Teaching Ethics Across the

Management Curriculum

Teaching Ethics Across the

Management Curriculum
Contributing to a Global Paradigm
Shift
Volume III
Kemi Ogunyemi

Teaching Ethics Across the Management Curriculum: Contributing to a

Global Paradigm Shift, Volume III
Copyright Business Expert Press, LLC, 2016.
All rights reserved. No part of this publication may be reproduced,
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First published in 2016 by
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ISBN-13: 978-1-63157-558-7 (paperback)
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Abstract
The need to embed business ethics in the teaching of management disciplines has at times given rise to a debate as to whether ethics should
be taught as a stand-alone course or in an embedded manner. So far, the
majority of opinions favor a consensus that both approaches are relevant
and should be used complementarily for optimal results.
This book offers unique insights into the experience of seasoned
academics who embed business ethics in teaching management theory
and practice. Its multidisciplinary approach enriches its content, since
the insights of our colleagues from within their fields are invaluable. It
therefore complements other business textbooks. Disciplines covered in
this volume include entrepreneurship, accounting (financial accounting,
cost accounting, auditing and tax), corporate finance, financial decision-
making, investment, business statistics, international recruitment and
international business.
The book provides a platform to share experiences of teaching ethical profitability. This contributes to resolving concerns experienced when
faculty wish to incorporate ethics into their teaching but feel they lack
preparation or ideas on how to do it. The chapters describe each discipline
briefly, raise the typical ethical issues therein, and suggest teaching strategies and exercises or projects. The developing versus developed country
perspectives sections may interest schools with high student diversity.
The book also meets in-company training needs for attaining and sustaining an ethical culture.

Keywords
accounting, auditing, business ethics, business statistics, corporate
finance, developed versus developing country perspectives, entrepreneurship, ethics in finance, financial accounting, international business, international recruitment, investment, pedagogy, tax, virtue ethics

Contents
Foreword

.........................................................................................ix

Chapter 1 Ethics for Managing Business in a Global World................1

Kemi Ogunyemi
Module 1: Setting Out.................................................................... 13
Chapter 2 Incorporating Ethics into Entrepreneurship and
BusinessEnterprise Education..........................................15
Tim London
Chapter 3 Doing Good Is Good Business: Embedding Ethics
inTeaching Entrepreneurship and Business
Venturing.........................................................................35
Henrietta Onwuegbuzie and Ijeoma Ugwuanyi
Module 2: Looking to the Numbers................................................ 57
Chapter 4 Using Codes of Conduct to Integrate Ethics Education
inthe Accounting Curriculum.........................................59
Susan Rhame, Liz Mulig, Cheryl Prachyl,
and Robert Walsh
Chapter 5 Teaching Ethics in Corporate Finance Courses.................83
Osaretin Kayode Omoregie
Chapter 6 Lies, Damned Lies? Ethics in Business Statistics.............109
Fabiola H. Gerpott and Sven C. Voelpel
Chapter 7 Teaching Ethics in Finance Curricula: Personal
and Institutional Virtues in Financial Markets................133
Ignacio Ferrero and Marta Rocchi
Chapter 8 Embedding Ethics in Teaching Investment Management:
Understanding Socially Responsible Investing................157
Jenny Gu, Lynn Kendall, Shawn Groves, and
FernandoArellano

viii Contents

Module 3: Going Global............................................................... 181

Chapter 9 Ethical Considerations in International Recruitment
UsingBranding Strategies..............................................183
Thomas G. Pittz and Steven F. Pittz
Chapter 10 Teaching Ethics in the International Business
Discipline.......................................................................203
Tabani Ndlovu
Chapter 11 Teaching Ethics and Compliance in International
Business Courses............................................................225
Asbjorn Osland and Yetunde Anibaba
Chapter Summaries245
About the Authors253
Index263

Foreword
It is a great delight to write a foreword to this book, indeed one more
contribution in the long stretch of works of research, writings, and series
by the normative ethicist, teacher, researcher, scientist, and hard-working
author Kemi Ogunyemi of the Lagos Business School, Nigeria, on the
theme of Ethics.
The topic of Ethics, though ancient in its origins, has in our time
and place become a novel and compelling subject, both in its theoretical
and practical engagements, resounding globally and with new impetus.
In the media reporting on global and local cases of scandals around the
themes of corruption, disorientation, misgovernance, abuse of public
trust, unethical behaviors, valueless lifestyles, it makes sense to accept the
fact that there is a better way to do businessnamely, the ethical way.
This conclusion, found on every page in the new edited book
of Dr. Ogunyemi titled Teaching Ethics Across the Management
Curriculum, has a simple argument, which is, that the road to principle
is also the road to higher performance, richer results, and ultimately to
sustainability, the new buzzword of the 21st century.
The challenges facing the modern world are many. The questions for
humanity at this time and in all continents revolve around many contradictions and antinomies and border on issues of meaning and meaninglessness, truth and relativity, poverty and wealth, governance and
economic stability, crises of leadership and management of resources,
environmental degradation, and the overall threats to legacies inherited as
tradition, as well as value orientation and questions of life by a new generation of young people, eager to live well and move on, but not knowing
how. Humanity has received many good gifts. Translating them intoreality for large populations across the globe is possible. The optimism is
hinged on value-orientation and value-driven leadership. Education is the
key to this new way especially if founded on knowledge and character.

