Business ethics has gained great interest due to rising trend of ethical misconducts around the world. While ethics has its impacts at personal, organizational and societal levels, it is regarded as a moral responsibility of various stakeholders including the leaders and also employees. Therefore, a leader is required to demonstrate an ethical leadership while employees should be given an avenue to voice out their ethical concerns as well. Employees may voice out their ethical concerns in the form of suggestion, problem or opinion while the leader should demonstrate their ethical practices through motive, influences and also moral character. In view of this, a theoretical framework is proposed by incorporating these dimensions supported by relevant literature for conceptualization of the research. Direction for future is also provided to validate and improve predictive value of the research model.