This paper seeks to show how MacIntyre’s concept of a practice can survive a series of ‘scope problems’ which threaten to render the concept inapplicable to business ethics. I begin by outlining MacIntyre’s concept of a practice before arguing that, despite an asymmetry between productive and non-productive practices, the elasticity of the concept of a practice allows us to accommodate productive and profitable activities. This elasticity of practices allows us to sidestep the problem of adjudicating between practitioners and non-practitioners as (...) well as the problem of generic activities. I conclude by suggesting that the contemporary tendency to regard work as an object of consumption, rather than undermining MacIntyre’s account of practices, serves to demonstrate the potential breadth of its applicability. (shrink)

Since the publication of Alasdair MacIntyre’s After Virtue in 1981, tensions inherent to the relationship between morally educative practices and the institutions that house them have been widely noted. We propose a taxonomy of the ways in which the pursuit of external goods by institutions undermines the pursuit of the internal goods of practices. These comprise substitution, where the institution replaces the pursuit of one type of good by another; frustration, where opportunities for practitioners to discover goods or develop new (...) standards of excellence are frustrated by institutional priorities and resource allocation; and injustice, which undermines the integrity of relationships within the organization and/or with partners. These threats, though analytically distinct, are often mutually reinforcing. This conceptual contribution is illustrated both by the extant literature and by a novel context, the three-ring circus. (shrink)

MacIntyre argues that management embodies emotivism, and thus is inherently amoral and manipulative. His claim that management is necessarily Weberian is, at best, outdated, and the notion that management aims to be neutral and value free is incorrect. However, new forms of management, and in particular the increased emphasis on leadership which emerged after MacIntyre’s critique was published, tend to support his central charge. Indeed, charismatic and transformational forms of leadership seem to embody emotivism to a greater degree than do (...) more Weberian, bureaucratic forms of management; hence, MacIntyre’s central contention about our emotivistic culture seems to be well founded. Having criticised the details but defended the essence of MacIntyre’s critique of management, this paper sketches a MacIntyrean approach to management and leadership by highlighting the affinities between MacIntyre’s political philosophy and Greenleaf’s concept of servant leadership. (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)

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)

ABSTRACT:Experience often manifests a gap between moral principles that are both rationally defensible and widely accepted, and the actual practice of business. In this article, I adapt Pope Francis’s discussion of conscience, gradualness, and discernment, inAmoris Laetitia, for the philosophical context of business ethics in order to better conceptualize and to identify means of narrowing the gap between objective moral principles and business practice. Specifically, right conscience allows for a better understanding of the scope and boundary conditions of moral principles, (...) gradualness highlights the need to identify ways that moral principles can be properly implemented within organizations, and discernment draws attention to the importance of solidarity, in order to avoid one-sided, self-serving action descriptions. In these ways, Francis’s discussion contributes to the narrowing of the gap between objective moral principles and business practice. I conclude by discussing ways that Francis’s framework can inform business ethics courses. (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)

Rights claims are ubiquitous in modernity. Often expressed when relatively weaker agents assert claims against more powerful actors, especially against states and corporations, the prominence of rights claims in organizational contexts creates a challenge for virtue-based approaches to business ethics, especially perspectives employing MacIntyre’s practices–institutions schema since MacIntyre has long been a vocal critic of the notion of human rights. In this article, I argue that employee rights can be understood at a basic level as rights conferred by the rules (...) constitutive of practices. As such, employee rights correspond to the obligations of practitioners to treat fellow practitioners according to the standards of excellence and requirements of justice. Thus, one way that managers can ensure that their core practice is well-functioning is to recognize employee rights. One implication of this argument is that managers should adopt a more positive stance toward labor unions, insofar as they are a key way for employees to ensure that their voice is heard, and their rights respected. (shrink)