x Foreword

This new book sets out as a well researched and articulated program
for the orientation of the youth of the modern world to ethical values,
across the management curriculum. It is a study into the preparation of
future leaders of tomorrow for the challenges of doing development as
humans, not robots, and running business ethically. The research is a
successful attempt to bring down the teaching, research, and training of
Ethics as a practice, from its lofty sounding position in the clouds to
become real principles that real people, leaders, and youth can use to get
better results on the fundamental questions that confront humankind.
It is this type of Ethics teaching and training contained in the following
pages that is at work in helping careers, building businesses, making decisions, dealing with people, and developing relationships.
In 11 short chapters, Dr. Ogunyemi and the other contributors to this
volume build a method for the transformation of students and teachers by
curriculum development, which cuts across a good number of functional
disciplines. The work delves into promoting entrepreneurship ethics;
codes of conduct; accounting and corporate finance courses; dealing
with the lies found behind Statistics; ethics in international branding and
recruitment and what happens in the various business disciplines. The
work concludes with a strategic focus on re-enforcing compliance with
international business and enabling learning for students with pragmatic
results that lead to ethical career choices and the good habit of keeping
promises.
Because this is a topic of very vast significance, the work, in my h
umble
estimation and having taught and researched myself for the greater part of
my life on the topic of Ethics in Education and in my own career for the
last 40 years as a teacher, has earned itself an endearing place in libraries,
classrooms, teaching halls, homes, and places of research, training, and
governance.
I highly recommend this new book to all. It considers a theme of
acute shortage and gives room for discussions surrounding the normative
and positivist approaches to Ethics in building curricula of studies for a

 Foreword

xi

new generation. It is modest to conclude that amongst the many writings on the subject, this work by Dr. Kemi Ogunyemi shall join the few
enduring ones.
Msgr. Prof. Dr. Obiora Ike
Professor of Ethics and Intercultural Studies
Godfrey Okoye University, Enugu State, Nigeria
Director, Catholic Institute for Development Justice Peace and Caritas,
CIDJAP Enugu, Nigeria
Globethics.net Nigeria National Contact

CHAPTER 1

Ethics for Managing

Business in a Global World
Kemi Ogunyemi
Lagos Business School

Introduction: Toward a Global Paradigm Shift

The first two volumes of this book began addressing the need of functional faculty for help in embedding ethics into their curricula.1 This
third volume contains more practical ideas to teach ethics while teaching international business, accounting, auditing, tax, corporate finance,
investment management, entrepreneurship, and so on. All readers will
surely be grateful to the authors who have shared their ethics-embedding
experiences and so contributed to make this a valuable resource for
colleagues all over the world.
Undoubtedly, things have changed with regard to business ethics
education.2 Far from the previous landscape that was mostly focused on
business and negligent of the place of ethics therein, ethics is now being
taught under different course titles and in varying course combinations:
responsible business; sustainability; corporate and personal responsibility;
corporate social responsibility; impact investing; social entrepreneurship;
and so on. Business schools all over the world are teaching responsibility, in response to the need to have responsible business professionals.3
This, in some cases, has meant a great deal of within-course integration.
Baetz and Sharp (2004).
Nastase and Gligor-Cimpoieru (2013); Holland and Albrecht (2013).
3
Nelson, Smith, and Hunt (2014).
1
2

2 TEACHING ETHICS ACROSS THE MANAGEMENT CURRICULUM

However, in other cases, it has simply meant more attractive titles for ethics standalone courses. Since it continues to be of paramount importance
that ethics is taught as an embedded part of teaching management,4 a
third volume of Teaching Ethics across the Management Curriculum
remains relevant. This volume, like the others, responds to the worldwide
concern to ensure that business enterprise is carried out more responsibly and sustainably. It gives support to functional discipline experts
(accounting, finance, entrepreneurship, international business) who wish
to include ethics in their course offering and need practical and effective
help to achieve this goal.
After this brief introduction, this chapter reflects on various realities of the positive shift in emphasis on ethics all over the worldin
terms of more legislation, stronger governance, deeper solidarity, and a
greater demand for excellence. A few considerations are then proffered
regarding the needs of todays educators and the new ethical dilemmas.
A section follows describing the different chapters that make up this, the
third, volume of Teaching Ethics across the Management Curriculum.
The chapter concludes by reemphasizing that teaching ethics in business
schools is an important contribution to promoting justice, equity, and
development globally.

New Challenges
Global development and increased competitiveness has affected the business ethics terrain in various ways and this necessarily influences teaching
content and pedagogy.5 For example, in many instances, technology and
globalization have advanced transparency and accountability by helping
to institute controls. Conversely, it has also given rise to new vulnerabilitieshacking, espionage, new types of bullying, and so on; in general,
an increased capacity to do a lot of good or much harm. Technological advancement has thus often meant that there are new improved
ways of behaving unethically because the power coming from access to

Hoivik (2009); Rasche, Gilbert, and Schedel (2013).

Nastase and Gligor-Cimpoieru (2013).

