A Critical Examination of Business Ethics in Relation to Economic Sense: Perspectives of Customers and Business Proprietors in Region (5) Guyana

Abstract

This study was pursued to provide statistical and empirical evidence of whether or not business ethics makes economic sense. A critical examination of business ethics and whether or not it makes economic sense was examined by taking into consideration the perspectives of business stakeholders.  Economists, business proprietors and customers do not always agree on the concept of business ethics as the moral principles and values implemented for good governance. Customers and business proprietors were targeted to gain insights from different stakeholders on the issue of business ethics and whether or not it makes economic sense. The recommended strategies to be implemented to perpetuate business ethics while at the same time ensuring business growth and development were also considered. This research paper utilized a mixed methods research approach in conjunction with a descriptive online survey and structured interview for the quantitative and qualitative aspects respectively. The inculcation of primary and secondary data provided empirical and statistical substantiation to establish recommendations and to draw conclusion. An element of triangulation was integrated to add robust analytical evidence. The perspectives of customers and business owners on business ethics and economic sense were analyzed through the online survey and interviews responses were grouped, coded and themes were generated to answer the research question: To what extent does business ethics makes economic sense? The perspectives of customers guided the critical examination of what customers expect from businesses, where business ethics was the point of focus. On the other hand, the perspectives of business owners provided data on the implications of adhering stringently to business ethics and whether or not business ethics makes economic sense. The views of participants from opposing ends provided both conflicting and correlated data. However, both customers and business owners were in agreement that businesses should adhere to business ethics.