1st Edition

Ethics, Misconduct and the Financial Services Industry Towards a Theory of Moral Business

By Barbara Fryzel Copyright 2021
    152 Pages 14 B/W Illustrations
    by Routledge

    152 Pages 14 B/W Illustrations
    by Routledge

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    This book explores how ethics and the moral context of business have evolved

    historically in inf luential management theories and concepts. It looks at how

    managerial thought accommodates morality, values, and ethics and demonstrates

    the emerging patterns of ethical conduct to illustrate how moral aspects

    of management and organizational practice can become peripheral.

    The author examines a diverse range of data sources such as the most seminal

    books in management and academic papers published in the mainstream

    academic literature. The readings selected in the process are subject to critical

    analysis and are complemented by an exploratory study of the financial services

    industry, based on semistructured in-depth interviews. The uniqueness of the

    proposed approach comes first from the consolidation of many perspectives

    such as management, organization studies, and business anthropology rather

    than focusing on one particular subdiscipline; second, from using a mixed

    methodology, combining literature reviews with empirical, exploratory research

    based on interviews; and third from including a narrative context in the

    analysis and proposed future theory framework.

    This book will appeal to students, researchers, and scholars who teach ethics

    in the fields of economics or business. It is useful for advancing theory and

    research on moral management and as a resource for management practitioners

    looking to create business practices fostering moral sensitivity. Those interested

    in setting future development directions may also find the proposed

    consolidation of theoretical and empirical evidence valuable for the design of

    future policies.

    List of Figures

    List of Tables



    1. Traps for a moral management

    1.1 Moral management against commercial ethics

    1.2 Rigour of efficiency

    2. What makes management moral

    2.1 Behaving individuals

    2.2 Prevailance of common interest and emotional control

    2.3 A threat of gradual justification of self-interest

    2.4 Dominant features of moral management

    3. Organized morality

    3.1 Morality as contract

    3.2 Corporation as a moral vehicle

    3.3 Corporate leadership relieving laymen ignorance

    3.4 Good or bad managers in a workplace

    3.5 Organization conditioning morality

    4. Dominant narratives – relativizing a moral imperative

    4.1 Rise of business ethics and dominating utilitarian undertones

    4.2 A rule of market

    4.3 Moral markets

    4.4 A limited liability morality

    5 More compliance less moralizing. A case of financial services

    5.1 The context of the financial crisis

    5.2 Morality outside of a day-to-day practice?

    5.3 A danger of systemic dysfunctionalities and centrality of the regulatory doctrine

    5.4 Future avenues

    6. A possibility of a moral theory

    6.1 Challenges

    6.2 A narrative theory of moral business.

    6.3. Moral vagueness of the rule of organizing?




    General method

    Financial services study - method and data collection

    Considered influential papers

    Themes in key management and organization conferences



    Barbara Fryzel is an economist and Associate Professor of Management at

    Jagiellonian University in Krakow. She is a laureate of the Foundation for

    Polish Science for the postdoc fellowship at the University College London as

    well as a management practitioner with business development and corporate

    advisory experience in multinational firms. Her research interests cover corporate

    social responsibility, behavioural ethics, and organizational culture.

    "The book aims at developing a new analytical as well as historical framework for understanding and enhancing our corporate civilization. Barbara sets out her vision of moral behaviour and discusses the changes needed to using business as a force for good. Managers need to embrace a sense of purpose beyond making profits and to find new business opportunities to meet society’s needs.

    The emerging proposal advocated by the Author is to favour the transition from Corporate Social Responsibility to Corporate Civil Responsibility. Companies, in fact, are not purely private associations, rather they are little governments created by the State legislation to advance public ends.

    Barbara provides corporate executives clear evidence that taking ethics not just as a constraint to their behaviour, but as an argument of their objective function constitutes the surest path to success, especially in such turbulent times as the present ones. This is a book for the realist with conscience." — Stefano Zamagni, Professor of economics,University of Bologna and SAIS Europe, Johns Hopkins University