Moral identity and moral dissonance in business ethics have explored tensions relating to moral self-identity and the pressures for identity compartmentalization in the workplace. Yet, the connection between these streams of scholarship, spirituality at work, and business ethics is under-theorized. In this paper, we examine the Quaker tradition to explore how Quakers’ interpret moral identity and negotiate the moral dissonance associated with a divided self in work organizations. Specifically, our study illuminates that while Quakers’ share a tradition-specific conception of “Quaker (...) morality” grounded in Quaker theology and the Quaker testimonies to truth, integrity, peace, equality, and simplicity, they often foreground the pursuit of an undivided self through seeking work that enables an expression of Quaker moral identity, or by resigning from work organizations that do not. In most cases, however, Quakers’ face moral dissonance at work and engage in either identity compartmentalization and draw upon the metaphor of a ‘spiritual journey’ as a form of self-justification, or reframe, compartmentalize and engage in work tasks that are both subjectively moral and meaningful. We present a model that elaborates these negotiation processes and invite further research that examines how the spiritual traditions influence moral identity construction at work. (shrink)

Research in business ethics has largely ignored questions of equality and dissensus, raised by theorists of radical democracy. Alasdair MacIntyre, whose work has been very influential in business ethics, has developed a novel approach to virtue ethics rooted in both Aristotelian practical philosophy and a Marxian appreciation of radical democracy. In this paper, we bring MacIntyre into conversation with Jacques Rancière and Chantal Mouffe and argue the following: first, MacIntyre’s work has significant similarities with Rancière and Mouffe, thus suggesting that (...) MacIntyrean business ethics has the potential to address the concerns of radical democrats; second, the MacIntyrean business ethics literature has not adequately incorporated the aspects of Macntyre’s work addressing concerns regarding equality and dissensus and future work should pay more attention to these concerns. (shrink)

In a 2015 article entitled “The Irrelevance of Ethics,” MacIntyre argues that acquiring the moral virtues would undermine someone’s capacity to be a good trader in the financial system and, conversely, that a proper training in the virtues of good trading directly militates against the acquisition of the moral virtues. In this paper, we reconsider MacIntyre’s rather damning indictment of financial trading, arguing that his negative assessment is overstated. The financial system is in fact more internally diverse and dynamic, and (...) more reformable, than suggested by MacIntyre’s treatment. The challenge at the heart of MacIntyre’s claims can be crystallized in the question, “under which conditions, if any, can a person be an effective trader and simultaneously live a worthy human life?” We conclude that there are realistic possibilities of integrity and growth in moral virtue for those who work in the financial sector, at least for those operating in a work environment minimally permissive toward virtue, provided they possess characters of integrity and genuine aptitude for the skills and attitudes required in their professional tasks. (shrink)

This article considers financial risk management practice using a virtue ethics lens, in response to ongoing critiques of risk management from within business ethics. Risk management should be seen as embedded within a complex system of cultures, organizations and regulations that are underpinned by a quantitatively reductive or ‘mechanistic’ economic paradigm, where dominant logics of self-interest, profit maximization and short-termism prevail. Building on recent work applying virtue ethics in finance, an alternative to the values, normative expectations and priorities in financial (...) risk management is presented in the form of a refined ‘taxonomy’ of the virtues that can be applied to individuals and organizations engaged in financial risk management. This article aims to contribute to and extend debate on the ethical aspects of risk management and presents an alternative to more technically based critiques which do not engage with the underlying socially constructed foundations of risk management practice. It thereby provides a basis to critique the mechanistic and narrow approach used in the current regulation of the sector. (shrink)

Financial misconduct has come into the spotlight in recent years, causing market regulators to increase the reach and severity of interventions. We show that at times the economic benefits of illicit financial activity outweigh the costs of litigation. We illustrate our argument with data from the US Securities and Exchanges Commission and a case of investment misconduct. From the neoclassical economic paradigm, which follows utilitarian thinking, it is rational to engage in misconduct. Still, the majority of professionals refrain from misconduct, (...) foregoing economic rewards. We suggest financial activity could be reimagined taking into account intrinsic and prosocial motivations. A virtue ethics framework could also be applied, linking financial behavior to the quest for moral excellence and shared flourishing. By going beyond utilitarian thinking and considering alternative models, we offer a fuller account of financial behavior and a better perspective from which to design deterrence methods. (shrink)

