Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 921

Search results for: ethical finance

921 Ethical Finance and Islamic Finance: Particularities, Possible Convergence and Potential Development

Authors: Safa Ougoujil, Sidi Mohamed Rigar

Abstract:

Economics is not an exact science. It cannot be from the moment it is a social science that concerns society organization, a human science that depends on the behavior of the men and women who make a part of this society. Therefore, it cannot ignore morality, the instinctive sense of good and evil, the natural order which place us between certain values, and which religion often sheds light on. In terms of finance, the reference to ethics is becoming more popular than ever. This is naturally due to the growing financial crises. Finance is less and less ethical, but some financial practices have continued to do so. This is the case of ethical finance and Islamic finance. After attempting to define the concepts of ethical finance and Islamic finance, in a period when financial innovation seeks to encourage differentiation in order to create more profit margins, this article attempts to expose the particularities, the convergences and the potentialities of development of these two sensibilities.

Keywords: convergences, ethical finance, Islamic finance, potential development

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920 The Reality of Ethical Finance in Algerian Commercial Banks: A Case Study of a Sample of Banking Agencies in Bordj Bou Arreridj and the Setif States

Authors: Asma Righi

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After the global financial crisis of 2008, interest in ethical economics increased, particularly in the field of finance in general and commercial banks in particular. Indeed, it has become imperative for them to move from an institution that aims to make a profit to a community partner that takes the environmental aspect into account in its funding, rationalizes its decisions and adheres to ethics in its dealings. This leads it to the need of adopting the concept of ethical finance and standing on its most important principles and dimensions to realize profits on the one hand and to serve its society and its economy on the other hand. The objective of this research is centered on knowing the reality of the Algerian commercial banks’ adoption of the dimensions and principles of ethical finance. The quantitative methodology used is based on a questionnaire survey of twenty-four banking agencies in the states of Bordj Bou Arreridj and Setif. The data obtained were processed using the Statistical Package for the Social Sciences (SPSS) program. This research led to two main results: first, the author observed a limited application of the principles of ethical finance in commercial banks active in Algeria. This application is particularly in line with the implementation of the directives of the Central Bank and the imposed monetary policy. Second, the results showed that there is a significant difference in the application of ethical financial dimensions and principles between government and foreign banks.

Keywords: Algerian commercial banks, ethical banking, ethical finance, socially responsible investment

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919 Islamic Finance: What is the Outlook for Italy?

Authors: Paolo Pietro Biancone

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The spread of Islamic financial instruments is an opportunity to offer integration for the immigrant population and to attract, through the specific products, the richness of sovereign funds from the "Arab" countries. However, it is important to consider the possibility of comparing a traditional finance model, which in recent times has given rise to many doubts, with an "alternative" finance model, where the ethical aspect arising from religious principles is very important.

Keywords: banks, Europe, Islamic finance, Italy

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918 The Impact of Religiosity and Ethical Senstivity on Accounting Students’ Ethical Judgement Decision

Authors: Ahmed Mohamed Alteer

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The purpose of this paper is come up with theoretical model through understanding the causes and motives behind the auditors' sensitive to ethical dilemma through Auditing Students. This study considers the possibility of auditing students’ ethical judgement being affected by two individual factors, namely ethical sensitivity and religiosity. The finding of this study that there are several ethical theories a models provide a significant understanding of ethical issues and supported that ethical sensitivity and religiosity may affect ethical judgement decision among accounting students. The suggestion model proposes that student ethical judgement is influenced by their ethical sensitivity and their religiosity. Nonetheless, the influence of religiosity on ethical judgement is expected to be via ethical sensitivity.

Keywords: asccounting students, ethical sensitivity, religiosity, ethical judgement

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917 [Keynote Talk]: Let Us Move to Ethical Finance: A Case Study of Takaful

