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1.
In Barnett and Block (J Bus Ethics 88(4):711–716, 2009a), the present authors claim that borrowing short and lending long is fraudulent, and thus ought to be prohibited on legal
grounds. Bagus and Howden (J Bus Ethics 90(3):399, 2009) take issue with our ethical analysis. The present paper is our response to these authors; it is an attempt to defend Barnett
and Block (J Bus Ethics 88(4):711–716, 2009a) against the very interesting and important, although we believe, erroneous, criticisms of Bagus and Howden (J Bus Ethics
90(3):399, 2009). 相似文献
2.
Anthony J. Evans 《Journal of Business Ethics》2014,124(2):351-364
This article contributes to a recent debate between Barnett and Block (J Bus Ethics 88(4): 711–716, 2009), Bagus and Howden (J Bus Ethics 90(3): 399–406, 2009), Barnett and Block (J Bus Ethics 100: 299–238, 2011), Cachanosky (J Bus Ethics 104: 219–221, 2011) and Bagus and Howden (J Bus Ethics 106: 295–300, 2012a) regarding the conceptual distinction between demand deposits and time deposits. It is argued that from an economic perspective there is nothing inherently fraudulent or illegitimate about deposit accounts that are available ‘on demand’, but that this relies on certain contractual provisions. Particular attention is drawn to option clauses and withdrawal clauses, which “solve” the problems raised by Barnett and Block, and Bagus and Howden. Previous authors have also neglected the asset side of banks balance sheets, and this is shown to further justify the legitimacy of fractional reserve banking. 相似文献
3.
Barnett and Block (Journal of Business Ethics, 2009) attack the heart of modern banking by claiming that the practice of borrowing short and lending long is illicit. While their
claim of illegitimacy concerning fractional reserve banking can be defended, their justification lacks substance. Their claim
is herein strengthened by a legal analysis of deposits and loans based on Huerta de Soto (Money, Bank Credit and Economic
Cycles, 2006). A combined legal and economic analysis shows that while lending deposits can be regarded as illicit, the maturity mismatching
of loans is legitimate contrary to Barnett and Block’s claim. No over-issuance of property rights is involved with this practice
once the distinction between present and future goods is taken into account. However, while the practice is not illicit per se, it is greatly assisted and developed through the presence of a fractional reserve banking system, and can sometimes breed
detrimental effects. 相似文献
4.
Barnett and Block (J Bus Ethics 18(2):179–194, 2011) argue that one cannot distinguish between deposits and loans due to the continuum problem of maturities and because future
goods do not exist—both essential characteristics that distinguish deposit from loan contracts. In a similar way but leading
to opposite conclusions (Cachanosky, forthcoming) maintains that both maturity mismatching and fractional reserve banking
are ethically justified as these contracts are equivalent. We argue herein that the economic and legal differences between
genuine deposit and loan contracts are clear. This implies different legal obligations for these contracts, a necessary step
in assessing the ethics of both fractional reserve banking and maturity mismatching. While the former is economically, legally,
and perhaps most importantly ethically problematic, there are no such troubles with the latter. 相似文献
5.
Kévin André Sylvain Bureau Arthur Gautier Olivier Rubel 《Journal of Business Ethics》2017,142(2):313-323
The present article is a continuation of the debate two sets of authors (Bagus and Howden vs. Barnett and Block) have been engaging in regarding one type of maturity mismatching: borrowing short and lending long (BSLL). All four authors had agreed that this practice can set up the Austrian Business Cycle; the present author denies that BSLL would be a legitimate commercial interaction in the free society; Bagus and Howden continue to maintain that it would be licit. Our main criticism of Bagus and Howden is a reductio ad absurdum: that this opens them up to the charge of embracing the doctrine of market failure; this is something highly problematic for the two of them, since all four contributors to this debate are well-known supporters of laissez faire capitalism. 相似文献
6.
