A philosophical essay under this title faces severe rhetorical challenges. New accounts of the good life regularly and rapidly turn out to be variations of old ones, subject to a predictable range of decisive objections. Attempts to meet those objections with improved accounts regularly and rapidly lead to a familiar impasse — that while a life of contemplation, or epicurean contentment, or stoic indifference, or religious ecstasy, or creative rebellion, or self-actualization, or many another thing might count as a good (...) life, none of them can plausibly be identified with the good life, or the best life. Given the long history of that impasse, it seems futile to offer yet another candidate for the genus “good life” as if that candidate might be new, or philosophically defensible. And given the weariness, irony, and self-deprecation expected of a philosopher in such an impasse, it is difficult for any substantive proposal on this topic to avoid seeming pretentious. (shrink)

This paper develops and explores a pedagogical innovation for integrating virtue theory into business students' basicunderstanding of general management. Eighty-seven students, in 20 groups, classified three managers' real-time videotaped activitiesaccording to an elaboration of Aristotle's cardinal virtues, Fayol's management functions, and Mintzberg's managerial roles. The study's empirical evidence suggests that, akin to Fayol's functions and Mintzberg's roles, Aristotle's virtues are also amenable to operationalization, reliable observation, and meaningful description of managerial behavior. The study provides an oft-called-for empirical basis for further (...) work in virtue theory as an appropriate conceptual framework for the study and practice of management. The results indicate that virtue theory may be used to re-conceive our fundamental understanding of management, alongside its capacity to weigh moral judgment upon it. implications and suggestions for future research are discussed. (shrink)

This article examines the applicability of character and virtue ethics to international marketing. The historical background of this field, dimensions of virtue ethics and its relationship to other ethical theories are explained. Five core virtues – integrity, fairness, trust, respect and empathy – are suggested as especially relevant for marketing in a multicultural and multinational context. Implications are drawn for marketing scholars, practitioners and educators.

This study examines the relationships between a company''s emphasis on discretionary social responsibility, environment, and firm performance. It tests the proposition that environmental munificence and dynamism moderate the relationship between discretionary social responsibility and financial performance. Social responsibility was measured with a three-item scale in a sample of 62 firms using a questionnaire. Environmental munificence and dynamism were measured using archival sources as was financial performance (return on assets and return on sales). The results of moderated regression analyses and subgroup (...) analyses found a significant moderating effect of environment on the social responsibility-firm performance relationship. Discretionary social responsibility contributes to firm performance in environments that are dynamic and munificent. (shrink)

Although agreement on the positive sign of the relationship between corporate social and financial performance is observed in the literature, the mechanisms that constitute this relationship are not yet well-known. We address this issue by extending management’s stakeholder theory by adding insights from psychology’s prospect decision theory and sociology’s resource dependence theory. Empirically, we analyze an extensive panel dataset, including information on disaggregated measures of social performance for the S&P 500 in the 1997–2002 period. In so doing, we enrich the (...) extant literature by focusing on stakeholder heterogeneity, perceptional framing, and disaggregated measures of corporate social performance. (shrink)

In this paper the problematic nature of the morality of management, in particular related to business organisations operating under Anglo-American capitalism, is explored. MacIntyre’s critique of managers in After Virtue serves as the starting point but this critique is itself subjected to analysis leading to a more balanced and contemporary view of the morality of management than MacIntyre provides. Paradoxically perhaps, MacIntyre’s own virtues-goods-practice-institution schema is shown to provide a way of re-imagining business organisations and management and thereby holds out (...) the possibility of resolving the issue of the morality of management within such organisations. Implications for management practice are drawn out. (shrink)

This paper argues that business can be helpfully conceived of as a mediating institution. Drawing upon neo-conservative theology, the author argues that mediating institutions serve a vital function in a free society to provide social justice out of an expanded civil society and provide a framework for a flourishing free market. Such institutions also nourish the attitudinal orientation of solidarity in applying the principle of subsidiarity by which self-interest becomes fulfilled through concern for others.The author further argues that businesses also (...) be conceived of as mediating institutions and thereby be held to criteria of meeting associationalneeds. In addition to normative reasons for revising the social contract so that businesses do serve the role of mediating institutions, contemporary management theories demonstrate that businesses can also meet their social obligations of creating wealth while meeting associational needs. (shrink)

Recent scandals in the business world have intensified the demand for an explanation of the causes of corporate wrongdoing. This study empirically tests the effects of mutual fund management fees and control structures on the likelihood of illegal activity within mutual fund organizations. Specific attention is given to the presence of agency duality issues in the mutual fund industry and how this influences the motivations and decisions of fund managers. Findings provide support for the hypothesized relationship that higher levels of (...) management fees decrease the likelihood of illegal behavior. Additionally, control of the mutual fund by external management is found to have a negative impact on the likelihood of illegal activity while also acting as a moderator of the management fee-illegal behavior relationship. (shrink)

