The practice of ethical management has gained traction due to its role in enhancing stakeholder relations, which can have severe repercussions for organisations. By prioritising ethics, companies not only uphold moral principles but also gain a competitive advantage. This is particularly true in societies that value socially responsible business and give preference to companies that go beyond the requirements of the law. Understanding the significance of ethical management practices is therefore becoming key to creating a responsible and sustainable business environment that benefits both an organisation and its stakeholders, such as employees, consumers and society. The purpose of this article is to present a comprehensive exploration of the impact of selected aspects of ethical management in Slovak companies with foreign participation on the ethicality of their relationships with stakeholders. By examining a range of factors related to ethical management, the article seeks to identify statistically significant differences among companies with different approaches to managing business ethics. Employing this analysis, the article contributes to the understanding of ethical practices in Slovak companies and provides insights for academics and practitioners of business ethics. The data used for this analysis was collected through an online questionnaire survey, resulting in a sample size of 179 monitored subjects, all of whom are Slovak companies with foreign participation. The research design included two groups of factors: “general factors of business ethics” or “ethical management approaches” and “ethicality of company-stakeholder relationships.” The statistical analysis included the Shapiro-Wilk normality test, followed by the non-parametric Kruskal-Wallis H test, and post hoc analysis using the Bonferroni adjustment for previously identified significances. The results of the research presented in the article indicate a predominantly positive ethical stance towards employees, suppliers, customers and other stakeholders among Slovak companies. Statistically significant differences were found in the levels of ethicality in relation to legal form, with limited liability and joint-stock companies showing different perceptions towards supplier ethics. The research also proves that an ethical organisational climate is a major determinant of the ethicality of Slovak companies and suggests that a robust integration of ethics into strategic planning significantly improves their stakeholder relations. It can also be concluded that the scope of a code of ethics is particularly significant for community relations, whereas the frequency with which it is updated has less impact. This research holds significant value because it explores the impact of ethical management practices on stakeholder relations and ethical issues in Slovak companies with foreign participation. By focusing on the specific context of Slovak companies, the research offers unique insights into the relationship between ethical management factors and stakeholder dynamics. This research aims to bridge a gap by shedding light on the intricate dynamics between ethical management and stakeholder relations. The findings provide valuable guidance to organisational leaders, policymakers and stakeholders in fostering ethical behaviour and mitigating ethical risks within companies.

Al Halbusi, H., Ruiz-Palomino, P., Jimenez-Estevez, P., & Gutiérrez-Broncano, S. (2021). How upper/middle managers’ ethical leadership activates employee ethical behavior? The role of organizational justice perceptions among employees. Frontiers in Psychology, 12, 652471.

Al Halbusi, H., Williams, K. A., Ramayah, T., et al. (2021). Linking ethical leadership and ethical climate to employees’ ethical behavior: the moderating role of person–organization fit. Personnel Review, 50(1), 159-185.

Angonga C. M., Florah O. M. (2019) A. theoretical Account of Human Resource Management Practices, Ethical Work Climate and Employee Ethical Behavior: A Critical Literature Review. Business Management Dynamics, 9(4), 1-8.

Antoniuk, L., Britchenko, I., Polishchuk, Y., et al. (2018). Code of ethics for SMEs: Substantiating the necessity and willingness to implement in Ukraine. Problems and perspectives in management, 16(3), 150-162.

Belás J., Khan K.A., Maroušek J., Rozsa Z. (2020). Perceptions of the importance of business ethics in SMEs: A comparative study of Czech and Slovak entrepreneurs. Ethics & Bioethics, 10(1-2), 96-106. https://doi.org/10.2478/ebce-2020-0010

Behera, R. K., Bala, P. K. (2023). Unethical use of information access and analytics in B2B service organisations: The dark side of behavioural loyalty. Industrial Marketing Management, 109, 14-31. https://doi.org/10.1016/j.indmarman.2022.12.006

Bowie, N. E. (2020). Business ethics. In New Directions in Ethics. Routledge. pp. 158-172.

Breckova P. (2016) Family business in the Czech Republic. European Research Studies Journal, 19(4), 3-16.

Carson, T. L. (2003). Self–interest and business ethics: Some lessons of the recent corporate scandals. Journal of Business Ethics, 43, 389-394.

