Understanding what motivates employees is essential to the success of organizational objectives. Therefore, properly capturing and explaining the full range of such motivations are important. However, the classical and most popular theories describing employee motives have neglected, if not omitted entirely, the importance of the ethical and spiritual dimensions of motivation. This has led to a model of a person as self-interested, amoral, and non-spiritual. In this paper, we attempt to expose this omission and offer a more complete taxonomy of (...) motivations which include these dimensions. Although more work will need to be done to fully develop the ethical and spiritual dimensions of motivation, the expanded taxonomy will provide the foundations and serve as a guide for such further research. Furthermore, this new categorization of motivations brings out the full dimensions of being human, which promises to lead to improved management practices with regard to employees and foster greater human flourishing in the workplace. (shrink)

Business Ethics: A European Review, EarlyView.

The purpose of this article is to explain the differences between neo-Aristotelian virtue and positive organizational virtuousness from the virtue ethics perspective. Most studies use virtues and virtuousness interchangeably. A few others try to explain their differences from the positive organizational science perspective. Although closely related, we believe that these two notions are not identical. If we understand neo-Aristotelian virtue correctly, then it cannot be judged exclusively on what is externally verifiable, as is the case with virtuousness. For these reasons, (...) we attempt our own differentiation, highlighting the gains and losses realized in the migration from neo-Aristotelian virtue to positive organizational virtuousness, and establishing guideposts to meaningfully combine the strengths of both concepts. (shrink)

In this article, we shall attempt to lay down the parameters within which the practice of the virtues may be enabled in the field of finance. We shall be drawing from the three main sources, Aristotle, Catholic Social Teaching and MacIntyre, on which virtue ethics is based. The research question is what ought to be done for financial activities to truly contribute to eudaimonia or human flourishing, to the achievement of three distinct kinds of goods as required of virtue, “those (...) internal to practices, those which are the goods of an individual life and those which are the goods of the community”, and to “[help] man on the path of salvation” in the midst of complex network of relationships in modern societies. These parameters could then be taken as conditions financiers ought to fulfill in order to live the virtues in their work and across different life spheres. (shrink)

What contributions could we expect from Catholic Social Teaching (CST) on human dignity in relation to the dignity of work? This essay begins with an explanation of CST and its relevance for secular audiences. It then proceeds to identify the main features of human dignity based on the notion of imago Dei in CST. Next comes an analysis of the dignity of work in CST from which two normative principles are derived: the precedence of duties over rights and the priority (...) of the subjective dimension of work over the objective dimension. Afterwards, the “right to work” and the “rights of workers” are engaged with from this normative perspective, particularly within the context of globalization. (shrink)

Milton Friedman famously stated that the only social responsibility of business is to increase its profits, a position now known as the shareholder model of business. Subsequently, the stakeholder model, associated with Edward Freeman, has been widely seen as a heuristically stronger theory of the responsibilities of the firm to the society in which it is situated. Friedman’s position, nevertheless, has retained currency among many business thinkers. In this article, we argue that Friedman’s economic writings assume an economy in which (...) businesses operate under the protections of limited liability, which allows corporations to privatize their gains while externalizing their losses. By accepting limited liability, Friedman must also accept a view of business as embedded in social interdependency, which serves as the logical and moral foundation for corporate social responsibility (CSR). To achieve consistency with his economic principles, Friedman must either abandon limited liability or modify his doctrine on CSR and his related shareholder model of business. (shrink)

ABSTRACTFinance may suffer from institutional deformations that subordinate its distinctive goods to the pursuit of external goods, but this should encourage attempts to reform the institutionalization of finance rather than to reject its potential for virtuous business activity. This article argues that finance should be regarded as a domain-relative practice. Alongside management, its moral status thereby varies with the purposes it serves. Hence, when practitioners working in finance facilitate projects that create common goods, it allows them to develop virtues. This (...) argument applies MacIntyre’s widely acknowledged account of the relationship between practices and the development of virtues while questioning some of his claims about finance. It also takes issue with extant accounts of particular financial functions that have failed to identify the distinctive goods of financial practice. (shrink)