Authors: Syed Ahmed Salman

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Ethicality is essential in our daily activities, including personal and commercial activities. This is evidenced by referring to the historical development of the corporate governance and ethical guidelines. The first corporate governance guideline, i.e. Cadbury Report from U.K. focuses the responsibility of board members towards the shareholders only. Gradually, realising the need to take care of the society and community, stakeholders are now concerns of business entities. Consequently, later codes of corporate governance started extending the responsibility to the other stakeholders in addition to the shareholders. One prevailing corporate governance theory, i.e. stakeholder theory, has been widely used in the research to explore the effects of business entities on society. In addition, the Global Reporting Initiative (GRI) is the leading organisation which promotes social care from businesses for sustainable development. Conventionally, history shows that ethics is key to the long term success of businesses. Many organisations, societies, and regulators give full attention and consideration to ethics. Several countries have introduced ethical codes of conduct to direct trade activities. Similarly, Islam and other religions prohibit the practice of interest, uncertainty, and gambling because of its unethical nature. These prohibited practices are not at all good for the society, business, and any organisation especially as it is detrimental to the well-being of society. In order to avoid unethicality in the finance industry, Shari’ah scholars come out with the idea of Islamic finance which is free from the prohibited elements from the Islamic perspective. It can also be termed ethical finance. This paper highlights how Takaful as one of the Islamic finance products offers fair and just products to the contracting parties and the society. Takaful is framed based on ethical guidelines which are extracted from Shari’ah principles and divine sources such as the Quran and Sunnah. Takaful products have been widely offered all over the world, including in both Muslim and non-Muslim countries. It seems that it is gaining acceptance regardless of religion. This is evidence that Takaful is being accepted as an ethical financial product.

Keywords: ethics, insurance, Islamic finance, religion and takaful

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916 Moral Identity and Moral Attentiveness as Predictors of Ethical Leadership in Financial Sector

Authors: Pilar Gamarra Gamarra, Michele Girotto

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In the expanding field of leaders’ ethical behavior research, little attention has been paid to the association between finance leaders’ ethical traits (beyond personality) and ethical leadership, and more importantly, how these ethical characteristics can be predictors of ethical behavior at the leadership level in the financial sector. In this study, we tested a theoretical model based on uponsocial cognitive theory (Bandura, 1986) and the cognitive-developmental model (Piaget, 1932) to examine leaders’ moral identity and moral attentiveness as antecedents of ethical leadership. After the 2008 economic crisis, the marketplace has awakened to the potential dangers of unethical behavior. The unethical behavior of the leaders of the financial sector was identified as guilty of this economic catastrophe. For that reason, it seems increasingly prudent for organizations to have leaders who are cognitively inclined toward ethical behavior. This evidence suggests that moral attentiveness and moral identity is perhaps one way of identifying those kinds of leaders. For leaders who are morally attentive and have a high moral identity, themes of ethics interventions are consistent with their way of seeing the word. As a result, these leaders could become critical components of change in organizations and could provide the energy and skills necessary for these efforts to be successful. Ethical behavior of leader from the financial sector and marketing sectors must be joined to manage the change. In this study, a leader’s moral identity, leader’s moral attentiveness, and self-importance of Ethical Leadership are measured for financial and marketing leaders to be compared to determine the relationship between the three variables in each sector. Other conclusion related to gender, educational level or generation are obtained.

Keywords: ethical leadership, moral identity, moral attentiveness, financial leaders, marketing leaders, ethical behavior

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915 Islamic Finance: Its Theory, Products and a Brief View of Islamic Finance in Europe

Authors: Ahmet Sekreter

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Although there are conceptual similarities in terms of financial products between conventional and Islamic finance, they are entirely different financial systems. Despite Islamic finance’s small size in the conventional finance world, its promising growth makes Islamic finance a hot topic both in academia and business world. Today customers can access sophisticated Islamic financial products not only in Muslim countries but also in Europe. This study analyzes Islamic finance and its products and includes a brief overview of Islamic finance in Europe. Literature review is the basis of this paper. The author analyzed the academic papers, numerical data, and estimations to set a perspective for the future of Islamic finance in Europe. Findings show that UK is the main hub for the Islamic finance, and it will remain so in the near future.

Keywords: islamic finance, islamic banking, islamic finance in Europe, finance

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914 Attributes of Ethical Leadership and Ethical Guidelines in Malaysian Public Sector

Authors: M. Norazamina, A. Azizah, Y. Najihah Marha, A. Suraya

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Malaysian Public Sector departments or agencies are responsible to provide efficient public services with zero corruption. However, corruption continues to occur due to the absence of ethical leadership and well-execution of ethical guidelines. Thus, the objective of this paper is to explore the attributes of ethical leadership and ethical guidelines. This study employs a qualitative research by analyzing data from interviews with key informers of public sector using conceptual content analysis (NVivo11). The study reveals eight attributes of ethical leadership which are role model, attachment, ethical support, knowledgeable, discipline, leaders’ spirituality encouragement, virtue values and shared values. Meanwhile, five attributes (guidelines, communication, check and balance, concern on stakeholders and compliance) of ethical guidelines are identified. These identified attributes should become the ethical identity and ethical direction of Malaysian Public Sector. This could enhance the public trust as well as the international community trust towards the public sector.

