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The theory of the social responsibility of the firm oscillates between two extremes: one that reduces the firm's responsibility to the obtainment of (the greatest possible) profit for its shareholders, and another that extends the firm's responsibility to include a wide range of actors with an interest or "stake" in the firm. The stakeholder theory of the social responsibility of business is more appealing from an ethical point of view, and yet it lacks a solid foundation that would be acceptable (...) to a variety of schools of thought.In this paper I argue that the stakeholder theory could be founded on the concept of the common good. First, I explain the foundations of the theory of the common good, the concept itself, how it relates to the individual good, and its role in the firm. Following that, I explain how the theory of the common good could be applied to the stakeholder theory. Finally, I draw some conclusions. (shrink)

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Although virtues have gained a firm presence in the theory and practice of corporate management, humility is not ranked as one the chief virtues in the business world. In spite of this, it is an important virtue, contributing to the manager’s moral and professional quality and the development of the company’s human team. This paper explains the basic traits of humility in general and how they manifest in the manager’s life and profession, and shows, within the ethics of virtues, that (...) it is not just a personal desideratum but a fundamental quality of a good manager and good management. (shrink)

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The cases of corruption reported by the media tend almost always to involve a private party (a citizen or a corporation) that pays, or promises to pay, money to a public party (a politician or a public official, for example) in order to obtain an advantage or avoid a disadvantage. Because of the harm it does to economic efficiency and growth, and because of its social, political and ethical consequences, private-to-public corruption has been widely studied. Private-to-private corruption, by contrast, has (...) been relatively neglected and only recently has started to receive the attention it deserves. The purpose of this paper is to offer some thoughts on the nature and importance of private-to-private corruption; the legal treatment it receives in some of the world''s leading countries; and the measures that companies can take to combat it, with special consideration of its ethical aspects. (shrink)

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Today, values hold a prominent place both in business ethics and in organization theory. However, there persists considerable confusion about what these values are and what role they play in these theories and, therefore, how they can be developed both within the individual and within the organization. Therefore, this paper seeks to define a conception of values based on a theory of human action that can provide a basis for an organization theory, and to propose a series of ideas about (...) how personal and organizational values can be fostered. (shrink)

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Making use of facilitating payments is a very widespread form of corruption. These consist of small payments or gifts made to a person – generally a public official or an employee of a private company – to obtain a favour, such as expediting an administrative process; obtaining a permit, licence or service; or avoiding an abuse of power. Unlike the worst forms of corruption, facilitating payments do not usually involve an outright injustice on the part of the payer as they (...) are entitled to what they request. This may be why public opinion tends to condone such payments; often they are assumed to be unavoidable and are excused on the grounds of low wages and lack of professionalism among public officials and disorganisation in government offices. Many companies that take the fight against “grand” corruption very seriously are inclined to overlook these “petty” transgressions, which are seen as the grease that makes the wheels of the bureaucratic machine turn more smoothly. Despite this, facilitating payments have a pernicious effect on the working of public and private administrations: all too often they are the slippery slope to more serious forms of corruption; they impose additional costs on companies and citizens; and in the long run they sap the ethical foundations of organisations. Although many articles on corruption mention facilitating payments, there have been no systematic studies from a company’s point of view. This article thus focuses on facilitating payments from the point of view of the company that makes the payment, either as the active partner (when it is the company that takes the initiative) or as the passive partner (when the official or employee is the instigator). (shrink)

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This article serves as an introduction to the collection of papers in this monographic issue on “What the European tradition can teach about Corporate Social Responsibility” and presents the rationale and the main hypotheses of the project. We maintain that corporate social responsibility (CSR) is an ethical concept, that the demands for socially responsible actions have been around since before the Industrial Revolution and that companies have responded to them, especially in Europe, and that the content of CSR has evolved (...) over time, depending on historical, cultural, political, and socio-economic drivers and particular conditions in different countries and also at different points in time. Therefore, there is not – and probably cannot be – a unique, precise definition of CSR: one global standard for CSR is unlikely. (shrink)

