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  1. Ethical Investing: Ethical Investors and Managers.Richard Hudson - 2005 - Business Ethics Quarterly 15 (4):641-657.
    “Ethical investing” is interpreted in the following paper to be the use of non-financial normative criteria by investors in the choice ofsecurities for their portfolios.Ethical investors may aim at fulfilling duties they feel they have, possibly including increasing the amount of good in society through theconsequences of their buying and selling behavior. The main duties are those of not-profiting from bad corporate behavior and of punishing bad (or rewarding good) firms. The main consequence desired is that managers manage corporations in (...)
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  • Wealth Creation Without Domination. The Fiduciary Duties of Corporations.Rutger Claassen - forthcoming - Critical Review of International Social and Political Philosophy:1-22.
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  • Justice and Corporate Governance: New Insights From Rawlsian Social Contract and Sen’s Capabilities Approach.Magali Fia & Lorenzo Sacconi - 2018 - Journal of Business Ethics 160 (4):937-960.
    By considering what we identify as a problem inherent in the ‘nature of the firm’—the risk of abuse of authority—we propound the conception of a social contract theory of the firm which is truly Rawlsian in its inspiration. Hence, we link the social contract theory of the firm with the general theory of justice. Through this path, we enter the debate about whether firms can be part of Rawlsian theory of justice showing that corporate governance principles enter the “basic structure.” (...)
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  • Business Ethics Without Stakeholders.Joseph Heath - 2006 - Business Ethics Quarterly 16 (4):533-558.
    One of the most influential ideas in the field of business ethics has been the suggestion that ethical conduct in a business context should be analyzed in terms of a set of fiduciary obligations toward various “stakeholder” groups. Moral problems, according to this view, involve reconciling such obligations in cases where stakeholder groups have conflicting interests. The question posed in this paper is whether the stakeholder paradigm represents the most fruitful way of articulating the moral problems that arise in business. (...)
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  • Managing Contradiction: Stockholder and Stakeholder Views of the Firm as Paradoxical Opportunity.Cynthia E. Clark, Erica L. Steckler & Sue Newell - 2016 - Business and Society Review 121 (1):123-159.
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  • Shareholder Primacy, Corporate Social Responsibility, and the Role of Business Schools.N. Craig Smith & David Rönnegard - 2016 - Journal of Business Ethics 134 (3):463-478.
    This paper examines the shareholder primacy norm as a widely acknowledged impediment to corporate social responsibility and explores the role of business schools in promoting the SPN but also potentially as an avenue for change by addressing misconceptions about shareholder primacy and the purpose of business. We start by explaining the SPN and then review its status under US and UK laws and show that it is not a likely legal requirement, at least under the guise of shareholder value maximization. (...)
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  • Weeding Out Flawed Versions of Shareholder Primacy: A Reflection on the Moral Obligations That Carry Over From Principals to Agents.Santiago Mejia - 2019 - Business Ethics Quarterly 29 (4):519-544.
    ABSTRACT:The distinction between what I call nonelective obligations and discretionary obligations, a distinction that focuses on one particular thread of the distinction between perfect and imperfect duties, helps us to identify the obligations that carry over from principals to agents. Clarity on this issue is necessary to identify the moral obligations within “shareholder primacy”, which conceives of managers as agents of shareholders. My main claim is that the principal-agent relation requires agents to fulfill nonelective obligations, but it does not always (...)
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  • Which Duties of Beneficence Should Agents Discharge on Behalf of Principals? A Reflection Through Shareholder Primacy.Santiago Mejia - 2021 - Business Ethics Quarterly 31 (3):421-449.
    Scholars who favor shareholder primacy usually claim either that managers should not fulfill corporate duties of beneficence or that, if they are required to fulfill them, they do so by going against their obligations to shareholders. Distinguishing between structurally different types of duties of beneficence and recognizing the full force of the normative demands imposed on managers reveal that this view needs to be qualified. Although it is correct to think that managers, when acting on behalf of shareholders, are not (...)
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  • Meeting Goodpaster's Challenge: A Smithian Approach to Goodpaster's Paradox.David Gray & Peter Clarke - 2005 - Business Ethics, the Environment and Responsibility 14 (2):119–126.
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  • Meeting Goodpaster's Challenge: A Smithian Approach to Goodpaster's Paradox.David Gray & Peter Clarke - 2005 - Business Ethics: A European Review 14 (2):119-126.