Keywords: check and balance, ethical guidelines, ethical leadership, public sector, spirituality encouragement

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913 Strategic Orientation of Islamic Banks: A Review of Strategy Language

Authors: Imam Uddin, Imtiaz Ahmed Memon

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This paper analyzes the ideological contextuality of market oriented strategy language used by Industry leaders to envision the future of Islamic financial Institutions (IFIs) in the light of Wittgenstein language-games and Foucault’s power-discourse framework. The analysis infers that the explicit market orientation of strategy language and modern knowledge of finance now defines various concepts related of Islamic finance, let alone Islamic finance theory itself. Theorizing and practicing Islamic finance therefore under the dominant influence of modern strategy discourse and modern knowledge of finance has significant implications for developing an ethical and spiritual orientation of Islamic banks. The concerned academia and scholarship therefore need to review such trends and work around the possible degradation to the public image of IFIs and resulting disappointments of religiously inspired customers.

Keywords: Islamic finance discourse, strategy discourse, language games, strategic intent, productive misunderstanding

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912 Business Ethics in Islam: Making Islamic Banking Attractive for the Customers Round the Globe

Authors: Fahad Ahmed Qureshi

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Is it essential for a Muslim businessperson and employees of Islamic financial institutions not only in Islamic Banks to perform his/her actions ethically in a universally, competing habitat? The answer is an emphatic NO! in Islam, ethics conduct all departments of life. The orders for eternal success or falah in Islam are the same for all Muslims–whether in managing their business activities or in carrying out their routine affairs. Without designating any circumstantial ambience, Allah specify people who achieve success as those who are “inviting to all that is good (Khayr), enjoining what is right (Ma'ruf) and forbidding what is wrong (Munkar).” Within a business context, however, what sole axioms of regimen should a company follow? What is a Muslim businessperson’s encumbrance to internal and external stakeholders? Although an organization’s top executives may display sterling ethical behavior, how can middle- and lower-level managers be enthusiastic to perform in a correspondingly ethical manner? What are some protocols that would clinch persistent ethical behavior in a Muslim business?

Keywords: business, ethics, finance, Islam

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911 ‘Ethical Relativism’ in Offshore Business: A Critical Assessment

Authors: Biswanath Swain

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Ethical relativism, as an ethical perspective, holds that moral worth of a course of action is dependent on a particular space and time. Moral rightness or wrongness of a course of action varies from space to space and from time to time. In short, ethical relativism holds that morality is relative to the context. If we reflect conscientiously on the scope of this perspective, we will find that it is wide-spread amongst the marketers involved in the offshore business. However, the irony is that most of the marketers gone along with ethical relativism in their offshore business have been found to be unsuccessful in terms of loss in market-share and bankruptcy. The upshot is purely self-defeating in nature for the marketers. GSK in China and Nestle Maggi in India are some of the burning examples of that sort. The paper argues and recommends that a marketer, as an alternative, should have recourse to Kantian ethical perspective to deliberate courses of action sensitive to offshore business as Kantian ethical perspective is logically and methodologically sound in nature.

Keywords: business, course of action, Kant, morality, offshore, relativism

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910 An Introduction to the Current Epistemology of Ethical Philosophy of Islamic Banking

Authors: Mohd Iqbal Malik

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Ethical philosophy of Quran pinnacled virtue and economics as the part and parcel of human life. Human beings are to be imagined by the sign of morals. Soul and morality are both among the essences of human personality. Islam lays the foundation of ethics by installation of making a momentous variance between virtue and vice. It suggests for the distribution of wealth in-order to terminate accumulation of economic resources. Quran claims for the ambiguous pavement to attain virtue by saying, ‘Never will you attain the good (reward) until you spend (in the way of Allah) from that which you love. And whatever you spend indeed, Allah knows of it.’ The essence of Quran is to eliminate all the deep-seated approaches through which the wealth of nations is being accumulated within few hands. The paper will study the Quranic Philosophy Of Islamic Economic System. In recent times, to get out of the human resource development mystery of Muslims, Ismail Al-Raji Faruqi led the way in the so-called ‘Islamization’ of knowledge. Rahman and Faruqi formed opposite opinions on this project. Al-Faruqi thought of the Islamization of knowledge in terms of introducing Western learning into received Islamic values and vice versa. This proved to be a mere peripheral treatment of Islamic values in relation to Western knowledge. It is true that out of the programme of Islamization of knowledge arose Islamic universities in many Muslim countries. Yet the academic programmes of these universities were not founded upon a substantive understanding and application of the tawhidi epistemology.