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A serious attempt to integrate ethics in management was done by Professor Juan Antonio Pérez López (1934–1996). His thought represents a break with current scholarly thinking on these subjects. The purpose of this article is to explain some of the most significant aspects of his theories, relating basically to his recourse to ethics as what defines the characteristic behavior of human beings, considered as individuals and as members of organizations. Pérez López used the anthropological conception underlying the ethics of Aristotle (...) and Thomas Aquinas to build a solid base for that ethics, starting from the decision-making process. He then used that ethical base to point to the kind of action theory and organization theory that could most effectively assist the human development of people and organizations. (shrink)

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Our economic system, the market economy, is a part of a broader system or “society.” We frequently study the operation of the market economy as if it were autonomous, even though there are many complex and mutual relationships between society, the economic system and the other systems – political, cultural, religious, legal, etc. – that form part of society. In a market economy we may identify several components: a frame or background in which the economic activity takes place, a set (...) of ideas and theories, the values shared by this society, the set of institutions, norms and rules that control the economic behavior of people, and the incentives or motivations of the economic agents. The play of these elements defines the operation of a market economy. Is ethics an institution, or does it belong to the set of values and ideas? In this paper I will discuss the role of institutions, norms and rules in society, with special reference to the economic system, in order to gain insight into the relationship between institutions and ethics. I study first the concept and features of social institutions and norms; second, institutional change, and third, the relationship between ethics and institutions. (shrink)

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Corruption is a serious economic, social, political, and moral blight, especially in many emerging countries. It is a problem that affects companies in particular, especially in international commerce, finance, and technology transfer. And it is becoming an international phenomenon in scope, substance, and consequences. That is why, in recent years, there has been a proliferation of international efforts to tackle the problem of corruption. One such international cooperative initiative is the United Nations Convention against Corruption, signed in 2003, which came (...) into force in December 2005. This is the first truly global instrument to prevent and combat corruption, built on a broad international consensus. The purpose of this article is to explain the origin and content of the Convention, what it adds to existing international instruments for combating corruption, and its strengths and weaknesses, mainly from the point of view of companies. (shrink)

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This article is an introduction to the selection of papers on "Business Ethics in Spain" included in this monographic issue of the Journal of Business Ethics. Specifically, this article is a survey of the development of the social, political, cultural and economic background of business in Spain since 1940, in order to show how the ethical values, attitudes and problems of the Spanish managers changed in these years. First, the global evolution of this background is explained, and then several relevant (...) problems are discussed, namely those of the attitudes of business towards the State and the law (with an aside on the attitudes of society towards profit and wealth), corruption, and the grey economy, taxes, and irregular labour. The article concludes with a survey of the scientific developments of business ethics in Spain. (shrink)

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This article introduces the special issue on “Corporate Reputation: Being Good and Looking Good.” Three of the five included articles help to reinforce a conclusion that “being good” and “looking good” are not dichotomous, mutually exclusive conditions. Rather, the two dimensions are linked in some kind of causal relationship for which continuing conceptual and empirical research is desirable. A fourth article concerns the reputational effects of the stock-option backdating scandal. The fifth article offers a critique of conventional approaches to defining (...) and measuring reputation. (shrink)

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Corruption is a source of concern for governments, entrepreneurs, private individuals, non‐governmental organizations, companies – indeed, for society as a whole, on a number of levels; economic, sociopolitical, and ethical. The purpose of this article is primarily to explain why corruption is a cause for concern for companies. It begins by explaining what corruption is, describing how it occurs and offering a causal explanation, and then goes on to describe how it occurs in companies and why it is a cause (...) of concern for them. (shrink)

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There are three types of solutions to the problems deriving from companies' ethical, social and environmental responsibilities: those based on regulation by an authority or agency; those deigned to create market incentives; and those that rely on self-regulation by companies themselves. In the specific field we are concerned with here, regulation has significant costs and drawbacks that make it particularly desirable that companies should set up their own ethical, social and environmental management systems or programmes. The purpose of this article (...) is twofold. On the one hand, it explains how implementing voluntary ethical, social and environmental management systems or programmes may help to develop and sustain ethical behaviour in organizations, overcoming the conflict between compulsory regulation and occasional ethical practices. On the other hand, it shows that conditions must be met for an ethical management programme to be effective. (shrink)