Philipp Bagus David Howden Jesús Huerta de Soto Ballester 《Journal of Business Ethics》2018,149(2):433-441
Barnett and Block (2015) claim that Bagus and Howden (2012b) support indirectly the concept of market failure. In this paper, we show that maturity mismatching in an unhampered market may imply entrepreneurial error but cannot be considered a market failure. We demonstrate why fractional-reserve banking leads to business cycles even if there is no central bank and why maturity mismatching does not per se lead to clusters of errors in a free market. Finally, in contrast to the examples provided by Barnett and Block, we assure that maturity mismatching does not imply the creation of two incompatible contracts due to the fungible nature of money. 相似文献
7.
In the pages of this journal, a fruitful debate has evolved on the ethical legitimacy of fractional-reserve banking. In this article, we respond to the new arguments raised by Evans (J Bus Ethics, 2014) as we clarify our (Bagus et al. in J Bus Ethics 128:197–206, 2015a) position on the unethical and illegitimate nature of fractional-reserve banking. Fractional-reserve banking is not a recent financial innovation (unlike, e.g., money market mutual funds) but represents a long-standing legal aberration. The co-mingling of two mutually exclusive financial contracts, deposit and loan, confounds the contracting parties’ purposes, intents, rights, and obligations. As a result, it creates unsolvable legal difficulties and ethical dilemmas. While these problems are most evident in the case of a bank run, they also arise when trying to answer the simple question of “who owns a deposit?” 相似文献
8.
The gulf between multinational enterprises’ focus on high income countries and the reality of 80% of the world living in developing,
bottom of pyramid (Hahn, J Bus Ethics 84:313–324, 2009) economies could magnify the anti-globalisation movement and political backlashes in the twenty-first century. The global
financial crisis of 2008 and 2009 has increased such social tensions throughout the world and creates greater challenges for,
responsible leadership. In this conceptual article, the authors analyse the value and identity of local managers, and the
liability of foreignness caused by over-reliance on expatriate managers and under-reliance on local managers in bottom of
pyramid countries (Hahn, 2009). It is argued that multinational enterprises need to assess local managers’ knowledge and contributions as having not only
operational and market value, but also institutional value, such as access to local knowledge and local social capital; such
a holistic approach will ensure fairer, equal treatment of all managers in the multinational enterprise. Responsible leadership
in the twenty-first century requires a greater appreciation of local managers’ institutional value and the overcoming of any
psychological distance towards local managers of bottom of pyramid countries. 相似文献
9.
Traditionally, conceptualizations of human values are based on the assumption that individuals possess a single integrated
value system comprising those values that people are attracted by and strive for. Recently, however, van Quaquebeke et al.
(in J Bus Ethics 93:293–305, 2010) proposed that a value system might consist of two largely independent value orientations—an orientation of ideal values
and an orientation of counter-ideal values (values that individuals are repelled by), and that both orientations exhibit antithetic
effects on people’s responses to the social world. Following a call for further research on this distinction, we conducted
two studies to assess the independent effects of ideal and counter-ideal values in leadership settings. Study 1 (N = 131) finds both value orientations to explain unique variance in followers’ vertical respect for their leaders. Study 2
(N = 136) confirms these results and additionally shows an analogous effect for followers’ identification with their leaders.
Most importantly, we find that both value orientations exhibit their effects only independently when the content of the two
orientations pertain to different value types in Schwartz’s (in J Soc Issues 50:19–46, 1994) circumplex model. Implications for theory and practice are discussed. 相似文献
10.