Virtue ethics is generally recognized as one of the three major schools of ethics, but is often waylaid by utilitarianism and deontology in business and management literature. EBSCO and ABI databases were used to look for articles in the Journal of Citation Reports publications between 1980 and 2011 containing the keywords ‘virtue ethics’, ‘virtue theory’, or ‘virtuousness’ in the abstract and ‘business’ or ‘management’ in the text. The search was refined to draw lists of the most prolific authors, the most (...) cited authors, the most cited articles, and the journals with the most virtue ethics publications. This information allows one to chart how virtue ethics articles have evolved through the decades and to establish ‘schools’ or clusters of authors as well as clusters of themes. The results of this quantitative analysis of authors, ‘schools’, themes, and publications provide a foundation for the future study of virtue ethics in business and management, identifying its achievements and potentials. (shrink)

Pricing policies and fair-trade practices are critical for sustaining commercial relationships between firms and customers. Nevertheless, in current business practices, fairness has been mistakenly reduced to a minimalistic ethic wherein justice only demands legal and explicit norms to which commercial parties voluntarily agree. Aimed at giving a different explanation of commercial agreements, this paper will introduce a Virtue Ethics (VE) explanation of the relationship between pricing and the common good by taking up classical concepts related to justice in commerce. In (...) particular, we will explore three principles associated with the notion of fairness in commerce as defined in Neo-Aristotelian ethics towards a relationship between a common good and justice in pricing, i.e., proportionality, benevolence and well-being. To exemplify how these criteria of justice apply to decision-making in commercial practices, we will discuss several cases of fair and unfair commercial relationships. (shrink)

Not only individuals and firms, but also families engage in business as a social activity and this is true beyond the case of family businesses. Cultural differences in the way families are construed might influence the way they do business. There are different types of families, and among these are those described by Aristotelian and Confucian traditions, representing the West and the East respectively. The literature on virtue in business has been dominated by a Western—mainly Aristotelian—tradition : 8–24, 2014), neglecting (...) the role of the family and focusing on the individual. In this paper, we seek to fill this gap by explaining differences and similarities in the normative evaluation of certain family-related business attitudes and practices, in light of Confucian and Aristotelian virtue ethics standards. After comparing the structure, organization and dynamics of Aristotelian and Confucian families, we shall draw some inferences regarding “virtuous” or excellent business practices—such as nepotism, bribery, gift-giving and guanxi and attitudes—on codified rules or written norms. For this analysis we shall make use of Aristotelian and Confucian ethical accounts as well as inputs from Family Science applied to organizations, which provides conceptual categories to compare the two traditions. Thus we hope to contribute not only to the comparative study of Aristotelian and Confucian virtue ethics in business, but also to the understanding of the distinctive role of families, raising cultural awareness for what may be considered virtuous business practices according to the Aristotelian and Confucian traditions. (shrink)

This paper conducts an ethical analysis of the 2008 closure of a US money market fund entitled the reserve primary fund, which triggered the first run in the money market sector and a resultant liquidity crisis that harmed the entire US financial system. Although many academics and regulators have studied and written about RPF, the question whether the decision that caused the fund to collapse represented any ethical dilemma, has not been addressed to date. With this purpose in mind, the (...) paper will examine the events that culminated in the closure of RPF according to Alasdair MacIntyre’s virtue ethics approach. In so doing, the paper aims to extend the applicability of MacIntyre’s concepts to the finance industry in general, and to provide a framework to predict and so potentially prevent crises like that exemplified by the RPF case. (shrink)

The abundance of literature on ethical concerns regarding artificial intelligence (AI) highlights the need to systematize, integrate, and categorize existing efforts through a systematic literature review. The article aims to investigate prevalent concerns, proposed solutions, and prominent ethical approaches within the field. Considering 309 articles from the beginning of the publications in this field up until December 2021, this systematic literature review clarifies what the ethical concerns regarding AI are, and it charts them into two groups: (i) ethical concerns that (...) arise from the design of AI and (ii) ethical concerns that arise from human–AI interactions. The analysis of the obtained sample highlights the most recurrent ethical concerns. Finally, it exposes the main proposals of the literature to handle the ethical concerns according to the main ethical approaches. It interprets the findings to lay the foundations for future research on the ethics of AI. (shrink)

