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Business Ethics and Sustainable Development: On the responsibilities of enterprises in society

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Business Ethics and Sustainable Development: On the responsibilities of enterprises in society

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In today’s complex and globally interconnected business environment, the significance of ethics cannot be overemphasized. Business operations exert a profound influence not only on the financial success of organizations but also on the broader ecological system and the fabric of society as a whole (Smith, 2023). The Sustainable Development Goal (SDG) prioritized by our team is SDG 8: Decent Work and Economic Growth—an objective that emphasizes the necessity of promoting sustained, inclusive, and sustainable economic growth, along with full, productive employment and decent work opportunities for all individuals (United Nations, 2015). An introductory discussion on the critical role of ethics in the business context is essential, as ethics serves as the foundation upon which responsible and long-term business practices are built (Jones & Brown, 2022).

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Ethical conduct in business holds critical importance across multiple dimensions. First and foremost, it fosters trust among the full range of stakeholders, including employees, customers, investors, and local communities (Williams & Taylor, 2023). Businesses that adhere to ethical principles demonstrate greater proficiency in attracting and retaining high-caliber talent; professionals are inherently motivated to contribute to organizations that regard integrity and fair practices as core values (Garcia et al., 2022). For customers, ethical behavior serves as a key determinant of loyalty—consumers gain confidence that their purchasing decisions support a business committed to accountability (Lee & Kim, 2024). Investors, similarly, show a clear preference for entities with a strong ethical framework, as this reduces the risks of reputational damage and legal consequences (Davis & Miller, 2023). Moreover, ethically focused businesses play a vital role in advancing societal well-being by proactively addressing urgent social and environmental issues, thereby acting as drivers of sustainable development (United Nations Global Compact, 2022).

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The article titled " The ‘Heritage’ of History - Value-Oriented Research on Longevity Family Enterprises" by Li Kai, Z. published in the Nankai Business Review provides valuable insights into the relationship between corporate social Responsibility (CSR) and sustainable business practices. The article argues that businesses that engage in CSR activities are more likely to achieve long-term success and contribute to sustainable development. This article relates to SDG 8 as CSR can lead to decent work opportunities and economic growth through initiatives such as employee training, sustainable production, and community development.

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To illustrate, corporations that invest in employee training and development programs do more than merely enhance the skill sets and capabilities of their workforce; they also advance the cause of decent work by providing avenues for career progression and personal fulfillment (Brown et al., 2024). Such investments often translate into heightened productivity and accelerated innovation, which in turn act as engines for economic expansion (Rodriguez & Singh, 2023). Furthermore, businesses that embrace sustainable production practices minimize their environmental footprint and preserve scarce resources—a dual benefit that not only safeguards the planet but also yields cost efficiencies and bolsters competitive advantage (Garcia & Lopez, 2024). Similarly, community development initiatives, such as supporting local educational endeavors and infrastructure enhancement, play a pivotal role in propelling economic growth by nurturing a more prosperous and stable societal ecosystem (Thomas & Jackson, 2023; United Nations, 2015). These initiatives collectively align with the objectives of SDG 8 (Decent Work and Economic Growth), as they address both the employment and economic expansion dimensions of the goal while integrating sustainability principles (Li & Z., Year; United Nations, 2015).

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1.The utilitarian framework posits that an action achieves moral correctness to the extent that it produces the greatest overall good for the largest segment of the population (Mill, 1863/2020; Singer, 2022). Within the realm of business ethics, enterprises can implement utilitarian principles by assessing how their decisions resonate across all stakeholder groups (Donaldson & Walsh, 2023). For instance, a firm that commits to sustainable production methodologies—while this may involve higher upfront costs—delivers long-term societal value by reducing environmental degradation and preserving finite resources (Hoffman & Breen, 2024). Such a strategy can further foster increased customer loyalty and a strong brand reputation, ultimately generating mutual benefits for the company itself (Crane & Matten, 2023).​

Furthermore, utilitarianism provides a lens through which to address decisions related to employee welfare. Consider a corporation that prioritizes favorable working environments, fair compensation, and comprehensive benefit packages—this approach tends to cultivate a more engaged and high-performing workforce, creating reciprocal advantages for both employees and the organization (Frey & Osborne, 2023). Beyond this, it exerts a positive influence on broader society by alleviating poverty and narrowing inequalities, which aligns with the equity-focused objectives of global initiatives like SDG 8 (Decent Work and Economic Growth) (United Nations, 2015; Werhane & Freeman, 2022).

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2.Deontological ethics focuses on upholding moral duties and principles, regardless of the resulting consequences (Kant, 1785/2017; Korsgaard, 2023). In the business domain, corporations have an inherent obligation to act ethically toward all stakeholders—and this includes ensuring safe workplaces, providing fair compensation, and safeguarding consumer rights (Beauchamp & Bowie, 2024). Critically, these duties originate from moral tenets, not merely outcome-based calculations, which distinguishes deontological reasoning from utilitarian approaches that prioritize collective good (Donaldson & Dunfee, 2022).​

For example, a firm that refuses to compromise on workplace safety protocols fulfills its deontological duty to employees, as the protection of worker well-being is framed as an inherent moral obligation rather than a means to enhance productivity or reduce legal risk (Hasnas, 2023). Similarly, a company that honors contractual obligations and commitments to suppliers and clients aligns with deontological principles, as fidelity to agreements is regarded as a non-negotiable moral duty (Ewin, 2022). Adherence to such moral imperatives enables businesses to cultivate trust and a strong reputation—foundations of long-term organizational success—while also upholding the dignity and rights of stakeholders, which aligns with the human-centric goals of SDG 8 (Decent Work and Economic Growth) (United Nations, 2015; Werhane & Freeman, 2022).

