better corporate governance ensures that shareholders are sufficiently informed on decision concerning fundamental issue. Hence, shareholder right can be protected by transparency of the financial statement and timely and accurate disclosure of information. 1.2.6 Build Reputation and Brand Image Good reputation enhances profitability of the company because it attracts customers to products, investors to securities and employees to its jobs. Besides, company behave ethically and governed in a good manner builds a reputational capital which is competitive advantage. If OneFamily Berhad adopt a good corporate governance, they are able to increase their reputation and brand image of the company. Hence, they able to attract more expertise (employee) work for them in the monkey-breeding farm and animal testing laboratory. On the other hand, good corporate governance also helps them to attract local and foreign pharmaceutical (customer) and public (investor) to fund in the business.

Saving Childrens From Losing Their Innocence in Catcher in the Rye - Free Essay Example

Sample details Pages: 2 Words: 684 Downloads: 8 Date added: 2019/05/16 Category Literature Essay Level High school Tags: Catcher in The Rye Essay Did you like this example? The catcher in the rye means to save children from losing their innocence. That is what Holden believed that catcher in the rye meant. The main character who is confused and disillusioned searches for truth and rails against the phoniness of the adult world. Don’t waste time! Our writers will create an original "Saving Childrens From Losing Their Innocence in Catcher in the Rye" essay for you Create order He felt that adult behavior was phony. Holden would fantasize of himself being a hero like a lot of young children do, he would fantasize about saving children playing in a field of rye by keeping the from falling off a cliff and descending into the world of adults. He felt that this world was not a world of growth but was a world of loss disappointment and hypocrisy. This book portrays the large fear of growing up and is unsettling to read. The book is read by mostly teenagers and can be confusing because it goes between adolescence and adulthood and it was assigned to kids in school because of its optimistic ending. Witch was taught to teach adolescent readers that pushing people away is a phase. In the book holden has the mindset of an adult and is quick to become emotional. Holden the main character did not intend for the novel to be seen as his life story. He recalled what happened to him that previous Christmas that is how the story became the basis for his narrative. Holden is actually irresponsible and immature and cannot keep his grads up and ends up falling out of several classes. Holden sees childhood as the ideal state of being and believes that adulthood is full of corrupt people and believes the only way we can win in the adult world is if the cards are stacked in our favor. Children do not think much of appearance but in the adult world n order to be respected you must always, look, think, talk, act and dress your best. In the novel as long as he felt good about himself he did not care what other people think which in todayrs world I dont see where thatrs all together a bad thing. A long time ago men, women and children were expected to do specific things and act certain ways. The father went out and worked he mother stayed home and the children went to school and came straight home. They did chores helped with dinner and other things of that nature. There wasnt much time for play between chores dinner and homework. As the years went on children would move through their childhood with not a care and didnt waste a second enjoying it. Before long parents started pushing children to be more adult like wanting them to figure out what an accomplishments they were looking for in life. They have to start figuring out what career path they want to take, do they want a family maybe go to the service, and their childhood at that point starts fading, they are no longer care free and worry free. A whole new world starts to present its self. Children today are raised a lot different than back then so in some ways itrs hard to pick the book apart and to define its meaning as a whole. Children should be worry free and care free and they should remain innocent and I think thatrs why Holden felt the way he did children should not be forced to grow up any faster than theyre supposed to the should be worry free and be kids as long as they can and Holden had a better perspective of that than most kids his own age. Some parents do have an off the wall mindset when it comes to their children. They push them too hard, sometimes into being something they dont want to be. Children should be given the chance to be children and grow into the people they want to be and do the things they want to do and make their own decisions as they grow up. Not every child wants to follow in their parents footsteps choosing the same profession or same style of clothes or acquiring the same mindset.