Forsyth (J Pers Soc Psychol 39(1):175–184, 1980) argued that ethical ideology includes the two orthogonal dimensions of relativism and idealism. Relativists determine morality
by looking at the complexities of the situation rather than relying on universal moral rules, while idealists believe that
positive consequences can always be obtained without harming others. This study examined the role of ethical ideology as a
moderator between justice and constructive and deviant reactions to injustice. Students with work experience (N = 200) completed Bennett and Robinson’s (J Appl Psychol 85(3):349–360, 2000) measure of Workplace Deviance, Gill’s (Reactions to injustice: Development and validation of a measure. Unpublished doctoral
dissertation, University of Western Ontario, 2005) Reactions to Injustice measure, and the Ethics Position Questionnaire (Forsyth, 1980), and provided ratings of justice in their own workplace. Hierarchical regressions revealed a significant main effect of
idealism on deviance and constructive behaviors, and three-way interactions between idealism, relativism, and some types of
justice. These findings suggest that ethical ideology plays a significant role in predicting responses to injustice. 相似文献
11.
Seraphim Voliotis 《Journal of Business Ethics》2011,102(4):537-562
Organizational corruption has recently attracted considerable scholarly attention, especially since its devastating effects
following recent major corporate scandals, the worldwide economic crisis of 2009, and the current European Union monetary
crisis. This paper is based on the analysis of three distinct, yet contextually related, case studies in a European Union
member state: (a) an incident of corruption by a minister in an adjudicative role, (b) widespread financial misreporting and
perjury within an organization, and (c) abuse of due process and obstruction of justice by civil servants within a ministry.
These cases serve to illustrate, for the first time, Aguilera and Vadera’s (in J Bus Ethics 77:431–449, 2008) framework of organizational corruption, which relates distinct types of a corrupter’s opportunity, motivation, and justification
with the type of corruption present in the organization. Furthermore, the data suggest how the framework may be extended and
reveal conceptual issues that require reconciliation. This study attempts such reconciliations and offers some suggestions
on how the findings may be utilized by policy reformers or corruption controllers. 相似文献
12.
An Examination of the Structure
of Executive Compensation and Corporate Social Responsibility:
A Canadian Investigation 总被引:2,自引:0,他引:2
We explore the extent to which Boards use executive compensation to incite firms to act in accordance with social and environmental objectives (e.g., Johnson, R. and D. Greening: 1999, Academy of Management Journal
42(5), 564–578 ; Kane, E. J.: 2002, Journal of Banking and Finance
26, 1919–1933.). We examine the association between executive compensation and corporate social responsibility (CSR) for 77 Canadian firms using three key components of executives’ compensation structure: salary, bonus, and stock options. Similar to prior research (McGuire, J., S. Dow and K. Argheyd: 2003, Journal of Business Ethics
45(4), 341–359), we measure three different aspects of CSR, which include Total CSR as well as CSR Strengths and CSR Weaknesses. CSR Strengths and CSR Weaknesses capture the positive and negative aspects of CSR, respectively. We find significant positive relationships between: (1) Salary and CSR Weaknesses, (2) Bonus and CSR Strengths, (3) Stock Options and Total CSR; and (4) Stock Options and CSR Strengths. Our findings suggest the importance of the structure of executive compensation in encouraging socially responsible actions, particularly for larger Canadian firms. This in turn suggests that executive compensation can be an effective tool in aligning executives’ welfare with that of the “common good”, which results in more socially responsible firms (Bebchuk, L., J. Fried and D. Walker: 2002, The University of Chicago Law Review
69, 751–846; Zalewski, D.: 2003, Journal of Economic Issues
37(2), 503–509). In addition, our findings suggest the importance of institutional context in influencing the association between executive compensation and CSR. Further implications for practice and research are discussed.Lois. Mahoney is an Assistant Professor at Eastern Michigan University. Her research is focused in the areas of ethics and accounting information systems. She has published in ethics and accounting journals including Journal of Business Ethics, Business Ethics Quarterly, Research on Professional Responsibility and Ethics in Accounting, Information and Organization. Dr. Mahoney has received several research awards, including Best Paper award at the Seventh Symposium on Ethics Research in Accounting. Dr. Mahoney is also actively involved in the American Accounting Association.Linda Thorn is an Associate Professor at York University in Toronto Ontario. Her research focuses on ethical decision making, the ethics of accountants and accounting students and ethical aspects of accounting information. She has published in ethics and accounting journal including among others, Business Ethics Quarterly, Journal of Business Ethics, Contemporary Accounting Research, Behavioral Research in Accounting and Audit: A Journal of Practice in Theory. 相似文献
13.
