Business Ethics & Values in Multinational Companies ...

ArchivesofBusinessResearch–Vol.5,No.6PublicationDate:June.25,2017DOI:10.14738/abr.56.3350.

Giri,A.V.(2017). BusinessEthics&ValuesinMultinationalCompaniesOperatinginIndia:AnInnovativeApproach.ArchivesofBusinessResearch,5(6),89-98.

BusinessEthics&ValuesinMultinationalCompaniesOperatinginIndia:AnInnovativeApproach

Capt.Dr.AshokV.Giri

MESGarwareCollegeofCommercePh.D&M.PhilResearchGuideSavitribaiPhulePuneUniversity

(Maharashtra,India)

ABSTRACTElementsofEthicalValuesinclude:Ethicalvaluesservetheendsofhumanwell-being;Thewell-being promoted by ethical values is not personal and selfishwell-being; Nooneperson’swell-beingistobecountedasmoreworthyorvaluablethananyother’s;Ethical values promote human well-being in an impartial way. Themain purpose ofthis researchpaper is to explore importance of ethical values and business ethics intoday’s globalized world of highcompetitionandtocreateawarenessaboutconceptand essence of ethical values and business ethics for sustainable progress thisglobalizedworld.Researchmethodologycomprisesrealdata–primaryandsecondaryas well based upon Personal Interview Method, Telephonic Interview Method andQuestionnaireMethod. Research relates to re-exploring the facts which are alreadywith us. Knowledge lies in reviewing and finding new possibilities in information.Research helps in making new innovationsto pursue forbetterment of our existingawareness.Ethicsdealwith“whatthatoughttobe”.PatrickandQuinn(1997),definedethicsas thestudyof individualandcollectivemoralawareness, judgment, characterand conduct. Business ethics is an art and science of maintaining harmoniousrelationshipwithsociety,itsvariousgroupsandinstitutionsaswellasrecognizingthemoralresponsibilityfortherightnessorwrongnessofbusinessconduct.Valuesareininbornwithinindividuals–embeddedinindividuals.Valuesdifferamongstindividuals.Individual values do change temporarily due largely to external influences/forces.Individuals have different sets of values. Values reflect a person’s sense of right orwrong. Values lay the foundation in understanding people’s attitude andmotivation.Valuesarewhatwe,asaprofession,judgetoberight.Theyaremorethanwords-theyare the moral, ethical, and professional attributes of character. Values are theembodiment of what an organization stands for, and should be the basis for thebehavior of its members. The study emphasizes the essence of ethical values;business ethics and social ethics as backbone in the field of business. Gettinginformation from respondents becomes problematic as we had to interviewindividuals who had been quite busy to give proper thought to the questions.Indifferentattitudeofsomerespondentscouldhaveaffectedthefinalfindings.Ethicalvalues and Business ethics include Honesty; Integrity; Responsibility; Quality; Trust;Respect; Teamwork; Leadership; Corporate Citizenship; Shareholder Value; socialethics, moral modes, a customer-centric focus, employee satisfaction, customersatisfactionandfinallyleadingtosustainablebusinessinthisglobalizedworld.EthicalValues and Business ethics help in satisfying the consumers and customers andemployeesinmaintainingsustainablebusinessinthisglobalizedworld.Rationaleisaviable approach based on natural values related to the betterment of humanity. Itdemands honest dealing and proper business ethics which are in the interest ofconsumers, customers and even employees that lead to sustainable business in thiscorporate world. Since originality is independent, it depends upon the values thatholdthebestinterestofhumanity.Keywords: Ethical Values, Business Ethics, Sustainability, Globalization, CorporateCitizenship,Leadership