Chapple W., Moon, J. (2005). Corporate Social Rwsponsibility (CSR) in Asia: A seven-Country Study of CSR Web Site Reporting. Sage Journals, 44(4), 415-441. https://doi.org/10.1177/0007650305281658

Cory, J. (2001). Business ethics: the ethical revolution of minority shareholders. Springer Science & Business Media.

Costea, F., Taran, A. M., & Lobont, O. R. (2022). Scientific Contextualization of the Public Policy and Entrepreneurship Nexus. Ovidius University Annals, Economic Sciences Series, 22(1), 844-853.

Crăciun, A. F., Răcătăian, R. I., Țăran, A. M., & Moldovan, N. C. (2023). Is There any Obvious Relationship Between Taxation and Economic Growth?. Studies in Business and Economics, 18(1), 69-89.

Cragg, W. (1997). Teaching business ethics: The role of ethics in business and in business education. Journal of Business Ethics, 16, 231-245. https://doi.org/10.1023/a:1017974908203

Dahmash, F. N. (2015). Size effect on company profitability: Evidence from Jordan. International Journal of Business and Management, 10(2), 58.

DeTienne, K. B., Ellertson, C. F., Ingerson, M. C., et al. (2021). Moral Development in Business Ethics: An Examination and Critique. Journal of Business Ethics, 170(6), 429–448 (2021). https://doi.org/10.1007/s10551-019-04351-0

Dickson, M. W., Smith, D. B., Grojean, M. W., & Ehrhart, M. (2001). An organizational climate regarding ethics: The outcome of leader values and the practices that reflect them. The leadership quarterly, 12(2), 197-217. https://doi.org/10.1016/s1048-9843(01)00069-8

Doyduk, H. B. B. (2018) Business Ethics, Marketing Ethics, Consumer Ethics, Sustainable Consumption and Corporate Social Responsibility in Turkey. In: Ozturkcan, S., Okan, E. Y. (editors). Marketing Management in Turkey (Marketing in Emerging Markets), Emerald Publishing Limited, Bingley, pp. 29-47. https://doi.org/10.1108/978-1-78714-557-320181004

Epstein, E. M. (1987). The corporate social policy process: Beyond business ethics, corporate social responsibility, and corporate social responsiveness. California Management Review, 29(3), 99-114. https://doi.org/10.2307/41165254

Erdem, E., & Tugcu, C. T. (2015). Business ethics and economic growth: An empirical analysis for Turkish economy. In DIEM: Dubrovnik International Economic Meeting. Sveučilište u Dubrovniku. 2(1), 49-56.

Freeman, R. E., Harrison, J. S., Wicks, A. C., et al. (2010). Stakeholder theory: The state of the art.

Fukushima, K., & Yamada A. (2023). Does budget target setting lead managers to engage in unethical behavior for the organization? The British Accounting Review, 101218. https://doi.org/10.1016/j.bar.2023.101218

Goworek, H. (2011). Social and environmental sustainability in the clothing industry: A case study of a fair trade retailer. Social Responsibility Journal, 7(1), 74-86. doi: 10.1108/17471111111114558

Guo, K. (2022). The Relationship Between Ethical Leadership and Employee Job Satisfaction: The Mediating Role of Media Richness and Perceived Organizational Transparency. Frontiers in Psychology, 13, 885515.

Hąbek, P., Sujová, E., & Čierna, H. (2018). Comparative analysis of CSR reporting practices in Poland and Slovakia. Zeszyty Naukowe. Organizacja i Zarządzanie/Politechnika Śląska.

Hrubi, F. R. (1996). FOCUS: Business Ethics in Austria. Business Ethics, the Environment & Responsibility, 5(1), 27-32. https://doi.org/10.1111/j.1467-8608.1996.tb00129.x

Iglesias, O., Markovic, S., Singh, J. J., & Sierra, V. (2019). Do customer perceptions of corporate services brand ethicality improve brand equity? Considering the roles of brand heritage, brand image, and recognition benefits. Journal of business ethics, 154, 441-459. https://doi.org/10.1007/s10551-017-3455-0