Keywords: ethical philosophy, modern Islamic finance, knowledge of finance, Islamic banking

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909 Ethical and Personality Factors and Accounting Professional Judgement

Authors: Shannon Hashemi, Alireza Daneshfar

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Accounting ethical awareness has been widely promoted in recent years both in academia and in practice. However, the effectiveness of ethical awareness on accountants' judgment and choice of action is still debatable. This study investigates whether Machiavellianism and gender, as significant personality factors, influence the effect of ethical awareness on accountants' decision-making. Using an experiment, the results of ANOVA tests show that although introducing ethical awareness positively influences the accountants' judgment and choice of action, such an effect is significantly moderated by the accountants' Machiavellianism score and gender. Specifically, the test results show that the effect of introducing ethical awareness was higher on males with low Machiavellian score. The results also show that when the Machiavellian scores were high, the effect of ethical awareness was lower for both males and females. Applications of the results are discussed for accounting professionals as well as accounting ethics educators and researchers.

Keywords: ethical awareness, accounting decision making, Machiavellianism, ANOVA, ethics, accounting education

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908 The Dubai World Islamic Finance Arbitration Center and Jurisprudence Office as the Dispute Resolution Center and Mechanism for the Islamic Finance Industry

Authors: Camille Paldi

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As the Islamic finance industry is growing annually at a rate of 10% to 15% per year, it is imperative that a unique, independent legal framework is established in order to effectively adjudicate Islamic finance disputes. Currently, Islamic finance disputes are being adjudicated in inadequate civil and common law courts and arbitration centers where the contracts in dispute are being transformed from Islamic to conventional transactions. Through case analysis combined with an exploration of the efficacy of existing arbitration centers and dispute resolution methods available to Islamic finance, this paper will seek to reveal that the Islamic finance industry currently lacks an adequate dispute resolution mechanism and facility to adjudicate disputes arising from Islamic finance contracts. Hence, now is the time for the Dubai World Islamic Finance Arbitration Center (DWIFAC) and Jurisprudence Office (DWIFACJO) as the Dispute Resolution Center and Mechanism for the Islamic Finance Industry.

Keywords: Islamic finance, dispute resolution, Dubai world Islamic finance arbitration center, jurisprudence office

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907 The Finance of Happiness: Thinking Finance from the Science of Happiness Perspective

Authors: Renaud Gaucher

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Research on happiness has developed significantly in the past fifty years and economics and the political science are starting to be influenced by advances in the field. Until recently, finance has stayed outside this movement. The goal of our research is to integrate finance into this movement conceptually. We explain the why, the what and the how of the finance of happiness. We then study the relationship between corporate finance and happiness. We discuss the optimization of the relationship between the financial performance of a firm and the happiness at work of its employees, and the reduction of financial risk by developing goods that foster the happiness of their users. Finally we look at the development of happiness investment funds, that is investment funds founded on happiness research, and the best ways to share risks and earnings to build a happier society.

Keywords: finance, happiness, investment fund, risk

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906 Ethical Leadership: A Theological and Ethical Alternative to the Culture of Greed in South African Government

Authors: Mookgo Solomon Kgatle

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Introductory Statement: The effect of corruption in South Africa has seriously constrained development of the national economy and has significantly inhibited good governance in the country. The significance of this paper is a demonstration that Corruption in a South African government is greatly influenced by the culture of greed by leaders in government. Many leaders in government are not satisfied with what they receive on monthly basis in the form of salaries and allowances. Thus, the quest to accumulate, as many material possessions by cabinet ministers and public servants is what is crippling the annual budget and disadvantaging the poor masses of our people including women, children and the elderly. Basic Methodology: In order to deal with this dilemma, this paper proposes ethical leadership as a theological and ethical alternative and antidote to the culture of greed in government. Research Findings: Ethical leadership is proposed because unlike the culture of greed, it is a leadership that is based on respect for ethical principles and standards and for the dignity and privileges of others. Ethical leadership is synonymous with principles like trust, morality, consideration, equality, and justice. Conclusion: The conclusion is that ethical leadership is one of the solutions that can assist the South African government to deal with the root causes of corruption, that is, the culture of greed.