This paper considers the question of virtues appropriate to a corporate actor's moral character. A model of corporate appetites is developed by analogy with animal appetities; and the pursuit of initially virtuous corporate tendencies to an extreme degree is shown to be morally perilous. The author thus refutes a previous argument which suggested that (1) corporate virtues, unlike human virtues, need not be located on an Aristotelian mean between opposite undesirable extremes because (2) corporations do not have appetites; and (3) (...) corporate virtues must serve the end of sustainable profit. If these disanalogies between corporate and human virtue no longer hold, then the stage is set for us to formulate a more adequate model of good corporate character that would encompass other-regarding virtues. (shrink)

Abstract:Recent developments in personality research point to an alchemy of character composed of five elements: extroversion, agreeableness, conscientiousness, neuroticism, and openness to experience. This paper surveys this research for its implications to the study of the virtues in organizational ethics. After subjecting each of these five character traits to several tests as to what constitutes a virtue, the empirical evidence supports an organizational virtue of agreeableness and an organizational virtue of conscientiousness. Although the empirical evidence falls short, an argument is (...) mobilized on behalf of an additional organizational virtue of openness to experience. (shrink)

Abstract:This paper is a further development of two previous pieces of work (Moore 2002, 2005) in which modern virtue ethics, and in particular MacIntyre’s (1985) related notions of “practice” and “institution,” have been explored in the context of business. It first introduces and defines the concept of corporate character and seeks to establish why it is important. It then reviews MacIntyre’s virtues-practice-institution schema and the implications of this at the level of the institution in question—the corporation—and argues that the concept (...) of corporate character follows from, but is a novel development of, MacIntyre’s schema. The paper contrasts corporate character and virtues with the more familiar concepts of corporate culture and values. The constitutive and substantive elements of corporate character, including the essential corporate virtues, are then drawn out and illustrated with reference to the cases explored in Koehn (1998). Finally, the paper acknowledges and counters a specific criticism of this approach. (shrink)

It may be nearly impossible to use standard principles to make a decision about a complex ethical case. The best decision, say virtue ethicists in the Aristotelian tradition, is often one that is made by a person of good character who knows the salient facts of the case and can frame the situation appropriately. In this respect ethical decisions and strategic decisions are similar. Rationality plays a role in good ethical decision-making, but virtue ethicists emphasize the importance of intuitions and (...) emotions as well.Virtue ethics suggests a reconciliation of the factual and the normative. Virtues may explain as well as justify actions. The same is true of other psychological states and events. That psychological terms have normative implications does not render them useless in explanation. As Aristotle does not distinguish cleanly between the normative and empirical, so many moral philosophers today reject the is-ought dichotomy. They are prepared to learn from economists, psychologists, and other empirical scientists who offer information about the nature of the good life and of values. Social psychologists who study community or corporate culture suggest a close relationship between organizational and ethical features, much as Aristotle saw a close relationship between politics and ethics. We should infer from all this that in business ethics there is good reason for philosophers and organization scholars to work closely together. (shrink)

Employee attributions and emotional reactions to unethical behavior of top leaders in an organization recently involved in a highly publicized ethics scandal were examined. Participants (n = 76) from a large southern California government agency completed an ethical climate assessment. Secondary data analysis was performed on the written commentary to an open-ended question seeking employees' perceptions of the ethical climate. Employees attributed the organization's poor ethical leadership to a number of causes, including: lack of moral reasoning, breaches of trust, hypocrisy, (...) and poor ethical behavior role modeling. Emotional reactions to corruption included cynicism, optimism, pessimism, paranoia and fear, and were targeted at top leaders, organizational practices (i.e., the old boy network, nepotism, and cronyism) and ethics interventions. Implications for leadership training and other organizational ethics interventions are discussed. (shrink)

Drawing on conceptual works by Murphy (1999) and Solomon (1999), we develop a virtue ethics scale. Other ethics scales, which are grounded in deontological and teleological principles, may be used to classify people according to their beliefs about (1) the criteria they use to make ethical decisions, or (2) the ethicality of those decisions. We suggest augmenting these scales with our virtue ethics scale, which may be used to classify people according to their beliefs about the virtuous qualities of businesspeople.