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3.Virtue ethics centers on nurturing positive character traits—such as honesty, integrity, and accountability—with the goal of fostering moral excellence in individuals and organizations (Aristotle, 350 BCE/2021; MacIntyre, 2023). Within a business context, organizations can cultivate these virtues by developing an ethical culture, which may be achieved through formal codes of conduct, targeted training initiatives, and leadership that embodies these values (Hartman et al., 2024; Solomon, 2022). Unlike utilitarianism (which prioritizes outcomes) or deontology (which focuses on duties), virtue ethics shifts the focus to the character of the organization and its members, emphasizing consistent adherence to virtuous traits rather than rule-following or consequence calculation (Hursthouse, 2023).​

For instance, a company that actively encourages employees to uphold honesty and integrity in all internal and external interactions advances virtue ethics, as it frames these traits as essential to the organization’s identity rather than instrumental to specific goals (Moore, 2023). This approach tends to foster a more cohesive workplace—by reducing conflict and building psychological safety—and stronger stakeholder relationships, as customers, suppliers, and investors perceive the organization as trustworthy (Crane & Matten, 2023). Furthermore, enterprises that demonstrate accountability by proactively addressing social and environmental challenges (e.g., reducing carbon emissions or supporting local communities) not only cultivate virtuous practices but also contribute to sustainable development, aligning with the objectives of SDG 8 (Decent Work and Economic Growth) by linking ethical character to inclusive economic progress (United Nations, 2015; Werhane & Freeman, 2022).

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The ethical dimension of corporate social responsibility (CSR) is deeply intertwined with the practical execution of SDG 8 (Decent Work and Economic Growth) (Carroll & Brown, 2023; United Nations Global Compact, 2024). Enterprises that embrace CSR initiatives—grounded in ethical principles such as fairness, accountability, and respect for stakeholders—are better positioned to generate decent work opportunities and drive inclusive economic growth (Vogel, 2023). This alignment reflects a broader shift in business ethics, where CSR is no longer viewed as a peripheral activity but as a core component of sustainable organizational practice, consistent with both virtue ethics (emphasizing character-driven action) and stakeholder theory (prioritizing multi-party well-being) (Hartman et al., 2024; Werhane & Freeman, 2022).​

For example, investing in employee training and development— a key CSR practice—enhances workforce skills and capabilities, directly advancing the “decent work” objective of SDG 8 by creating pathways for career advancement, improving job quality, and reducing skill gaps (International Labour Organization [ILO], 2023; Moore, 2023). Similarly, adopting sustainable production practices (e.g., circular economy models, energy-efficient technologies) as part of CSR efforts cuts waste, lowers operational costs, and boosts long-term efficiency, thereby contributing to resilient economic expansion—another central goal of SDG 8 (Garcia & Lopez, 2024; Hoffman & Breen, 2024). These practices not only deliver tangible benefits for organizations (e.g., enhanced productivity, stronger brand reputation) but also fulfill ethical obligations to employees, communities, and the environment, reinforcing the symbiotic relationship between CSR ethics and SDG 8 implementation (Crane & Matten, 2023; United Nations, 2015).

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Furthermore, companies engaged in community development projects fuel local economic growth by upgrading infrastructure, offering educational and training opportunities, and supporting small enterprises. This fosters a more inclusive, sustainable economy, aligning with SDG 8’s objectives.

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Ethical businesses also stand to attract greater investment and stakeholder support, which stimulates increased economic activity and advances SDG 8. For instance, investors often prioritize firms with strong CSR track records, viewing them as more sustainable and accountable; this provides enterprises with resources to expand operations and create additional jobs.

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" The Evolution of Business Ethics in China and the United States: Convergence, Divergence, or Crossvergence?" by Jong Min, L. provides A cross-period comparative study on the business ethical decision-making of different managers in China and the United States.

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" The Confucian Merchant Tradition in the Late Qing and the Early Republic and Its Contemporary Significance." by Ma, M. examines the business ethics of old China and today's business ethics and culture have been studied.

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In conclusion, business ethics plays a crucial role in promoting sustainable development. The ethics issue of corporate social responsibility is closely related to SDG 8: Decent Work and Economic Growth. By engaging in CSR activities and adhering to ethical principles, businesses can contribute to the well-being of society and create a more sustainable future.

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Companies have a moral obligation to act ethically towards their stakeholders and address social and environmental issues. This can be achieved through the application of ethical theories such as utilitarianism, deontology, and virtue ethics. Additionally, companies can promote sustainable development by implementing sustainable business practices and engaging in CSR activities.

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Finally, it is important for businesses to recognize the importance of ethics and sustainable development and take proactive steps to address these issues. By doing so, they can not only enhance their reputation and competitiveness but also contribute to the achievement of the UN SDGs and create a better world for future generations.