Keywords: ethical leadership, theological ethics, culture of greed, corruption, governance

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905 The Developmental of Ethical Behavior of Nursing Students in Borommarajonani College of Nursing, Suratthani, Thailand

Authors: Ubonrattan Phophatanachai, Phensri Thongphet, Weerawan Kerdtong

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The purposes of this study were to compare the ethical behavior regarding responsibility and polite manners of nursing students of Boromarajonani College of Nursing, Suratthani, Thailand before and after providing the activity session of ethical behavior development. The samples consisted of 103 sophomores in the academic year 2006. The tools were tested for reliability and content validity. The reliability of the Ethical Behavior Questionnaire measured by Cronbach’s alpha coefficient was 0.94. Data were analyzed using means, standard deviations, and dependent t-test. The findings were as follows: a) after the activity session, the mean scores of ethical behavior regarding responsibility and polite manners of nursing students increased from middle level to high level; b) mean scores of responsibilities and polite manners after the activity session were significantly higher than those before the session (t =28.36, p < .001; t =23.9, p < .001, respectively).

Keywords: development of ethical behavior, nursing students, health, nursing informatics

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904 Teaching Ethical Behaviour: Conversational Analysis in Perspective

Authors: Nikhil Kewalkrishna Mehta

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In the past researchers have questioned the effectiveness of ethics training in higher education. Also, there are observations that support the view that ethical behaviour (range of actions)/ethical decision making models used in the past make use of vignettes to explain ethical behaviour. The understanding remains in the perspective that these vignettes play a limited role in determining individual intentions and not actions. Some authors have also agreed that there are possibilities of differences in one’s intentions and actions. This paper makes an attempt to fill those gaps by evaluating real actions rather than intentions. In a way this study suggests the use of an experiential methodology to explore Berlo’s model of communication as an action along with orchestration of various principles. To this endeavor, an attempt was made to use conversational analysis in the pursuance of evaluating ethical decision making behaviour among students and middle level managers. The process was repeated six times with the set of an average of 15 participants. Similarities have been observed in the behaviour of students and middle level managers that calls for understanding that both the groups of individuals have no cognizance of their actual actions. The deliberations derived out of conversation were taken a step forward for meta-ethical evaluations to portray a clear picture of ethical behaviour among participants. This study provides insights for understanding demonstrated unconscious human behaviour which may fortuitously be termed both ethical and unethical.

Keywords: ethical behaviour, unethical behavior, ethical decision making, intentions and actions, conversational analysis, human actions, sensitivity

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903 Working Improvement of Modern Finance in Millennium World

Authors: Saeed Mohammadirad

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Financing activities involve long-term liabilities, stockholders' equity (or owner's equity), and changes to short-term borrowings. Finance is very important for every business activities. To perform the finance we have to follow the accounting languages bases on the nature of the business. If all are one package in the software, it is easy to handle, monitor, control, plan, organize, direct and budget the finance. Let us make a challenge in the computer software for the whole finance packages of every business related activities. In this article, it mentioned about the finance functions in the various levels of the business activities and how it should be maintained properly to avoid the unethical events.

Keywords: financing activities, business activities, computer software, unethical events

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902 Ethical Leadership Mediates Subordinates’ Likeness for Leader and Affective Commitment to Squads among Police Cadets

