The Scottish Government is calling on firms to commit to paying suppliers on time as part of its Scottish Business Pledge initiative.
The pledge includes nine principles, such as paying the living wage, community involvement and setting standards on zero hours contracts.
Under the initiative companies signing the pledge need to state that they pay the living wage and meet at least two of the other principles, which include innovation, internationalisation, gender equality, opportunities for young people and workforce engagement.
During a launch event Scotland's first minister Nicola Sturgeon said: “The principle of the pledge is straightforward. It enshrines the idea that just as government will work with business to create a prosperous and strong economy, so too will business play a part in delivering a flourishing and fair society.
It encourages companies to take further steps which will benefit their employees, their local communities and their own bottom line.”
Heart of Midlothian Football Club was the first business to sign up to the pledge, and other early signatories include GSK, Virgin Money, Agenor, Hymans Robertson, Strata Cleaning and LogicNow.
The business pledge builds on Scotland’s existing Fair Work Convention and the Living Wage Accreditation Scheme.
Sturgeon said: “Essentially, our economic strategy sets out a vision of an economy based on innovation rather than insecurity; high skills, not low wages; enhanced productivity instead of reduced job security. We want to climb the global competitiveness rankings on quality, rather than racing to the bottom on costs.”