AbstractDuring the last 20 years, the financial sector has undergone an unprecedented transformation due to new regulations and the implementation of several technological advancements. The combination of regulation and technology has brought about new financial processes that have fundamentally changed how financial market making is done. This paper studies the ethics of financial market making and its implications for one of the most controversial financial innovations of modern times, namely high-frequency trading (HFT). We claim that the Aristotelian distinction between natural (...) chrematistics, which is aimed at serving the real economy, and unnatural chrematistics, whose ultimate purpose is wealth accumulation, can be a useful criterion to assess the ethics of financial market making and the goodness of an innovation as HFT, and how it can serve the common good of society. This approach can be defined as ‘purpose oriented’ or ‘purpose fulfillment’. (shrink)

Teaching business ethics effectively may prepare future leaders and managers to better deal with delicate situations that they might face in the workplace. However, such an aim is one of the biggest challenges that educators at universities are called on to solve. An increasing number of scholars are invoking the role of prudence in the virtue ethics context as a viable approach to teach students how to manage ethical dilemmas. In this regard, this paper discusses the “St. Albans Family Enterprises” (...) case study that can serve as an instrument to help students and practitioners develop their ethical decision-making ability and to foster a disposition towards applying sound judgment or what can be called in classical terms, prudence. The teaching note that accompanies the case study offers guidance to educators about how the case can be used for teaching purposes, and explains the implications of exercising practical wisdom within a virtue ethics framework. (shrink)

This case study can serve as an instrument to help students and practitioners develop their ethical decision-making ability, in particular practical wisdom within a virtue ethics framework. St. Albans Family Enterprises is a group of companies with three business lines: petrol stations, flower exportation and women´s fashion retail establishments, with around 300 employees and 20 stores in London, Liverpool, Manchester, Edinburgh and Bristol. Apparently, an alleged leakage of sensitive information took place at the Head Office, involving several employees who found (...) themselves in a delicate professional situation and who happened to be relatives. Senior management are facing ethical dilemmas with respect to these employees but also with respect to themselves who feel partly responsible for having generated such compromising situation for some employees. (shrink)

The aim of this paper is to explore the ethical dimension of hawala, an ancient informal financial practice rooted in Islamic moral traditions. Widely used in countries with an Islamic background and their diasporas, hawala is considered an important vehicle for the financial and economic development of some less developed countries. Nevertheless, in Western countries, hawala is regarded with suspicion due its controversial ethical nature. Unlike other Islamic financial institutions, the controversial questions are not the legitimacy of profit sources or (...) the interest charged, but rather the lack of transparency that surrounds hawala transactions. Yet, the literature on hawala has neglected its ethical perspective. Our study delves into this dimension with a critical approach, using the Triple Font Theory, grounded on virtue ethics. We conclude that if hawala transactions are carried out with honesty, and fairness, this practice deserves a positive ethical appraisal. However, it is necessary to implement efficient regulatory measures to guarantee that the system is not abused by money launders and criminals. In practice, it becomes imperative to bring over a change in the regulatory approach to hawala toward a more ethically, culturally, and economically sensitive strategy. Thus, future research should focus on how “hyper-norms” or fundamental principles inherent to humanity, which are common to both “formal” and “informal,” “Western” and “non-Western” financial practices, could run the new AML/ctf regulation agenda. (shrink)

This paper aims to integrate the concept of autonomous and subordinated work into Aristotelian organizational theory by enhancing the epistemological framework of neo-Aristotelianism and by adding a Thomistic interpretation of organizational practical knowledge. We sustain that, in order to advance our understanding of the firm in terms of excellence and the common good, the concept of practical knowledge applied to organizational theory requires reflection on the nature of work in modern organizations. For this, we will explain how an organization that (...) aims for excellence is most appropriately defined as a community of autonomous work, how practical knowledge in organizations must be defined considering work as deliberative production and, finally, how productivity in organizations is best described when work is envisioned in terms of autonomy and subordination. (shrink)

Business and Society Review, Volume 127, Issue 1, Page 69-96, Spring 2022.