Virtue ethics has often been regarded as complementary or laissez-faire ethics in solving business problems. This paper seeks conceptual and methodological improvements by developing a virtue character scale that will enable assessment of the link between organizational level virtue and organizational performance, financial or non-financial. Based upon three theoretical assumptions, multiple studies were conducted; the content analysis of 158 Fortune Global 500 firms ethical values and a survey of 2548 customers and employees. Six dimensions of organizational virtue (Integrity, Empathy, Warmth, (...) Courage, Conscientiousness and Zeal) are identified through confirmatory factor analysis, and validated against satisfaction measure. Strategic implications of virtue characters are discussed. (shrink)

Business ethicists have increasingly used Aristotelian “virtue ethics” to analyze the actions of business people and to explore the question of what the standard of ethical behavior is. These analyses have raised many important issues and opened up new avenuesfor research. But the time has come to examine in some detail possible limitations or weaknesses in virtue ethics. This paper arguesthat Aristotelian virtue ethics is subject to many objections because the psychology implicit within the ethic is not well-suited for analyzing (...) some problematic forms of behavior. Part One offers a brief overview of the firm and of the good life from a virtue ethics perspective. Part Two develops a number of criticisms of this perspective. (shrink)

Annual reports are an important element in the genre of corporate public discourse. The reporting practices mandated by the Securities and Exchange Commission for all publicly traded corporations are intended to render the annual reports a legitimate and trustworthy medium through which management communicates information related to the financial performance of the firm. The following discussion represents an inaugural attempt to investigate the ethical characteristics of the discourse found in corporate annual reports using Habermas' principles of communicative action. In preparing (...) the Management's Discussion and Analysis (MD&A) portion of the report, managers are charged with providing narrative information for investors and other interested third parties relevant to assessing the firm's financial condition. Previous rhetorical studies of the narrative portions of annual reports argue that they serve as means for both legitimate and distorted communication. We investigate this communication medium through the lens of Habermas' norms for communicative action, which require communicators to be comprehensible, truthful, sincere, and legitimate. The study represents an initial attempt to operationalization Habermas' principles of communicative action and to employ a methodology that facilitates their application to research within a business context. From one perspective, consistent with agency theory as specified by neoclassical economics, it would seem that firms anticipating worse-than-expected financial performance would be less likely to exhibit the Habermasian principles necessary for undistorted communication because they would attempt to strategically influence the message being communicated about the firm's financial position. Instead, employing rhetorical analysis software, Diction 5.0, we found that firms expecting both good and bad earnings surprises exhibited a higher level of communicative action than a composite average firm. Although preliminary in nature, our findings suggest that firms anticipating large earnings surprises, either high or low, use the narrative portion of the annual report as a vehicle through which to communicate information about managements' veracity and trustworthiness as well as the firm's financial position. (shrink)

Although agreement on the positive sign of the relationship between corporate social and financial performance is observed in the literature, the mechanisms that constitute this relationship are not yet well-known. We address this issue by extending management’s stakeholder theory by adding insights from psychology’s prospect decision theory and sociology’s resource dependence theory. Empirically, we analyze an extensive panel dataset, including information on disaggregated measures of social performance for the S&P 500 in the 1997–2002 period. In so doing, we enrich the (...) extant literature by focusing on stakeholder heterogeneity, perceptional framing, and disaggregated measures of corporate social performance. (shrink)

Corporations are often considered as moral agents. Traditional ethical systems are directed toward human beings—how could human rules be expected to apply to corporations? In this paper an alternative system of ethics is proposed, tailored specifically for the corporate entity. I use the method of Aristotle, in which the character traits that are conducive to the goal of human activity, happiness, are derived. For corporations, the goal is taken to be the traditional capitalist one of sustainable profit, and corresponding corporate (...) virtues are derived. I argue that corporate virtues such as Efficient Production, Resource Management, Correct Pricing, and Right Relationship will be beneficial to human beings. It is profitable to consider the interests of human beings, because thecorporation will avoid a costly war of offense and retaliation. A corporate ethics is developed that protects humans and has motivating force not based on human nature, but rather profit. (shrink)

The current work represents a piece of research on the family firm of the semasiological, interpretive or culture creation type. In it we carry out a comparative analysis of the organizational culture of this type of firm along with firms not considered to be family firms, using as theoretical framework generally accepted theories in business administration, such as the systems, neoinstitutional, transformational leadership, and social identity theories. Our findings confirm the existence of certain elements of culture, especially values and allow (...) us to propose a value-based model to help family firms to survive through different family generations. (shrink)

Corporate governance is increasingly becoming an issue of global concern, not least because we are more and more living in a corporate world that transcends international boundaries. The main purpose and motivation of this study is to determine how the international community should motivate businesses in fostering exemplary corporate governance, therefore eliminating obstacles to ethically exemplary behavior. The empirical approach utilized here has been applied to 161 businesses, both listed and over-the-counter (OTC) companies, with the results indicating that ethical considerations, (...) corporate governance and organizational performance are inextricably linked and, to an extent, demonstrably proportional. This study also indicates a major finding that family management is a significant mediating variable of the ethical considerations of corporate governance and organizational performance. Finally, this study has developed an operational model of ethical considerations of corporate governance as a consultancy aid for businesses that wish to implement and/or boost their performance in respect to corporate governance. (shrink)