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Question: Discuss About The Employee Voice And Psychological Ownership? Answer: Introduction The present assignment analyzes about the importance of ethical leadership in business. Ethical leadership has huge significance in business as its leads to strategic as well as financial success of the organizations (Avey, Wernsing and Palanski 2012). This study also evaluates on the changing dynamics of the global business from developed to developing countries. The impact of these dynamics on the ethical standards is also analyzed in this assignment. The process of establishing ethical standards for avoiding corruption and supporting corporate social responsibility (CSR) in emerging market is also assessed in this assignment. The standards that should prevail when moral business conducts standards create conflict across borders. The study also analyses about how the leaders in the organization create and maintain organizational standards of business practice that are ethical as well as moral. Changing dynamics of global business from developed to developing nations and its impact on ethical standards For the last few decades, there has been huge change in dynamics of the global business environment owing to advancement of new technology, ethical practices, cultural as well as political ideologies, emerging markets etc. This in turn have huge impact on the various aspects of ethical standards in the business. Recent evidences reflects that some of the business organizations integrates unethical business practices as they faces huge difficulties in meeting with the changing global environment. The unethical practices adopted by the global business organizations includes exploitation of workers, loopholes in tax, corruptions etc. The violation of ethical standards by the global business adversely impacts on their efficiency, profitability and reputation (Hartman, DesJardins, and MacDonald 2014). Furthermore, social media along with smart technologies works together to counteract these unethical practices. However, the business operating in both developed and developing countries ad just their management styles as well as strategies in order to achieve success in competitive business environment. In fact, the investors as well as consumers take into account the organizational practices while making the decision regarding investment of funds and purchase of goods. For example, some of the multinational companies such as Walmart have been alleged with scandals relating to bribery and corruption due to change in global environment, which in turn adversely impacts on their financial performance. Assessing the procedure of establishing ethical standards to avoid corruption and support CSR The procedures of establishing ethical standards to avoid corruption are illustrated below: The organizations should set up proper rationale in order to corruption. Setting up corporate governance framework will help to mitigate the risk of corruption. Certain risk areas of corruption including public procurement should be properly examined and adoption of transparent model will aid to prevent corruption at each levels of business. The companies should step up enforcement or integrity framework through effectual international cooperation. They should properly utilize data analytics as it helps in extracting, analyzing and interpreting data and also detect corruption. CSR refers to the responsibility of companies for the effect of their activities as well as decisions on society and environment. Integration of ethical standards also helps the organizations to support CSR while doing business in the emerging markets (Hartman, DesJardins and MacDonald 2014). However, the business integrating processes like corporate strategy, governance and business procedure redesign aids to reconcile with ethicality while doing business in the emerging markets. Additionally, CSR with proper ethical standard also facilitates to reduce adverse impact that is caused through business operations (Yukl 2013). It also facilitates to increase positive contributions through anti- bribery as well as anti- corruption measures, transparency in reporting, accountability, employees volunteering etc. Standards prevailing when moral business conducting standards creates conflict across borders Several organizations around the globe divide their employees into different levels in order to conduct ethical standards in business. As the employees operating in different layers have varied culture of compliance, the company needs to concentrate on administering compliance in several sections. In addition, the employees at different layers should have proper communication among themselves for making compliance culture exist within business. In fact, leaders also plays vital role in maintaining standards when moral business conducting these standards creates conflicts across borders. They motivate the employees working at lower levels to conduct ethical practice before adhering to higher rankings (Yidong and Xinxin 2013). Western practices apt to portray domestic nation standards as more restrictive than lower standards of the emerging markets. Leaders creating and maintaining companys standards of business practice that is ethical and moral The ethics applied by leaders in the company to manage employees impacts on their moral as well as loyalty. The code of ethics used by the leaders mainly determines disciplinary procedures as well as acceptable behavior for the employees in organizations. The leaders having high ethical standards motivate employees in the company to meet the same level. In addition, the actions of ethical leadership are mainly concerned with creation of ethical institutions and resolving specific ethical dilemmas in leadership (Eisenbei and Giessner 2012). The leaders also negotiate various ethical concerns for remaining competitive in the global business environment. If I were the leader in the organization that operates in both developed as well as emerging markets, personal and organizational standards of business practices that are ethical as well as morale can be created through- Ethical Quality- Several tools will be used for ensuring quality of product and customer service. These tools includes- adoption of six sigma, lean supply chain management etc. Ethical communication- Proper communication will be developed for helping the employees convey truthful information regarding business operations(Yukl et al. 2013). Ethical succession planning- Strong operational procedures and companys standards will be established for the succession planning. Ethical collaboration-All the leaders including myself will collaborate with advisors for incorporating best practices and address issues facing the company. Conclusion Ethical leadership in business helps to improve credibility as well as reputation of the organization by accentuating ethical decisions, ideas, behaviors and boundaries. They also helps to reduce liability in business, assure high quality service to customers, prevents corruption and administrative errors and helps their workers in making good decisions. Moreover, development of principles relating to ethical leadership should also address care of environment and sustainability principles for attaining good reputation in competitive marketplace. References Avey, J.B., Wernsing, T.S. and Palanski, M.E., 2012. Exploring the process of ethical leadership: The mediating role of employee voice and psychological ownership.Journal of Business Ethics,107(1), pp.21-34. Eisenbei, S.A. and Giessner, S.R., 2012. The emergence and maintenance of ethical leadership in organizations.Journal of Personnel Psychology. Hartman, L.P., DesJardins, J.R. and MacDonald, C., 2014.Business ethics: Decision making for personal integrity and social responsibility. New York: McGraw-Hill. Monahan, K., 2012. A review of the literature concerning ethical leadership in organizations.Emerging leadership journeys,5(1), pp.56-66 Voegtlin, C., Patzer, M. and Scherer, A.G., 2012. Responsible leadership in global business: A new approach to leadership and its multi-level outcomes.Journal of Business Ethics,105(1), pp.1-16. Yidong, T. and Xinxin, L., 2013. How ethical leadership influence employees innovative work behavior: A perspective of intrinsic motivation.Journal of Business Ethics,116(2), pp.441-455. Yukl, G., Mahsud, R., Hassan, S. and Prussia, G.E., 2013. An improved measure of ethical leadership.Journal of leadership organizational studies,20(1), pp.38-48. Yukl, G.A., 2013.Leadership in organizations. Pearson Education India.