Indrianingsih, I., & Agustina, L. (2020). The Effect of Company Size, Financial Performance, and Corporate Governance on the Disclosure of Sustainability Report. Accounting Analysis Journal, 9(2), 116-122. https://doi.org/10.15294/aaj.v9i2.31177

Jain, A., Kansal, M., Joshi, M. (2021). New development: Corporate philanthropy to mandatory corporate social reponsibility (CSR)—A new law for India. Public Money & Management, 41(3), 276–278. https://doi.org/10.1080/09540962.2020.1714280

Javed, M. K., Degong, M., & Qadeer, T. (2019). Relation between Chinese consumers’ ethical perceptions and purchase intentions: A perspective on ethical company/brand management strategies. Asia Pacific Journal of Marketing and Logistics, 31(3), 670-690. https://doi.org/10.1108/apjml-10-2017-0254

Jha, J. K., & Singh, M. (2019). Exploring the mechanisms of influence of ethical leadership on employment relations. IIMB Management Review, 31(4), 385–395. https://doi.org/10.1016/j.iimb.2019.07.010

Joyner, B. E., & Payne, D. (2002). Evolution and implementation: A study of values, business ethics and corporate social responsibility. Journal of Business Ethics, 41(4), 297–311. https://doi.org/10.1023/a:1021237420663

Kaptein, M., & Wempe, J. (1998). Twelve Gordian knots when developing an organizational code of ethics. Journal of Business Ethics, 17(8), 853–869. https://doi.org/10.1023/a:1005792522046

Kilcullen, M., & Ohles Kooistra, J. (1999). At least do no harm: sources on the changing role of business ethics and corporate social responsibility. Reference services review, 27(2), 158-178. https://doi.org/10.1108/00907329910275150

Kozakova, J. (2021). Factors Affecting COVID 19—Related CSR Activities of Slovak Companies. SHS Web of Conferences, 129, 07002. https://doi.org/10.1051/shsconf/202112907002

Kruskal, W. H., & Wallis, W. A. (1952). Use of Ranks in One-Criterion Variance Analysis. Journal of the American Statistical Association, 47(260), 583–621. https://doi.org/10.1080/01621459.1952.10483441

Lashley, C. (2016) Business ethics and sustainability. Research in Hospitality Management, 6(1), 1-7. http://dx.doi.org/10.2989/RHM.2016.6.1.1.1289

Lee, S., Lee, D. K. (2018). What is the proper way to apply the multiple comparison test? Korean Journal of Anaesthesiology, 71(5), 353. https://doi.org/10.4097/kja.d.18.00242

Lepoutre, J., & Heene, A. (2006). Investigating the Impact of Firm Size on Small Business Social Responsibility: A Critical Review. Journal of Business Ethics, 67(3), 257–273. https://doi.org/10.1007/s10551-006-9183-5

Liu, Z., Liao, H., & Liu, Y. (2020). For the sake of my family: Understanding unethical pro‐family behavior in the workplace. Journal of Organizational Behavior, 41(7), 638–662. Portico. https://doi.org/10.1002/job.2463

Lobont, O. R., Țaran, A. M., & Costea, F. (2020). E-Government Research Still Matter? A Bibliometric Analysis. Annals of the University Dunarea de Jos of Galati: Fascicle: I, Economics & Applied Informatics, 26(2).

Löhr, A. (2022). Business Ethics in Europa. Handbuch Wirtschaftsethik, 347–354. https://doi.org/10.1007/978-3-476-05806-5_32

Markovic, S., Iglesias, O., Singh, J. J., & Sierra, V. (2018). How does the perceived ethicality of corporate services brands influence loyalty and positive word-of-mouth? Analyzing the roles of empathy, affective commitment, and perceived quality. Journal of Business Ethics, 148(4), 721–740. https://doi.org/10.1007/s10551-015-2985-6

McLeod, M. S., Payne, G. T., & Evert, R. E. (2014). Organizational Ethics Research: A Systematic Review of Methods and Analytical Techniques. Journal of Business Ethics, 134(3), 429–443. https://doi.org/10.1007/s10551-014-2436-9

Meiland, F., Innes, A., Mountain, G., et al. (2017). Technologies to support community-dwelling persons with dementia: a position paper on issues regarding development, usability, effectiveness and cost-effectiveness, deployment, and ethics. JMIR rehabilitation and assistive technologies, 4(1), e1. https://doi.org/10.2196/rehab.6376

