We examine the educational benefits of a virtual mentor program used to supplement classroom teaching of ethics, by connecting students with business practitioners through computer-mediated communications. Virtual mentoring can be a valuable and inexpensive way to extend the classroom lectures and discussion with real-world perspectives. In addition, it can serve additional purposes for students, such as learning how to develop a relationship with a mentor, and improving application of ethical concepts in practical situations. Is this potential realistic for business ethics education? Based on a cross-case comparison of several virtual mentoring application and student satisfaction ratings, our findings establish that perspective and confidence increased in students’ transfer of ethical concepts and applying ethical judgment to business situations. Based on these experiences we suggest guidelines to individuals who teach business ethics, regarding the value of using a virtual mentor program, including practical lessons about implementing virtual mentors programs.

In this study, a U.S. Mid-Atlantic university’s business ethics education program was assessed as part of the assurance of learning assessment using a sample of one hundred and thirty upper level undergraduate business students. Across three moral dilemmas, i.e., Accounting, Finance and Human Resource Management, Jones’ (1991) issue contingent ethical decision-making model received considerable support. Both moral awareness and moral judgment were found to be related to moral intent. A focus in moral awareness in business ethics curriculum was recommended as a result of lying being viewed as acceptable by a majority of respondents in the Human Resource Management scenario. Implications for business ethics education were discussed.

The impact of business ethics education on socially responsible practitioner behavior is not a new concern. A sizable extant literature base questions pedagogies used and outcomes achieved by the few early studies done in this area. Ensuing research has not produced definitive answers; measurement, methodological, and generalizability issues are prevalent due to the fragmented nature of most work. Given little pre-existing structure, an empirically-based model is needed which both sheds more awareness on the ethics education-business conduct relationship and quantifies the degree of change that the education caused. This study operationalizes a multi-level ethical learning model. Using a survey administered at the start and end of an MBA ethics course,subsequent exploratory factor analysis, a matched t-test of pre and post-course mean scores, and an effect size calculation utilizing the Cohen’s d statistic, the existence of varying degrees of change in ethical outlook after formal ethics education is supported. Model enhancements and the potential for longitudinally following ethical learning from the classroom to the workplace are discussed.

Academic dishonesty and cheating by students has become endemic in higher education. In this article, we conducted a study on undergraduate business students (n = 162) to examine the impact of business ethics education and ethics training on student attitudes towards academic dishonesty as well as their cheating behaviors. We found that business ethics education in conjunction with business ethics training had a positive impact on students’ attitudes towardsacademic dishonesty and cheating; however there was no significant impact of either business ethics education or training on actual cheating behaviors. In our discussion we suggest some implications of our findings, and make some suggestions about future research directions.

This study investigates accounting students’ ethical decision-making judgments and behavioral intentions. The Multidimensional Ethics Scale (MES) was used to measure the extent to which a hypothetical behavior was consistent with three moral criteria (Moral Equity, Relativism and Contractualism). The study specifically tests the differences in ethical decision-making between students who have been exposed to a dedicated ethics unit of study compared with students who have not studied ethics. The influences of culture and gender on students’ ethical decision-making are also addressed in the study. Ethical decision-making was assessed via three case studies describing moral dilemmas that an individual, business or professional person might face. The results provide support for the MES and the value added from incorporating a dedicated ethical decision-making unit in the accounting curriculum. The results also support prior evidence of gender bias and the impact of cultural differences on ethical decision-making.

This paper addresses the tactical question of how we ought to proceed in teachingbusiness ethics, taking as a starting point that business ethics should be concerned with cooperative,mutually beneficial outcomes, and in particular with fostering behavior that contributes to thoseoutcomes. This paper suggests that focus on moral reasoning as a tactical outcome—as a way ofachieving behavior in support of cooperative outcomes—is misplaced. Instead, we ought to focuson cultivating empathetic experiences. Intuitively, the problem we need to address in business ethicsis not that our students (and that we ourselves) sometimes reason poorly, or that moral decisionmakingis subject to characteristic kinds of errors. The problem is that our students (and—again—we ourselves) do not always care enough, we do not modify our behavior consistently enough.