This article proposes and empirically tests a theoretical framework incorporating Reidenbach and Robin’s (J Bus Ethics 10(4):273–284,
1991) conceptual model of corporate moral development. The framework is used to examine the relation between governance and business
ethics, as proxied by diversity management (DM), and financial reporting quality, as proxied by the magnitude of earnings
management (EM). The level of DM and governance quality are measured in accordance with the ratings of Jantzi Research (JR),
a leading provider of social and governance research for institutional investors. This DM score is part of an index developed
by JR that investment managers use to integrate DM criteria into their investment decisions. As expected, a negative relation
between corporate DM development and financial reporting quality is found while controlling for other factors known in the
literatures on governance and accounting choices to affect earnings quality. Despite some caveats presented in conclusion,
this study contributes to the ethics, governance, and financial reporting literatures by studying the dynamics between governance
and ethics in the prevention of EM. 相似文献
14.
Jerry M. Calton 《Journal of Business Ethics》2006,68(3):329-346
This paper applies Wempe’s (2005, Business Ethics Quarterly
15(1), 113–135) boundary conditions that define the external and internal logics for contractarian business ethics theory, as a system of argumentation for evaluating current or prospective institutional arrangements for arriving at the “good life,” based on the principles and practices of social justice. It does so by showing that a more dynamic, process-oriented, and pluralist ‘dialogic twist’ to Donaldson and Dunfee’s (2003, ‘Social Contracts: sic et non’, in P. Heugens, H. van Oosterhout and J. Vromen (eds.), The Social Institutions of Capitalism: Evolution and Design of Social Contracts (Cheltenham, UK, Edward Elgar Publishing, Ltd.) pp. 109–126; 1999, Ties that Bind: A Social Contracts Approach to Business Ethics (Boston, MA, Harvard Business School Press); 1995, Economics and Philosophy
11(1), 85–112; 1994, Academy of Management Review
19(2), 252–284.) integrated social contracting theory (ISCT) of economic ethics will further develop this promising and influential approach to moral reasoning, ethical decision-making, and stakeholder governance. This evolutionary, interactive learning-based model of ethical norm generation via dialogic stakeholder engagement is particularly appropriate within economic communities that are experiencing value conflict and pressures for institutional change.Jerry M. Calton is Professor of Management at the University of Hawaii at Hilo. His research interests encompass multi-stakeholder learning dialogue, trust-based network governance, and the social contracting approach to ethical decision-making. His publications have appeared in the Journal of Business Ethics, Business & Society, Business Ethics Quarterly, the Journal of Corporate Citizenship, and elsewhere. 相似文献
15.
Jang B. Singh 《Journal of Business Ethics》2011,101(3):385-395
Recent figures reported by KPMG confirm the growing prevalence of corporate codes of ethics globally. Svensson et al. (Bus
Ethics 18:389–407, 2009) in surveys of the largest corporations in Australia, Canada, and Sweden found a similar trend. The increased prevalence
of corporate codes of ethics has been accompanied by heightened research interest in various aspects of these documents, e.g.,
the contents and focus of the codes. However, there is a paucity of research examining the effectiveness of these documents
and the organizational infrastructure that accompany them. This study, based on a survey of Canada’s largest corporations,
sought to empirically assess the determinants of the effectiveness of corporate codes of ethics by regressing managers’ perceptions
of code effectiveness against various elements of ethics programs. It was found that, in a statistically significant model,
eighteen independent variables explain 58.5% of the variance in the perceived effectiveness of corporate codes of ethics. 相似文献
16.