Essay on Do Video Games Cause Behavior Problem - 1448 Words

Nicholas Persaud Persaud,1 Business Communication Mr. Osso March 9, 2011 Do Video Games Cause Behavior Problems? Video games do cause aggression. The most games that cause aggression is games rating with M for mature games. About 90 percent of U.S kids from ages 8 to 17 play video games usually show more aggression after play a violent video games. Everyday odds are you are going to have more aggression while playing a violent video game with the Rating M for mature or higher. Even though video games are a big part in teens. Some parents are noticing there teens are getting and having more violent behavior problems. There was a lot of attention to video games and violence because people found out the shooting†¦show more content†¦Over the past 30 years since the breakout of video games people play video games when ever they have free time or nothing to do. And plus with a new generation of games are released the more people waste there lives playing them. Scientist studies kids who play violent video games and kids who dont and they study them to see the outcome of what happened. And they said :play violent video games did have it effect on kids who didn’t play it in there lives†. And they realized only kids who play for the first time is affected the most. Scientist asked parents to watch there kids while they are playing video games. They did this to see if kids who have been playing violent video game for a long time shows aggressive nature. Scientist found out that kids who play Call Of Duty shows more negative behavior. And kids who play PAC Man show less negative aggression. The only difference was the violence. And the parents then noticed violent behavior in there kids. Scientist found out the more a game is violent the more the game cost in stores. They increased it so the people will pay more money for it. And 2 years ago when Grand Theft Auto IV came out a kid who was being bullied went to school the next day and started firing guns. Kids who play shooting games the most are likely to pick up a gun and start shooting. That’s why vi olent video games prices are increasing. Video games will influenceShow MoreRelatedThe Negative Effects Of Playing Video Games955 Words   |  4 PagesPlaying video game is fun. Past few decade video game becomes very popular. Children spend a lot of time on playing video games. Past decade, the technology of video games has been changed. In the nineties, only few people had video games, quality of graphic was very poor. People bought a separate video game and it should be plugged in on TV. Now, video games technology become more advanced, graphics and audio is high quality like people play the real game. Area of video game became wide, we canRead MoreAre Video Games Changing Us?1388 Words   |  6 PagesAre video games changing us? In 2008, 97% of twelve to seventeen year olds in America played video games, thus fueling the domestic video games by $11.7 million. Ten out of the top twenty best-selling video games contain violence. Many of these violent video games have been accused of incidents that include crime, bullying, and behavior problems. As the popularity of violent video games increase, more people become victims of behavior problems such as depression, aggressiveness, and addiction. AlthoughRead MoreNegative Effects Of Violent Video Games712 Words   |  3 PagesHave you heard? Many people are debating whether or not Violent Video Games cause kids to be aggressive and violent. While others, like myself agree violent video games aren’t the problem of violence, real-life violence is. And therefore, you should to why, because Violent Video games allow kids especially boys to let out anger and relax themselves from emotions. It also helps entertain kids. And creates less real-world aggression. 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First violent video games will impactRead MoreThe Effects Of Violent Video Games On Children1258 Words   |  6 Pagesminutes into playing a violent video game the average person becomes desensitized to the fact that they are killing someone. Now it it may seem like nothing when you play these games. But when people, especially children play them often it starts to become the only thing that they think about. Even if it is â€Å"just a character† in a game it becomes so to them to pull that trigger. I’ve witnessed this happen in my own household and I don’t hesitate to say: violent video games are poisonous to the brainRead MoreCauses Of Video Games1309 Words   |  6 Pagesword of video games comes to mind, the word violence ties closely to video games. For example, images of children tossing their controller across the room or children breaking numerous of expensive equipment are commonly depicted in media. Therefore, countless of people, mainly parents, associate video games as a way to corrupt their children and evoke violent behavior. This leads to the belief that video games are the evil villains in the entertainment industry. However, what if video games are notRead MoreVideo Games and Their Role in Violence and Bullying Essay1374 Words   |  6 Pagesbecoming bullies and showing aggressive behavior, in which no one knows why. Parents and adults alike both say that the reason their youth and children are showing these attitudes is the violent, mature video games that the children play on their media device. However, many people say that there are other reasons that children show aggressive behavior and why they become bullies to other children. I believe that there are other reasons than video games that cause a child to become disobedient and unrulyRead MoreAre Violent Videogames the Trigger to Extremely Violent Acts?1158 Words   |  5 Pagesmassacre, it was found out that the shooters had spent a lot of time playing viole nt video games. The question that has been asked by many is â€Å"Do violent video games cause violence in real life?† The answer is yes. They do cause violence in real life, but not to the extent publicized. Many different studies and experiments have shown varying results. Most say that violence in video games does cause violent behavior. However, it is too simplistic to create a direct link to violence because of videogames