4
5

Ethics for Managing Business in a Global World 3

information is so easily misused.6 For example, thinking of ethics in journalism, where invasion of privacy before might have been hampered by
unwieldy equipment, cameras and videos can now be very tiny and easy
to conceal. Similarly, in the business world, new forms of corruption continue to surface and new systems are evolving to monitor and check them.
Controls are not enough, however, for building sustainable ethical
business cultures and a more just social system. We need people of integrity to do this, and many of them will come from the classrooms of business schools and other higher education institutions.7 At the same time,
controls form an important part of ensuring compliance in any system
and therefore they must also be constantly updated in order to remain
relevant and effective. Evolution in both approaches (compliance and
integrity) to promoting and ensuring ethical behavior should be reflected
in curriculum design and pedagogy in classrooms where ethics education is being imparted. Giacalone and Thomson, however, suggest that
more important than finding new ways to teach in the face of numerous
new challenges to ethical behavior is changing the worldview in teaching
business and management.8 They suggest a move from an organization-
centered one to a human-centered one.9 Such a change would no doubt
facilitate the teaching of ethics in a way that can impact the thinking of
the professionals who graduate from business schools.
In addition to acquiring a new worldview, todays business and management students may need to be more alert to global governance requirements and new risks of legal action, to the sustainability development
goals imperative, and to the expansion of global consumer influence.
Global Governance and Risk of Legal Action
Organizations are now influenced by a variety of governance mechanisms
domiciled in different parts of the world. Apart from the choices of individuals in a firm, if it is a multinational entity, it will be influenced by
Harris et al. (2011).
Lau (2010).
8
Giacalone and Thomson (2006).
9
Giacalone and Thomson (2006).
6
7

4 TEACHING ETHICS ACROSS THE MANAGEMENT CURRICULUM

the governance culture of its home country. Other influences could come
from international nongovernmental organizations (NGOs) who make
governance demands or from international development organizations.
For example, the United Nations Global Compact holds companies to
10 principles of responsible management; these are broadly grouped as
human rights, labor, environment, and anticorruption. Over the years,
governance expectations have climbed regarding the various aspects of
business administration in which the failures have contributed greatly to
harming many in both widely reported and less public scandals. The corresponding failures include the lack of honesty in managing for investors
and other stakeholders rather than for personal or solely stockholders
interest; deceptive marketing; fraud in financial reporting and in the stock
and securities markets; inequities in executive compensation; and gross
abuses of public trust.
Focusing on corruption, the tenth principle of the Global Compact,
technology and globalization have also extended its negative impact
considerably. This has given rise to a stronger fight against it, one that
reaches across borders. Thus, governments are not only more sensitive to
internal incidents such as domestic bribery (both private to public and
private to private) but also to international infractions such as the corruption of foreign public officials. Legislation around the world that businesses as well as individuals need to be aware of include the U.S. Foreign
Corrupt Practices Act (1977); OECD Anti-Bribery Convention (1997);
the Inter-American Convention Against Corruption (1997); the ADBOECD Action Plan for Asia-Pacific (2001); the Council of Europe Criminal Convention on Corruption (2002); the UN Convention Against
Corruption (2003); the African Union Convention on Preventing and
Combating Corruption (2004); the G20 Anti-Corruption Action Plan
(2010); the UK Bribery Act (2010); the Chinese Amendment No. 8 to
Article 164 (2011); and the Russian Federal Law No. 97-FZ (2011).
These shifts in governance and regulation levels make it important for
educators to understand (and transmit) the dynamics of macroinfluences
on corporate responsibility and sustainability. Apart from the purely normative reasons to behave ethically, it is as well that students are also made
aware of the practical imperatives of avoiding criminal, administrative,

Ethics for Managing Business in a Global World 5

and reputational risks facing their organizations and themselves if they

engage in corrupt practices.
Sustainable Development Goals
Quite apart from compliance constraints from legislation and governance
mechanisms, the whole world is also experiencing a push in the direction of justice and fairness in development. Corporate entities are being
called upon to work with governments and communities in their striving
to achieve the Sustainable Development Goals (SDGs), also known as
the Global Goals. The SDGs are aimed at addressing the root causes of
poverty and the universal need for development. This is an expression
of solidarity with others less fortunate and it works toward redressing
any past injustices and inequities in history as well as assuring the common good of the whole world. According to Helen Clark, Administrator
of the United Nations Development Programme, the SDGs constitute
inclusive and sustainable avenues toward meeting citizens aspirations
for peace, prosperity, and wellbeing, and to preserve our planet. Educators can approach the embedding of ethics into their curriculum from the
perspective of the need for corporate participation in the achievement of
the Global Goals.
Consumer Power
This is another realm in which globalization and technology have increased
the potential impact on organizations. With social media, corporate misbehavior can be communicated very speedily all over the world and the
brand irreparably damaged. The past hate campaigns against Verizon
and British Petroleum are old cases in point. They are but small examples
of what the media can do to companies given the way it has developed
and grown exponentially since the time of those incidents. Managers now
need to be taught an awareness of increased public scrutiny and the risk
of alienating current and potential customers, even while this should not
be their sole motivation for behaving ethically.

