Systematisation of Conceptual Approaches to Formation of Business Ethics in the Context of Legal Regulation of Entrepreneurial Activity

Abstract

Introduction. In the frame of entrepreneurship development, promotion of business ethics becomes particularly important as a mechanism for business harmonization, ensuring legal equality, healthy competition and fair attitudes to consumers. However, the controversial approaches to defining the concept of “business ethics” and the multiple interpretations thereof prevent from boosting the global spread of business culture in the legal regulation framework. In this regard, the aim of the study is to systematise the conceptual approaches to substantiation and formation of business ethics in the context of legal regulation of entrepreneurial activity.Materials and Methods. The methodological basis of the research includes the general and specific scientific methods. The methods of analysis, comparison and systematisation enable the study of the integral parts of business ethics to get deep understanding of this concept. By comparing different interpretations, the common grounds in the interdisciplinary approaches to substantiation of this concept are revealed. Systematisation fosters organisation of the legal and moral values into a single hierarchical structure that forms the essence of business ethics. The philosophical-juridical method reveals the interrelation of the philosophical approach contained in the entrepreneurial value reference points and the legislative norms of society.Results. The research has revealed a pattern of business ethics development in the context of global and national wellbeing. The hierarchical structure of business ethics has a top-down nature: the international level, the macro level and the micro level. Despite the influence of cultural specifics on the development of the moral value system, the formation of business culture should go in correlation with the norms of law and the needs of society, along with establishment of the corporate boundaries and general entrepreneurial principles. At the corporate level, the integration of business ethics into the enterprise strategy is beneficial for its image and reputation, and the efficiency lies in promotion of the socio-economic, legal and other aspects fostering creation of fair, sustainable and conscious business.Discussion and Conclusion. The concept of “business ethics” is studied in the various scientific contexts. Despite all differences in interpretation, the mechanism of forming the business ethics in the framework of entrepreneurial activity is uniform, it includes creation of the code of ethics, training in ethical principles, development of a system of incentives, elaboration of the methods of prevention and punishment. In various contexts, this mechanism is aimed at eliminating unlawful forms of competition, ensuring economic, social and legal security, increasing the level of responsibility and creating an efficient system of business values.