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  • The Political Perspective of Corporate Social Responsibility: A Critical Research Agenda.Glen Whelan - 2012 - Business Ethics Quarterly 22 (4):709-737.
    I here advance a critical research agenda for the political perspective of corporate social responsibility. I argue that whilst the ‘Political’ CSR literature is notable for both its conceptual novelty and practical importance, its development has been hamstrung by four ambiguities, conflations and/or oversights. More positively, I argue that ‘Political’ CSR should be conceived as one potential form of globalization, and not as a consequence of ‘globalization’; that contemporary Western MNCs should be presumed to engage in CSR for instrumental reasons; (...)
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  • Stakeholder Conceptions of the Corporation: Their Meaning and Influence in Accounting Research.Robin W. Roberts & Lois Mahoney - 2004 - Business Ethics Quarterly 14 (3):399-431.
    In this paper we develop a categorization scheme for stakeholder research based on differences in studies’ primary level of analysis and use this scheme to review and critique genres of stakeholder-based accounting research. We draw three primary conclusions: 1) stakeholder research in accounting should more clearly incorporate the business ethics stakeholder literature, 2) ethical issues are much less likely to be considered in stakeholderbased accounting research when a managerial agency level of analysis is adopted, and 3) the accounting discipline can (...)
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  • How Do Standard Setters Define Materiality and Why Does It Matter?Cynthia E. Clark - forthcoming - Business Ethics: A European Review.
    Business Ethics: A European Review, EarlyView.
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  • Masquerading in the U.S. Capital Markets: The Dark Side of Maintaining an Institution.Cynthia E. Clark & Sue Newell - 2013 - Business and Society Review 118 (1):105-134.
  • An External Perspective on CSR: What Matters and What Does Not?Marina Vashchenko - 2017 - Business Ethics: A European Review 26 (4):396-412.
    The paper aims at investigating external factors influencing organizational corporate social responsibility -related decision making. Two theoretical perspectives—stakeholder theory and institutional theory—have been applied to compile a list of external factors that might affect a company's CSR choices. As a result, a framework built on the government-related, society-related, and business-related groups of external factors is being suggested. This framework is used in the paper to answer to what extent do different external factors influence CSR-related decisions in large Danish companies and (...)
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  • Business Ethics and (or as) Political Philosophy.Joseph Heath, Jeffrey Moriarty & Wayne Norman - 2010 - Business Ethics Quarterly 20 (3):427-452.
    There is considerable overlap between the interests of business ethicists and those of political philosophers. Questions about the moral justifiability of the capitalist system, the basis of property rights, and the problem of inequality in the distribution of income have been of central importance in both fields. However, political philosophers have developed, especially over the past four decades, a set of tools and concepts for addressing these questions that are in many ways quite distinctive. Most business ethicists, on the other (...)
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  • The Ethical Implications of Ignoring Shareholder Directives to Remove Antitakeover Provisions.Victoria B. McWilliams - 2008 - Business Ethics Quarterly 18 (3):321-346.
    Managers have a unique fiduciary responsibility to shareholders of a firm that implies a set of ethical obligations. At a minimum, managers are required to protect shareholder’s interests when other stakeholders are unaffected by their decision. This ethical imperative has been established in the literature. In cases of conflicts of interest between managers and shareholders, the board of directors of the firm has an ethical obligation to shareholders. The structure of the boardcan affect its ability to fulfill this obligation. Two (...)
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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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  • New Directions in Corporate Governance and Finance: Implications for Business Ethics Research.Lori Verstegen Ryan, Ann K. Buchholtz & Robert W. Kolb - 2010 - Business Ethics Quarterly 20 (4):673-694.
    Corporate governance and finance are dynamic academic fields that offer myriad opportunities for business ethics analysis. Within the corporate governance triad in recent years, shareholders have increased their power over boards of directors and executives through both regulation and movements to change corporate by-laws. The impact of board characteristics on firm performance has proven elusive, leading to questions concerning board processes and individual director beliefs and behaviors. At the same time, CEOs have lost considerable power, leaving many struggling to regain (...)
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  • The Vulnerability and Strength Duality in Ethnic Business: A Model of Stakeholder Salience and Social Capital.Alejandra Marin, Ronald K. Mitchell & Jae Hwan Lee - 2015 - Journal of Business Ethics 130 (2):271-289.
