Seric and Mihic (2007) ask the question, “can nowadays a firm survive in the competitive surrounding in spite of its acceptance of business ethics and social responsibility standards that are sometime too high?” How do you respond to this question?
I believe that firms can definitely survive in spite of its acceptance of business ethics and social responsibility standards. Companies that lose out are looking for short-term returns, long-term returns requires due diligence and due care in managing the weakest links in integrity.
A bad business decision, from an unethical employee acting as a representative for the firm, can spell disaster for the firm’s PR department.
If you are in competition with another firm (competition could be in the form of a business deal) and that firm wins due to what is outlined in your corporation's social responsibilities then the chances are the other firm will suffer badly from the decision.
Don’t underestimate your firm’s Risk Appetite and strive to make smart business decisions for the long-term and don't fall for the quick fix.