URL:http://dx.doi.org/10.14738/abr.56.3350. 90

INTRODUCTIONThe path to operationalizing ethical capitalism requires formalizing an introduction tobusiness ethics, grounded in a code of ethics, not just at the top, but throughout theorganization. Over time, ethical leadership fosters and sustains enduring corporate culturesthat self-govern around corporate values and set forth a code of conduct that meets thehigheststandards.Nowthetimehascomethatmanagers,CEOs,MDsandownersofbusinessorganizations will have to rethink about business ethics which include honesty andrespect for company assets; no compromise with quality and competence; embracementof diversity and respect of dignity of fellowemployees; respect of customers’ needs andvalues; and so on. Recent global corporate scandals have done long-lasting damage to thereputationsofsomeofourmostimportantcivicinstitutionsandbusinesses.21stcenturyhasopenedmanycorporateethicalscandalsthathaveharmedmillionsofemployeesandinvestorsand sent shock waves to the business world. To name a few – Manu Chabra Group forwrecking the fortunes of about half a dozen companies and facing investigation on FERAviolations, theHarshadMehta epic stock scam, ITC’s violationof excise laws, the recentUTIscam,the recentAdarsh,Kansal,CWGand2Gspectrumscam.Keyconstituents–employees,investors,andcommunitymembers–nolongertrustorrespectmanyinstitutionsasmuchasthey once did. Meanwhile, increased transparency and connectivity have enabled greateraccess to previously private information. The way to thrive in this era of increased publicscrutiny is toputan introductiontobusinessethics trainingat thecoreofhowcorporationsconduct business, and by tangibly demonstrating they have nothing to hide. "Doing what'sright" represents a sustainable way to create competitive advantage. These traits help inmakingthebusinesssustainable.WhatisBusinessEthics?Theword “ethics” is derived from the Greek ethos, meaning “customary” or “conventional.”Ethicsisbuiltongoodworkpractices&whatisright; itprovidesgeneralguidelinesongoodbehavior/conductofindividuals,group,andorganizationasawhole.Ethicsdeterminerswhatis right or wrong and choosing what is right. Ethics governs the behavior and conduct ofindividuals/groups in theworkplace. Ethics is one of the hallmarksof awell run Company.Ethics can re assure investors/stakeholders about the Company’s approach to its nonfinancial risks. Ethics also help to protect/enhance Corporate/business reputation.Example, corporate image/branding,). To be ethical in the sense of ethos is to conform towhat is typicallydone, toobeytheconventionsandrulesofone’ssocietyandreligion.Ethicsinvolves a discipline that examines good or bad practices within the context of a moralduty. Moral conduct is behavior that is right or wrong.Businessethicsincludepracticesandbehaviorsthataregoodorbad.Ethicsisdefinedas‘atheoryorasystemofmoralvalues:‘anethicofserviceisatwarwithacravingforgain’.Ethicsmayalsobedefinedas ‘thebranchofphilosophythattriestodeterminethegoodandrightthingtodo;choicesregardingright&wrong,.Ethics(plural,noun):‘thesystemofbeliefsandrulesusedto judgehumanaction’. Example:‘he isaveryhonorablepersonwhoalwaysactsaccordinglytohisethics’.Oxford Advanced Learner’s Dictionary defines the word ‘ethics’ as “moral principle thatgovernorinfluenceaperson’sbehavior”.Ethicsisthusabenchmarkofhumanbehavior.The