Gail Ridley 《Journal of Business Ethics》2011,103(1):111-125
This article argues for an extension to the scope of corporate social responsibility (CSR) research to include a contemporary
issue of importance to national and global security, critical infrastructure resilience. Rather than extending the multiple
perspectives on CSR, this study aimed to identify a method of recognising CSR-related issues, before applying it to two dissimilar
case studies on critical infrastructure resilience. One case study was of an international telecommunications company based
in the US while the other was of the railway network in Britain during a period of privatisation. The method used was derived
from Okoye’s (J Bus Ethics 89(4):613–627, 2009) common reference core for CSR. Both case studies satisfied all the criteria sought which points to critical infrastructure
resilience as being an emerging CSR issue. Because ongoing change characterises CSR, the method may have application for identifying
future new CSR strands. As the findings suggest that some aspects of national and global security are CSR-related phenomena,
the study demonstrates how CSR research may be significant at a societal, national and global level. Implications of the study
include a broadening of the value and reach of contributions from CSR researchers and practitioners. 相似文献
17.
Trust is a fundamental aspect of the moral treatment of stakeholders within the organization–stakeholder relationship. Stakeholders
trust the organization to return benefit or protections from harm commensurate with their contributions or stakes. However,
in many situations, the firm holds greater power than the stakeholder and therefore cannot necessarily be trusted to return
the aforementioned duty to the stakeholder. Stakeholders must therefore rely on the trustworthiness of the organization to
fulfill obligations in accordance to Phillips’ principle of fairness (Business Ethics Quarterly
7(1), 1997, 51–66), particularly where low-power stakeholders may not be fully consenting (Van Buren III, Business Ethics Quarterly
11(3), 2001, 481–499). The construct of organizational trustworthiness developed herewith is presented as a possible solution to the
problem of unfairness in organization–stakeholder relations. While organizational trustworthiness does not create an ethical
obligation where none existed before, stakeholders who lack power will likely be treated fairly when organizational trustworthiness
is present. 相似文献
18.
Decades of empirical and theoretical research has produced an extensive literature on the ethical judgments construct. Given
its importance to understanding people’s ethical choices, future research should explore the psychological processes that
produce ethical judgments. In this paper, the authors discuss two steps needed to advance this effort. First, they note that
the business ethics literature lacks a single, generally accepted definition of ethical judgments. After reviewing several
extant definitions, the authors offer a definition of the construct and discuss its advantages. Second, future ethical judgment
research would benefit from greater integration between theories of ethical decision making and theories of social cognition.
Drawing upon the Hunt–Vitell (Journal of Macromarketing
6(Spring), 5–15, 1986; In: N. C. Smith and J. A. Quelch (eds.), Ethics in Marketing. Irwin, Homewood, IL, pp. 775–784, 1992) model and the heuristic-systematic model (Chaiken, Journal of Personality and Social Psychology
39(November), 752–766, 1980), the authors present a brief research agenda intended to stimulate research on the psychological processes behind ethical
judgments. 相似文献
19.
Franchising is often touted as a safe route to business ownership in the service arena. Yet findings by Bates (J Small Bus
Manage 33(2):26–36, 1995) suggest that franchising may be a riskier alternative for prospective business owners than starting a non-franchised business.
We contend that this conclusion is inappropriate because flaws in Bates’ study lend themselves to alternative interpretations
of his results. The most critical flaws and plausible alternative interpretations are explained, and implications for prospective
business owners are discussed. 相似文献
20.
Since small businesses typically rely on small banks as their primary source of financing, there are concerns that the wave
of bank consolidation of the 1990s may have reduced the availability of loans to small businesses in the US. Using a panel
of state-level banking information over 1993–2002, this paper shows that the Riegle–Neal Interstate Banking and Branching
Efficiency Act of 1994 reduced the number of small banks, but not the amount of small business lending. We also show that
small banks are participating less in small business lending. These results imply that the bank-lending channel of the monetary
transmission mechanism became less important in the US in the late 1990s as a result of more firms borrowing from large banks
that are less sensitive to monetary shocks. 相似文献