    Managers in ethnic businesses are confronted with ethical dilemmas when taking action based on ethnic ties; and often as a result, they increase the already vulnerable positions of these businesses and their stakeholders. Many of these dilemmas concern the capital that is generated through variations in the use of ethnic stakeholder social ties. The purpose of this paper is to suggest a stakeholder-based model of social capital formation, mediated by various forms of ethnic ties, to explore the duality of ethnicity: (...)
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  • Why Does Board Gender Diversity Matter and How Do We Get There? The Role of Shareholder Activism in Deinstitutionalizing Old Boys’ Networks.Elise Perrault - 2015 - Journal of Business Ethics 128 (1):149-165.
    This essay bridges together social network and institutional perspectives to examine how women on boards, by breaking up directors’ homophilous networks, contribute to board effectiveness. It proposes that through real and symbolic representations, women enhance perceptions of the board’s instrumental, relational, and moral legitimacy, leading to increased perceptions of the board’s trustworthiness which in turn fosters shareholders’ trust in the firm. Envisioning the gender diversification of boards as an event of institutional change, this article considers the critical role of shareholder (...)
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  • Shareholder Theory and Kant’s ‘Duty of Beneficence’.Samuel Mansell - 2013 - Journal of Business Ethics 117 (3):583-599.
    This article draws on the moral philosophy of Immanuel Kant to explore whether a corporate ‘duty of beneficence’ to non-shareholders is consistent with the orthodox ‘shareholder theory’ of the firm. It examines the ethical framework of Milton Friedman’s argument and asks whether it necessarily rules out the well-being of non-shareholders as a corporate objective. The article examines Kant’s distinction between ‘duties of right’ and ‘duties of virtue’ (the latter including the duty of beneficence) and investigates their consistency with the shareholder (...)
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  • The Case for a Thick Shareholder Concept.Katherina Pattit & Jason Pattit - 2019 - Business and Society Review 124 (4):497-514.
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  • Stakeholder Theory Classification: A Theoretical and Empirical Evaluation of Definitions.Samantha Miles - 2017 - Journal of Business Ethics 142 (3):437-459.
    Stakeholder theory is widely accepted but elementary aspects remain indeterminate as the term ‘stakeholder’ is an essentially contested concept, being variously describable, internally complex and open in character. Such contestability is highly problematic for theory development and empirical testing. The extent of essential contestability, previously unknown, is demonstrated in this paper through a bounded systematic review of 593 different stakeholder theory definitions. As an essentially contested concept, the solution does not lie in a universal stakeholder definition, but in debating the (...)
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  • The Relation Between Policies Concerning Corporate Social Responsibility (Csr) and Philosophical Moral Theories – an Empirical Investigation.Claus Strue Frederiksen - 2010 - Journal of Business Ethics 93 (3):357 - 371.
    This article examines the relation between policies concerning Corporate Social Responsibility (CSR) and philosophical moral theories. The objective is to determine which moral theories form the basis for CSR policies. Are they based on ethical egoism, libertarianism, utilitarianism or some kind of common-sense morality? In order to address this issue, I conducted an empirical investigation examining the relation between moral theories and CSR policies, in companies engaged in CSR. Based on the empirical data I collected, I start by suggesting some (...)
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  • Shareholder Primacy and Deontology.Hasko von Kriegstein - 2015 - Business and Society Review 120 (3):465-490.
    This article argues that shareholder primacy cannot be defended on the grounds that there is something special about the position of shareholders that grounds a right to preferential treatment on part of management. The notions of property and contract, traditionally thought to ground such a right, are now widely recognized as incapable of playing that role. This leaves shareholder theorists with two options. They can either abandon the project of arguing for their view on broadly deontological grounds and try to (...)
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  • Professionalism, Agency, and Market Failures.Hasko von Kriegstein - 2016 - Business Ethics Quarterly 26 (4):445-464.
    According to the Market Failures Approach to business ethics, beyond-compliance duties can be derived by employing the same rationale and arguments that justify state regulation of economic conduct. Very roughly the idea is that managers have a duty to behave as if they were complying with an ideal regulatory regime ensuring Pareto-optimal market outcomes. Proponents of the approach argue that managers have a professional duty not to undermine the institutional setting that defines their role, namely the competitive market. This answer (...)
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  • The Stakeholder Model Refined.Yves Fassin - 2009 - Journal of Business Ethics 84 (1):113-135.