ArchivesofBusinessResearch(ABR) Vol.5,Issue6,June-2017

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conductofhumanbeings is influenced either by the emotions of lifeor the actions peopleperform in different situations. Thecoordinationofactionandemotionsgeneratesethics.EthicalValuesValues are in inborn within individuals – embedded in individuals. Values differ amongstindividuals.Individualvaluesdochangetemporarilyduelargelytoexternalinfluences/forces.Individuals have different sets of values. Values reflect a person’s sense of right or wrong.Values lay the foundation in understanding people’s attitude and motivation. Values exertmajorinfluenceonthebehaviorofanindividual/groupValuesservesasgeneralguidelinesinall situations. Values (set of preferences) are said to be the cause and Ethics effect. If oneoperates inagiven instance fromaValueemotionwithin theoutwardactionwill tend tobeEthical. Values are those beliefs or standards that incline us to act or to choose in onewayrather thananother.Acompany’scorevaluesarethosebeliefsandprinciplesthatprovidetheultimateguideinthecompany’sdecision-making.Value is defined as a concept that describes the beliefs of an individual or culture. ‘A set ofvaluesmaybeplacedintothenotionofavaluesystem’(BusinessDictionary.com).Values are those things that reallymatter to each of us ... the ideas and beliefswe hold asspecial.Caringforothers,forexample,isavalue.(BusinessDictionary.com).Theword “values” can sometimesbe interpretedwithhavingonly todowith “touchy-feely”typethingslikefeelings.However,theideaofvalues,whenitcomestomanagement/strategy,relates much more to practical matters. There is a huge correlation between correct valuealignmentandsuccess.Valuescanbedefinedasthosethingsthatare importanttoorvaluedby someone. That someone can be an individual or, collectively, an organization. One placewherevaluesare importantis inrelationtovision.Oneof theimperativesfororganizationalvision is that itmustbebasedon and consistentwith theorganization'scorevalues.Valuesarewhatwe,asaprofession,judgetoberight.Theyaremorethanwords-theyarethemoral,ethical, and professional attributes of character. Values are the embodiment of what anorganizationstandsfor,andshouldbethebasisforthebehaviorofitsmembers.ElementsofEthical Values include: Ethical values serve the ends of human well-being; The well-beingpromotedbyethicalvaluesisnotpersonalandselfishwell-being;Nooneperson’swell-beingis tobecountedasmoreworthyorvaluablethananyother’s;Ethicalvaluespromotehumanwell-beinginanimpartialway.NeedofStudyIn thisworldofcompetitionandglobalizationthechallengeis tomanagethebusinessethicsandethicalvaluesinanappropriateandstandardizedway.Tosurviveintoday’stoughcompetitive business environment and to introduce sustainability in our business, ethicalvaluesandbusinessethics ismandatorytoapply inpractical form.Rightandwrongdefinedby different people may manifest diverse thinking,motivated by each individual’s personalvalues. Within a work environment, the cultural values that drive business decisions arecritical to the organization’s credibility with its employees, customers, and shareholders.Today, in business, value is about prioritizing individual and operational values for theworkplaceand establishingcodesof value and codesof conduct that ensures that employeebehaviors and the internal systems are alignedwith those values which in turn affects theperformanceoftheorganization.Key leadership with appropriate values establishes the moral compass that guides theorganization throughthecomplexitiesofwhat isrightandwrongandhowmanagementand



staffarethereforeexpectedtobehave.Criticalthen,becomestheabilitytomanageforethicaloutcomes—this is values-based management. Values provide the basis for judgment aboutwhat is important for the organization to succeed in its core business. Values are traits orqualitiesthatareconsideredworthwhile;theyrepresentanindividual’shighestprioritiesanddeeplyhelddrivingforces.Theneedofthestudyarisesforthepurposetomakeanappropriatebalancebetweentheethicalvaluesinbusinesswiththeprofitsofitsconcernedinstitute.

OBJECTIVESOFTHESTUDY• Toidentifyreasonswhythestudyofethicsisimportant.• Toexplainthenatureandmeaningofbusinessethics• Toidentifythestatusofbusinessethicsandethicalvalues.• To realize the contribution of business ethics and ethical values in sustainable

development.• To create awareness about business ethics and ethical values for the benefit of

industry,employees,customers,consumers,shareholdersandsociety.• To study how business ethics and ethical values standards improve productivity,

profitabilityandqualityofanorganization.MotivationofResearchMotivation,ingeneral,isessentialinpursuitofeveryactivity.Thereis99%perspirationand1% inspiration in motivation. Since, research involves hard labor, persistence andperseverance; these traits can be undertaken only under spirit of motivation. One has toremain internally impelled to pursue knowledge, be patient with difficulties and be everoptimistictoexploreandreachsomenewhorizonsintheprocessofresearch.Wepersonallyfeltmotivated under guidance of our teacherswho encouraged us to pursue knowledge forknowledgesakewithfullinterestandtherebyenjoythethrillofresearch.Ourinnerurgehasalways pushed us to remain engrossed in studies and achieve someworthy position in thefieldofeducationandresearch.ResearchLimitationsGetting information from respondents becomes problematic as we had to interviewindividuals who had been quite busy to give proper thought to the questions. Indifferentattitudeofsomerespondentscouldhaveaffectedthefinalfindings.ResearchMethodologyResearchmethodologyusedduringthestudyconductedinthisresearchpaperisbaseduponreal data – primary as well as secondary. To conduct this study, exploratory qualitativeapproachwas in practice.Theoretical frameworkwas developed from the literature, data collected from themultiplesources of evidence in addition to books, news papers, journals, websites and otherprofessionalmagazines.Asurveywasconducted,basedonrefinedquestionnaire(reviewedbyfourexpertswhohadyearsofexperienceinthesectorofbusinessmanagement)withseniormanagers,CEOs,andmangers/officers.Apartfromthesesomesupportpersonnel(employeesoftheorganizations)werealsocontactedtomakethispapermorerealandworthy.