This paper introduces ‘Virtue and Virtuousness: When will the twain ever meet?’ a special edition of Business Ethics: A European Review. The Call for Papers invited contributions that could inform the relationship between organisational virtuousness, as conceptualised by positive organisation studies, and the classical conception of virtues pertaining to individual women and men. While the resources of particular virtue traditions – Aristotelian, Catholic, Confucian, and the like – could inform their own debates as to whether virtue extends beyond individuals, the (...) debate between virtue traditions and positive organisation studies has a different dimension. The question is whether the claims of positive social sciences as such are compatible with those of any virtue tradition. We argue that positive social science and virtue traditions are indeed rivals such that adherence to the claims of the one precludes adherence to the other. Resolution to such conflicts requires that one tradition is able to resolve questions that exhaust the resources of the other. This paper suggests that at least one area of incoherence in the findings of positive social sciences can be resolved by virtue traditions, and introduces the remaining papers in the special edition. (shrink)

A survey study was conducted to look into the effect of Confucian ethics and the psychological foundations of morality on business managers' perspectives on corporate social responsibility (CSR). Using responses from 393 Chinese managers, we first conducted confirmatory factor analysis to assess the reliability and validity of the measurement model and then employed hierarchical regression to explore the relationships among Confucian ethics, moral foundations, and managers' shareholder value perspectives. The results indicate that both Confucian ethics and managers' moral foundations had (...) significant influence on shareholder value perspectives. In fact, moral foundations and Confucian ethics interacted and jointly affected managers' positions on the shareholder value model of corporate responsibility. This study demonstrates the importance of psychological foundations of morality to managers' CSR orientations and substantiates the persistent impact of Confucian ethics/cultural traditions on today' business practices. (shrink)

This paper extends an ongoing discussion about establishing a sharper way to conduct ethical investigations into managerial virtue. It does so by relying on Alasdair MacIntyre's moral philosophy in place of those more dominant approaches taken by scholars who make up the field of positive social science. A connection is drawn herein between a MacIntyrean “narrative approach” to investigating managerial virtue and the idea of “work as a calling.” Specifically, it will be argued that the MacIntyrean‐influenced idea of “work as (...) a calling” provides a substantive moral vision that supports an understanding of how virtuous managers ought to narrate their primary workplace motivations. Ultimately, virtuous managers fulfill a “political calling” to support and sustain (a) good work, (b) the good of individual lives, and (c) the common good of communities that their organization reaches. To do this, they must rely on the “shepherd virtue” of practical wisdom (phronesis). Practical wisdom aids virtuous managers’ thinking about achieving the ends of their “calling” as well as any necessary course‐corrections that ought to be made toward the better achievement of those good and worthy ends. (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 purpose of this paper is to analyze the virtue of temperance as a moral competence in professional performance. The analysis relies on three different streams of literature: virtue ethics, positive psychology and competency-based management. The paper analyzes how temperance is defined in each of these perspectives. The paper proposes an integrative definition of temperance as “moral competence” and summarizes behaviors in business environments in which temperance plays a role.

Business Ethics: A European Review, EarlyView.

Feldman (Organization Science 11(6): 611–629, 2000) describes the striving mechanism as a mode of routine change driven by successful organizational routines. Striving describes a process by which organization members gain a better understanding of the ideals undergirding their actions. In turn, this insight drives changes within routines. In this paper, I argue that the rational actor model, especially as articulated in Donald Davidson’s (1963) theory of action, is unable to account for the striving mechanism of endogenous routine change identified by (...) Feldman (Organization Science 11(6): 611–629, 2000). Drawing upon Brewer’s (2011) criticisms of propositional theories of desire, the account of meta-language intentional attitudes developed by List and Pettit (2011), and MacIntyre’s (2007) theory of social practices, I introduce an expanded framework for conceptualizing agency at the individual level, and aggregation at the organization level, that better accounts for the striving mechanism as a process of endogenous routine change. (shrink)

