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Ethics in Finance

Blackwell (2008)

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  1. Ethics in Finance Research: Recommendations From an Academic Experts Delphi Panel.Leire San-Jose & Jose Luis Retolaza - 2018 - Journal of Academic Ethics 16 (1):19-38.
    This paper examines the flow of thoughts on ethics in finance both from academic experts and from published contributions that constitute an alternative view of the financial field from an ethical point of view. A Delphi method was used to achieve consensus about the perceptions and opinions academic experts hold about ethics in financial matters and in the research agenda. This approach permits the early detection of emerging lines, narrowing the research line and shortening subject selection time. An active research (...)
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  • Philosophy of Money and Finance.Boudewijn De Bruin, Lisa Maria Herzog, Martin O'Neill & Joakim Sandberg - 2018 - In Edward Zalta (ed.), Stanford Encyclopedia of Philosophy. Palo Alto: Metaphysics Research Lab, Stanford University.
  • Enterprises Teach Us in the Post-Enron Era?Joseph Heath - unknown
    This paper raises a challenge for those who assume that corporate social responsibility and good corporate governance naturally go hand-in-hand. The recent spate of corporate scandals in the United States and elsewhere has dramatized, once again, the severity of the agency problems that may arise between managers and shareholders. These scandals remind us that even if we adopt an extremely narrow concept of managerial responsibility – such that we recognize no social responsibility beyond the obligation to maximize shareholder value – (...)
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  • Can a Good Person Be a Good Trader? An Ethical Defense of Financial Trading.David Thunder & Marta Rocchi - 2017 - Journal of Business Ethics 159 (1):89-103.
    In a 2015 article entitled “The Irrelevance of Ethics,” MacIntyre argues that acquiring the moral virtues would undermine someone’s capacity to be a good trader in the financial system and, conversely, that a proper training in the virtues of good trading directly militates against the acquisition of the moral virtues. In this paper, we reconsider MacIntyre’s rather damning indictment of financial trading, arguing that his negative assessment is overstated. The financial system is in fact more internally diverse and dynamic, and (...)
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  • Reassessing the Ethicality of Some Common Financial Practices.Philipp Bagus, Amadeus Gabriel & David Howden - 2016 - Journal of Business Ethics 136 (3):471-480.
    Depositors have perceived banks as acting unethically during the most recent recession. One area of consternation is the ambiguity of the legal obligations entailed by the deposit contract when it is backed with only fractional reserves. In this article, we apply an existing analysis of the legitimacy and ethicality of banking practices to a wider range of financial transactions, including insurance policies, securities lending, perpetual bonds, and callable loans. Securities lending in particular creates rights violations analogous to those in fractional-reserve (...)
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  • Ethics in Entrepreneurial Finance: Exploring Problems in Venture Partner Entry and Exit.Yves Fassin & Will Drover - 2017 - Journal of Business Ethics 140 (4):649-672.
    This research advances our understanding of the manifestation of tensions and ethical issues in entrepreneurial finance. In doing so, we offer an overview of ethics in entrepreneurship and finance, delineating the curious paucity of research at their intersection. Using twelve vignettes, we put forward the asymmetries between entrepreneurs and investors and discuss a set of ethical problems that arise among key actors centring on the dynamics of venture partner entry and exit, applying the multiple-lens ethical perspective to analyse these issues. (...)
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  • Ethical Issues That Arise in Bankruptcy.Jacques Boettcher, Gerald Cavanagh & Min Xu - 2014 - Business and Society Review 119 (4):473-496.
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  • Banks and Discrimination: How Far Can We Go with Competition? A Reply to Block, Snow, and Stringham.Davide Secchi - 2011 - Business and Society Review 116 (1):55-85.
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  • The Uses and Abuses of Agency Theory.Joseph Heath - 2009 - Business Ethics Quarterly 19 (4):497-528.
    The use of agency theory remains highly controversial among business ethicists. While some regard it as an essential tool for analyzing and understanding the recent spate of corporate ethics scandals, others argue that these scandals might not even have occurred had it not been for the widespread teaching of agency theory in business schools. This paper presents a qualified defense of agency theory against these charges, first by identifying the theoretical commitments that are essential to the theory (in order to (...)
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  • The Case for Ethical Non-Compete Agreements: Executives Versus Sandwich-Makers.Lauren E. Aydinliyim - 2022 - Journal of Business Ethics 175 (3):651-668.