6 TEACHING ETHICS ACROSS THE MANAGEMENT CURRICULUM

A Look at Specific Management Disciplines

In Module 1 of this book, titled Setting Out, two chapters capture the
idea that ethical considerations in a business should begin from the point
of takeoff. Accordingly, Timothy Londons idea of the revised business
plan assignment putting the ethical considerations of the entrepreneur
at the forefront is a very good way of teaching this. This chapter, being
clearly not rooted in any one nationality or teaching system, is easy for
entrepreneurship educators around the world to adopt. The key issues in
entrepreneurship are raised, and the chapter covers the potential ethical
issues that deserve exploration especially with the view of offering faculty some guidance on how they can best teach the concepts such that
the students are able to find firm footholds when they are faced with
the ethical dilemmas that starting a business enterprise brings with it. The
author believes that engaging with these ideas in a safer space, before
the maelstrom of the entrepreneurship process, can provide them with
a powerful touchstone to come back to in more turbulent times. Complementary to his chapter, the examples of ethical dilemmas in Chapter 3
are suitable for imparting learning. The authors, Henrietta Onwuegbuzie
and Ijeoma Ugwuanyi, pass across an overall message that doing good is
good business. Their experience of teaching entrepreneurs/MBA students
to embrace ethical profitability and their passion for discouraging corrupt business practices shines through the chapter and could have much
appeal for practitioners. Also, the emphasis on experiential learning and
on experience sharing by guests makes the teaching approach they advocate particularly suited to adult learners.
The second module contains five chapters dealing with quantitative
courses; hence its title, Looking to the Numbers. In the first one, Susan
Rhame, Liz Mulig, Cheryl Prachyl, and Robert Walsh present a splendid
explanation of a selected code of ethics, making abundant references to
international standards, associations, and real cases. The authors choose
to highlight four subdisciplines in Accounting, to better define the field
and the related ethical issues: financial accounting, managerial accounting, accounting information systems (AIS) and auditing, and taxation.
The clarity in the identification of the areas to be considered within
accounting in order to formulate the ethical reflection is the strength of

Ethics for Managing Business in a Global World 7

this chapter. In addition, the clear order of ethical issues and the helpful and specific teaching strategy for each subdiscipline makes it easy to
read, follow, and understand. Following this, Kayode Omoregie highlights the ethical issues in corporate finance, calling decision makers in
business to consider the best interests of all stakeholders. To help finance
students develop what he refers to as strong ethical consciousness about
their actions and ... implications he offers a great tool, the ARARD-V
framework (Awareness, Recognition, Analysis, Reflection, Decision, and
Values), to work through an ethics evaluation in an effective manner. The
discussion of ethics within a corporate finance realm is rich and instructive. He also provides other excellent examples of how to integrate ethics
in the classroom (videos, group presentations, computer-based simulations). In the chapter on statistics, Fabiola Gerpott and Sven Voelpel offer
a careful and incisive argument in support of ethics in statistical reporting.
They cover the typical ethical issues and provide brilliant ethical teaching
strategyespecially the seven-step guide. The way ethical issues are tied
to the process of statistical research and analysis is particularly interesting.
They point out, reasonably, that faculty in management disciplines other
than statistics may need to protect their integrity and credibility by paying attention to the honesty of the statistics they use in teaching.
Next come Chapters 7 and 8 on teaching ethics in finance curricula
and in investment courses, respectively. In Chapter 7, Marta Rocchi and
Ignacio Ferrero Muoz creatively incorporate a discussion of the four cardinal virtuesprudence, temperance, courage, and justiceinto behavioral finance. The focus on virtue ethics makes for a unique slant on the
issues particularly in relation to personal ethical behavior in finance. The
examples used could provide an excellent framework for discussion. As
well as two case studies, they offer teaching exercises that recommend the
use of video clips. Following this, Chapter 8 gives a useful overview of
teaching responsible investing while covering a variety of topics in financial ethics education. In this chapter, Jenny Gu, Lynn Kendall, Fernando
Arellano, and Shawn Groves highlight the concept of ethics in finance
and investment and in teaching finance and investing which is embedded
in the concept of socially responsible investing (SRI). They discuss the
concept in detail and provide historical and insightful examples of ethical
issues that befell the financial and business sectors of different countries.

8 TEACHING ETHICS ACROSS THE MANAGEMENT CURRICULUM

They also give statistics about SRI across the globe. The typical ethical
issues in the area of SRI are highlighted and discussedpoor corporate
governance, fraud, insider trading, derivatives trading excesses, a lack of
transparency in financial reporting. One of the interesting teaching strategies that they propose is the experiential exercise of getting students to
actually practice SRI already while engaged in the classroom.
The third and final module, Going Global, brings together three
chapters that have a globalization orientation. These are the chapters on
international recruitment and international business. Thom Pittz and
Steven Pittz offer an elaborate discussion of the subject, international
recruitment. Chapter 9 discusses the concept, the causes, and the effect
while bringing up the ethical implications of using certain branding strategies to attract foreign labor for organizations. A practical teaching case
study is also a definite value add to this thought-provoking chapter. In a
world where organizations employ across wide geographical boundaries,
this chapter is particularly relevant for educators who wish their students
to develop the requisite ethical awareness to cope with international labor
market negotiations and transactions.
The chapters on international business are written by Tabani Ndlowu
and by Asbjorn Osland and Yetunde Anibaba. Tabani introduces gamification in Chapter 10 as a tool for teaching ethics within this discipline. He
acknowledges increasing the diversity and mobility of todays workforce
and takes this into consideration in putting forward some of the resulting
ethical dilemmas. Gamification resonates as a method of instruction since
it evokes emotions and engages students in a way that enables them to
think beyond their major discipline. In addition to this innovative pedagogical approach, the description of the authors survey results of students
disposition to learning ethics is insightful. The second chapter dealing
with ethical issues in teaching international business emphasizes the relevance of combining teaching ethical decision making with compliance
issues when referring to international business, especially in four areas:
employment, human rights, environment, and corruption. The relevance
of international law and salient principles, values, and norms are well
developed and reviewed. The authors offer a well structured, and very
useful and practical section, on typical ethical issueswith examples.
Thus, the highlight of this chapter is the identification and explication of

Ethics for Managing Business in a Global World 9

real-world examples that highlight the ethical concerns of international

business. The approach is highly focused on compliance, to help international businesses guard against falling foul of the laws of the different
locations in which they operate. The advice for teachers section makes
a particularly strong contributionnot only does it provide valuable
information to use in the classroom but it also highlights some of the
things that we do wrong as educators to cloud ethics with opportunistic
considerations.