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What are financial institutions' social responsibilities in developing countries? On the one hand, these institutions share the generic responsibilities of all human organizations and business enterprises. However, their specific social responsibility is the performance of the social function of financial intermediaries, which, in the case of emerging countries, consists mainly of contributing to economic growth and solving the problem of poverty. This paper describes a number of technical-economic and moral problems that take us to a consideration of the performance of (...) banking operations in microfinancing, with special reference to Latin America. The paper also provides a series of recommendations that, in addition to contributing to solving the development and poverty problems in emerging countries, help define financial institutions' social responsibility in such countries. (shrink)

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The concept of corporate social responsibility (CSR) is not new. Many entrepreneurs created and developed companies along the time, with a strong sense of ethical and social responsibility. This article presents an example of how CSR was conceived and put into practice when Caja de Pensiones para la Vejez y de Ahorros was created in Barcelona in 1905, following the life and ideas of its founder, Francesc Moragas, a lawyer with a deep commitment for social action and a successful conception (...) of the technical and economic dimensions of a financial and social institution. (shrink)

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The purpose of this article is to present and discuss some of the best practices of financial industry, in three emerging economies: Colombia, Ecuador, and Peru. The main thesis is that, notwithstanding the importance of certain specific deficiencies, such as an inadequate regulatory context or the lack of financial education among the population, the main factor that explains the low banking levels in emerging and developing economies, affecting mostly lower-income segments, is the use of inefficient financial service distribution models. In (...) connection with this thesis, we will try to show that traditional financial institutions, both in developing countries and in the advanced economies have a special social responsibility to help create an efficient financial system that makes saving and borrowing instruments available to the greatest possible number of citizens. (shrink)

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According to the origin of the word "humanism" and the concept of humanitas where the former comes from, management could be called humanistic when its outlook emphasizes common human needs and is oriented to the development of human virtue, in all its forms, to its fullest extent. A first approach to humanistic management, although quite incomplete, was developed mainly in the middle of the 20th century. It was centered on human motivations. A second approach to humanistic management sprang up in (...) the 80's and centered on organizational culture. This implied a wider approach to the human condition while taking into account the influence of culture on behaviors and decision-making, but it is incomplete, too. There is a third approach to humanistic management, which is still emerging, that considers a business enterprise as a real community of persons. That means promoting unity and favoring the acquisition of human virtues. This humanistic management approach is a real challenge in order to achieve a higher moral quality in management, human virtues among people and more efficient organizations. (shrink)

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When Caja de Pensiones para la Vejez y de Ahorros, "la Caixa," was created in 1905, it was not only the transient response to a serious social, political, and economical problem, but also provided a permanent solution by creating a long-lasting social welfare institution. In addition, its founder understood the responsibility of social welfare institutions not as an isolated responsibility for each institution, but as part of a harmonious whole that is a real moral entity with a socio-economic character, with (...) autonomy and unity of nature, purpose, and form. The purpose of this article is to show how the corporate social responsibility conception of Francesc Moragas, the founder of "la Caixa," informed the activities of the new institution in a variety of dimensions, including its service to the customers, its economic strengths, the social work, and its participation in the creation of the public system of social security in Spain. (shrink)

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Markets, Efficiency, Competition and Corruption were the topics discussed at the Second Colloquium on Economics and Business Ethics held last October in IESE , Barcelona. This report is from the Professor of Economics, who is also a member of the Executive Committee of the European Business Ethics Network.

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The leading academic in Spanish Business Ethics offers a brief history of his subject in Spain and reflects on the evolution taking place in the 1990s. Professor Argandoña is Secretary General of IESE in Barcelona, the International Graduate School of Management of the University of Navarra, Av. Pearson 21, 08034 Barcelona, Spain. He is also a member and Honorary Treasurer of the European Business Ethics Network and an Associate Editor of this Review.

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Antonio Argandoña, Norbert Bilbeny, Victòria Camps, Miquel Calsina, Àngel Castiñeira, Cristian Palazzi, Ferran Requejo, Raimon Ribera, Begoña Román, Ferran Sàez, Miquel Seguró, Francesc Torralba, Josep Maria Vallès, Rosamund Thomas Ramon Llull Journal of Applied Ethics 2012 3(3):9-16.