ETHICALVALUESFORBUSINESSSUCCESSEthics isbasedona setofmoralandethical values.Thesevaluesmustbeabsolute - that is,youmust take themseriouslyenough to overrideanyhuman rationalization,weakness, ego,orpersonalfaults.Whenallelsefails,youwillalwayslookbacktothesecorevaluestoguide



you. Unfortunately, life is not that easy and there's always disagreement aboutwhat valuesshouldreignsupreme.HonestyThe old adage, "honesty is the best policy" is true today more than ever. It's not just lipservice.Employeemanualsfrommostscandalizedcorporationsarelikelytocontainsloganstoutingitscommitmenttohonesty.Claimingtobehonestinanemployeemanualispassé.You'reeitherhonestornot.Evenifyouhaven'tgotcaughtyet,mostpeopleknowwhoisandwhoisn't.IntegrityIntegrity connotes strength and stability. It means taking the high road by practicing thehighestethicalstandards.Demonstrating integrityshowscompletenessandsoundnessinyourcharacterandinyourorganization.ResponsibilityBlaming others, claiming victimhood, or passing the buck may solve short-term crises, butrefusaltotakeresponsibility erodes respect and cohesion in an organization. Ethical peopletake responsibility for theiractions.Likewise,actionsshowtheabilitytoberesponsiblebothinthelittleandbigthings.QualityQuality should bemore thanmaking the best product, but should extend to every aspect ofyourwork.Apersonwhorecognizes qualityandstrivesforitdailyhasaprofound senseof self-respect, pride in accomplishment, and attentiveness that affects everything. Fromyourmemostoyourpresentations,everythingyoutouchshouldcommunicateprofessionalismandquality.TrustThere's no free ride. Trust is hard to earn and even harder to get back after you've lost it.Everyonewhocomesincontactwithyouoryourcompanymusthavetrustandconfidenceinhowyoudobusiness.Respect Respect is more than a feeling, but a demonstration of honor, value, and reverence forsomething or someone.We respect the laws, thepeopleweworkwith, the companyand itsassets,andourselves.TeamworkTwoormoreemployeestogethermakeateam.It isabusinessnecessitytoworkopenlyandsupportivelyinteamswhetherformalorinformal.LeadershipHow many hardworking, honest employees have been tainted and led astray by corporateleadershipfailings?Managersandexecutivesshouldupholdtheethicalstandardsfortheentireorganization.Aleaderisoutfrontprovidinganexamplethatotherswillfollow.CorporateCitizenshipA foundational principle for every company should be to provide a safe workplace, toprotect theenvironment,andtobecomegoodcitizensinthecommunity.



