Which factors support trust in the recommendation process of pension products? Trust and pension products

During the financial crisis of 2008/2009, financial institutions such as banks and insurance companies have lost trust of their customers. In the recommendation process of pension products, trust plays an important role since cash flows from retirement products accrue decades ahead. Using the results from a survey, we find that financial institutions still struggle to deliver trust to their customers when they recommend different categories of retirement products. Other recommending parties such as academic financial experts or close friends, however, are able to establish a high level of trust. We therefore investigate factors of alternative channels to establish trust such as the recommendation process or product features.

     

Business ethics in China and Iceland—Contrasts and convergence

It is generally accepted that cultural differences affect individuals' approaches to ethics, but how are the effects of culture manifested in perceptions of ethics? Further, how are cultural differences displayed in such ethics-related actions as recommendations for business ethics education? Managers' responses from two starkly different cultures, China and Iceland, reveal, somewhat surprisingly, that one group's top business ethics concerns and business ethics education recommendations are at the bottom of the other group's rankings, and vice-versa, yet each appears reasonable given the cultural background. This shows how nuanced the expression of cultural differences in the realm of ethics can be and how potential practical steps may rely on perceived “top” ethical issues. Together, these findings imply that there is more to explore about the role of culture on ethical reasoning and behavior than researchers have examined to date. We provide suggestions for further research and practical applications.