Localization Wireless Sensor Networks (WSN) represent a research topic with increasing interest due to their numerous applications. However, the viability of these systems is compromised by the attained localization uncertainties once implemented, since the network performance is highly dependent on the sensors location. The Node Location Problem (NLP) aims to obtain the optimal distribution of sensors for a particular environment, a problem already categorized as NP-Hard. Furthermore, localization WSN usually perform a sensor selection for determining which nodes are to be (...) utilized for maximizing the achieved accuracy. This problem, defined as the Sensor Selection Problem (SSP), has also been categorized as NP-Hard. While different metaheuristics have been proposed for attaining a near optimal solution in both problems, no approach has considered the two problems simultaneously, thus resulting in suboptimal solutions since the SSP is biased by the actual node distribution once deployed. In this paper, a combined approach of both problems simultaneously is proposed, thus considering the SSP within the NLP. Furthermore, a novel metaheuristic combining the Black Widow Optimization (BWO) algorithm and the Variable Neighbourhood Descent Chains (VND-Chains) local search, denominated as BWO-VND-Chains, is particularly devised for the first time in the author’s best knowledge for the NLP, resulting in a more efficient and robust optimization technique. Finally, a comparison of different metaheuristic algorithms is proposed over an actual urban scenario, considering different sensor selection criteria in order to attain the best methodology and selection technique. Results show that the newly devised algorithm with the SSP criteria optimization achieves mean localization uncertainties up to 19.66 % lower than traditional methodologies. (shrink)

This chapter presents Davidson’s account of intentional action and intention. Davidson initially discusses intentional action in relation to the explanation and the ontology of action. His earlier view equates acting intentionally with being caused to act by a pair of appropriately related mental states (a pro-attitude and an instrumental belief) and denies the existence of intentions as distinct mental states. Later, in his account of weakness of will, Davidson offers a more complex account of practical deliberation in terms of evaluative (...) judgments. Finally, in "Intending", Davidson discusses intentions for future action and argues that intentions are all-out evaluative judgments, reversing his earlier position about the non-existence of intentions as distinct and irreducible mental states. (shrink)

This article analyzes the relationship between corporate social responsibility (CSR) decoupling and financial market outcomes. CSR decoupling refers to the gap between CSR disclosure and CSR performance. More specifically, we analyze the effect of CSR decoupling on analysts’ forecast errors, cost of capital, and access to finance. We also examine the moderating effect of forecast errors on relationships between CSR decoupling and cost of capital and access to finance. For a sample of U.S. firms consisting of 7,681 firm-year observations for (...) the period 2006–2015, our empirical evidence supports the idea that a wider gap results in higher analysts’ forecast errors, a greater cost of capital, and reduced access to finance. In addition, our results show that forecast errors enhance the effect of the CSR decoupling on cost of capital and access to financial resources. We also note that external monitoring, in the form of greater analysts’ coverage, reduces CSR decoupling. (shrink)

This research focuses on examining the relationship between some attributes of assurance providers and the level of sustainability assurance. By using the propensity to issue negative conclusions in the assurance statement as an indicator of the level of assurance, we examine whether the brand name and industry specialisation of the practitioners have an impact on the assurance opinion issued. Using an international sample of 1233 firm-year observations over the period 2007–2014, the findings document the impact of the brand reputation and (...) industry specialisation of assurance providers on the level of assurance. The probability of detecting material errors and omissions in a sustainability report is higher if it is verified by a Big 4 auditing firm and by an industry expert as an assurance practitioner. The greater experience in providing audit services and the relevant skills and training provided by Big 4 firms, as well as the greater knowledge and experience of industry experts, increase the propensity to report more accurate opinions about a sustainability report. The findings are robust for alternative measures for the level of assurance and the industry specialisation. (shrink)

We highlight how Corporate Social Responsibility can be strategically used against the negative perception from earnings management. Using international data, we analyse the effect of CSR and EM on the cost of capital and corporate reputation. Results confirm that CSR strategy is positively valued by investors and other stakeholders. Contrary to EM, CSR has a positive effect on corporate reputation and lowers the cost of capital. In addition, we also find that the favourable effect of CSR on cost of capital (...) is consistently more intense in firms that show signs of EM indicating that the market does not identify when CSR practices are used as a strategy to mask EM. We also demonstrate how institutional factors influence the above relationship. (shrink)

This paper aims to examine the credibility value of sustainability assurance and the type of assurance provider on cost of capital. A large sample of international companies from the period 2007–2014 was used to develop our models of analysis. We find a greater decrease in cost of capital for companies that publish and assure their social and environmental reports. Thus, voluntary sustainability disclosures decrease the cost of capital. However, companies also have the opportunity to reinforce this decrease by providing an (...) assurance statement, so increasing the credibility of corporate social responsibility information. In addition, the decrease in the cost of capital is significantly higher when such assurance is provided by a top-tier accountancy firm instead of by engineering or consultancy firms; this result supports also the reputational capital of accountancy firms. (shrink)

Business Ethics, the Environment & Responsibility, EarlyView.