Authors: Odunayo O. Oluwafemi, Valentine A. Mebu

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There is a blur as to whether subordinates’ sheer fondness for a leader or the ethical behaviours demonstrated by such a leader is what engenders subordinates’ affective commitment to the group. This study aimed to depict and clarify that perceived ethical leadership by subordinates outweighs their likeness for a leader in determining their level of affective commitment to the group using a sample of police cadets. Subordinate cadets were asked to rate the ethical leadership behaviours displayed by their cadet Leaders; their likeness for their leaders and also rate their own affective commitment to their squads (N = 252, Mean Age = 22.70, Age range = 17 to 29 years, SD = 2.264, 75% males). A mediation analysis was conducted to test hypotheses. Results showed that there was a significant indirect effect between likeness for leaders and affective commitment through ethical leadership behaviour (b = .734, 95% BCa CI [.413, 1.146], p = .000); and a nonsignificant direct effect between likeness for leader and subordinates’ affective commitment (b = .526, 95% BCa CI [-.106, 1.157], p = .10), this indicated a full mediation. The results strongly suggested that the positive relationship between subordinates’ likeness for their leaders and their affective commitment to the squad is produced by perceived leaders’ ethical behaviours. Therefore, leaders should exhibit and prioritize ethical behaviours over the need to be liked by their subordinates to guarantee their affective commitment to group goals and aspirations.

Keywords: affective commitment, ethical leadership, leader cadets, likeness for leader, subordinate cadets

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901 How to Evaluate the Contribution of Social Finance to Regional Economy

Authors: Jungeun Cho

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Social finance has received increasing attention as a means to promote the growth of regional economies. Despite the plenty of research discussed their critical role and functions in regional economic development such as the financing and promotion of co-operatives or social enterprises and the offering credit to the financially excluded in the region, however, rarely are efforts made to measure the contribution of social finance in the regional economy. It is essential to establish an evaluation model in order to encourage social finance institutions to perform their supposed role and functions on regional economic development. The objective of this paper is to formulate an evaluation model of the contribution of social finance to the regional economy through an analytic hierarchy process (AHP) approach. This study is expected to provide useful guidelines for social finance institutions’ strategies and the policies of local or central government regarding social finance.

Keywords: social finance, regional economy, social economy, policies of local or central government

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900 A Levinasian Perspective on the Field of Applied Ethics

Authors: Payman Tajalli, Steven Segal

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Applied ethics is an area of ethics which is looked upon most favorably as the most appropriate and useful for educational purposes; after all if ethics finds no application would any investment of time, effort and finance by the educational institutions be warranted? The current approaches to ethics in business and management often entail appealing to various types of moral theories and to this end almost every major philosophical approach has been enlisted. In this paper, we look at ethics through the philosophy of Emmanuel Levinas to argue that since ethics is ‘first philosophy’ it can neither be rule-based nor rule-governed, not something that can be worked out first and then applied to a given situation, hence the overwhelming emphasis on ‘applied ethics’ as a field of study in business and management education is unjustified. True ethics is not applied ethics. This assertion does not mean that teaching ethical theories and philosophies need to be abandoned rather it is the acceptance of the fact that an increase in cognitive awareness of such theories and ethical models and frameworks, or the mastering of techniques and procedures for ethical decision making, will not affect the desired ethical transformation in our students. Levinas himself argued for an ethics without a foundation, not one that required us to go ‘beyond good and evil’ as Nietzsche contended, rather an ethics which necessitates going ‘before good and evil'. Such an ethics does not provide us with a set of methods or techniques or a decision tree that enable us determine the rightness of an action and what we ought to do, rather it is about a way of being, an ethical posture or approach one takes in the inter-subjective relationship with the other that holds the promise of ethical conduct. Ethics in this Levinasian sense then is one of infinite and unconditional responsibility for the other person in relationship, an ethics which is not subject to negotiation, calculation or reciprocity, and as such it could neither be applied nor taught through conventional pedagogy with its focus on knowledge transfer from the teacher to student, and to this end Levinas offers a non-maieutic, non-conventional approach to pedagogy. The paper concludes that from a Levinasian perspective on ethics and education, we may need to guide our students to move away from the clear and objective professionalism of the management and applied ethics towards the murky individual spiritualism. For Levinas, this is ‘the Copernican revolution’ in ethics.