This paper critically reviews and discusses the concept of organizational virtuousness as presented in positive organizational scholarship. It identifies Kim S. Cameron, David S. Bright, and Arran Caza as the most influential researchers within this field and portrays commonalities, differences, and inconsistencies among the various notions of organizational virtuousness offered in positive organizational literature throughout the last 15 years. While the commonalities refer to attributes, levels of analyses, outcomes, and methodology, the variances concern the locus of residence, the priority of (...) outcomes, indicators, supporting features and the virtues included in positive organizational virtuousness. The analysis further discusses the strengths and weaknesses of these differences and stresses the challenges which the POS movement needs to face in order to clarify its definition of organizational virtuousness and, maybe, converge on one unified meaning. Finally, these challenges are summarized and linked to future research proposals which offer potential ideas on how to further develop the concept of positive organizational virtuousness. (shrink)

This paper argues that Shanahan and Hyman’s Virtue Ethics Scale should be abandoned and that work should begin to develop better-grounded measures for identifying individual business virtue in context. It comes to this conclusion despite the VES being the only existing measure of individuals’ virtues that focuses on business people in general, rather than those who hold specific leadership or audit roles. The paper presents a study that, in attempting to validate the VES, raises significant concerns about its construction. In (...) particular, investigation of the VES items leads to adjustments in the language used and examines participants’ understanding of the virtue terms and their descriptors. Confirmatory factor analysis of data collected from a sample of 137 HR practitioners establishes that the 6-factor solution identified by Shanahan and Hyman is not appropriate for the sample under examination. Rather, exploratory factor analysis results in three dimensions based in 13 items focusing on the individuals’ reliability, resourcefulness, and leadership. Finally, multiple regression establishes that these dimensions do not on the whole show associations with MA or PRESOR, two measures through which it would be expected to establish convergent and divergent validity. The paper concludes by suggesting guidelines for the development of future measures of IBV. (shrink)

This article develops a liberal theory of the virtues in business. I first articulate two key liberal values embodied within market society: self-authorship and mutual benefit. Self-authorship is a mode of autonomy given expression through the effective exercise of economic liberties. Mutual benefit involves the intentional pursuit of the well-being of one’s transaction partners within economic exchange. These values are uniquely realized, I argue, within business, conceptualized as a distinct, firm-level, social practice. More specifically, individuals realize self-authorship by purposively integrating (...) cospecialized resources, forms of knowledge, and business functions to facilitate mutually beneficial transactions. Through their commitment to mutual benefit, businesspersons establish ongoing, cooperative relationships with customers, members of other firms, and various stakeholders more generally. These relationships are constitutive of a distinct liberal notion of the common good. The practice of business and the common good in a market society are sustained by a range of individual-level virtues. I recount these virtues and, before concluding, discuss several other theoretical implications of this account. (shrink)

Organizational integrity is a key concept with and through which a company can assume its responsibility for ethical and societal issues. It is a basic premise for sustainable corporate success, as ethical risks ultimately become economic risks for a company. Recent research shows the potential of integrity‐based governance models to reduce corporate risks and to improve business performance. However, companies are not yet able to assess nor evaluate their level of organizational integrity in a sound and systematic way. We aim (...) to develop a theoretical model as a basis for the measurement of organizational integrity by conceptualizing the construct and sizing the theoretical model's scope. We suggest that the theoretical model follows a holistic approach and involves three types of dimensions: prerequisite dimensions, independent dimensions, and dependent dimensions. The organizational integrity triad—consisting of active commitments to self‐imposed norms and principles, their transparent institutionalization into corporate processes and structures, and their implementation into action—plays a key role in this context. (shrink)

This article analyzes in detail the virtue of practical wisdom as described by Thomas Aquinas, and on this basis it develops a comprehensive framework to enrich Authentic Leadership theory, establishing the virtue of practical wisdom as foundational for the authentic leader’s behavior and character development, and highlighting shortfalls that may stem from vices opposed to it. The goal of the article is twofold: First, it seeks to fill a void on the role of virtues –and in particular practical wisdom– in (...) leadership studies; second, it aims to show how cultivating the virtue of practical wisdom as described by Aquinas promotes the development of exactly those traits that are characteristic of an authentic leader, offering a set of propositions delineating these correlations. (shrink)