Impact of Ethical Procurement Practices in Enhancing Corporate Reputation and Stakeholder Trust in Canada

Abigail Amelia ()

Global Journal of Purchasing and Procurement Management, 2024, vol. 3, issue 2, 45 - 55

Abstract: Purpose: The aim of the study was to examine the Impact of ethical procurement practices in enhancing corporate reputation and stakeholder trust in Canada Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: The study found that companies in Canada that adopt ethical procurement practices are socially responsible, which greatly enhances their reputation among consumers, investors, and the broader community. This positive perception is critical in a market where stakeholders are increasingly vigilant about corporate ethics. Moreover, ethical procurement practices foster trust among stakeholders, including suppliers, customers, employees, and regulatory bodies. By ensuring transparency and fairness in their procurement processes, companies can build stronger, more reliable relationships with their suppliers, leading to more stable and resilient supply chains. Additionally, consumers are more likely to remain loyal to brands that demonstrate a commitment to ethical sourcing, which can lead to increased market share and profitability. Unique Contribution to Theory, Practice and Policy: Stakeholder Theory, Institutional Theory & Institutional Theory may be used to anchor future studies on Impact of ethical procurement practices in enhancing corporate reputation and stakeholder trust in Canada. Implement integrated ethical frameworks that incorporate procurement strategies aligned with sustainability, diversity, and social responsibility goals. Organizations can enhance practice by embedding ethical considerations into supply chain management processes and supplier relationships. Foster proactive stakeholder engagement to communicate ethical procurement initiatives transparently. This practice not only builds trust but also aligns organizational values with stakeholder expectations, enhancing reputation and credibility. Advocate for policies that promote ethical procurement standards and incentivize businesses to adopt transparent and accountable sourcing practices. Clear regulatory frameworks can provide guidance and support for organizations seeking to integrate ethical considerations into their procurement policies.

Keywords: Ethical Procurement Practices; Corporate Reputation; Stakeholder Trust (search for similar items in EconPapers)
Date: 2024
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