Injustices The Wrong Human Rights - 1459 Words

Injustices: The Wrong Human Rights In the Universal Declaration of Human Rights, article one states, â€Å"[that] all human beings are born free and equal in dignity and rights,† (â€Å"The Universal Declaration . . . â€Å"). Although this is written and followed in many countries around the world, there are still countries that do not follow this statement. These countries are the ones where freedom are not given freely. People have to fights for rights that should be automatically given. Goal number sixteen of the United Nations’ global goals for sustainable development specifically targets this issue. Working towards equality and liberties for all citizens that are sharing this planet by reducing violence is a vital part of societal advancement. Without the people of the world, the other goals are not worth fighting for. Some people believe that poverty is the top priority, yet others disagree due to substantial problems that arise in limited and reduced human rig hts, the lack of strong powerful governments in developing countries, and violence in conflict areas. Poverty is a worldwide problem that is quite detrimental to health, however it should not be the first goal accomplished. According to the United States census, fourteen point eight percent of people which equivalent to forty-six million seven hundred thousand citizens that were living in poverty (â€Å"Poverty† About). Despite this percent not being a majority, a very large number of people are affected. These people haveShow MoreRelatedCan Utilitarianism Be Defended Against The Injustice Objection?1361 Words   |  6 Pagesdefended against the Injustice Objection?    In this essay, I will argue that utilitarianism cannot be defended against the injustice objection. Utilitarians may be able to reply to the injustice objection in some cases by invoking one of two replies, the ‘Long term consequences’ reply, in which utilitarians will avoid unjust actions that increase short-term utility because in the long-term they will not lead to the greatest good. The other reply that may help utilitarianism avoid injustice in some casesRead MoreUtilitarianism Can Not Be Defended Against The Injustice Objection1162 Words   |  5 PagesI will argue that utilitarianism cannot be defended against the injustice objection. Utilitarians may be able to reply to the injustice objection in some cases by invoking one of two replies, the ‘Long term consequences’ reply, in which utilitarians will avoid unjust actions that increase short-term utility because in the long-term they will not lead to the greatest good. The other reply that may help u tilitarianism avoid injustice in some cases is the ‘Secondary principles’ reply, where some rule-basedRead MoreEssay On Social Injustice1097 Words   |  5 PagesSocial Injustice When will we stop being unjust? Our society today is full of problems and issues. We not only experience economic and politic issues, but we face social problems as well. One main problem that our society must acknowledge is injustice. However, many members of our society are blind not to recognize that permitting unjust and unfair acts is an actual injustice. They believe it’s appropriate to judge others, to make inappropriate comments and to be disrespectful. Merriam-Webster dictionaryRead MoreAnalysis Of Ella Wheeler Wilcoxs Protest767 Words   |  4 Pagesthat can be fixed with one simple solution, and that is kindness. The issues that the world faces today are mostly created by humans, which means they can also be fixed by humans. Sherman Alexie and Ella Wheeler Wilcox both claim that people can do things that are not right. These poems both depict the importance of kindness in the world today in order to show that we as human believe in making the world a better place because we live on the world and want it to be beautiful. In â€Å"Protest† by Ella WheelerRead MoreThe Hypocrisy Of American Slavery By Fredrick Douglass1269 Words   |  6 PagesThroughout much of American history, African Americans have been the victims of countless injustices and have been thought of as less than human by society. Many people opposed society’s view of African Americans and stood up for their rights. Those who stood up for the rights of slaves and African Americans tried their best to persuade the public that their treatment of these people was cruel and an injustice to humanity. 