In today's business world the importance and ethical behaviour issues are becoming increasingly apparent. Neglect of ethics is a major problem that often has long-term consequences. Apart from neglecting ethics and ethical behaviour completely, there is also problem with exceptional situations where ethical decision making is in the second plan. Managers are the ones who have the greatest responsibility when decision making and the presence of ethics in business are about. Ethical decision making is not simple at all because such decision making is conditioned by numerous facts and factors that managers should, in some way, take into account when deciding. Additionally, managers should also think of the satisfaction of all stakeholders, including their own employees, and there is also importance of socially responsible behaviour. In such complex environment, full of interaction and indirect links, making the right decision at the right time is not easy at all. This paper presents and explains ethical approaches, ethical norms, codex that can help managers in decision making. It is also explained how managers can learn to avoid ethically dangerous zones. For this reason, this paper explains the impact of managerial ethics on the quality of decision making process, the impact of the same managerial ethics on the employee satisfaction, and the link between employee satisfaction and company efficiency as well. The aim of the paper was to find out whether there is a correlation between mentioned variables and whether that correlation is significant for the long-term success of the company. The research results obtained with the questionnaire survey showed that there is very dtrong correlation between managerial ethics and the quality of the decision making, very strong correlation between managerial ethics and employee satisfaction and a very strong correlation between employee satisfaction and business efficiency. The results obtained by the research are very important because they point to the direct connection of very important variables, and the linkage is quite neglected in the observed company. This paper is very good foundation for possible similar, more detailed researches because it is certainly actual topic that has long-term consequences.