A NOTE ON ETHICS AND STRATEGY - DO GOOD ETHICS ALWAYS MAKE FOR GOOD BUSINESS

Viewing business ethics as enlightened self-interest that always pays in the long run is too easy. While reputation can be a valuable asset, not being tied to a particular code of ethics has an option value. Th e need for widespread laws and regulations that restrict behavior conf irms this. Being ethical may cost-it is still worth pursuing if we bel ieve in goals that transcend shareholder value.