ShareholderValueWithoutprofitability,thereisnocompany.Everyemployeeshouldunderstandhowheorshefitsintotheprofitabilitypicture.Everyone'scommongoalshouldbetobuildastrong,profitablecompanythatwilllast.InnovativeStudyIn this research paper we have discussed empirical study of Cadbury, Nestle, other MNCs(Tata, Sail, Maruti, ONGC, Wipro, Reliance, Infosys, Canon, Johnson & Johnson, Ford MotorCompany,IBM)asfollows:EthicalValuesandBusinessEthicsofCadburyCadbury is one of the world’s largest confectionary manufacturers. Cadbury believes thatgoodethicsandgoodbusinessgotogethernaturallytoproducethebestlong-termresultsforall the stakeholders. Cadbury’s vision is to be the biggest and the best confectionerycompany in the world. Its success is sustained by understanding and responding to theneedsofconsumers,customers,suppliers,colleaguesandcitizens. Itsvalues arebased uponperformance, quality, respect, integrity and responsibility, honesty, openness and courtesy.ThismeanseveryoneinCadburyacts inanethicalwaytoprotectandpromotethecompanyand its reputation among the people and communities it does business with. Cadburymaintainsethical sourcing standardsanddevelops sustainableagricultureprogrammessuchas the ‘Cadbury CocoaPartnership’.Cadburyrecognizes its environmentalresponsibilities.It reduces environmental impact, in particular targeting carbon, packaging and water use,withinitsbroad‘PurpleGoesGreen’environmentalprogramme.EthicalValuesandBusinessEthicsofNestleNestle is the world’s leading nutrition, health and wellness company. With over 276,000employees, the company has operations in almost every country in the world. The peopleknowmore by brands and the portfolio covers practically all food and beverage categories,with market leaders like Nestle, DRUMSTICK, NESCAFE, STOUFFERS, KITKAT, NestleGOODSTART, Nestle PURE LIFE and PURINA , to name a few. Since its founding, Nestlé’sbusinesspracticeshavebeengovernedbyintegrity,honesty,fairdealingsandfullcompliancewith all applicable laws. Nestlé’s employees worldwide have upheld and lived thiscommitment in their everyday responsibilities ever since, and Nestlé’s reputationremainsoneoftheCompany’smostimportantassetstoday.TheNestleCorporateBusinessPrinciples prescribe certain values and principles which Nestle has remained committedworldwide.EthicalValuesandBusinessEthicsofotherMNCs(TATA, SAIL, MARUTI, ONGC, WIPRO, RELIANCE, INFOSYS, CANON, JOHNSON & JOHNSON,FORDMOTORCOMPANY,IBM)TheTataGrouphasalwayssoughttobeavalue-drivenorganization.ThesevaluescontinuetodirecttheGroup'sgrowthandbusinesses.ThefivecoreTatavaluesunderpinningthewaywedobusinessare: Integrity;Understanding;Excellence;Unity; andResponsibility. SAIL (SteelAuthorityofIndia)isTobearespectedworldClassCorporationandtheleaderinIndiansteelbusiness in quality, productivity, profitability and customer satisfaction. Maruti Udyog: Webelieve our core values drive us in every endeavour: Customer obsession; flexible and firstmover;innovationandcreativity;networkingandpartnership;opennessandlearning.ONGC:Tobeaworld-classOilandGasCompanyintegratedinenergybusinesswithdominantIndianleadershipandglobalpresence.TheSpiritofWipro is the coreofWipro. Spirit is rooted incurrentreality,butitalsorepresentswhatWiproaspirestobe–thusmakingitfutureactive.



The Spirit is an indivisible synthesis of all three statements: Manifesting intensity to win;Acting with sensitivity; and being unyielding on integrity all the time. Reliance Industries:Reliancebelievesthatanybusinessconductcanbeethicalonlywhenitrestsontheninecorevalues of: Honesty; Integrity; Respect; Fairness; Purposefulness; Trust; Responsibility;Citizenship;andCaring.Growthiscareforgoodhealth.ForRelianceIndustries:Growthiscareforsafety;Growth is care for theenvironment;Growth is conservation;Growth isbettingonourpeople;andGrowthisthinkingbeyondbusiness.InfosysTechnologiesisagloballyrespected corporation that provides best-of-breedbusiness solutions, leveraging technology,delivered by best-in-class people and achieves its objectives in an environment of fairness,honesty, and courtesy towards our clients, employees, vendors and society at large. EthicalValues of Infosys Technologies are: Customer Delight; Leadership; Integrity andTransparency;Fairness;andPursuitofExcellence.EthicalvaluesofCanon include:To fostergoodrelationswithcustomersandcommunities; tomaintaingoodrelationwithnationsandenvironment; and to bear responsibility for the impact of their activities on society.Ethical Values of Johnson& Johnson include:highquality andprompt service at reasonablepricewithaviewtomakingfairprofit;torespectindividualityofemployeeskeepinginmindtheir job security andmeansof fulfilling family responsibility; Informal communication; Justandethicalaction;andtoencouragecommunityservice.FordMotorCompany’sethicalvaluesinclude: Doing right thing for the customer, people, environment and society; Providingsuperiorreturnstoourshareholders;andThecustomerisjob1.EthicalvaluesofIBMinclude:Respect for individual; IBManthem;Devotion tocustomers;Lifetimeemployment;andOpendoorprogram.ForIBMEthicsmattersbecauseitmakesgoodbusinesssenseto"dotherightthing". Additionally good corporate ethics results in: Attracting better talent; Retainingemployees; Attracting new customers; Retaining customers; Positive effect on CorporateReputation.EthicalValuesforManagersIn this research paper we have discussed ethical values for Indian Managers and WesternManagersasgivenbelow:EthicalValuesforIndianManagersIndian managers are moving away from the concept of values and ethics. The lure formaximizing profit is deviating them from the value basedmanagerial behaviour. There is aneedforourmanagerstodaybothinprivateandpublicsectorstodevelopasetofvaluesandbelievesthatwillhelpthemattaintheultimategoalsofprofitsandsurvivalandgrowth.theyneed to develop the following values: Optimum utilization of resources; Attitude towardswork-Managershavetodevelopthevisionaryperspectiveintheirwork.Theyhavetodevelopa senseof largervision in theirwork for thecommongood.;Workcommitment;andVision-Managers have a long term vision. The visionarymanagersmust be practical, dynamic andcapableoftranslatingdreamsintoreality.ThemanagersofIndiancompaniesshouldalsodevelopthefollowingvalues:

• Movefromthestateofinertiatothestateofrighteousaction.• Movefromthestateoffaithlessnesstothestateoffaithandself-confidence.• Movefromunethicalactionstoethicalactions.• Movefromuntruthtotruth.

EthicalValuesforWesternManagersWesternmanagers are highly professionalswith excellent analysis power, high professionaleducationandspecialization.Westernmanagersfollowapropercodeofconductandworkinthe structured formal atmospherewithnoplaceofmodesty in their behaviour.Professional



efficiency andwork disciplines are the conditions under which westernmanagers perform.Theyconsiderrulesassacredintheirvaluesystem.Westernvaluesystemteachescontractualobligations. Managers honor their contracts. Western managers value principles above itsprivilegeandtheyconsiderthisasthebeststrategytowin.

SURVEYRESULTSThesurveyresultsofthestudyareasfollows:

1) 98%oftherespondents believedethicsandcomplianceprogramsareessentialtocorporategovernance.

2) 80%ofthosesurveyedhaddevelopedcodesofethicsbeyondthoserequired.3) 90%includedstatementsconcerningthecompany’sobligationtoitsstakeholders.4) Research has shown that consumers give preference to companies that adopt

CSRpractices.Accordingto the2002EdelmenStrategyofSurveyofOpinionLeaders,76%would switch to a company with strong CSR practices, if price and quality areequaltonon-CSRcompetitors.Inthesamesurvey,75%surveyedreportedtheywouldgive a CSR company the “benefit of the doubt” if the company were subjected tonegativepublicity.

5) 52% of employees observed at least one type ofmisconduct in theworkplace in thepastyear,with36%oftheseobservingatleast2ormoreviolations.

6) Typesofmisconductmostobservedbyemployeesinclude:• 21%observedabusiveorintimidatingbehaviortowardsemployees.• 19%observedlyingtoemployees,customers,vendors,orthepublic.• 18% observed a situation that places employee interests over organizational

interests.• 16%observedviolationsofsafetyregulations.• 16%observedmisreportingofactualtimeworked.• 12% observed discrimination on the basis of race, color, gender, age or similar

categories.• 11%observedstealingortheft.• 9%observedsexualharassment.

7) 69%ofemployeesreporttheirorganizationsimplementethicstraining.8) 65%ofemployeesindicatedtheirorganizationshaveaplacetheycanseekethicsadvice.

(9) 55%ofemployeeswhoobservedmisconductatworkreportedittomanagement.9) ReasonsWhyEmployeesDoNotReportObservedMisconduct:18%oftheemployeesdo

notknowWhotocontact;24%employeesdonotcaretheyfeel–Someoneelsewouldinform; 39%of themanpower fear no Anonymity; 46%of the human resources fearRetaliation;and59%oftheemployeesthinkthereisnocorrectiveaction.

KEYFINDINGS

1) EthicalValues andBusinessEthicshelp to improveproductivity,profitability,quality,publicimageandbrandvalueofanorganizationinthisworldofglobalization.

2) Ethical Values and Business Ethics are very effective to achieve sustainabledevelopmentofanorganization.

3) There is limited attention to ethical values and business ethics in India. Businessenvironment in India is not favorable for business ethics and ethical values. There isutmost need to educate the employees as well as managers and even some of theowners,CEOsandMDsalsoaboutbusinessethicsandethicalvalues.



4) Businessmustmaintain thehighest standardsof behavior for thebenefitof industry,employees, customers and society only with the help of ethical values and businessethics.

The best way of promoting high standards of business practices is through self regulationthroughethicalvalues.

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