This is written as a dialogue with the central question, “What constitutes the essence of a ‘good’ businessperson?” Written in the form of a Platonic dialogue, this is an imaginary exchange between Socrates and Agoricus, the fictitious son of a well-respected businessperson of Athens at a time of unethical business practice. Various qualities are entertained in terms of defining a successful and good businessperson, including producing quality products at low prices, effectivesales techniques, creativity and innovation, respectful treatment of the customer, business “know-how” (e.g. accounting), contributing to the community welfare, as well as being honest and trustworthy. Eventually the discussion winds its way to a kind of care and concern for customer welfare and satisfaction, leaving the initial question partially answered, while raising another question related to the proper way of teaching business. Connections to classical and contemporary business readings are made throughout the dialogue by the use of footnotes. The dialogue could be used with various graduate and undergraduate audiences, and it can be used in various ways, including class discussion regarding whether business should be conceived as a profession and whether ethical conduct lies at the heart of business. This only adopts the format of a Platonic dialogue for purposes of exploring the question. However, the dialogue does not claim to representthe ideas or position that Socrates or Plato might take on the question at hand.

The United States Marine Corps (USMC) trains 40,000 recruits in ethical conduct each year. The Marines operate under highly stressful conditions and are perceived as moral exemplars. This study investigates their recruit training practices at Parris Island, SC and suggests applications consistent with ethical and psychological research that offer potential for building ethical corporate cultures and improving ethical behavior. The lessons were: 1) select values that fit the business, 2) use organizational-derived “hero stories”, 3) socialize members with conviction and repetition, 4) utilize line leaders to conduct the training to provide specific guidelines for behavior, 5) closely monitor and reward ethical behavior, 6) add emotional control to the cognitive training, and 7) train with realistic business simulations. The seven lessons from the USMC can help business leaders earn a reputation for trustworthy leadership, a vital corporate asset.

Concern about high-profile ethical lapses by business managers has led to an increasing emphasis on ethics instruction in business schools. Various pedagogical methods are used to expose business students to real-world ethical dilemmas, yet students may not readily grasp the linkages between ethical theories and dilemmas to identify possible ethical solutions. Venn diagrams are a valuable instructional tool in business ethics classes when used with other teaching methodologies such as case studies. We describe how the use of Venn diagrams assists students in visualizing the key points of and the connections between ethical theories and dilemmas to shed light on possible ethical solutions. Examples of teaching exercises are provided along with ideas for future research in the use of Venn diagrams in activating moral imagination and improving ethical reasoning. Overall, positive student reactions to the introduction of Venn diagrams in business ethics classrooms support the use of this methodology.

There are several challenges associated with traditional business ethics education. While case studies have been used extensively in ethics education, such use can be complemented by using Problem Based Learning (PBL). PBL represents a pedagogy employing more collaborative tools that involve students more extensively in the learning process. A well-designed teaching approach based on PBL can have significant positive impact on students’ learning. This paper supplies a representative teaching interaction based on PBL, and discusses the implications of its structure. Introducing PBL is challenging and comes with significant costs as faculty members have to be trained, roles have to be exchanged, powers have to be relinquished, and learning materials have tobe written. We conclude that PBL is suitable for an ethics course as most ethical situations require introspection, reflection, discovery, and concern for other viewpoints, all of which can be facilitated in a PBL environment.

The importance of financial advice for individuals is difficult to refute, however the degree to which the financial planning industry has been able to provide this to date is in debate. As a result, the industry, which is still in its infancy, has been subject to rapid growth, various controversies and regulatory intervention. The Global Financial Crisis (GFC) has contributed to the pace of this change with increased client, regulatory and self scrutiny as a result of the heightened dissatisfaction with advice outcomes. The coalescence of these factors has led to significant internal and external changes within the industry, resulting in the apparent commitment to becoming a profession. This paper will examine the implication of this agenda for tertiary education in relation to the role it could play to support the development of the financial planning profession. The paper achieves this by (1) reviewing the background to the financial planning industry and the move towards professionalism; (2) discussing current developments in the industry; (3) establishing the role of tertiary education and (4) assessing the role that tertiary education has played in supporting the financial planning sector. We argue that tertiary education has a critical role to play, however it is yet to achieve this. This study will be useful for those in both the managerial and operational/ academic elements of tertiary education in terms of providing considered avenues for engagement in this discipline. Indeed, if the paper provokes debate and discussion in tertiary education around the nation then we would consider our task complete.