    The popularity of the stakeholder model has been achieved thanks to its powerful visual scheme and its very simplicity. Stakeholder management has become an important tool to transfer ethics to management practice and strategy. Nevertheless, legitimate criticism continues to insist on clarification and emphasises on the perfectible nature of the model. Here, rather than building on the discussion from a philosophical or theoretical point of view, a different and innovative approach has been chosen: the analysis will return to the origin (...)
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  • Vulnerability and the Basis of Business Ethics: From Fiduciary Duties to Professionalism. [REVIEW]Eric Brown - 2013 - Journal of Business Ethics 113 (3):489-504.
    This paper examines the role of vulnerability in the basis of business ethics by criticizing its role in giving a moral substantial character to fiduciary duties to shareholders. The target is Marcoux’s (Bus Ethics Q 13(1):1–24, 2003) argument for morally substantial fiduciary duties vis-à-vis the multifiduciary stakeholder theory. Rather than proceed to support the stakeholder paradigm, a conception of vulnerability is combined with Heath’s 2004) “market failure” view of the ethical obligations of managers as falling out of their roles as (...)
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  • Dialogue - CEO Compensation.Robert Kolb & Jeffrey Moriarty - 2011 - Business Ethics Quarterly 21 (4):679-691.
    Must CEOs Be Saints? Contra Moriarty on CEO Abstemiousness by Robert KolbIn this journal, Jeffrey Moriarty argued that CEOs must refuse to accept compensation above the minimum compensation that will induce them to accept and per­form their jobs. Acting otherwise, he maintains, violates the CEO’s fiduciary duty, even for a CEO new to the firm. I argue that Moriarty’s conclusion rests on a failure to adequately distinguish when a person acts as a fiduciary from when she acts on her own (...)
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  • Masquerading in the U.S. Capital Markets: The Dark Side of Maintaining an Institution.Sue Newell Cynthia E. Clark - 2013 - Business and Society Review 118 (1):105-134.
    This article examines the work of professional service firms in their relationships with public corporations; work that is designed to ensure that investors and potential investors have information that will enable them to participate in the capital markets. Using an institutional theory lens, we view these efforts by PSFs as institutional maintenance work and specifically analyze their work related to policing , enabling , and embedding and routinizing that helps to support the capital market as a core institution in society. (...)
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  • Dialogue: Toward Superior Stakeholder Theory.Bradley R. Agle, Thomas Donaldson & R. Edward Freeman - 2008 - Business Ethics Quarterly 18 (2):153-190.
    A quick look at what is happening in the corporate world makes it clear that the stakeholder idea is alive, well, and flourishing; and the question now is not “if ” but “how” stakeholder theory will meet the challenges of its success. Does stakeholder theory’s “arrival” mean continued dynamism, refinement, and relevance, or stasis? How will superior stakeholder theory continue to develop? In light of these and related questions, the authors of these essays conducted an ongoing dialogue on the current (...)
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  • In Defence Of Wish Lists: Business Ethics, Professional Ethics, and Ordinary Morality.Matthew Sinnicks - forthcoming - Business and Professional Ethics Journal.
    Business ethics is often understood as a variety of professional ethics, and thus distinct from ordinary morality in an important way. This article seeks to challenge two ways of defending this claim: first, from the nature of business practice, and second, from the contribution of business. The former argument fails because it undermines our ability to rule out a professional-ethics approach to a number of disreputable practices. The latter argument fails because the contribution of business is extrinsic to business in (...)
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  • Courting Shareholders: The Ethical Implications of Altering Corporate Ownership Structures.Cynthia Clark Williams & Lori Verstegen Ryan - 2007 - Business Ethics Quarterly 17 (4):669-688.
    The relationship between corporate executives and shareholders has riveted the attention of business ethicists since the inception of the field. Most ethicists agree that corporate executives owe their investors the duties of loyalty, candor, and care. These fiduciary duties undergird the promises made to shareholders at the time of incorporation, placing on executives moral obligations to engage in fair dealing and to avoid conflicts of interest.We concur that executives owe all of their existing shareholders both promise-keeping and fiduciary duties and (...)
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  • Institutional Work and Complicit Decoupling Across the U.S. Capital Markets: The Work of Rating Agencies.Cynthia E. Clark & Sue Newell - 2013 - Business Ethics Quarterly 23 (1):1-30.