    Human capital, the knowledge, skills, and abilities of employees, can be a powerful driver of firm performance, yet the mobility of human capital raises questions over how to protect it. Employee non-compete agreements, which limit an employee’s ability to start or join a rival firm, have received recent attention. While past research considers whether non-competes are effective tools at limiting employee mobility, few have considered if non-competes should be used. Filling this gap, I propose a normative schema for when employee (...)
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  • Bridging the Gap Between Individual and Corporate Responsible Behaviour: Toward a Performative Concept of Corporate Codes.Vincent Blok - 2017 - Philosophy of Management 16 (2):117-136.
    We reflect on the nature of corporate codes of conduct is this article. Based on John Austin’s speech act theory, four characteristics of a performative concept of corporate codes will be introduced: 1) the existential self-performative of the firm identity, 2) which is demanded by and responsive to their stakeholders; 3) Because corporate codes are structurally threatened by the possibility of failure, 4) embracing the code not only consists in actual corporate responsible behaviour in light of the code, but in (...)
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  • On the Ethics of Trade Credit: Understanding Good Payment Practice in the Supply Chain.Christopher J. Cowton & Leire San-Jose - 2017 - Journal of Business Ethics 140 (4):673-685.
    In spite of its commercial importance and signs of clear concern in public policy arenas, trade credit has not been subjected to systematic, extended analysis in the business ethics literature, even where suppliers as a stakeholder group have been considered. This paper makes the case for serious consideration of the ethics of trade credit and explores the issues surrounding slow payment of debts. It discusses trade debt as a kind of promise, but—noting that not all promises are good ones—goes on (...)
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  • Professional Ethics in Banking and the Logic of “Integrated Situations”: Aligning Responsibilities, Recognition, and Incentives.Lisa Herzog - 2019 - Journal of Business Ethics 156 (2):531-543.
    The paper develops a responsibility-based account of professional ethics in banking. From this perspective, bankers have duties not only toward clients—the traditional focus of professional ethics—but also regarding the prevention of systemic harms to whole societies. When trying to fulfill these duties, bankers have to meet three challenges: epistemic challenges, motivational challenges, and a coordination challenge. These challenges can best be met by a combination of regulation and ethics that aligns responsibilities, recognition, and incentives and creates what Parsons has called (...)
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  • Ethics, Finance, and Automation: A Preliminary Survey of Problems in High Frequency Trading. [REVIEW]Michael Davis, Andrew Kumiega & Ben Vliet - 2013 - Science and Engineering Ethics 19 (3):851-874.
    All of finance is now automated, most notably high frequency trading. This paper examines the ethical implications of this fact. As automation is an interdisciplinary endeavor, we argue that the interfaces between the respective disciplines can lead to conflicting ethical perspectives; we also argue that existing disciplinary standards do not pay enough attention to the ethical problems automation generates. Conflicting perspectives undermine the protection those who rely on trading should have. Ethics in finance can be expanded to include organizational and (...)
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  • The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review.Samuel Drempetic, Christian Klein & Bernhard Zwergel - 2020 - Journal of Business Ethics 167 (2):333-360.
    The concept of sustainable and responsible investments expresses that every investment should be based on the SR investor’s code of ethics. To a large extent the allocation of SR investments to more sustainable companies and ethical practices is based on the environmental, social, and corporate governance scores provided by rating agencies. However, a thorough investigation of ESG scores is a neglected topic in the literature. This paper uses Thomson Reuters ASSET4 ESG ratings to analyze the influence of firm size, a (...)
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  • The Power of Speech Acts: Reflections on a Performative Concept of Ethical Oaths in Economics and Business.Vincent Blok - 2013 - Review of Social Economy 71 (2):187-208.
    Ethical oaths for bankers, economists and managers are increasingly seen as successful instruments to ensure more responsible behaviour. In this article, we reflect on the nature of ethical oaths. Based on John Austin's speech act theory and the work of Emmanuel Levinas, we introduce a performative concept of ethical oaths that is characterised by (1) the existential self-performative of the one I want to be, which is (2) demanded by the public context. Because ethical oaths are (3) structurally threatened by (...)
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  • Business Ethics and the 'End of History' in Corporate Law.Joseph Heath - 2011 - Journal of Business Ethics 102 (S1):5-20.