Educators for Today

Faculty development is one of the more important areas in which schools
need to invest if they are to live up to their responsibility as educational
institutions from which emerge ethical business leaders.10 Faculty need to
develop themselves in many regards:11 curriculum design in order to redesign existing programs to include the concepts that will lead to a heightened sense of responsibility and perhaps inculcate a human-centered view
of the world;12 pedagogical design to include methods and means that
will lead to enhanced learning and deeper understanding; and assessment techniques that will underscore the message that this is an important part of the educational package. The contents of this book (in every
volume) can help toward achieving the first two and thus contribute to
the enriched, multi-dimensional experience of learning (and, hopefully,
internalizing) ethics within the business school curriculum envisaged by
Neesham.13
Also important is the need to continue breaking any traditional silos
in teaching so that the learners can see the connections between all the
different aspects of business. Given that networked or integrated learning
is a good substratum in which to embed ethical reasoning, the chapters
of this book constitute a tool that faculty can deploy to make it a reality
for their students. As emphasized in all the different chapters, equipping
Nelson, Smith, and Hunt (2014); Dellaportas et al. (2014).
Holland and Albrecht (2013).
12
Giacalone and Thomson (2006).
13
Neesham (2015, 510).
10
11

10 TEACHING ETHICS ACROSS THE MANAGEMENT CURRICULUM

future business leaders in technical competence imbued with responsibility and ethics makes for a better world for us all.14
Happily, as also emphasized in Chapter 3, behaving ethically can be
very good for business. If a business builds its people to be ethical and
puts in place systems that enable them to act ethically, it will soon establish a reputation for integrity and good governance, which will give it an
edge both locally and globally over competitors. Such a business will find
it easier to attract funding, to please customers, and to elicit commitment from its employees. The increased ethical culture devolving from
the activity of these last-mentioned stakeholders will help the firm to be
more efficiently productive internally and to project a better brand. Having many firms like this will build trust in society and therefore to more
sustainable and equitable economic growth and development.

References
Baetz, M.C., and D.J. Sharp. 2004. Integrating Ethics Content into the Core
Business Curriculum: Do Core Teaching Materials Do the Job. Journal of
Business Ethics 51, no. 1, pp. 5362.
Dellaportas, S., S. Kanapathippillai, A. Khan, and P. Leung. 2014. Ethics
Education in the Australian Accounting Curriculum: A Longitudinal Study
Examining Barriers and Enablers. Accounting Education: An International
Journal 23, no. 4, pp. 36282.
Giacalone, R.A., and K.R. Thompson. 2006. Business Ethics and Social
Responsibility Education: Shifting the Worldview. Academy of Management
Learning and Education 5, no. 3, pp. 26677.
Harris, A.L., M. Lang, D. Yates, and S.E. Kruck. 2011. Incorporating Ethics
and Social Responsibility in IS Education. Journal of Information Systems
Education 22, no. 3, pp. 18387.
Hoivik, H. 2009. Developing Students Competence for Ethical Reflection
While Attending Business School. Journal of Business Ethics 88, pp. 59.
Holland, D., and C. Albrecht. 2013. The Worldwide Academic Field of
Business Ethics: Scholars Perceptions of the Most Important Issues. Journal
of Business Ethics 117, pp. 77788.
Lau, C.L.L. 2010. A Step Forward: Ethics Education Matters. Journal of Business
Ethics 92, pp. 56584.

Neesham and Gu (2015).

14

Ethics for Managing Business in a Global World 11

Nastase, M., and D.C. Gligor-Cimpoieru. 2013. A Plea for the Importance
of Business Ethics Education for Future Managers in an International
Competitive Environment. Review of International Comparative Management
14, no. 2, pp. 191201.
Neesham, C. 2015. Leverage Points in Business Ethics Education: A Virtual
Symposium. Journal of Business Ethics 131, pp. 50910.
Neesham, C., and J. Gu. 2015. Strengthening Moral Judgment: A Moral
Identity-Based Leverage Strategy in Business Ethics Education. Journal of
Business Ethics 131, pp. 52734.
Nelson, J., L.B. Smith, and C.S. Hunt. 2014. The Migration Toward Ethical
Decision Making as a Core Course into the B-School: Instructional Strategies
and Approaches for Consideration. Journal of Education for Business 89,
pp.4956.
Rasche, A., D.U. Gilbert, and I. Schedel. 2013. Cross-Disciplinary Ethics
Education in MBA Programs: Rhetoric or Reality. Academy of Management
Learning and Education 12, no. 1, pp. 7185.

