Discuss the concept of ethical leadership and its impact on organizational effectiveness and employee engagement. Analyze the characteristics and behaviors of ethical leaders, highlighting the importance of integrity, transparency, and accountability in fostering a culture of trust and ethical decision-making within an organization. Explore the role of ethical leadership in driving sustainable business practices, managing stakeholder relationships, and mitigating risks associated with ethical dilemmas. Additionally, evaluate the challenges faced by leaders in maintaining ethical standards amidst diverse global business environments, emphasizing strategies to cultivate and sustain ethical leadership practices across different organizational levels and cultures.