Keywords: business ethics, ethics education, Levinas, maieutic teaching, ethics without foundation

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899 Toward Green Islamic Finance: A Case Study from an Emirati Islamic Bank

Authors: Nada Hamed, Mariam Aldhaheri, Sonia Abdennadher

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Islamic Finance is not a new term that emerging in the global market, but it is still under scope by many countries. Its characteristics and regulation are not widely clear and implemented. In 2015, The United Nation announced a plan about potential benefits of using Islamic Finance as a sustainable development approach. Enhancing its application in financial markets could protect from unexpected crisis that might be created from the traditional tools of finance. This paper focuses on this area to test if Islamic finance could be used for maintaining sustainable development and if the term of 'Green Islamic Finance' could be implemented to minimize the deficiencies and 'pollution’ generated from traditional techniques and tools of finance. This paper intends to measure the impact on financial performance and sustainability when financial institutions use Islamic finance or better practice it. The objective of this explanatory research is to measure the performance of Islamic Finance with using a case study of an Islamic bank. The paper would analyze and compare the behavior of financial institutions that used traditional financing tools and converted to Islamic banking system. The methodology used is based on a case study of an Islamic bank in Dubai with comparing its performance before implementing Islamic Finance and after. The selected case study represents the first national bank in Emirates Arab Unis who adopt the Islamic finance approach. Based on a time series analysis, a quantitative analysis would be also used through looking at various set of ratios that are routinely used to measure bank performance.

Keywords: Islamic finance, financial stability, green finance, Islamic finance practices, financial ratios

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898 Ethical Leadership and Individual Creativity: The Mediating Role of Psychological Safety

Authors: Hyeondal Jeong, Yoonjung Baek

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This study examines the relationship between ethical leadership and individual creativity and focused on mediating effects of psychological safety. In order to clarify the mechanism of ethical leadership, psychological safety of the members was set as a mediator. Using data gathered from a sample of 150 employees. For data analysis, exploratory factor analysis, correlation analysis, hierarchical regression analysis and Sobel-Test were performed. The results showed that ethical leadership had a positive effect on psychological safety and individual creativity, and psychological safety had a positive mediating effect. Since the mediating effect of psychological safety has been confirmed, we need to find ways to improve the psychological safety of the members in terms of organizational management. Psychological safety has a positive effect on individual creativity, which can have a positive impact on innovation throughout the organization.

Keywords: ethical leadership, creativity, psychological safety, ethics management, innovative behaviors

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897 Diversity in Finance Literature Revealed through the Lens of Machine Learning: A Topic Modeling Approach on Academic Papers

Authors: Oumaima Lahmar

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This paper aims to define a structured topography for finance researchers seeking to navigate the body of knowledge in their extrapolation of finance phenomena. To make sense of the body of knowledge in finance, a probabilistic topic modeling approach is applied on 6000 abstracts of academic articles published in three top journals in finance between 1976 and 2020. This approach combines both machine learning techniques and natural language processing to statistically identify the conjunctions between research articles and their shared topics described each by relevant keywords. The topic modeling analysis reveals 35 coherent topics that can well depict finance literature and provide a comprehensive structure for the ongoing research themes. Comparing the extracted topics to the Journal of Economic Literature (JEL) classification system, a significant similarity was highlighted between the characterizing keywords. On the other hand, we identify other topics that do not match the JEL classification despite being relevant in the finance literature.

Keywords: finance literature, textual analysis, topic modeling, perplexity

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896 Social Media and Counseling: Opportunities, Risks and Ethical Considerations

Authors: Kyriaki G. Giota, George Kleftaras

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The purpose of this article is to briefly review the opportunities that social media presents to counselors and psychologists. Particular attention was given to understanding some of the more important common risks inherent in social media and the potential ethical dilemmas which may arise for counselors and psychologists who embrace them in their practice. Key considerations of issues pertinent to an online presence such as multiple relationships, visibility and privacy, maintaining ethical principles and professional boundaries are being discussed.

Keywords: social media, counseling, risks, ethics

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895 Contextual Paper on Green Finance: Analysis of the Green Bonds Market

Authors: Dina H. Gabr, Mona A. El Bannan

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With growing worldwide concern for global warming, green finance has become the fuel that pushes the world to act in combating and mitigating climate change. Coupled with adopting the Paris Agreement and the United Nations Sustainable Development Goals, Green finance became a vital tool in creating a pathway to sustainable development, as it connects the financial world with environmental and societal benefits. This paper provides a comprehensive review of the concepts and definitions of green finance and the importance of 'green' impact investments today. The core challenge in combating climate change is reducing and controlling Greenhouse gas emissions; therefore, this study explores the solutions green finance provides putting emphasis on the use of renewable energy, which is necessary for enhancing the transition to the green economy. With increasing attention to the concept of green finance, multiple forms of green investments and financial tools have come to fruition; the most prominent are green bonds. The rise of green bonds, a debt market to finance climate solutions, provide a promising mechanism for sustainable finance. Following the review, this paper compiles a comprehensive green bond dataset, presenting a statistical study of the evolution of the green bonds market from its first appearance in 2006 until 2021.