Index
AAA. See American Accounting
Association
AACSB. See Association to Advance
Collegiate Schools of Business
ABC Limited, 96102
Abolition of Forced Labor
Convention, 1957 (No. 105),
229
accounting curriculum, teaching
ethics across, 6162
accounting education
advice for teachers in, 7677
developing versus developed
countries, 7677
ethics and, 5960, 7779
accounting information systems (AIS)
case, 7374
ethical issues, 7072
teaching strategies, 7273
accounting information systems
(AIS), 6
ACFE. See Association of Certified
Fraud Examiners
ADA. See Americans with Disabilities
Act
ADB-OECD Action Plan for AsiaPacific (2001), 4
ADEA. See Age Discrimination in
Employment Act
advice for teachers
business statistics, 123125
entrepreneurship, 2627, 50
finance curricula, 144145
international business courses,
236237
international business discipline,
212215
international recruitment, 196197
socially responsible investing (SRI),
168170
African SRI, 173

African Union Convention on

Preventing and Combating
Corruption (2004), 4
Age Discrimination in Employment
Act (ADEA), 230
AICPA Code of Professional
Conduct, 63, 65, 74
AICPA Statements on Standards for
TaxServices, 74
AIS. See accounting information
systems
AMBA. See Association of MBAs
Americas Federal Deposit Insurance
Corporation, 165
American Accounting Association
(AAA), 60
American Institute of Certified
Public Accountants (AICPA)
Code of Professional
Conduct. SeeAICPA Code
ofProfessional Conduct
American Statistical Association
(ASA), 111
Americans with Disabilities Act
(ADA), 230
Apple, 122, 231232
Aquinas Funds, 161
ARARD-V framework, 9294,
98102
Aristotle, 41
Aristotelian-Thomistic approach, 135
justice, 140142
prudence, 138
temperance, 138139
virtue, 137
ASA. See American Statistical
Association
Asian SRI, 172173
Association for Sustainable and
Responsible Investing in Asia
(ASrIA), 172

264 Index

Association of Certified Fraud

Examiners (ACFE), 72
Association of MBAs (AMBA), 204
Association to Advance Collegiate
Schools of Business (AACSB),
61, 157, 204
courage, 140
auditing, 6
case, 7374
ethical issues, 7072
teaching strategies, 7273
Ball, R., 88
Barclays, 85
biased questions, asking, 111112
Blommestein, H. J., 8788
brain drain, 192194
BRICS countries, 126
British Petroleum, 5
Buffett, Warren, 166
business
ethics, 44
ethical violations in, 86
business statistics, ethics in, 109128
advice for teachers, 123125
aim of teaching, 110111
as discipline, 110111
developing versus developed
country perspective, 125127
ethics teaching strategy in,
118123
implications for self-leadership, 125
suggested exercises, 128
summary and conclusion, 127
typical ethical issues in, 112118
California Transparency in Supply
Chain Act of 2010 Mandatory
Disclosure, 234
Citizens Property Insurance Co., 234
compliance, in environmental ethics,
233
corruption, 234235
cross-cultural management, 227
Catholic Values Investment Trust for
Catholics, 161
Certified Public Accountants (CPAs),
63

CFA. See Chartered Financial Analyst

CH2M Hill, 187
Chartered Financial Analyst (CFA)
Institute, 136
Program, 166
China SIF, 172
Chinese Amendment No. 8 to Article
164 (2011), 4
Code of Ethics and Standards of
Professional Conduct, 166
Colonial Bank, 165
community investing, 178
compromising standards, 4042
confidentiality, data, 71
conflict of interest, 3940
conflicting personnel, 4244
consumer power, 5
Consumer Protection Act of 2010, 63
control variables, misusage of,
115116
Cornell University, 86
corporate finance. See finance,
corporate
corporate social responsibility (CSR),
169
cost-benefit analysis, 135
Council of Europe Criminal
Convention on Corruption
(2002), 4
courage, 140
CPAs. See Certified Public
Accountants
creative destruction act, 36
CSR. See corporate social
responsibility
customer relationships, 4244
data analysis, 113116
control variables, misusage of,
115116
statistical hypothesis testing,
114115
data collection, 111112
biased questions, asking, 111112
data hiding, applied method and, 117
data preparation, 112113
deleting data points, 112113
handling missing data, 113

 Index 265

data reporting, 116118

HARKing, 117118
method and data hiding, 117
decision-making process, 138
deleting data points, 112113
deontology, 135136
developing versus developed country
perspective
accounting education, 7677
business statistics, 125127
corporate finance, 102104
entrepreneurship, 2729, 5051
finance curricula, 145
international business courses,
237238
international business discipline,
215218
international recruitment, 192194
socially responsible investing (SRI),
170173
Discrimination (Employment and
Occupation) Convention,
1958 (No. 111), 229
Dodd-Frank Wall Street Reform, 63
Domini Social Index (DSI), 158
DSI. See Domini Social Index
Dual Labor Market Theory, 186
earnings, management of, 64
economic globalization, 186
EEOC. See Equal Employment
Opportunity Commission
efficient market hypothesis (EMH),
88
Egyptian Society of Accountants and
Auditors (ESAA) Code of
Ethics. See ESAA Code of
Ethics
EMH. See efficient market hypothesis
employer branding, 184
employment law, 229231
endogenous variables, 187
Enron, 63
entrepreneurs
ethical challenges for, 1516,
1924
ethical considerations of, 69
necessity-driven, 25

entrepreneurship, x
advice for teachers, 2627, 50
areas of research on, 3738
as management discipline, 3738
defined, 37
developing versus developed
country perspectives, 2729,
5051
ethics teaching strategy, 2426
exercises for, 3031, 5253
exercises for, 3031
field of, 1619
summary, 2930
teaching, 3553
typical ethical issues in, 1924
environmental ethics, 226
environmental pollution, 232234
Equal Employment Opportunity
Commission (EEOC), 230
Equal Remuneration Convention,
1951 (No. 100), 229
EQUIS. See European Quality
Improvement System
ESAA Code of Ethics, 7778
ethical awareness, 184185
ethical considerations and challenge of
linkages, 2425
ethical dilemmas, examples of
compromising standards, 4042
conflict of interest, 3940
conflicting personnel and customer
relationships, 4244
reconciling social impact and
profitability, 4446
ethical dimensions, of international
recruitment, 190192
ethical issues. See also typical ethical
issues
by accounting subdisciplines
in auditing, 7072
in financial accounting, 6365
in managerial accounting, 6668
in taxation, 74
accounting information systems
(AIS), 7072
ethical violations, 229
ethics-adjusted decision, 96
ethics education, accounting, 5960