    We focus on the core institution of the capital market and the institu­tional work of professional service firms that provide ratings on corporate issuers, initially in a bid to maintain this institution, which suffered when those involved relied solely on information from the issuers themselves. Through our analysis we identify a new type of decoupling—complicit decoupling. Complicit decoupling evolves over time, beginning with the creation of a new practice, here corporate ratings as a form of policing work, which emerges to (...)
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  • Fiduciary Duty, Risk, and Shareholder Desert.Gordon G. Sollars & Sorin A. Tuluca - 2018 - Business Ethics Quarterly 28 (2):203-218.
  • 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 Collapse of a European Bank in the Financial Crisis: An Analysis From Stakeholder and Ethical Perspectives. [REVIEW]Yves Fassin & Derrick Gosselin - 2011 - Journal of Business Ethics 102 (2):169-191.
    Fortis, the leading Benelux financial group, had been a success story of successive mergers of bank and insurance companies, with leadership in corporate social responsibility (CSR). One year after the acquisition of the major Dutch financial conglomerate ABN AMRO, the global financial crisis caused the collapse of the Fortis group. The purpose of this article is to use the case study of Fortis’s recent fall as a basis for reflective considerations on the financial crisis, from stakeholder and ethical perspectives. A (...)
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  • Shareholder Ownership is Irrelevant for Shareholder Primacy.Hasko von Kriegstein - 2020 - Business Ethics Journal Review 8 (4):20-26.
    Strudler rejects shareholder primacy and argues that, once contractual obligations have been fulfilled and shareholders have received a reasonable return on investment, corporate executives may use corporate wealth for the general good. He seeks to establish this claim via an argument that, contrary to the received view, shareholders do not own corporations. After raising some questions about the latter argument, this commentary goes on to argue that the question of corporate ownership is a red herring. The argument for shareholder primacy (...)
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  • Compound Conflicts of Interest in the US Proxy System.Cynthia E. Clark & Harry J. Van Buren - 2013 - Journal of Business Ethics 116 (2):355-371.
    The current proxy voting system in the United States has become the subject of considerable controversy. Because institutional investment managers have the authority to vote their clients’ proxies, they have a fiduciary obligation to those clients. Frequently, in an attempt to fulfill that obligation, these institutional investors employ proxy advisory services to manage the thousands of votes they must cast. However, many proxy advisory services have conflicts of interest that inhibit their utility to those seeking to discharge their fiduciary duties. (...)
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  • Entrepreneurial Stewardship: Why Some Profits Should Be Used to Benefit Others.Jooho Lee - 2020 - Business Ethics Quarterly 30 (4):525-551.
    ABSTRACTEntrepreneurs should act as stewards of entrepreneurial rent. Entrepreneurial rent is the difference between the ex post value of a venture and its ex ante costs. It is the result of competition among buyers and sellers within the market process rather than the sole efforts of the entrepreneur. As a result, entrepreneurs should allocate entrepreneurial rent for the benefit of other market participants rather than consuming it for themselves. The moral obligation to steward entrepreneurial rent is consistent with traditional bases (...)
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  • Balancing Ethical Responsibility Among Multiple Organizational Stakeholders: The Islamic Perspective.Rafik I. Beekun & Jamal A. Badawi - 2005 - Journal of Business Ethics 60 (2):131-145.
    In spite of a renewed interest in the relationship between spirituality and managerial thinking, the literature covering the link between Islam and management has been sparse – especially in the area of ethics. One potential reason may be the cultural diversity of nearly 1.3 billion Muslims globally. Yet, one common element binding Muslim individuals and countries is normative Islam. Using all four sources of this religion’s teachings, we outline the parameters of an Islamic model of normative business ethics. We explain (...)
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  • Managers’ Moral Obligation of Fairness to (All) Shareholders: Does Information Asymmetry Benefit Privileged Investors at Other Shareholders’ Expense?Jocelyn D. Evans, Elise Perrault & Timothy A. Jones - 2017 - Journal of Business Ethics 140 (1):81-96.
    Drawing on ethical principles of fairness and integrative social contracts theory, moral obligations of fair dealing exist between the firm and all shareholders. This study investigates empirically whether privileged investors of publicly traded firms engage in legal, but morally questionable, trading that at the expense of non-privileged institutional or atomistic investors. In this context, we define privilege as the access to material, nonpublic earnings surprise information. Our results show that the opportunity for procedural unfairness increases with the presence of privileged (...)