Metwally, D., Ruiz-Palomino, P., Metwally, M., & Gartzia, L. (2019). How Ethical Leadership Shapes Employees’ Readiness to Change: The Mediating Role of an Organizational Culture of Effectiveness. Frontiers in Psychology, 10. https://doi.org/10.3389/fpsyg.2019.02493

Mills, A., Tereskerz, P., & Davis, W. (2005). Is evaluating ethics consultation on the basis of cost a good idea? Cambridge Quarterly of Healthcare ethics, 14(01). https://doi.org/10.1017/s0963180105050073

Morris, M. H., Schindehutte, M., Walton, J., & Allen, J. (2002). The Ethical Context of Entrepreneurship: Proposing and Testing a Developmental Framework. Journal of Business Ethics, 40, 331–361, https://doi.org/10.1023/A:1020822329030

Newman, A., Round, H., Bhattacharya, S., & Roy, A. (2017). Ethical Climates in Organizations: A Review and Research Agenda. Business Ethics Quarterly, 27(4), 475–512. https://doi.org/10.1017/beq.2017.23

Olafson, L., Schraw, G., Nadelson, L., et al. (2013). Exploring the Judgment–Action Gap: College Students and Academic Dishonesty. Ethics & Behavior, 23(2), 148–162. https://doi.org/10.1080/10508422.2012.714247

Ramsden, J. J., & Kiss-Haypál, Gy. (2000). Company size distribution in different countries. Physica A: Statistical Mechanics and Its Applications, 277(1–2), 220–227. https://doi.org/10.1016/s0378-4371(99)00572-5

Remišová A., Lašáková A. (2018). On NGOs’ Role in the Development of Business Ethics in Slovakia. Athens Journal of Business & Economics, 4(4), 389–404. https://doi.org/10.30958/ajbe.4-4-3

Remisova, A., Stankovicova, I., & Procházková, L. (2021). Specifics of ethics program application: company-size based analysis: On the example of Slovakia. Scientific Notes of the Russian Academy of Entrepreneurship, 20(1), 152–171. https://doi.org/10.24182/2073-6258-2021-20-1-152-171

Robertson, C. J., Blevins, D. P., & Duffy, T. (2012). A Five-Year Review, Update, and Assessment of Ethics and Governance in Strategic Management Journal. Journal of Business Ethics, 117(1), 85–91. https://doi.org/10.1007/s10551-012-1511-3

Robideaux, D. R., Miles, M. P., & White, J. B. (1993). Codes of ethics and firm size: A stakeholder approach to strategic planning. International Journal of Value-Based Management, 6(1), 49–60. https://doi.org/10.1007/bf02911341

Rudyanto, A., & Pirzada, K. (2021). The role of sustainability reporting in shareholder perception of tax avoidance. Social Responsibility Journal, 17(5), 669-685. https://doi.org/10.1108/srj-01-2020-0022

Savov, R., Lančarič, D., & Kozáková, J. (2020). Size of the company as the main determinant of talent management in Slovakia. Journal of Risk and Financial Management, 13(3), 50. https://doi.org/10.3390/jrfm13030050

Schminke, M., Arnaud, A., Kuenzi, M. (2007). The power of ethical work climates. Organizational Dynamics, 36(2), 171-186. doi: 10.1016/j.orgdyn.2007.03.005

Shahriari, M., & Diken, A. (2016). Business Ethics, Decision and Cost Relations. In Ethical and Social Perspectives on Global Business Interaction in Emerging Markets. IGI Global. 165–185. https://doi.org/10.4018/978-1-4666-9864-2.ch010

Shapiro, S. S., Francia, R. S. (1972). An approximate analysis of variance test for normality. Journal of the American statistical Association, 67(337), 215-216.