266 Index

ethics teaching strategy, 2426, 4650

in business statistics, 118123
discussing scenarios, 121
using case studies, 121122
writing mission statement,
122123
ethical considerations and challenge
of linkages, 2425
international business, 235236
international business education,
207212
embedding business ethics
content into existing modules,
211212
stand-alone business ethics
modules, 210211
teaching approaches in, 209210
international recruitment, 194
values-based principles, 2526
European Quality Improvement
System (EQUIS), 204
European SIF, 170171
exogenous variables, 187
experience-behavior-reflection cycle,
124125
experiential learning strategies, 4750
case studies, 4748
developing social sensitivity, 4849
experience sharing, 4950
experiential learning theory (Kolb), 45
faculty development, 910
FCPA. See Foreign Corrupt Practices
Act
Fdration Internationale de Football
Association (FIFA), 226
FIFA. See Fdration Internationale
de Football Association
Finance and the Good Society (Shiller),
142
finance curricula
advice for teachers, 144145
developing versus developed
country perspectives, 145
discipline and ethics, 134136
suggested exercises, 146153
Bank Holders case studies,
150153

Margin Call (film), 146147

Sullivan, Peter, 147148
Tuld, John -class exercise,
148150
summary and conclusion, 146
teaching strategy for ethics,
143144
typical ethical issues
institutional level, 142143
with examples, 136142
finance, corporate
defined, 87
developing versus developed
country perspective, 102104
suggested exercise, 105106
meaning and scope of, 8788
quantitative approach to, 87
related scandals, 85
summary and conclusion, 105
teaching business ethics, 8487,
91102
ARARD-V framework, 9294,
98102
assumptions and approach,
9194
pedagogy, tools, and strategies,
95102
typical ethical issues, 8991
ethical dilemmas in, 8990
unethical dilemmas in, 9091
financial accounting
case, 66
ethical issues, 6365
teaching strategies, 6566
financial crisis, 161162
financial profit, 44
Financial Times, 85
financing venture, 2122
Forced Labor Convention, 1930
(No.29), 229
Foreign Corrupt Practices Act
(FCPA), 225
Foxcon, 232
fraud triangle, 7273
Freedom of Association and
Protection of the Right to
Organize Convention, 1948
(No. 87), 229

 Index 267

Future Structure, Content, and Scope of

Accounting Education, 60
G20 Anti-Corruption Action Plan
(2010), 4
gamification, 212215
global credit crisis in 2008, 161162
Global Goals, 5. See also Sustainable
Development Goals
global supply chain management, 227
Global Sustainable Investment
Association (GSIA 2014), 158
review report, 171
global warming, 234
globalization, 5, 227228
GMAT Blog Hub, 86
Google, 122
GSIA. See Global Sustainable
Investment Association
handling missing data, 113
HARKing, 117118
HSBC, 85
Human Capital Theory, 186
Hurricane Andrew, 234
IBM, 186
IESBA. See International Ethics
Standards Board for
Accountants
IFAC. See International Federation of
Accountants
ILO. See International Labor
Organization
immigration, 186
imparting learning, 6
Infosys, 186
insider trading, defined, 165
integrated learning, 9
Inter-American Convention Against
Corruption (1997), 4
Internal Revenue Service
Circular230, 74
international business courses
advice for teachers, 236237
compliance in, 225241

developing versus developed

country perspectives,
237238
ethics teaching strategy, 235236
globalization and, 227228
introduction, 225227
overview, 227228
suggested exercises, 238241
summary and conclusion, 238
typical ethical issues, 228235
corruption, 234235
employment law, 229231
environmental pollution,
232234
human rights, 231232
international business discipline
advice for tutors, 212215
curricula, 205206
developing versus developed
country perspectives,
215218
ethics teaching strategy, 207212
gamification and, 212215
introduction, 203204
suggested exercises, 220221
summary and conclusion, 218219
teaching ethics in, 203221
typical ethical issues in, 206207
International Ethics Standards Board
for Accountants (IESBA), 63
International Federation of
Accountants (IFAC), 72
international finance, 227
International Labor Organization
(ILO), 229
international marketing, 227
International Monetary Fund, 125
international recruitment
advice for teachers, 196197
branding for, 187190
business strategies and, 187
developing versus developed
country perspectives on,
192194
ethical dimensions of, 190192
introduction, 183185

