The stakeholder theory is based on Immanuel Kant’s philosophy that all people are to be treated with respect and consideration and allowed to participate by openly voicing their opinions as equal partners. Oftentimes, says Hasnas and other theorists, a business will support ethical principles by combining the concepts from several theories as a way of establishing ethical guidelines that best suit their personal business goals, their workers, their suppliers and their customers. Many professionals are bound to ethical codes because of the nature of their work. For example, tech companies aspire to grow as rapidly as possible, but there is considerable debate as to whether large technology companies are monopolistic. It is important to understand that many practices are not only morally unethical, but they are also illegal. Some ethical theories state that corporations must consider benefits for a wider net of stakeholders and not merely shareholders. Faster paces of market changes across the world mean that ethical considerations may not always be a priority. They include the stockholder theory, the stakeholder theory and the social-contract theory. Blood diamonds are diamond gemstones that have been sourced from conflict zones where bad actors may have profited from the transaction. These professions usually deal with very sensitive or privileged information. One employee whistleblower is all it took to bring down the world’s sixth-largest energy company. Business ethics theories include the moral principles or codes a company implements to ensure that all individuals working in the company act with acceptable behavior. For example, fake pharmaceuticals that are not tested for quality are not only unethical, they pose a serious threat to public safety. In a recent Deloitte survey, respondents were asked to agree or disagree with the proposition that businesses behave in an ethical manner. Labor laws have not always existed as we know them today. Our moral belief about life changes over time. Certain professions are legally bound to ethical standards, such as lawyers, accountants and doctors. It can be easy to ignore unethical behavior in the workplace, but some ethical theorists believe that employees must whistleblow when they encounter unethical behavior. The Stockholder Theory. By focusing on the outcome of each action, utilitarianism demands that you decide on what course of action based on the benefits or harm of the actions without regard to the cost of the action. Ethical egoism is the belief that the highest good is to be self-serving regardless of others. Even when regulations are in effect, ethical considerations are often not black and white. Most people expect their leaders to be models of ethical behavior. On the other end of the spectrum, altruism is the belief that the highest good is to help others. The Stakeholder Theory. Doing what is right is obeying your duties and the rule that guide a business. Business owners and managers can use an ethics theory they deem most appropriate for use in their operations. The grossly unethical practices at Enron were exposed through whistleblowing. It is not only highly visible leaders that are expected to behave according to high ethical standards. There are many established laws across the world to protect consumers from fraud and other injury. Rapid changes in technology and business are creating entirely new considerations for ethical theories in business. Asked then to opine on the statement that businesses focus on their own agenda, rather than considering wider society, 75% agreed. In an effort to establish some ethical guidelines for business, three normative ethical theories have evolved in Western capitalist societies. Some business ethics models are built on Immanuel Kant's philosophy. Though the social contract theory is not considered an actual "contract," it holds business ventures to very high standards by "imposing significant social responsibilities," writes Hasnas in his 1998 article, "The Normative Theories of Business Ethics: A Guide for the Perplexed.".