BUSINESS ETHICS AND RELIGIOSITY

ABSTRACT

This study assessed the impact of religiosity on business ethics. The descriptive survey research design was utilized in conducting the study. The stratified random ample method was used to select the total numbers of 250 respondents used for the study. Data used for the study were collected through the questionnaires. Four research questions and four hypotheses were stated for the study. Employing the correlation statistics, findings of the study indicated that significant relationship exist between attendance in religious activities and building good moral, the tested traders were significantly influenced by their religious practice in their decision making, relationship and social activities. Result further show that religion has significant influence on building expectation and a significant relationship exists between religiosity and business ethics. On the basis of these findings, it is recommended that religion should be integrated into the development agenda of Nigeria, not as recipients of the country’s wealth, but as educators to contribute to the industrial development of the country and that religious leaders must continue to teach the accepted values to the members.

CHAPTER ONE

INTRODUCTION

1.1       Background of the Study

Ethics has been one of the principal issues confronting both large and small businesses for many years. While businesses are responsible for maximizing  long-term  value  for  the  shareholders, they  are  also  expected  to  enforce and adhere to certain ethical standards among others. Recently, the Lagos State Government interest in this area is intensified due to widespread media accounts of outbreaks of ethical failing and environmental pollution at Ladipo market in Mushin Local Government Area of Lagos state where used auto-mobile spare parts of cars and engines are sold. Dishonesty on the market, unfair pricing, tax evasion, unlimited competition, leadership tussles or wrangling and environmental degradation is common practice and other acts of ethical misconducts. Events  such  as  the  closure of the market by the state government  and other  practices  at  Ladipo market as well as other markets in Nigeria have  shaken  public confidence  in used auto spare parts business. One then tends to wonder what has to be done to assure ethical behaviors in the small business environment such as Ladipo Market.

However, religious belief has been considered as an appropriate grounding for business. In essence, religions make valuable contributions to business ethics.  Religions’ values, principles, and practices give sense of responsibility, and guidance to the people of business world. It is to be noted, however, that religions often build the basis for what is considered right and wrong through the values they embody. Besides, religion produces both formal and informal norms and provides people with a freedom/constraint duality by prescribing behaviors within some acceptable boundaries (Ufomadu, 2014). Such norms, values, and beliefs are often codified into a religious code such as the Bible or the Koran. In Christian religions, for instance, the Ten Commandments provide a broad basis of codified ethical rules that believing Christians must follow in order to actualize what they believe in (e.g., salvation). In turn, through daily exposure to norms, customs, laws, scripts, and practices religions impart societal members with values and produce expectation bonds or ‘‘reciprocal expectations of predictability’’ that eventually become taken for granted. Such values often provide guides for what are considered ethical behaviors for most of the world’s religions (Parboteeah, Hoegl and Cullen, 2008 citing Fisher, 2001). Nevertheless, in societies where one or few religions are dominant, the overarching core values of these religions are likely to be mirrored in secular values of society (codified law or non-codified social norms), which regulate everyday activity and ethical behavior.