Keywords: climate change, GHG emissions, green bonds, green finance, sustainable finance

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894 A Cross-Cultural Analysis of Ethical Standards in Social and Behavioral Research

Authors: Xiwu Feng

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The paper is to analyze research ethics in social and behavioral sciences from a cross-cultural perspective. A multi-phase study investigated implementations of ethical standards and guidelines in higher institutions in China. Institutional policies and procedures on human subject research and perceptions of human subject protection were assessed in the Chinese research universities from different regions. The findings of the study indicate that the implementations of ethical standards and guidelines vary from institution to institution and from region to region. Education and cultural backgrounds of the participants influence their perceptions of the welfare and privacy of human subjects. The results of the study reveal great differences and complexities in ethical standards for the protection of human subjects of research in contrast to the Western world. The Chinese collectivistic values and the cooperative-harmonious democracy play a significant role in perceiving and implementing ethical guidelines. Chinese researchers find themselves a long way to go before seeing implementations of regulations and guidelines on human subject research in social and behavioral sciences.

Keywords: ethical standards, human subjects, research ethics, social and behavioral research

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893 The Contribution of Buddhist-Based Mindfulness Practices on Ethical Leadership: A Qualitative Study of Organizational Leaders in Thailand

Authors: Kunkanit Sutamchai, Kate E. Rowlands

Abstract:

Recent public ethical scandals in many organizations around the world have raised concern about organizational ethics, which have, in turn, made ethical behaviors and conducts on the part of leaders become more critical topics in organizational studies. However, current research on the benefits of mindfulness within the workplace contexts has predominantly focused on stress reduction and work performance enhancement, while the aspects of ethical behavior development have been far less investigated in mindfulness research in the organizational and management fields. Only recently has there been an emerging call for organizational researchers and practitioners to study mindfulness concepts and practices from the original Buddhist perspectives given that ethics is regarded as a foundation for Buddhist mindfulness. Yet little, if any, empirical research on the contributions of mindfulness practices to ethical leadership has been done in Eastern Buddhist contexts. Therefore, this study aims to explore the extent to which and how Buddhist-based mindfulness practices can influence organizational leaders’ ethical values and practices. On this basis, Thailand was selected as a context of study due to a predominantly Buddhist society and culture. Qualitative data were gathered through in-depth semi-structured interviews with twenty executive leaders from various private organizations in Thailand, who practice Buddhist-based mindfulness meditation regularly. The findings from this study shed light on the role Buddhist-based mindfulness practices can play in promoting ethical behavior among executive leaders in Thailand. The results also suggest that ethical values and practices influenced by Buddhist-based mindfulness practices are well aligned with the elements appeared in the inter-disciplinary and cross-cultural ethical leadership framework, namely: humane, justice, sustainability and responsibility, and moderation. This study concludes that the integration of ethical dimensions to mindfulness practices may provide promising opportunities for ethical leadership development, particularly in the context of Thailand. This could contribute significantly to the future development of both organizations and society at large. The study also suggests that mindfulness interventions in organizational contexts should place more explicit emphasis on ethics. This may be done by relating the ethical principles underlying Buddhist-based mindfulness to other ethical systems in different contexts and cultures where they can be aligned.

Keywords: Buddhism, ethical leadership, leadership development, mindfulness, Thailand, training

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892 Counseling Ethics in Turkish Counseling Programs

Authors: Umut Arslan, John Sommers Flanagan

Abstract:

The purpose of this study was to investigate qualifications of ethics training in counselor education programs in Turkey. The survey data were collected from 251 Turkish counseling students to examine differences in ethical judgments between freshmen and seniors. Chi-square analysis was used to analyze the data from an ethical practice and belief survey. This survey was used to assess counselor candidates’ ethical judgments regarding Turkish counseling ethical codes and sources of ethics information. Statistically significant differences were found between university seniors and freshmen on items that are related to confidentiality, dual relationships, and professional relationships. Furthermore, patterns based on demographic information showed significant differences as a result of gender, economic status, and parents’ educational level. Participants gave the highest rating of information sources to Turkish counseling ethical codes.

Keywords: ethics, training, Turkey, counselor, education

Procedia PDF Downloads 297