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  • The Relation Between Policies Concerning Corporate Social Responsibility and Philosophical Moral Theories – An Empirical Investigation.Claus Strue Frederiksen - 2010 - Journal of Business Ethics 93 (3):357-371.
    This article examines the relation between policies concerning Corporate Social Responsibility and philosophical moral theories. The objective is to determine which moral theories form the basis for CSR policies. Are they based on ethical egoism, libertarianism, utilitarianism or some kind of common-sense morality? In order to address this issue, I conducted an empirical investigation examining the relation between moral theories and CSR policies, in companies engaged in CSR. Based on the empirical data I collected, I start by suggesting some normative (...)
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  • Business Ethics as Self-Regulation: Why Principles That Ground Regulations Should Be Used to Ground Beyond-Compliance Norms as Well. [REVIEW]Wayne Norman - 2011 - Journal of Business Ethics 102 (S1):43-57.
    Theories of business ethics or corporate responsibility tend to focus on justifying obligations that go above and beyond what is required by law. This article examines the curious fact that most business ethics scholars use concepts, principles, and normative methods for identifying and justifying these beyond-compliance obligations that are very different from the ones that are used to set the levels of regulations themselves. Its modest proposal—a plea for a research agenda, really—is that we could reduce this normative asymmetry by (...)
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  • Socially Responsible Investing: Is Your Fiduciary Duty at Risk?William Martin - 2009 - Journal of Business Ethics 90 (4):549-560.
    Socially responsible investing identifies the fiduciary duty and liability for financial advisors serving individual and institutional clients when consulting in the SRI space. This article first discusses the role of a fiduciary emerging from both a legal and an ethical basis. Further, the special aspects of maintaining fiduciary duty and minimizing fiduciary liability are described as they relate to SRI. A number of recommendations are discussed: legal, ethical, and practice. This study argues that prudence focuses more on the process of (...)
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  • Imperfections and Shortcomings of the Stakeholder Model’s Graphical Representation.Yves Fassin - 2008 - Journal of Business Ethics 80 (4):879 - 888.
    The success of the stakeholder theory in management literature as well as in current business practices is largely due to the inherent simplicity of the stakeholder model––and to the clarity of Freeman’s powerful synthesised visual conceptualisation. However, over the years, critics have attacked the vagueness and ambiguity of stakeholder theory. In this article, rather than building on the discussion from a theoretical point of view, a radically different and innovative approach is chosen: the graphical framework is used as the central (...)
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  • On the Relationship of Hope and Gratitude to Corporate Social Responsibility.Lynne M. Andersson, Robert A. Giacalone & Carole L. Jurkiewicz - 2007 - Journal of Business Ethics 70 (4):401-409.
    A longitudinal study of 308 white -collar U.S. employees revealed that feelings of hope and gratitude increase concern for corporate social responsibility. In particular, employees with stronger hope and gratitude were found to have a greater sense of responsibility toward employee and societal issues; interestingly, employee hope and gratitude did not affect sense of responsibility toward economic and safety/quality issues. These findings offer an extension of research by Giacalone, Paul, and Jurkiewicz.
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  • Why Stakeholder And Stockholder Theories Are Not Necessarily Contradictory: A Knightian Insight.S. Ramakrishna Velamuri & S. Venkataraman - 2005 - Journal of Business Ethics 61 (3):249-262.
    The normative foundations of the investor centered model of corporate governance, represented in mainstream economics by the nexus-of-contracts view of the firm, have come under attack, mainly by proponents of normative stakeholder theory. We argue that the nexusof- contracts view is static and limited due to its assumption of price-output certainty. We attempt a synthesis of the nexus-of-contracts and the Knightian views, which provides novel insights into the normative adequacy of the investor-centered firm. Implications for scholarship and management practice follow (...)
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  • Enlightened Corporate Governance: Specific Investments by Employees as Legitimation for Residual Claims.Alexander Brink - 2010 - Journal of Business Ethics 93 (4):641-651.
    While much has been written on specificity (e.g., in texts on new institutional economics, agency theory, and team production theory), there are still some insights to be learnt by business ethicists. This article approaches the issue from the perspective of team production, and will propose a new form of corporate governance: enlightened corporate governance, which takes into consideration the specific investments of employees. The article argues that, in addition to shareholders, employees also bear a residual risk which arises due to (...)
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