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In this Letter from Birmingham Jail, King discusses the inequalities and prejudice forced upon African Americans. This great injustice leads to protest which ar lead by King and his followers. These protest are described to be as â€Å"unwisely and untimely† but King has counter arguments which include the severeRead MoreMartin Luther King Jr And Henry David Thoreau1393 Words   |  6 Pagesconscience tells him is unjust, and willingly accepts the penalty by staying in jail to arou se the conscience of the community over its injustice, is in reality expressing the very highest respect for the law† (para 20). King knows that he was wrongfully thrown in jail and accepts going to jail because he believed that eventually the community will see the injustices and pressure the government to change. King is respecting the law by obeying it and believes in following the rules peacefully in orderRead MoreKing s Letter From Birmingham Jail1253 Words   |  6 Pagesthe action or state of setting someone or something apart from other people or things. Martin Luther King Jr. is well known for his acts against segregation during the civil rights movement. By this Letter from Birmingham Jail, King discusses the inequalities and prejudice forced upon African Americans. This great injustice leads to protest, which are led by King and his followers. These protests are described to be as â€Å"unwisely and untimely† but King has counter arguments which include the severeRead MoreCultural Relativism : A Universal Standard Of Morality1480 Words   |  6 Pagestolerated by people of other cultures (Fastiggi, 2013, p.30). The universal standards of morality do not exist between cultures rather it exists within cultures which prevents other cultures form being judged (Rachels, p.2). This means that the rights and wrongs are based upon an individual’s culture so an action considered moral in one society can be immoral in another. Cultural relativism is invalid because it is self-refuting and does not have objective standards. However, cultural relativists argue

Reaction To Othello By By Julius Lester Essay Example For Students

Reaction To Othello By By Julius Lester Essay The novel Othello by Julious Lester is one of the most interesting love stories I have ever read. Iago the greatest villain of all times plays with the red handkerchief to ruin and sometimes determine love for people. Othello loves his red handkerchief and gives it to Desdemona to have as a symbolism of love for them. Desdemona takes the handkerchief and puts it in her blouse. Othello has a headache when he gets home so Desdemona puts the red handkerchief to his head to make him feel better. Othello pushes away her hand and she drops the handkerchief. Later Emily sees the handkerchief and picks it up knowing it is Desdemonas. When Emily goes home Iago sees she has the handkerchief and asks her for it and tell her he will give it to Othello. Iago being the villain that he is takes the handkerchief and puts it next to Michael Casios head. When he wakes he notices the handkerchief and wonders how it got there but he just puts it in his pocket. Michael is waiting in the garden for Desdemona but Instead of Desdemona showing up Belinda shows up. She goes to hug him and she sees the handkerchief, she takes the handkerchief from him and asks him where he got the handkerchief. Michael swears he has no idea how he got it. Belinda takes the handkerchief and puts it next to her bosom. Othello thinks Desdemona is cheating on him so he goes to look for some proof of it. Othello is walking through the courtyard when he sees Belinda with the handkerchief hanging out her shirt. He goes up to her puts his hands around his neck and asks her where she got the handkerchief that belong to his beloved Desdemona. Belinda thinks it was Desdemonas then Michael Casio deserves to get in trouble for it, since he lied to me. Othello thinks to himself that if she got it from Michael Casio then Desdemona must have given it to Michael. He now thinks Desdemona has bean cheating in him. Othello feels that he is weak and he needs the rest of his soul back from Desdemona. He goes back to the house with intention to kill Desdemona. He feels he is doing it for honor. He goes to Desdemona and he tells her to free her self of any sins she might have and then strangles her to death while she is pleading to whom she loves the most not to kill her. Emily comes in and tells the true story to Othe llo. He has no idea what he has done so he feels that if he kills him self he will be freed from sin. See how just one villain can end to innocent loving peoples lives. The red handkerchief symbolizes love. It can end and begin many loving relations between one person and another. Words/ Pages : 509 / 24

Virtue ethics as a resource in business - MyAssignmenthelp.com

Question: Discuss about the Virtue ethics as a resource in business. Answer: Introduction Ethics is the set of moral principles and standards that determine the everyday business decision. The ethical decision of a particular organization affects its business operation and the way it treats its employers, shareholders, customers and community in which it is situated (Ferrell Fraedrich, 2015). The leaders of an organization need to start to behave ethically and morally and set the tone of an ethical business rule. Governance The aim of this report is to discuss and analyze ethical theories in business and its relation to the characters of the leaders by literature reviews. The duties, responsibilities and roles of ethical leaders and the ethical dimension of their actions or decisions have been discussed in this paper. The report will explain the two characters of business leaders named Bernard Ebbers of WorldCom and Bernard Madoff of Bernard L. Madoff Investment Securities and their duties and ethical dimensions of their decisions or actions by applying appropriate ethical theories. The report will conclude with the responses to the discussions of ethical leadership and its application in the business operations. Discussion of Ethical Theories Ethical theories in business provide the base of the decision-making ability of the business