268 Index

overview, 185187
suggested exercises, 194196
summary and conclusion, 197198
teaching strategy, 194
two-way perspective of, 188
irrational exuberance, 88
Investment Policy Statement (IPS),
176
JP Morgan, 85
justice, 140142
KelsRusto, 196197
Korede, 4244
labor market, 185
Lagos Business School (LBS), 95
Libor, 96
Lloyds Banking Group, 85
London, Timothy, 6
main virtue, 137
managerial accounting
case, 6970
ethical issues, 6668
teaching strategies, 6869
Mandela, Nelson, 48
market inefficiencies, 88
McHugh, F. P., 88
microinvesting, 172
Microsoft, 186
Minimum Age Convention, 1973
(No. 138), 229
missing data, handling, 113
mission statement, writing, 122123
mitigation of environmental damage,
44
moral relativism, 226
nation branding, 184, 189
National Association of State Boards
of Accountancy (NASBA), 61
National Conference of Catholic
Bishops, 161
negative screening, 160
Nelson Mandela, 48

neoclassical economics, 87, 186

net operating losses (NOLs), 76
net present value (NPV), 90
New Institutional Economics (NIE),
87
NGO. See nongovernmental
organization
Nike, 232
Nkechis dilemma, 4546
nongovernmental organization
(NGO), 233
NOLs. See net operating losses
NPV. See net present value
Qatars labor laws, 230
OECD Anti-Bribery Convention
(1997), 4
Okeke, 4042
online sweatshops, 112
organizational competencies, 185
organizational culture, 84
organizational perception, 184
payment protection insurance (PPI),
85
Permals Alfanar Investment Holdings,
161
P-hacking method, 115
Plato, 41
portfolio management, 168
positive screening, 160
PPI. See payment protection insurance
Praxis Mutual Funds, 162
profitability, 4446
prudence, 138
PricewaterhouseCoopers, 165
Rainforest Alliance, 234
recruitment proficiency, 184
research on entrepreneurship, 3738
retailers, 2223
Right to Organize and Collective
Bargaining Convention, 1949
(No. 98), 229
Royal Bank of Scotland, 85
Russian Federal Law No. 97-FZ
(2011), 4

 Index 269

SA8000, 234
Samuel Curtis Johnson Graduate
School of Management, 86
SAN. See Sustainable Agriculture
Network
Santander, 85
Sarbanes Oxley Act of 2002, 63,
165166
SB 657 California Transparency in
Supply Chains Act, 232
Schwartz Investment Counsel, 161
Securities Acts of 1933/1934, 165
securities trading, 165
securitization, 138
self-leadership, implications for, 125
sexual harassment, 227
shareholder advocacy, 177
Shiller, Robert J., 87, 142
SIF. See Sustainable and Responsible
Investment
Signal International shipyard, 231
Sky News, 96
slave labor, 231
SMIF. See Student Managed
Investment Fund
social benefit, 44
social economy, 44
social impact/social entrepreneurship,
4446
Socially Responsible Index Funds,
163164
socially responsible investing (SRI),
157158
academic research on, 163
advice for teachers, 168170
defined, 159
emergence of, 158
ethical issues in, 164167
in developed world, 170172
in developing world, 172173
history and growth of, 160164
in Portfolio Management centers,
166
SMIF, 168
suggested exercises, 174178
summary and conclusion, 174
Soybean Derivative Research
Initiatives (Soy-DRI), 215

SRI. See socially responsible investing

stakeholder analysis, 238239
stand-alone business ethics modules,
210211
statistical hypothesis testing, 114115
Student Managed Investment Fund
(SMIF), 158
investment process, 174178
suppliers, 2223
Sustainable Agriculture Network
(SAN), 233
Sustainable Development Goals, 5
Sustainable and Responsible
Investment (SIF), 163
taxation
ethical issues, 74
issues, 7576
teaching strategies, 75
Teachers Insurance and Annuity
Association (TIAA), 158
teaching business ethics, 69
across accounting curriculum,
6162
consumer power, 5
entrepreneurs and, 69, 4650
in corporate finance, 8487,
91102
assumptions and approach,
9194
pedagogy, tools and strategies,
95102
using the ARARD-V framework,
9294
faculty development and, 910
new challenges in, 25
consumer power, 5
global governance and risk of
legal action, 35
Sustainable Development Goals,
5
positive shift in emphasis on, 2
teaching strategies
AIS and auditing, 7273
financial accounting, 6566
finance curricula, 143144
managerial accounting, 6869
taxation, 75

270 Index

temperance, 138139
Tesco, 96, 165
Thai fishing industry, 231
theoretically ungrounded control
variables, 115116
TIAA. See Teachers Insurance and
Annuity Association
Title VII, 230
trafficking, human, 231, 232
training, employees, 7172
typical ethical issues, 3846
in corporate finance, 8991
financing the ventures, 2122
finance curricula, 136143
idea formulation and sharing,
2021
success criteria, 2324
vendors/suppliers/retailers, 2223
U.S. Department of Justice, 226
U.S. Foreign Corrupt Practices Act
(1977), 4
U.S. Securities and Exchange
Commission (SEC), 165
UK Bribery Act (2010), 4
UN Convention Against Corruption
(2003), 4
UN Declaration of Human Rights,
234
UN Global Compacts principle, 228
unethical behavior, 169
unethical dilemmas, in corporate
finance, 9091
financing/distribution decisions, 91
investment/capital budgeting
decisions, 90

Uniform Certified Public Accounting

Examination, 61
United Nations Development
Program, 126
United Nations Global Compact, 4
United Nations Universal Declaration
of Human Rights, 228
University SMIF investment process,
174178
unlawful behavior, 169
utilitarian theory of ethics, 4344
value-driven leadership, ix
value-orientation leadership, ix
values-based principles, 2526
vendors, 2223
Verizon, 5
Vietnam War, 161
virtue
defined, 137
ethics. See virtue ethics theory
main, 137
virtue ethics theory, 41, 135136
Wal-Mart, 232, 240241
Wesley, John, 160
women in employment,
discrimination against, 230
World Bank, 126
WorldCom, 63, 164
World systems theory, 186
Worst Forms of Child Labor
Convention, 1999 (No. 182),
229
YouTube, 95