Spoofing—placing orders on financial exchanges intending to withdraw them prior to execution—is widely legally prohibited. I argue instead on two main grounds that spoofing should be permitted and legalised. The first is that spoofing as a form of bluffing remains within the market practice of making legally binding offers—as opposed to lying or betraying trust—and primarily concerns the spoofer’s personal information. As a form of bluffing spoofing helps prevent financial speculators, in particular high-frequency algorithmic traders, from easily profiting by other (...) market actors reliably revealing their underlying preferences through their market activity. The second is that at the systemic level permitting spoofing would benefit non-speculative actors who place orders to hedge economic risk and whose activities provide the raison d’être for financial exchanges, differentiating them from simple forums for gambling. I also address potential concerns that legalised spoofing would drive speculators out of financial markets entirely and, therefore, undermine market liquidity. This work contributes to the wider debate in business ethics regarding bluffing by illustrating the acceptability of bluffs which do not betray counterparty trust or reliance on testimony by remaining within the framework of market practices. (shrink)

Although CSR scholarship has highlighted how tensions in CSR implementation are negotiated, little is known about its normative and moral dimension at a micro-level. Drawing upon the economies of worth framework, we explore how spirituality influences the negotiation of CSR tensions at an individual level, and what types of justification work they engage in when experiencing tensions. Our analysis of semi-structured interview data from individuals who described themselves as Buddhist and were in charge of CSR implementations for their organizations shows (...) that spirituality influences how they compromise among competing moral values by identifying two forms of justification work: compartmentalizing work and contextualizing work, which help spiritual practitioners minimize moral dissonance. (shrink)

The convergence of India’s rich cultural and religious heritage with its rapidly transforming economy provides a unique opportunity to understand how senior executives navigate the demands of the business environment within the context of their religious convictions. Forty senior executives with varying religious backgrounds and global responsibilities within Indian multinational corporations participated in this study. Drawing from virtue ethics theory and using systematic content analysis, several themes emerged for ethical virtues. The analysis illustrates how these deeply seated ethical virtues helped (...) to form and refine these executives’ ethical mindsets via guiding principles such as an ethical culture, environment, molding, education, commitment and leadership. In turn, these ethical mindsets influenced the executives’ ethical decision-making processes. We find that these executives’ ethical virtues and mindsets are inspired by their religious backgrounds. In summary, a very complex mental tug-of-war appears to take place as these executives rationalize and negotiate unethical circumstances while being cognizant of personal religious beliefs. We contend that in a pluralistic multi-faith society such as India, it is critical for corporations to align the virtues of its senior executives with those of the corporation so that virtues are applied consistently when dealing with various stakeholders. The findings present several theoretical and practical implications, which are discussed. (shrink)

Business Ethics: A European Review, EarlyView.

This study introduces a human empowerment framework to better understand why some businesses are more socially oriented than others in their policies and activities. Building on Welzel’s theory of emancipation, we argue that human empowerment—comprised of four components: action resources, emancipative values, social movement activity, and civic entitlements—enables, motivates, and entitles individuals to pursue social goals for their businesses. Using a sample of over 15,000 entrepreneurs from 43 countries, we report strong empirical evidence for two ecological effects of the framework (...) components on prosociality. We find that human empowerment lifts entrepreneurs’ willingness to choose a social orientation for their business, and reinforces the gender effect on prosociality in business activity. We discuss the human empowerment framework’s added value in understanding how modernization processes fully leverage the potential of social business activities for societies. (shrink)

This paper argues that the principles of spiritual traditions provide normative ‘standards of goodness’ within which practitioners evaluate meaningful work. Our comparative study of practitioners in the Buddhist and Quaker traditions provide a fine-grained analysis to illuminate, that meaningfulness is deeply connected to particular tradition-specific philosophical and theological ideas. In the Buddhist tradition, meaningfulness is temporal and rooted in Buddhist principles of non-attachment, impermanence and depending-arising, whereas in the Quaker tradition, the Quaker testimonies and theological ideas frame meaningfulness as eternal. (...) Surprisingly, we find that when faced with unethical choices and clashes between organizational normativity and spiritual normativity, Buddhist practitioners acknowledge the temporal character of meaningfulness and compromise their moral values, whereas in contrast, Quaker practitioners morally disengage from meaningless work. Our study highlights how normative commitments in different spiritual traditions can influence different levels of adaptability in finding work meaningful and stresses the central importance of normative commitments in meaningful work. Our study concludes with practical implications and future pathways for inter-disciplinary research. (shrink)

Applied Business Ethics is a core module for business undergraduate students in an internationalised university business degree programme from the United Kingdom taught at a Private Higher Education Institution in Singapore. Students, who are working adults undertaking this part-time degree, are assessed purely on the application of theoretical knowledge through essays that show evidence of their ability to apply theory in workplace ethical dilemmas. This pilot study explores the utility of the module in terms of use and exchange value. It (...) was conducted in two phases as an empirical qualitative research. First, an email survey was sent to students, who had already graduated, to gather impressions of the module using open-ended questions. Based on the responses, semi-structured interviews of a purposive sample of four students were carried out to unearth insights on use and exchange value of the module through their stories. The study suggests that a key determinant of use value is workplace utility of the knowledge that has been gained. Over time, consistent derivation of use value translates to exchange value as long-term behaviour changes in the individual create positive workplace outcomes. The study also recognised the powerful influence of organisational culture in determining whether ethical thinking translates into ethical action, which also has a direct bearing on perceptions of use and exchange value. The findings of this study provide an insight to the understanding of the motivations of working adults attending the Applied Business Ethics module on a part-time basis. Having this understanding, it will be possible to further structure the module, in terms of positioning, delivery and assessment, to enable these students to become better managers when dealing with real-world workplace ethical issues. (shrink)