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As a consequence of the collapse of a building in Barcelona, in December 1990, it was discovered that a large number of dwellings, mainly in Barcelona but also in other towns of Catalonia, were affected by a structural defect known as aluminosis, consisting of a deterioration of the reinforced concrete manufactured using aluminous cement, which considerably reduced its strength and that of the steel embedded in the concrete. This brought to light a series of economic, social, political and also moral (...) problems, such as the use of the aluminous cement itself — a quality product but which requires careful handling —, the lack of regulation concerning the product and its use in construction, the poor state of repair of the buildings affected, the careless manner in which they had been built, the lag in technical knowledge, the financial situation of the people affected by the aluminosis, etc.This document provides a full account of the events and their historical, technical, economic and legal background, paying particular attention to the ethical problems created by the situation. (shrink)

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The teaching of business in a business school is discussed, with special reference to the possibility of both learning and changing ethical abilities (virtues), the need of ethics in business, how to teach business ethics, and the contents of the course.

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This paper presents a real‐life case, taken from political history and related by Vaclav Havel, President of the Czech Republic. It tells of the way in which three times in that country’s history its leaders opted for a ‘more realistic’ strategy (i.e. giving way when faced with a serious problem: invasion or insurrection) rather than a ‘more ethical’ strategy (i.e. resisting, knowing the high cost in human lives that this would entail). The case enables the relationship between heroism (the adoption (...) of a ‘more ethical’ solution), management and leadership to be analysed. Particular emphasis is placed on the study of the morality of the ‘more ethical’ decision, on the evaluation of the obligation (or otherwise) of putting it into practice, and on the relationship between such ‘more ethical’ conduct and leadership in the firm. (shrink)

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The traditional theories of the firm leave no room for love in business organizations, perhaps because it is thought that love is only an emotion or feeling, not a virtue, or because economic efficiency and profit making are considered to be incompatible with the practice of charity or love. In this article, we show based on an approach to the human action within the organization, that love can and must be lived in firms for firms to operate efficiently, be attractive (...) to those who take part in them, and act consistently in the long run. (shrink)

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Alliances are relatively new forms of relationships between businesses which allow cooperation in some areas of activity while maintaining competition in others, even in those areas where cooperation is the established procedure. Logically, this demands a mutual trust on the basis of which the cooperation can be established. The nature of this relationship is, furthermore, dynamic inasmuch as it develops over a period of time and generates new conditions which either enhance or destroy trust.This article reviews the general issues of (...) alliances and, in particular, the special relationships between the parties. The discussion of the creation and development of trust in an alliance describes both what technical, psychological, sociological and, particularly, ethical conditions make an alliance possible and the ethical nature of the necessary step which must be taken as trust is transformed from mere possibility into the actual fact of placing trust in a partner. (shrink)

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The new economy is a technological revolution involving the information and communication technologies and which affects almost all aspects of the economy, business, and our personal lives. The problems it raises for businesses are not radically new, and even less so from an ethical viewpoint. However, they deserve particular attention, especially now, in the first years of the 21st century, when we are feeling the full impact of the changes brought about by this technological revolution. In this article, I will (...) try to draw a "map" of the main, positive and negative ethical challenges raised by the new economy, concentrating on its three basic features: (1) a knowledge- and information-based technological change, (2) which is taking place in real time on a planetary scale (globalization), and (3) which entails a new, flexible, network-based business organization. (shrink)

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The "Ibercorp affair" was front-page news in Spain at various times between 1992 and 1995. In itself, there was nothing particularly new about it: a newly formed financial group engaged in legally and ethically reprehensible behaviour that eventually came to light in the media, ruining the company (and the careers of those involved). What aroused public interest at the time was the fact that it involved individuals connected with Spanish public and political life, the media and certain business circles. Above (...) all, it demonstrated the personal, economic, social and political consequences of a business culture based on the pursuit of easy profits at any price (what came to be known as the cultura del pelotazo or "culture of the fast buck"). Again, this is all too familiar in business ethics. But it served to goad Spanish society into a rejection of such behaviour. This article describes the facts and their ethical implications. (shrink)

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