The ethical issues in business are of great relevance today. The last decade has witnessed a number of scandals and controversies related to the ethical aspects of the business, with specific links to accounting. These scandals have resulted in increased focus and concentration on ethics, especially those relating to accounting. Corporate governance has become a buzzword among the corporate circles with particular emphasis on shareholder value analysis. Value-Based Management and shareholder's value maximization have become important objectives for firms. Credit Rating Information Services of India Limited (CRISIL) has designed an innovative model to assess the various corporate governance practices involving governance and stakeholder value creation. Organizations are being ranked by CRISIL on the basis of measures taken by them for stakeholder value creation with specific emphasis on shareholders' value creation. This article traces the various aspects of shareholder value creation with specific analysis of CRISIL's market initiative in this regard.

Ethical behavior and ethical business philosophy have become important aspects of contemporary business environment. This is one concept which modern day entrepreneurs and corporate world have abandoned in the quest for profits, success and glory. Crisis concerning questionable ethical and illegal business practices by organizations, societies and individuals have become a common feature and regular news headlines. The accounting controversies surrounding companies such as, US-based Enron Creditors Recovery Corp., US telecoms giant WorldCom, and New York-based Martha Stewart Living Omnimedia Inc., a leading lifestyle expert have spurred the watchful eyes of the public. These scandals have resulted in an increased focus and concentration on ethics especially in accounting.

In its broadest connotation ethics provide, the basic rules or parameters for conducting any activity, in an acceptable manner. Henderson, and Verne E, (1982) believes that business ethics represent a set of principles prescribing a behavioral code that explains what is good/right or bad/wrong. Ethics may in addition, outline moral duty and obligation.

Global CEO Magazine, Corporate Governance, Credit Rating Information Services of India Limited, CRISIL, Business Environment, Decision-Making Process, Value-Based Management, VBM, Wealth Management, Value Creation Rating , GVC.