    Henry Hansmann has claimed we have reached the “end of history” in corporate law, organized around the “widespread normative consensus that corporate managers should act exclusively in the economic interests of shareholders.” In this paper, I examine Hansmann’s own argument in support of this view, in order to draw out its implications for some of the traditional concerns of business ethicists about corporate social responsibility. The centerpiece of Hansmann’s argument is the claim that ownership of the firm is most naturally (...)
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  • The Drivers of Responsible Investment: The Case of European Pension Funds. [REVIEW]Riikka Sievänen, Hannu Rita & Bert Scholtens - 2013 - Journal of Business Ethics 117 (1):137-151.
    We investigate what drives responsible investment of European pension funds. Pension funds are institutional investors who assure the income of part of the population for a long period of time. Increasingly, stakeholders hold pension funds accountable for the non-financial consequences of their investments and many funds have engaged in responsible investing. However, it appears that there is a wide difference between pension funds in this respect. We investigate what determines pension funds’ responsible investments on the basis of a survey of (...)
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  • From CSR to Corporate Citizenship: Anglo-American and Continental European Perspectives.Alejo José G. Sison - 2009 - Journal of Business Ethics 89 (S3):235 - 246.
    Beginning with the question of who constitutes the firm, this article seeks to explore the historical evolution of concepts such as corporate social responsibility, corporate accountability, corporate social responsiveness, corporate social performance, stakeholder theory, and corporate citizenship. In close parallel to these changes are differences in interpretation from Anglo—American and Continental European perspectives. The author defends that the ultimate reasons behind these differences are of a philosophical nature, affecting both the anthropology and the political theory dominant in each of these (...)
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  • Corporate Governance, Ethics, and the Backdating of Stock Options.Avshalom M. Adam & Mark S. Schwartz - 2009 - Journal of Business Ethics 85 (S1):225 - 237.
    Backdating of stock options is an example of an agency problem. It has emerged despite all the measures (i.e., new regulations and additional corporate governance mechanisms) aimed at addressing such problems? Beyond such negative controlling measures, a more positive empowering approach based on ethics may also be necessary. What ethical measures need to be taken to address the agency problem? What values and norms should guide the board of directors in protecting the shareholders' interests? To examine these issues, we first (...)
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  • The Maturing of Socially Responsible Investment: A Review of the Developing Link with Corporate Social Responsibility. [REVIEW]Russell Sparkes & Christopher J. Cowton - 2004 - Journal of Business Ethics 52 (1):45-57.
    This paper reviews the development of socially responsible investment (SRI) over recent years and highlights the prospects for an increasingly strong connection with the practice of corporate social responsibility. The paper argues that not only has SRI grown significantly, it has also matured. In particular, it has become an investment philosophy adopted by a growing proportion of large investment institutions. This shift in SRI from margin to mainstream and the position in which institutional investors find themselves is leading to a (...)
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  • Sustainable Corporate Finance.Aloy Soppe - 2004 - Journal of Business Ethics 53 (1-2):213-224.
    This paper presents and illustrates the concept of sustainable corporate finance. Sustainability is a well-established concept in the disciplines of environmental economics and business ethics. The paper uses a broader definition of what is called the firm to pinpoint sustainability to the finance literature. The concept of sustainable finance is compared to traditional and behavioral finance. Four criteria are used to systematically analyze the basic differences. First on the order is the theory of the firm: the definition of the firm (...)
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  • The Sources of Knowledge of the Economic and Social Value in Sport Industry Research: A Co-Citation Analysis.Jose Torres-Pruñonosa, Miquel Angel Plaza-Navas, Francisco Díez-Martín & Camilo Prado-Roman - 2020 - Frontiers in Psychology 11.
    The aim of this article is to map the intellectual structure of scholarship on economic and social value in the sport industry. Given that bibliometric techniques are specially appropriate for identifying the intellectual structures of a field of knowledge and complement traditional literature reviews, a co-citation bibliometric analysis has been applied. This kind of analysis identifies networks of interconnections. Therefore, we aim to detect both the most and the least active research areas in this field, as well as their sub-disciplinary (...)
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  • Putting Creditors in Their Rightful Place: Corporate Governance and Business Ethics in the Light of Limited Liability. [REVIEW]Christopher J. Cowton - 2011 - Journal of Business Ethics 102 (S1):21-32.