leaders and when they act ethically, in any business operation, they become the moral agents and the other members of the organization follow them and respect their ethical decisions. The ethical theories provide the viewpoints from which an individual leader seeks guidance when he or she makes decisions (Wild, Wild Han, 2014). The decision makers or leaders imply these ethical theories to reach in a set of common goals that the decision-makers pursue to achieve to become successful. Beneficence, respect for autonomy, least harm and justice are some of the goals that the leaders seek (Michaelson et al., 2014). Deontology Cline (2014), has discussed one of the five broad categories of ethical theories in business operations, which include deontology. The business leaders employ the ethical theories as a guidance of decision-making. Using the ethical theories and different strategies of ethical application, the business leaders resolve the ethical dilemma (Bowie, 2017). The theories act as the guidelines for taking most ethical decisions in day-to-day business operation. The authors have broadly discussed the deontological ethical theory and its advantages and disadvantages in the business operations. This theory tells about judging an action based on the rules. In this theory, the rules act as the ethics as rules bind an individual to the duties. In business operations, the leaders need to follow the set of rules and ethics while applying the deontology (Cline, 2014). The leaders should take decisions in any business operation based on the rules or set of obligations where his or her actions or decisi ons are more important than the consequences. A leader who follows deontological theory could produce most unchanging decisions, as his or her decisions would be based on individuals set duties. Craft (2013), has discussed the positive and negative impact of the deontological theory in the workplace. There are many positive impacts of the deontological theory; however, this theory contains flaws. The author has successfully identified the flaws in this theory. There is no logical basis on which an individual leaders duty can be identified. For instance, one businessperson decides that he will always arrive at the office in time; however, what is the logic for this obligation cannot be defined. The major variation of this theory is that the duties or obligations are understood by using the reasons, which is proposed in the Kantian Deontology or common sense proposed by RossianIntuitionist Deontology (Bowie, 2017). Utilitarianism Hartman, DesJardins MacDonald (2014), articulate another perspective of workplace ethics in the Utilitarianism theory. Each of the ethical theories is concerned with a particular perspective on right and wrong and good or bad. The famous proponents of the Utilitarianism theory are J.S Mill and Jeremy Bentham. In contrast to the deontology, it primarily focuses on consequences of a decision or an action. It is based on individuals ability to comprehend these consequences. Utilitarianism is concerned with the maximum amount of benefits for a large number of people and that decide the ethically correct decisions (Shafer-Landau, 2012). The author has described the two divisions of Utilitarianism theory that affects directly for the workplace decision. Utilitarianism focuses on the decision-makers acts, which would benefit the maximum number of people despite societal constraints or personal feelings (Ford Richardson, 2013). On the other hand, the rule of utilitarianism focuses on the fairness of an act. It also works to benefit the maximum amount of people, following the fairest and justified means. Therefore, on the one hand, rule utilitarianism seeks justice and at the same time, it includes benefits to the maximum number of people (Albee 2014). However, leaders who follow utilitarianism theory could face challenges as this is based on the prediction of the choice of the leaders for the maximum number of people. Sometimes the choice might not be matched with the expected outcomes and thus, decision makers appear as unethical. Egoism In contrast with the utilitarianism theory, egoism ethical theory focuses on the personal interest and self-gains. While utilitarianism emphasizes the benefits of the maximum number of people, egoism concerns with the self-interest of a persons consideration. Utilitarianism focuses on maximize the overall pleasure and egoism focus on maximizing the individual pleasure (Broad, 2014). Rachels (2012), has elaborated the egoism ethical theory in business in his book. Following the egoism theory, the leader should choose an action that conduces to his or her self-interest. The famous proponents of the egoism theory are Adam Smith and Ayn Rand. Ethical egoism is a self-centred theory, in which the doer of an action will own the benefits of the consequences of that action. Egoism, which contrasts to that of utilitarianism is agent-focused, that is it provides the subjective point of view of the ethical agent (Broad, 2014). However, on the other hand, utilitarianism is agent-neutral, as it does not treat the selfs or moral agents self-interest, however, it focuses on the well-being and interest of the others. Shafer-Landau (2012), has discussed the effect of ethical egoism in the workplace. When a moral agent or leader chose ethical egoism as the basis of his decision-making, he or she does not make any harm to the well-being and interest of the others, rather he or she focuses greatly on the interest and benefits of himself or herself. The moral agent or ethical leader is not necessarily thinking about the