Lesson 2.
Belief Systems Affecting Business
Practices
Business Ethics and Social Responsibility
Accountancy, Business, and Management
1
Learning Competency
Give examples of how belief systems affect business
practices (ABM_ESR12-IIIe-h-2.2).
2
Learning Objectives
At the end of this lesson, you should be able to do the following:
● Describe the different religions and their beliefs.
● Illustrate how these religious beliefs affect business
practices.
● Recommend an approach in handling the diversity of beliefs
in the business world.
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Belief Systems Affecting Business Practice
Diversity in
Different
culture, ways
philosophies
of life, and
and beliefs
ethical values
4
Belief Systems Affecting Business Practice
● Religions have shaped
economic, political, and
private lives
5
Belief Systems Affecting Business Practice
● Religious ethics have
become part of business
ethics
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Belief Systems Affecting Business Practice
● Multitudes of religions and
denominations affect
business practices
● This lesson will illustrate
how this principle applies
to four religions
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Judaism
● warned against bribery,
fraud, and cheating
● promises punishment for that
cheat on the needy
● just and prompt payment of
wages
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Judaism
"Were you fair in your
business trades?"
Talmud
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Judaism
"...shall not oppress a hired
servant that is poor and
needy… in the same day,
you shall give him his hire,
neither shall the sun go
down upon it."
Size 19
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Christianity
● teaches about just wage and
fair pricing
● against fraud cheating, and
deceit
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Christianity
● refrains from selling or
investing in alcohol, tobacco,
defense, gambling and
pornography
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Christianity
● ethics is needed for the
economy to function
correctly
● economic decisions
have corresponding
moral consequences
Pope Benedict XVI of the
Catholic Church
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Islam
● prohibits usury
● condemns fraud, bribery, and
cheating
● believes in just wages
14
Buddhism
● application of principles in
suffering, compassion,
preventing harm, and
concern for all living
creatures
15
Buddhism
● businesses should alleviate
sufferings
● non-violence; refrains from
activities such as arms
dealing, defense, tobacco,
alcohol and environmental
destruction
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Intercultural Business Etiquette
The global business
environment is culturally
diverse. Business
professionals should know
how to navigate in this
reality.
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Intercultural Business Etiquette
Commonalities
● fairness
● honesty
● justice
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Intercultural Business Etiquette
Differences
● recognition towards
inclusivity, harmony,
respect; not towards
uniformity
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Intercultural Business Etiquette
● understanding of differences based on the following:
○ preference in working alone or in groups
○ view on power, authority, and seniority
○ personal and professional relationships between
people
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Intercultural Business Etiquette
○ concept and regard for time
○ direct and indirect communication, body language, and
voice tones
○ formal and informal communication
○ alignment of social and business life
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Keep in Mind
● Religions have shaped economic activity for centuries. They prescribe
guidelines in determining which thoughts and actions are right and
wrong. Thus, religious ethics play a significant role in approaching
business ethics.
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Keep in Mind
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Keep in Mind
● The comparison between the religious and business ethics between
major world religions shows significant similarities. Honesty,
fairness, and just compensation are favored, while fraud, cheating,
and bribery are condemned.
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Keep in Mind
● Religious values and ethics have also influenced the financial system.
In recent years, indices that evaluate the performance of companies
against religious and faith-based standards were introduced to
investors.
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Keep in Mind
● Companies developed intercultural business etiquettes to recognize
the importance of navigating through the diversity of faith and
culture. Governments and adherents of major religions also formed
an interfaith code of international business ethics.
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