Sierra, V., Iglesias, O., Markovic, S., & Singh, J. J. (2017). Does ethical image build equity in corporate services brands? The influence of customer perceived ethicality on affect, perceived quality, and equity. Journal of Business Ethics, 144, 661-676. https://doi.org/10.1007/s10551-015-2855-2

Singh, J. J., Iglesias, O., & Batista-Foguet, J. M. (2012). Does having an ethical brand matter? The influence of consumer perceived ethicality on trust, affect and loyalty. Journal of business ethics, 111, 541-549. https://doi.org/10.1007/s10551-012-1216-7

Soutar, G. N., McNeil, M., & Molster, C. (1995). A management perspective on business ethics. Journal of Business Ethics, 14(8), 603–611. https://doi.org/10.1007/bf00871342

Spence, L. J. (1999). Does size matter? The state of the art in small business ethics. Business ethics: A European review, 8(3), 163-174. https://doi.org/10.1111/1467-8608.00144

Steurer, R. (2010). The role of governments in corporate social responsibility: Characterising public policies on CSR in Europe. Policy Sci., 43, pp. 49–79. https://doi.org/10.1007/s11077-009-9084-4

Szilágyi, R. (2016). Ethics Codes of The Hungarian Top 200 Companies. European Scientific Journal, 12(13), 402-416. http://dx.doi.org/10.19044/esj.2016.v12n13p402

Torelli, R., Balluchi, F., & Lazzini, A. (2020). Greenwashing and environmental communication: Effects on stakeholders’ perceptions. Business strategy and the Environment, 29(2), 407-421. https://doi.org/10.1002/bse.2373

Tsalikis, J., & Fritzsche, D. J. (2012). Business Ethics: A Literature Review with a Focus on Marketing Ethics. Citation Classics from the Journal of Business Ethics, 337–404. https://doi.org/10.1007/978-94-007-4126-3_17

Tseng, T. Y. (2020). Corruption and Economic Growth: The Effects of Business Ethics. NTU Management Review, 30(1), 103-130.

Utami S. (2015) The influence of customers’ trust on customer loyalty. International Journal of Economics, Commerce and Management, 3(6), 638-653.

Uecker-Mercado, H., & Walker, M. (2012). The value of environmental social responsibility to facility managers: Revealing the perceptions and motives for adopting ESR. Journal of Business Ethics, 110(3), 269–284. https://doi.org/10.1007/s10551-011-1153-x

Ugoani J. (2019) Business Ethics and Its Effect on Organizational Sustainability. Global Journal of Social Sciences Studies, , 5(2), 119–131. https://doi.org/10.20448/807.5.2.119.131

Velasquez, M. G. (2018). Business ethics: Concepts and cases. Pearson.

Verma, P., & Raghubanshi, A. S. (2018). Urban sustainability indicators: Challenges and opportunities. Ecological Indicators, 93, 282–291. https://doi.org/10.1016/j.ecolind.2018.05.007

Waddock, S. A., Bodwell, C., & Graves, S. B. (2002). Responsibility: The new business imperative. Academy of Management Perspectives, 16(2), 132–148. https://doi.org/10.5465/ame.2002.7173581

Waheed, A., & Zhang, Q. (2020). Effect of CSR and Ethical Practices on Sustainable Competitive Performance: A Case of Emerging Markets from Stakeholder Theory Perspective. Journal of Business Ethics, 175(4), 837–855. https://doi.org/10.1007/s10551-020-04679-y

Wapstra, A. H., Audi, G., & Thibault, C. (2003). The Ame2003 atomic mass evaluation. Nuclear Physics A, 729(1), 129–336. https://doi.org/10.1016/j.nuclphysa.2003.11.002

Weaver, G. R. (2004). Ethics and employees: Making the connection. Academy of Management Perspectives, 18(2), 121-125. https://doi.org/10.5465/ame.2004.13836241

Wotruba, T. R., Chonko, L. B., & Loe, T. W. (2001). The impact of ethics code familiarity on manager behavior. Journal of Business Ethics, 33, 59-69.

Yuan, B., & Cao, X. (2022). Do corporate social responsibility practices contribute to green innovation? The mediating role of green dynamic capability. Technology in Society, 68, 101868.

Zadroga A. (2017). Business Ethics in Poland: A metatheoretical analysis. Journal: Annales. Etyka w Życiu Gospodarczym, 20(8), 19-32.

Zsigmond, T., Machová, R., & Korcsmáros, E. (2021). The ethics and factors influencing employees working in the Slovak SME sector. Acta Polytechnica Hungarica, 18(11), 171-190.