This paper examines the normative ideas flowing from the contemporary theories that make up the New Finance. These theories include the Irrelevance Theorem, Efficient Market Hypothesis, Capital Asset Pricing Model, Options Pricing Model, and Agency Theory. The behavioral consequences that would ensue if everyone took the normative precepts of the New Finance seriously are subjected to a Kantian analysis to determine their ethical implications. It is concluded that the corporate world in the New Finance is a place where the firm (...) can select any operating and financial strategies that it wishes, and the investors will respond immediately through a combination of homemade portfolio diversification, clever option positions, and carefully constructed agency relationships, all of which results in a pervasive nihilism. Recommendations are offered on how these features of the New Finance might be avoided or moderated. (shrink)

A growing public concern regarding ethical business conduct has stimulated marketing research in the ethics area. This study is the first empirical research to investigate the relationship between a code of ethics and sales force behavior. The findings present preliminary evidence that a well communicated code of ethics may be related to ethical sales force behavior. Furthermore, it appears that a sales force that is employed in such an environment can be profiled as being relatively high in job performance and (...) receiving equally high satisfaction from their positions. Suggestions are made for future research and recommendations are offered for marketing practitioners. (shrink)

This paper reports on a study of large U.S. based corporations concerning the status of formal ethics statements. Almost all responding firms (91%) have promulgated a formal code of ethics while one-half have published values statements and about one-third have a corporate credo. Analysis of these statements concentrated on to whom they are communicated; whether codes of ethics contain information pertinent to the industry, include sanctions for violations and provide specific guidance regarding gifts. Conclusions and implications for managers and researchers (...) are drawn. (shrink)

This study was designed to survey the extent to which private companies in Sweden take structural measures within the field of business ethics: Codes of Ethics; Ethics Committees; Ethics Officers and Ethics Training. This was done in two steps. Through a nation-wide telephone survey, a population of "active" companies were identified. These companies received a questionnaire with detailed questions regarding the design, usage and effects of these measures. The percentage of active companies were found to be a high 46%. National (...) and industry characteristics are proposed as explanatory factors. (shrink)

Current debate on business ethics in Australia continues apace as the excesses of the 1980s are exposed. Codes of Ethics have been a high profile instrument in the American business scene. A survey of Australia''s largest business corporations reveals a different situation. Codes are not as commonly used, tend to refer to legal requirements and do not have as high a profile within the corporation. Given the changing legal framework in Australia a greater role for Codes of Ethics may emerge.

This article examines the pressures and players that have shaped business ethics in Canadian corporations, and reports on the status of Canadian corporate social performance in 1995. Business in Canada has not been subject, up to 1996, to a powerful national institutional framework such as the US Securities and Exchange Commission and the Foreign Corrupt Practices Act. Consequently, business ethics in Canada have developed primarily in response to broader socio-political and socio-economic factors than in the US, and will probably continue (...) to do so. Interestingly, the issues, policies and practices developed in Canada may provide insights for US corporations as they respond to broadened pressures. Business ethics in Canada, on the other hand, will benefit increasingly from the US experience as pressures grow for national regulation and statutes governing corruption. (shrink)