interest and benefits of others. In that sense, he or she is selfish. The effect of the self-interest of an individual could be beneficial, neutral or detrimental to the others based on the actions he or she is doing (Broad, 2014). He or she cannot blame others for making any decision or doing any act. It is the sole responsibility of the moral agent or doer for any action or decision he makes based on the ethical egoism. Care Ethics The care ethics sometimes has been seen as the supplement to the other ethical theories. Waller (2013), have discussed the care ethics broadly and its application in the workplace in his book Consider Ethics: Pearson New International Edition: Theory, Readings, and Contemporary Issues. The famous proponents of care ethics are Virginia Held, Carol Gilligan and Michael Slote. It talks about the ethical base of decision-making based on providing care for others. The vulnerable or needy group are in necessity of the care, thus, care ethics concerns for these groups mainly or the groups that need the support. The utilitarianism and care ethics are similar on the ground of valuing the emotions of the other groups (Broad 2014). Following the care ethics theory, the leaders could chose the action or make a decision that supports the other people and nurtures the other persons emotions. Showing care towards the needy people or the people who need care is the basis of care ethics. The centre o f the moral action is creating an interpersonal relationship with the others and showing benevolence or care. The vulnerable groups in consideration are workers, children and women (Hartman, DesJardins MacDonald, 2014). Virtue Ethics Aristotle proposes virtue ethics and it is one of the classical ethical theories, which is based on the socio-cultural construct of ethics. Russell (2013), has shown how the societal and cultural construct affects the individuals to chose what is right or wrong. It focuses on the individuals character as the foundation of the ethical thinking, rather than the laws and rules of the acts, which is the basis of Deontology or the consequences of an action, which is the basis of Utilitarianism (Audi, 2012). The virtue ethics theory analyzes deeply about the individuals character as the social and cultural construction. Ethics of an individual is constructed by the society and an individual decides good or bad based on the societal norms of the ethics. This is the basis of virtue ethics, which is different from other broad categories of the ethical theories such as, Deontology, Utilitarianism, Egoism and Ethics Care. Application of Ethical Theories WorldCom Sandal WorldCom, which is the telecommunication giant, was accused in accounting fraud and for this case, the CEO, Bernie Ebbers was convicted and sentenced to jail for twenty-five years in 2005 (Yallapragada, Roe Toma, 2012). He was accused of violating the ethics in the business operation and charged with eleven billion US dollars (Cronje, 2014). The main reason behind this fraud case was the business strategies taken by the CEO of the company, Bernie Ebbers. Around the 1990s, he took strategies for achieving magnificent growth by acquisitions. In 1988, he adopted merger and acquisition strategy. By this process, the company merged with sixty other small and large companies (Searcey, 2018). On June 25 in 2002, WorldCom admitted inflating incomes by 3.8 billion US Dollars by applying improper accounting of expenses. On June 26, the American government lodged civil charges of fraud against the organization. On June 21, the company declared the bankruptcy (Moepya et al., 2015). The ethical issues include violation of ethical, economic and legal responsibilities and destruction of ethical norms and values. The CEO of the company did not tell the truth, he violated the ethical norms of the business such as truthfulness and honesty (Tran, 2018). He was doing illegal actions. His decision regarding the merger led the company to the greatest bankruptcy in the US. The company had to face challenges due to unethical decision-making policy of the CEO (Yallapragada, Roe Toma, 2012). The unethical action could be described by the violation of the ethical theory such as deontology. In this theory, the ethics of the decision-maker is created by the rules he follows. The set of rules act as the ethical base of the decision-maker. In this case, of WorldCom, the CEO has violated the ethical rules proposed in the corporate ethics (Forbes.com, 2018). He did not follow honesty and legal means of the corporate rule. In his character, the dimension of selfishness or personal benefits of the CEO led to the corruption of the agency could be described by the egoism theory (Searcey, 2018). In this theory, the decision-maker would only concentrate on the self-interest or profits of himself. In case of Ebbers, he has concentrated on his personal gains and profits. He did not think about the long-term benefits of the company or the growth on a long-term basis. Apart from the Deontology and Egoism, he has violated other ethical theories such as Care Ethics or Utilitarianism theory. Ebbers saw the employees of the company as the means of production. He did not consider the employees as the part of the decision-making team. In course of personal gain, the CEO did not think about the well-being and profit of the employees, thus, violating the ethical rules of Utilitarianism and Care Ethics. Eve, the CEO has taken personal loans from the companys finance (Cronje, 2014). Thus, he focused only on the personal interest by unethical means. Madoff investment Scandal Madoff was charged for money laundering