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Vol.15, No.3, August 2026. ISSN: 2217-8309 eISSN: 2217-8333
TEM Journal
TECHNOLOGY, EDUCATION, MANAGEMENT, INFORMATICS Association for Information Communication Technology Education and Science |
Ethical Principles in Corporative Operation: The Case of Macedonian Joint Stock Companies
Violeta Gligorovski, Emilija Gjorgjioska, Aneta Risteska-Jankuloska, Nikola Dimeski
© 2026 Violeta Gligorovski, published by UIKTEN. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License. (CC BY-NC-ND 4.0)
Citation Information: TEM Journal. Volume 15, Issue 3, Pages 2520-2527, ISSN 2217-8309, DOI: 10.18421/TEM153-41, August 2026.
Received: 01 September 2025.
Abstract:
The objective of this paper is to explain the concept of business ethics, when the managers are making decisions. The central research problem in this paper is how managers in companies behave ethically towards other stakeholders when making business decisions. It will also be considered how professional the managers are in their decisions, whether they have ethical dilemmas in making them or not. In addition, it provides a theoretical explanation of the four principles managers should apply to business decision-making. The authors will explain four cognitive prejudices when it comes to business decisions: How these decisions are legally regulated and how much the law protects stakeholders from the manager’s business decisions. How do the Macedonian joint stock companies whose shares are listed on the Macedonian Stock Exchange regulate the ethical conduct of the companies’ managers? Have they adopted a Code of Ethics for managers, and do they have a specialised system for observing and implementing ethical standards? The main findings of the research highlight that corporate ethics in Macedonian joint stock companies have been encouraged by adopting the corporate governance code. Implementing the obligation to adopt and publish the Code of Ethics is not satisfactory. Even more, the number of codes that regulate good managerial conduct and the number of companies that have established a system for monitoring the process of practical implementation of the codes is minor. Based on the research results, the authors will propose recommendations that, if adopted, shall increase the level of ethical culture among Macedonian joint stock companies.
Keywords – Code of Ethics, managers, legal framework, joint stock companies, corporate governance code. |
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