The most common and most likely answer to this crossword clue is the 8 letter word MORALITY
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The straight part
We know that "ethical conduct" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case ethical conduct = morality.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does MORALITY mean?
MORALITY noun- Recognition of the distinction between good and evil or between right and wrong; respect for and obedience to the rules of right conduct; the mental disposition or characteristic of behaving in a manner intended to produce morally good results.
- A set of social rules, customs, traditions, beliefs, or practices which specify proper, acceptable forms of conduct.
- A set of personal guiding principles for conduct or a general notion of how to behave, whether respectable or not.
- A lesson or pronouncement which contains advice about proper behavior.
- A morality play.
- Moral philosophy, the branch of philosophy which studies the grounds and nature of rightness, wrongness, good, and evil.
- A particular theory concerning the grounds and nature of rightness, wrongness, good, and evil.