BUSINESS ETHICS AND RELIGIOSITY
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BUSINESS ETHICS AND RELIGIOSITY
Chapter one
INTRODUCTION
1.1 Background of the Study.
For many years, ethics has been one of the most pressing concerns for both large and small enterprises. While corporations are responsible for maximising long-term wealth for shareholders, they are also required to enforce and adhere to particular ethical standards, among other things.
The Lagos State Government’s interest in this field has recently increased as a result of widespread media reports of ethical failures and environmental contamination at the Ladipo market in Mushin Local Government field of Lagos State, where used automobile spare parts and engines are traded.
Market dishonesty, unfair pricing, tax evasion, limitless competition, leadership squabbles or bickering, and environmental damage are all widespread practices, as are other forms of ethical misbehaviour.
Events such as the state government’s market closure and other activities at the Ladipo market, as well as other marketplaces in Nigeria, have eroded public faith in the used car spare parts industry. One then wonders what has to be done to ensure ethical behaviour in a small company environment like Ladipo Market.
However, religious conviction has been regarded as a suitable foundation for business. In essence, religions offer significant contributions to corporate ethics. Religions’ beliefs, concepts, and practices provide a sense of responsibility and guidance to those in the business sector.
It should be recognised, however, that religions frequently establish the foundation for what is considered right and evil through the principles they represent. Furthermore, religion creates both formal and informal standards, giving people a sense of freedom and restriction by prescribing behaviours within certain acceptable parameters (Ufomadu, 2014).
Such standards, values, and beliefs are frequently codified in a religious text, such as the Bible or the Koran. In Christian religions, for example, the Ten Commandments serve as a broad foundation of codified ethical norms that believing Christians must follow in order to realise their beliefs (such as salvation).
Religions, in turn, transfer values to social members by daily exposure to norms, customs, laws, scripts, and practices, resulting in expectation ties or ”reciprocal expectations of predictability” that are finally accepted. Such ideals frequently serve as guidance for most religions’ ethical behaviours (Parboteeah, Hoegl, and Cullen, 2008, citing Fisher, 2001).
Nonetheless, in countries where one or a few faiths predominate, the underlying basic values of these religions are likely to be reflected in secular values of society (codified law or non-codified social norms) that govern everyday activity and ethical behaviour.
Furthermore, empirical data abounds in the literature on the association between religiosity and business ethics, however the results are varied (Okafor, 2010). These conflicting outcomes are primarily attributable to methodological and conceptual limitations.
This study differs from previous research studies on religion and corporate ethics in that it takes a multidimensional approach, which was lacking in previous studies.
Unquestionably, Nigerians are religious people. The way people do business without regard for their religious beliefs necessitates a rethinking of the function of religious sanctions in combating market dishonesty, fair pricing, and corporate interactions.
One of the most serious social and economic issues in Nigeria, as well as in the rest of Africa, that requires immediate attention and action is moral decay, a lack of social responsibility, universal politeness among humanity, and clearly business ethics (Ogundele, Hassan, Idris, Adelakan, and Iyiegbuniwe. 2010).
In Nigeria, despite the good standard values that religions espouse, there is a widespread lack of commitment to ethical behaviour in the small business environment, which is concerning due to its scale. Nigeria has been labelled one of the world’s most fraudulent and corrupt countries since 1997, and continues to be so today.
In 2001, Nigeria was ranked second only to Bangladesh as the most corrupt and fraudulent country in the world, which is a dubious honour (Ogundele et al., 2010).
As a result, the purpose of this research study is to analyse the relationship between business ethics and religion utilising selected auto-parts merchants in the Ladipo Mushin business environment, which appears to have been overlooked in previous research studies.
1.2 Statement of Problem
We live in an era of innovation, free market expansion, and global economic integration. New governments, global business leaders, and cutting-edge technologies all play a role in forming commercial relationships and setting norms for global business communication. More civilizations are uniting to create a single globalised communication system.
Nonetheless, while developing a single global system of corporate communication, each civilization follows its own philosophy of life understanding, which is typically shaped by religion. With growing urgency, market and societal forces are redefining the roles and responsibilities of businesses.
Modern businesses are expected to be good stewards of community resources, contributing to the growth and prosperity of both their organisations and their communities.
We are convinced that markets become or remain free if their participants are accountable and uphold the fundamental qualities of honesty, dependability, fairness, and self-discipline as part of their corporate ethics.
Most people active in the business sector, from small business owners to employees and even CEOs of global corporations, encounter ethical or moral quandaries at work. The public’s trust and confidence in business owners has declined.
This is due to a variety of fraudulent practices carried out by business owners, including deception, inflating purchasing costs, tax evasion, unhealthy competition, and a lack of community services or social responsibility, among others.
In Nigeria, despite the good standard values that religions espouse, there is a widespread lack of commitment to ethical behaviour in the small business environment, which is concerning due to its scale. Nigeria has been labelled one of the world’s most fraudulent and corrupt countries since 1997, and continues to be so today.
As a result, there is a lack of trust in Nigeria’s business climate in terms of how business owners interact with their consumers and the broader public.
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