Midwest Studies in Philosophy 42 (1):156-173 (2018)

Authors
Jeffrey Moriarty
Bentley University
Abstract
According to an existing “environmental” narrative, the financial crisis of 2007-2009 was due in part to executive compensation packages in the financial services industry that incentivized excessive risk-taking. Also according to this narrative, those who have a duty to protect society – principally, government regulators, but also firms themselves – are open to blame for how executives were paid, and must take steps to change executive compensation. This narrative is important but incomplete. I offer a supplementary “agential” narrative. According to this narrative, executives are open to blame for the financial crisis for taking socially excessive risks. Moreover, since executives can play a role in shaping their compensation, they have an obligation to ensure that it does not incentivize them to take such risks.
Keywords financial ethics  business ethics  justice  compensation  pay  risk
Categories (categorize this paper)
DOI 10.1111/misp.12088
Options
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

PhilArchive copy


Upload a copy of this paper     Check publisher's policy     Papers currently archived: 60,949
Through your library

References found in this work BETA

It's Not My Fault: Global Warming and Individual Moral Obligations.Walter Sinnott-Armstrong - 2005 - In Walter Sinnott-Armstrong & Richard Howarth (eds.), Perspectives on Climate Change. Elsevier. pp. 221–253.
How Much Compensation Can CEOs Permissibly Accept?Jeffrey Moriarty - 2009 - Business Ethics Quarterly 19 (2):235-250.

Add more references

Citations of this work BETA

No citations found.

Add more citations

Similar books and articles

The Financialisation of Business Ethics.Stephen Dunne Armin Beverungen - 2013 - Business Ethics, the Environment and Responsibility 22 (1):102-117.
The Financialisation of Business Ethics.Armin Beverungen, Stephen Dunne & Casper Hoedemaekers - 2013 - Business Ethics, the Environment and Responsibility 22 (1):102-117.
Economic Policy and the Financial Crisis: An Empirical Analysis of What Went Wrong.John B. Taylor - 2009 - Critical Review: A Journal of Politics and Society 21 (2-3):341-364.
Responsible Investment by Pension Funds After the Financial Crisis.Riikka Sievänen - 2011 - In Wim Vandekerckhove, Jos Leys, Kristian Alm, Bert Scholtens, Silvana Signori & Henry Schäfer (eds.), Responsible Investment in Times of Turmoil. Springer. pp. 93--112.
The Corporate Psychopaths Theory of the Global Financial Crisis.Clive R. Boddy - 2011 - Journal of Business Ethics 102 (2):255-259.
The Financial Crisis: A Crisis, Too, for Law and Economics?Wladimir Kraus - 2011 - Critical Review: A Journal of Politics and Society 23 (1-2):147-168.
The Financial Crisis: A Crisis, Too, For Law And Economics?Wladimir Kraus - 2011 - Critical Review: A Journal of Politics and Society 23 (1):147-168.

Analytics

Added to PP index
2018-08-06

Total views
20 ( #527,594 of 2,439,388 )

Recent downloads (6 months)
2 ( #282,957 of 2,439,388 )

How can I increase my downloads?

Downloads

My notes