El poshumanismo y transhumanismo representa varias y distintas corrientes de pensamiento que ponen de relieve la relación entre la tecnología y los seres humanos actualizando la pregunta acerca de qué es el ser humano. Algunas de estas propuestas sugieren que la tecnología será capaz de vencer todos los límites humanos, e incluso, los humanos serán capaces de conseguir la inmortalidad tecnológica. Pero, una mirada a lo que el ser humano es, indica la necesidad de comprenderlo como frágil y vulnerable. Existe (...) un riesgo de deshumanización en la aplicación de las tecnologías si la vulnerabilidad humana no se tiene en cuenta. (shrink)

Investigación interdisciplinar sobre el debate de la globalización desde una perspectiva filosófica y reflexiva a partir de dos hipótesis metodológicas: «Qué significa pensar dentro de la globalización y qué supone pensar la globalización». Para ello se exploran los problemas del ser humano dentro del creciente proceso de mundialización, así como algunas vías que conduzcan a posibles alternativas y soluciones en este nuevo contexto planetario.

El problema de la libertad es uno de los más áridos de la filosofía. Paul Ricoeur intenta reconstruir el problema tomando el eje del análisis: la naturaleza dicotómica de los discursos sostenidos sobre la cuestión. De un lado, tenemos la “perspectiva de la tercera persona”. Desde esta mirada, cada acto que realizamos está causalmente determinada. Por el otro lado, tenemos la “perspectiva de la tercera persona”, en la que todas nuestras acciones libres parecieran brotar del “yo”. El problema comienza cuando (...) intentamos reconciliar ambas perspectivas. Este trabajo revisará algunos de los argumentos presentados por ambos lados, y el posicionamiento de Ricoeur en el debate. (shrink)

The deep influence of affectivity on learning is now widely acknowledged (Keefer et al., 2018; Sánchez-Álvarez et al., 2021). For instance, it has been shown that affect influences key learning-relevant processes, such as motivation, perception, behavior, and critical thinking (Izard, 2002; Mayer & Salovey, 1997). Evidence also shows that emotion and mood strongly influence attention, which in turn drives learning and memory (Elbertson et al., 2010; Elias et al., 1997). Intersubjective phenomena, such as the degree of affection and respect between (...) child and teacher, also affect the child’s learning processes, academic outcomes, and brain development (Kusché & Greenberg, 2006; Ryan & Patrick, 2001). However, the relevant literature is not paying attention to increasing evidence showing that affective phenomena are rooted in interoceptive and homeostatic self- and co-regulatory processes within and between people’s living bodies (Barrett, 2017; Carvalho & Damasio, 2021; Craig, 2015, 2018; Fotopoulou et al., 2022; Fotopoulou & Tsakiris, 2017; Seth & Friston, 2016). In this theoretical chapter, we explore this connection and its importance for learning. We argue that affective experience plays a fundamental role in learning, and that affective experience is rooted in the homeostatic self-/co-regulation of living bodies. Therefore, the homeostatic self-/co-regulation of living bodies plays a fundamental role in learning. In other words, there is an intra- and interpersonal somatic dimension of learning that demands explicit consideration in educational contexts. In this way, we aim to contribute to an understanding of learning and education that moves away from an individualistic, brain-centered information-processing conception toward one centered on sentient, interdependent living bodies. (shrink)

We extend the languages of both basic and graded modal logic with the infinity diamond, a modality that expresses the existence of infinitely many successors having a certain property. In both cases we define a natural notion of bisimilarity for the resulting formalisms, that we dub $\mathtt {ML}^{\infty }$ and $\mathtt {GML}^{\infty }$, respectively. We then characterise these logics as the bisimulation-invariant fragments of the naturally corresponding predicate logic, viz., the extension of first-order logic with the infinity quantifier. Furthermore, for (...) both $\mathtt {ML}^{\infty }$ and $\mathtt {GML}^{\infty }$ we provide a sound and complete axiomatisation for the set of formulas that are valid in every Kripke frame, we prove a small model property with respect to a widened class of weighted models, and we establish decidability of the satisfiability problem. (shrink)