    Contemporary academic and policy discussions of corporate governance tend to accord primacy to the interests of shareholders. While the primacy (descriptive or prescriptive) of shareholders is argued for in various ways, others seek to promote a wider stakeholder model of the firm and its governance. In both cases, the interests of creditors tend to be neglected. In this paper, the fundamental position of creditors in a system of corporate law that offers limited liability is reasserted and explained, and the implications (...)
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  • Ethical Standards for Stockbrokers: Fiduciary or Suitability? [REVIEW]James J. Angel & Douglas McCabe - 2013 - Journal of Business Ethics 115 (1):183-193.
    What are the ethical obligations of the sellers of financial products to their customers? Stockbrokers in the U.S. have a legal and ethical requirement to recommend only “suitable” investments to their customers. This is a fairly weak standard. Currently, there are proposals to raise the standard to a fiduciary one in which the recommendations would have to be in the best interests of the clients. Brokers sell solutions to financial problems. Similar to an auto mechanic or a doctor, the product (...)
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  • Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries. [REVIEW]Bert Scholtens & Riikka Sievänen - 2013 - Journal of Business Ethics 115 (3):605-616.
    In this study, we try to establish what determines the substantial differences in the Nordic countries’ size and composition of socially responsible investing (SRI). We investigate if these differences between Denmark, Finland, Norway, and Sweden can be associated with key characteristics in economics, finance, culture, and institutions. We find that in particular economic openness, the size of the pension industry, and cultural values of masculinity (femininity) and uncertainty avoidance can be associated with the differences in SRI in the four countries. (...)
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  • University Lecturers' Intention to Teach an Ethics Course: A Test of Competing Models. [REVIEW]Pi-Yueh Cheng - 2015 - Journal of Business Ethics 126 (2):1-12.
    Business ethics are the moral principles that apply to all aspects of the business environment at an individual and organizational level. This study addresses the basic perceptions regarding the teaching of business ethics and examines university lecturers’ intentions to teach an ethics course. For the present research, the authors conducted a cross study to evaluate whether three variations of the theory of planned behavior, namely, TPB, decomposed TPB (DTPB), and the revised theory of planned behavior (RTPB), could adequately predict teaching (...)
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  • Are Ethical Banks Different? A Comparative Analysis Using the Radical Affinity Index.Leire San-Jose, Jose Luis Retolaza & Jorge Gutierrez-Goiria - 2011 - Journal of Business Ethics 100 (1):151 - 173.
    This article studies the differences between traditional financial intermediaries (commercial banks, savings banks and cooperative banks) and ethical banks based on property rights, in which the owner decides the ideology, principles, standards and objectives of the organisation. In ethical banking, affinity centres on positive social and ethical values. The article consequendy focuses on an index proposed both to differentiate ethical banks from other types of banks, and also to pinpoint the differences between the various ethical banks themselves.This is the Radical (...)
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  • Stakeholder Theory, Corporate Governance and Public Management: What Can the History of State-Run Enterprises Teach Us in the Post-Enron Era?Joseph Heath & Wayne Norman - 2004 - Journal of Business Ethics 53 (3):247-265.
    This paper raises a challenge for those who assume that corporate social responsibility and good corporate governance naturally go hand-in-hand. The recent spate of corporate scandals in the United States and elsewhere has dramatized, once again, the severity of the agency problems that may arise between managers and shareholders. These scandals remind us that even if we adopt an extremely narrow concept of managerial responsibility – such that we recognize no social responsibility beyond the obligation to maximize shareholder value – (...)
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  • Are ‘Ethical’ or ‘Socially Responsible’ Investments Socially Responsible?Sirkku Hellsten & Chris Mallin - 2006 - Journal of Business Ethics 66 (4):393-406.
    In this article we discuss whether it pays to invest ethically. Our aim is to examine corporate social responsibility from philosophical, moral and practical points of views. We focus on two main issues related to ethical investments. Firstly we discuss the moral dilemma of how capitalism has changed its shape in today's world and from 'blaming the business' there is a general attempt to use the markets to promote ethics values and corporate social responsibility. Secondly, we analyze the growth of (...)
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  • The Codes of Ethics of S&P/MIB Italian Companies: An Investigation of Their Contents and the Main Factors That Influence Their Adoption.Ennio Lugli, Ulpiana Kocollari & Chiara Nigrisoli - 2009 - Journal of Business Ethics 84 (S1):33-45.
