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Business ethics, from the start of the 21st century, has got attention among business communities. Globalization and workforce diversity have further extended this phenomenon and presently it is considered a part of the organization’s vision and mission statement. However, business ethics are not even practiced properly worldwide, especially in developing countries. Moreover, the present situation of the outbreak of the COVID-19 pandemic has deteriorated the situation. Despite ethical theories, nothing else can justify business ethics, especially employee treatment in this pandemic situation. This paper aims to synthesize, compare and discuss the ethical theories in detail and tries to know whether these theories are enough to properly explain the business ethical issues that emerge due to globalization and the pandemic or not. The paper used the theory synthesis technique. Our discussion revealed that not a single theory can properly explain all the ethical issues and dimensions that emerged due to globalization and the COVID-19 pandemic disruption. Further, this paper suggests different aspects to formulate the new ethical dimensions that could explain all ethical dimensions and issues in all situations. This paper provides practical implications to corporate social responsibility and business ethic specialists to formulate new more precise dimensions in explaining ethical issues.