case of his company, along with false statements, securities fraud, perjury, trust fraud, wire fraud and theft from the employees benefit plans 9 (Stolowy, 2014). The penalty imposed on him was one fifty years in the federal prison and one seventy billion US Dollars in restitution. He accused in March 2009 (Ragothaman, 2013). His case was one of the biggest fraud cases in US history. Madoff induced thousand of investor to submit their savings and he falsely promised to them that he would provide them with a consistent profit in return. When he was caught, he was accused of eleven fraud cases and several money laundering cases, theft and perjury (Sander, 2013). The ethical issues of the decision-maker, in this case, are related to the violation of Deontology. The chief manager, Madoff of this company violated the basic ethical rules in business. He profited from the benefit plans of the employees of the company (Reuters.com, 2018). The act of gaining benefits from the employees plan has made him as an unethical leader in the company (Theguardian.com, 2018). He has not only violated the ethics of Deontology, rather he has violated Utilitarianism, Care Ethics, Virtue Ethics and even the egoism. Critics could find similarities of his action with the egoism ethical theory, however, in the egoism theory; there is no mention of gaining personal profits by the unethical means. Apart from Deontology, he also violated ethical issues such as Utilitarianism, Egoism, care ethics and virtue ethics. He did not think about his employees in his firm. He used his employees as only the means of production. He even benefitted from his employee's schemes without knowing them. He violated Utilitarianism ethics. He did not think about the benefits or well-being of his employees. He only focused on his own benefits using the unethical means (Economist.com, 2018). He even violated the egoism ethical theory, as he was too self-centred; however, he gained his profit for creating harms to the other people. He used many unethical means. He violated care ethics and virtue ethics too. In care ethics, it is said that the decision-maker should be caring for the vulnerable groups like workers. On the other hand, the decision maker, Madoff was not at all caring towards the workers of his company. He exploited his workers (Wsj.com, 2018). He never thinks about benefits of his workers. Even the investors, from whom Madoff took the money, was being exploited by the decision-maker, Madoff. Madoff said one type of schemes to his investors, on the other hand, he was pocketing a large amount of money for himself from these investors money by falsifying those investors. Madoff has violated even Virtue Ethics. In the Virtue Ethics, it is said that individual is the construct of the society. Applying the theory, Madoff is the construct of the society and societal values. However, it is most unimportant to say and analyze the social context of the Madoff. His guilt cannot be justified by his societal construction. Whatever, his society may be, he has done unethical deeds and for this, has to face some legislative actions. He was not transparent and unethical. Madoffs case has become one of the invaluable lessons to the students, entrepreneurs, investors and businesspersons regarding the corporate ethics, governance, social responsibility and organizational behaviour (Nytimes.com, 2018). His action was never driven by honesty, courage, justice or temperance. However, at times he showed honesty before his family members when he was already caught by the police for his fraudulent activities. In the light of virtue ethics, Madoff was the failure. At the en d, in the conflict of common or greater good, crude individualism sustained in Madoffs case. Conclusion It can be concluded by stating that details of ethical theories had been discussed in the paper. The report also analyzed the ethical theories and its application in decision-making in the workplace. The five broad theories of ethics are discussed in details. The decision-makers sometimes follow only one particular theory and reject the others. On the other hand, sometimes, they follow two or three theories at the same time, depending on the situation of the workplace and the necessity of an ethical action. The ethical theories that have been discussed in the paper include Deontology, Utilitarianism, Egoism, care Ethics and Virtue Ethics. Any leader follows these ethical theories would be affected by his decisions and actions. On the other hand, the decisions of an ethical leader would directly influence the business operation of the firm. The success of the business operation of any firm would be determined by the ethical actions of the moral agent. When a leader follows the ethical action, he becomes the moral agent of that particular organization. The moral agent needs to be strictly ethical and the ethical action would be initiated by him. The leaders who had already violated the governance ethics and corporate laws have been described in the essay by a detailed description. They did unethical acts and for this, they are caught by the legislation. They could be the examples of unethical actions and future generation could learn from their actions. They could be an example to the future generation in negative ways for not following the ethical rules of the corporate governance and the theories of the ethics. References Albee, E. (2014).A history of Utilitarianism(Vol. 1). Routledge. Audi, R. (2012). Virtue ethics as a resource in business.Business Ethics Quarterly,22(2), 273-291. Bowie, N. E. 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