    This article introduces and discusses the initial results of a survey focused on the contents, role and effectiveness of company codes of ethics. The article examines the contents of the codes of ethics of companies operating in the private sector in Italy, quoted on the Italian Stock Exchange (Standard& Poor/Mib-Milano Indice Borsa). The purpose of this investigation was to identify any correlations between sector characteristics and the contents of the codes of ethics, which would enable us to map out the (...)
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  • Socially Responsible Investors and the Microentrepreneur: A Canadian Case.Richard Hudson & Roger Wehrell - 2005 - Journal of Business Ethics 60 (3):281-292.
    Socially responsible investors buy financial securities with two goals: to make a market-based return, and to make companies act in a more socially responsible way. Most research on socially responsible investment deals with investing in stocks traded on major exchanges. We add the case of loaning small amounts of funds to microentrepreneurs through a discussion of a particular case. The case is that of Calmeadow which, in conjunction with the Royal Bank of Canada, set up a microlending project in rural (...)
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  • Varieties of Win–Win Solutions to Problems with Ethical Dimensions.Richard P. Nielsen - 2009 - Journal of Business Ethics 88 (2):333-349.
    The purpose of this article is to help educators and managers learn about a variety of win—win solutions to problems with ethical dimensions. The hope is that the larger the variety of win-win solutions we can consider, the higher the probability that we can find at least one that satisfies both ethical and material concerns. This article is motivated by the experiences of managers who have found that they need win-win solutions because it is very difficult to effectively advocate ethical (...)
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  • An Optimally Viable Version of Stakeholder Theory.J. Kaler - 2009 - Journal of Business Ethics 86 (3):297-312.
    This article is the final one in a series of four papers investigating the stakeholder approach to running businesses. It argues that the optimally viable version of that approach is one in which employees have a co-equal status as stakeholders with shareholders (the maximum allowed for under stakeholder theory) while other groupings only have a minimal status as stakeholders and are generally restricted to just customers, suppliers, and lenders. This version is argued for on the grounds that it both overcomes (...)
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  • Conflicts of Interest in Financial Intermediation.Guido Palazzo & Lena Rethel - 2008 - Journal of Business Ethics 81 (1):193-207.
    The last years have seen a surge of scandals in financial intermediation. This article argues that the agency structure inherent to most forms of financial intermediation gives rise to conflicts of interest. Though this does not excuse scandalous behavior it points out market imperfections. There are four types of conflicts of interest: personal-individual, personal-organizational, impersonal-individual, and finally, impersonal-organizational conflicts. Analyzing recent scandals we find that all four types of conflicts of interest prevail in financial intermediation.
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  • Comparative Perspectives on the Ethical Orientations of Human Resources, Marketing and Finance Functional Managers.Eleanor O’Higgins & Bairbre Kelleher - 2005 - Journal of Business Ethics 56 (3):275-288.
    The human resources profession emphasizes the personal and interpersonal aspects of work, that make it conscious of complex ethical issues in relationships in the workplace, while finance specialists are conversant with routine compliance with regulations. Marketing professionals are under pressure to produce revenue results. Thus, this research hypothesized that human resources managers would be more disapproving of unethical conduct than both finance and marketing functional managers, and that finance managers would be more disapproving than marketing managers. When asked to evaluate (...)
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  • Cultural Values and International Differences in Business Ethics.Bert Scholtens & Lammertjan Dam - 2007 - Journal of Business Ethics 75 (3):273-284.
    We analyze ethical policies of firms in industrialized countries and try to find out whether culture is a factor that plays a significant role in explaining country differences. We look into the firm’s human rights policy, its governance of bribery and corruption, and the comprehensiveness, implementation and communication of its codes of ethics. We use a dataset on ethical policies of almost 2,700 firms in 24 countries. We find that there are significant differences among ethical policies of firms headquartered in (...)
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  • The Environmental Performance of Dutch Government Bond Funds.Bert Scholtens - 2010 - Journal of Business Ethics 92 (S1):117 - 130.
    We investigate the implications of using different indicators to assess the sustainability performance of investment funds. In particular, we look into the environmental performance of Dutch government bond funds. We find that it does matter a lot which particular indicator is used. This suggests that funds should be very transparent and straightforward about their non-financial performance. We argue that basically they have three options. First, the industry comes up with a benchmark against which the responsibility of their investments is measured (...)
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