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Usu at nisl suscipit, eos ne purto fierent scriptorem. Voluptaria inciderint nec eu. At justo feugiat eos, quot intellegebat et mel. Solet postea reprimique an est, elit vituperata duo et. Title:
Ethics Codes in Project Selection and Capital Budgeting: Mitigating Risks of Unethical Behavior

Introduction
In today’s rapidly changing business landscape, organizations are under immense pressure to remain competitive and achieve their financial goals. As such, executives often face tough decisions regarding project selection and capital budgeting that can have far-reaching consequences for both the organization and its stakeholders. However, in recent years, there has been a growing recognition of the importance of ethical considerations in decision-making, especially in the wake of high-profile scandals such as Enron and WorldCom.

Financial executives insist that there should be no separation between an individual’s personal ethics and his or her business ethics. “It’s a jungle out there” and “business is business” should not be excuses for engaging in unethical behavior. Many firms have ethics codes which are based on economically rational concepts such as integrity and trustworthiness, which guide the decision maker in attempting to increase shareholder wealth.

While ethics codes may serve as a useful guide for decision-making, they are only effective if they are integrated into the decision-making process. Unfortunately, some employees sometimes choose to not comply with their firm’s ethics code, posing potential risks to the organization and stakeholders. As such, it is crucial for organizations to not only develop ethics codes but also to enforce them effectively.

This paper aims to explore the role of ethics codes in project selection and capital budgeting and the potential risks of unethical behaviors by employees. It will also examine the potential risks to the public and stakeholders and how Saint Leo University’s core value of integrity is reflected in ethical decision-making.

Ethics Codes in Project Selection and Capital Budgeting

Project selection and capital budgeting are critical activities for organizations as they determine the allocation of resources and investments. In recent years, there has been a growing recognition of the importance of ethical considerations in decision-making, particularly in project selection and capital budgeting. Ethics codes are a key tool in ensuring that ethical considerations are integrated into the decision-making process.

According to Alles et al. (2019), ethical considerations should be included in the decision-making process to ensure that projects are socially responsible and sustainable. The authors further suggest that ethical decision-making should involve stakeholders and consider the potential impact of projects on the environment and society. Similarly, Arjoon (2019) argues that ethical decision-making in capital budgeting should consider the long-term consequences of investment decisions on stakeholders. He suggests that ethical capital budgeting should involve a broader group of stakeholders and consider the social and environmental impacts of investments.

In practice, ethics codes in project selection and capital budgeting can take different forms. For instance, some organizations have established specific criteria for evaluating projects, such as environmental and social impact assessments. Others have established committees or review boards to evaluate projects and ensure that they align with the organization’s values and principles. Regardless of the specific approach, ethics codes should guide decision-making in project selection and capital budgeting to ensure that investments are socially responsible and sustainable.

Potential Risks of Unethical Behaviors by Employees

Despite the presence of ethics codes, some employees may choose to engage in unethical behaviors, posing potential risks to the organization and stakeholders. Unethical behaviors by employees can take different forms, such as compromising the integrity of financial reports, misappropriating company funds, or engaging in fraudulent activities.

These actions can damage the reputation of the company and result in legal and financial consequences. Lekganyane and Mbawuli (2019) argue that unethical behaviors by employees can have significant negative impacts on the organization, including decreased employee morale, decreased stakeholder trust, and a negative impact on the company’s financial performance.

Potential Risks to the Public and Stakeholders

Unethical behaviors by employees can also pose risks to the public and stakeholders. For example, unethical project selection or capital budgeting decisions may result in harm to the environment, communities, or consumers.

Ethics Codes in Project Selection and Capital Budgeting
Ethics codes in project selection and capital budgeting help organizations make decisions that align with their values and principles. According to Alles et al. (2019), ethical considerations should be included in the decision-making process to ensure that projects are socially responsible and sustainable. The authors further suggest that ethical decision-making should involve stakeholders and consider the potential impact of projects on the environment and society.

Similarly, Arjoon (2019) argues that ethical decision-making in capital budgeting should consider the long-term consequences of investment decisions on stakeholders. He suggests that ethical capital budgeting should involve a broader group of stakeholders and consider the social and environmental impacts of investments.

Potential Risks of Unethical Behaviors by Employees
Employees who engage in unethical behaviors pose potential risks to their organizations. For instance, they may compromise the integrity of financial reports, misappropriate company funds, or engage in fraudulent activities. These actions can damage the reputation of the company and result in legal and financial consequences (Lekganyane & Mbawuli, 2019).

Potential Risks to the Public and Stakeholders
Unethical behaviors by employees can also pose risks to the public and stakeholders. For example, unethical project selection or capital budgeting decisions may result in harm to the environment, communities, or consumers. Additionally, stakeholders may lose trust in the organization, leading to a loss of revenue and investment (Zhu et al., 2021).

Saint Leo University’s Core Value of Integrity
Saint Leo University’s core value of integrity reflects the importance of ethical behavior in business. The university emphasizes the importance of being honest, just, and consistent in decision-making (Saint Leo University, n.d.). In the context of project selection and capital budgeting, integrity requires that organizations consider the social and environmental impacts of their decisions and act in the best interest of all stakeholders.

Conclusion
Ethics codes are crucial in project selection and capital budgeting to mitigate potential risks of unethical behaviors by employees. Ethical decision-making should involve stakeholders and consider the long-term consequences of investments on the environment and society. Saint Leo University’s core value of integrity emphasizes the importance of ethical behavior in decision-making, reflecting the university’s commitment to producing ethical leaders who prioritize the common good.

The role of ethics codes in project selection and capital budgeting cannot be overstated. Ethics codes provide a useful guide for decision-making, particularly in ensuring that investments are socially responsible and sustainable. However, ethics codes are only effective if they are integrated into the decision-making process and enforced effectively.

Unethical behaviors by employees can have far-reaching consequences for the organization and stakeholders, including damage to the company’s reputation, legal and financial consequences, and harm to the environment, communities, or consumers. As such, it is crucial for organizations to not only develop ethics codes but also to enforce them effectively.

Saint Leo University’s core value of integrity is reflected in ethical decision-making by emphasizing the importance of honesty, accountability, and responsibility. In practice, this means that organizations should prioritize ethical decision-making in project selection and capital budgeting by involving stakeholders, considering the potential impact of projects on the environment and society, and considering the long-term consequences of investment decisions on stakeholders.

References:
Alles, M., Kogan, A., & Vasarhelyi, M. (2019). Ethics and the role of the accountant in sustainability. Journal of Accounting and Public Policy, 38(2), 111-123.

Arjoon, S. (2019). Ethics in capital budgeting. Journal of Business Ethics, 159(3), 829-843.

Lekganyane, T., & Mbawuli, J. (2019). The impact of unethical behaviour by employees on organizations. African Journal of Business Ethics, 13(1), 1-11.

Saint Leo University. (n.d.). Core Values. Retrieved from https://www.saintleo.edu/about/core-values

Zhu, Y., Zhou, K. Z., & Zhao, X. (2021). Unethical behavior of employees: A review and future research directions. Journal of Business Research, 134, 413-425.