Finance programs around the world have been revising their curricula following the Global Financial Crisis (GFC). While much of the debate has centred on the dominance of scientific and quantitative pedagogical approaches to finance education in business schools, one of the most egregious aspects uncovered during the deleveraging of the financial system was the scale and scope of finance crime and financial fraud (including the Madoff scandal, described as the largest Ponzi scheme in history). This paper argues that those “on the inside”, the professionals within the finance industry, have a central role to play in safeguarding the ethics and integrity of financial markets. It is our conjecture that prevention and earlier detection of finance crime and financial fraud may be addressed, in part, by better educating finance professionals about these issues. We posit that the enormity of illegal activity uncovered in the wake of the GFC demands, as a matter of priority, the integration of criminological and criminal justice theory into the finance curriculum.

University finance curricula have been criticized in the financial press in the wake of the GFC for ignoring the ethical dimensions of financial decision-making in practice. Many practitioners experience moral dilemmas about whether the broader “public interest” objectives of legal or accounting regulation, for example, should at times be sacrificed in favour of fulfilling an inconsistent upper management objective. Moreover, many propositions in finance are both positive and normative. For example, financial maxima and optima can be discussed only for a given distribution of wealth between relevant parties: shareholder wealth can be maximized, but only subject to a “given” constraint determined by the ethical norms of the society in which the firm operates. Assuming students’ sensitivity to ethical issues can be enhanced, ethics should be embedded within finance curricula, together with a final year, capstone course on “Ethical Investing” in the degree.

Despite criticism in the wake of the GFC, history shows that theory and curricula adapt to rectify any disconnects between theory, curricula, and practice. Finance theory unquestionably has antecedents in economics, accounting, legal theory, and psychology. Some theoretical developments—including the moral hazard consequences of limited liability—have yet to filter through to many texts and curricula, which also omit explanations of uncertainty; incomplete and (sub)optimal contracting; contagion; and behavioural finance. Student learning outcomes could be enhanced if universities, perhaps in a final year, cross-disciplinary “capstone” course, empowered students to understand the financial documentation evidencing sophisticated transactions; map relevant cash flows and wealth transfers; and recognise Ponzi schemes, the ethics of stakeholder wealth transfers, the conditions for contagion, and incentives for adverse selection and moral hazard in practice.

This paper argues that a key lesson of the GFC of 2008-9 is that our “silo” approach to the disciplines of accounting, finance, and economics (AFE) has not equipped students to deal with complex real world problems such as global financial crises. Such real world problems are interdisciplinary in their causes, effects, and solutions. The paper discusses elements of each of the AFE disciplines that are essential for understanding the GFC, and why courses in economics and finance that seek to address the GFC as a topic need to integrate ideas from these three disciplines. A problem-based learning (PBL) approach is offered as a way forward, through at least one capstone course in a business/commerce degree that brings together the strands from a range of commerce/business disciplines in a case study approach. The paper offers an outline of such a PBL approach to the GFC.

The field of quantitative analysis is often mistaken to be a discipline free from ethical burdens. The quantitative financial analyst or “quant” profession holds a position of significant responsibility as the keeper of mathematical models used in complex derivative security pricing and risk management. Despite this responsibility very few postgraduate programs address the teaching of ethics and professional standards in their curriculum, and the credibility of the profession has suffered as a result of several high-profile financial losses. Some of these failures could have been avoided and their impacts diminished if ethical considerations were integrated with quantitative method. Appropriate development in ethics education for quants is needed to identify points in the decision-making process where ethical questions can arise, and to explain how quants can protect stakeholders from the costs of unethical behaviour. An approach to ethics education needs to be flexible and allow for different methods to infuse ethical coverage into the course. Such an approach will go some way towards aligning the profession with other specialisations in banking and avoid the need for complex and unnecessary regulation.

This research explores the application of an innovative learning approach by using trading simulation tutorials to reinforce the conventional learning styles in a corporate finance subject at postgraduate level. The majority of surveyed students perceive that their learning experience has been significantly enhanced through simulated trading tutorials. The post-trading survey shows students also indicate feeling more confident to self-monitor their learning. Furthermore, themajority of students feel able to recognise ethical issues in relation to trading in securities. This research highlights some potentially negative effects if trading simulations were to be used in isolation without providing students with a solid background in ethics. This issue is even more relevant in the post Global Financial Crisis environment. If carefully designed and implemented, trading simulations have a potential to mitigate some potentially negative effects of the use of technology and be an effective and inclusive teaching tool.