Studies on ethical funds have usually focused on how to establish criteria for choosing stock in which to invest, which are the most commonly used criteria, ethical funds' relative return, the unique features of their management, etc.... more
Studies on ethical funds have usually focused on how to establish criteria for choosing stock in which to invest, which are the most commonly used criteria, ethical funds' relative return, the unique features of their management, etc. In contrast, this paper focuses on deeper dimensions of the behaviour of investors and fund managers. First of all, it considers the personal process followed by the investor who is aware of his responsibility and seeks instruments in which to invest his assets that will enable him to achieve a return while, at the same time, fulfilling that responsibility. And, secondly, it looks at the answer offered by the promoters and managers of ethical funds. The paper starts with a brief description of the situation as regards ethical funds in Spain. It continues with a discussion of the investor's moral responsibility based on the traditional theory of responsibility within the framework of co-operation with third party actions, and the difficulties that arise in exercising it. This is followed by an overview of the solutions offered by financial institutions (ethical funds) and the main problems that arise in promoting and managing such funds. The paper closes with some conclusions. (Also available in Spanish - no 421)
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The teaching of business in a business school is discussed, with special reference to the possibility of both learning and changing ethical abilities (virtues), the need of ethics in business, how to teach business ethics, and the... more
The teaching of business in a business school is discussed, with special reference to the possibility of both learning and changing ethical abilities (virtues), the need of ethics in business, how to teach business ethics, and the contents of the course.
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En las sociedades modernas, pocas instituciones tienen una influencia mayor que las empresas. Este trabajo es una amplia introduccion al papel de las empresas como transformadoras de la sociedad, que empieza por su dimension economica,... more
En las sociedades modernas, pocas instituciones tienen una influencia mayor que las empresas. Este trabajo es una amplia introduccion al papel de las empresas como transformadoras de la sociedad, que empieza por su dimension economica, pero que se refleja tambien en otras, de caracter social y etico. Empieza con unas reflexiones sobre el objetivo, la mision, y la responsabilidad y la funcion social de la empresa para mostrar despues como la misma puede ser un factor de transformacion en la sociedad, y que tipo de dificultades de naturaleza etica se pueden encontrar en ella a la hora de llevar a cabo su funcion.
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Pero negociar no es fácil. Son numerosos los ejemplos diarios de negociaciones que no terminan de cerrarse de modo satisfactorio, bien porque alguna de las partes intenta imponer su voluntad, bien porque, para evitar conflictos, se... more
Pero negociar no es fácil. Son numerosos los ejemplos diarios de negociaciones que no terminan de cerrarse de modo satisfactorio, bien porque alguna de las partes intenta imponer su voluntad, bien porque, para evitar conflictos, se permite todo tipo de concesiones. Evidentemente, ninguna de estas dos opciones logra alcanzar unos resultados plenamente satisfactorios, y lo que es peor, las relaciones personales se van deteriorando en el proceso de la negociación.
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Business, Religion, and Spirituality: A New Synthesis Oliver F. Williams, C.S.C. (Editor) Notre Dame, Indiana: University of Notre Dame Press, 2003 (323 pages)
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Research Interests: Management and Sociology
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The theory of the social responsibility of the firm oscillates between two extremes: one that reduces the firm's responsibility to the obtainment of (the greatest possible) profit for its shareholders, and another that extends the... more
The theory of the social responsibility of the firm oscillates between two extremes: one that reduces the firm's responsibility to the obtainment of (the greatest possible) profit for its shareholders, and another that extends the firm's responsibility to include a wide range of actors with an interest or "stake" in the firm. The stakeholder theory of the social responsibility of business is more appealing from an ethical point of view, and yet it lacks a solid foundation that would be acceptable to a variety of schools of thought.
Research Interests: Marketing, Business Ethics, Economics, Applied Ethics, Corporate Social Responsibility, and 10 moreTheory of the Firm, Social Responsibility, Stakeholder Theory, Business and Management, Profitability, Oscillations, Stakeholder, Socially Responsible Investing, Quality of Life Research, and Shareholder
La econom�a convencional dispone de un poderoso instrumento explicativo de la conducta humana que, a lo largo de las d�cadas, ha mostrado una elevada capacidad predictiva y explicativa. Como es l�gico, no siendo un instrumento perfecto,... more
La econom�a convencional dispone de un poderoso instrumento explicativo de la conducta humana que, a lo largo de las d�cadas, ha mostrado una elevada capacidad predictiva y explicativa. Como es l�gico, no siendo un instrumento perfecto, tambi�n se han puesto de manifiesto sus limitaciones, que han dado lugar a numerosas cr�ticas, tanto desde fuera como desde dentro del propio paradigma. El objeto de este art�culo es presentar una teor�a de la acci�n humana basada en supuestos m�s amplios que los de la econom�a convencional, y que la contiene como un caso particular. La base de esa teor�a son las aportaciones de Juan Antonio P�rez L�pez, principalmente sus obras Teor�a de la acci�n humana en las organizaciones (1991) y Fundamentos de la direcci�n de empresas (1993). Este art�culo se limita al caso m�s elemental de toma de decisiones de un agente que no se relaciona con otros agentes, sino con un medio inerte. A pesar de todo, permite ampliar considerablemente el campo de acci�n de la...
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ABSTRACT Frugality is a little studied virtue, but one that is important to the lives of individuals and families, communities and broader societies. In this article we consider what we mean by frugality and discuss its role in the... more
ABSTRACT Frugality is a little studied virtue, but one that is important to the lives of individuals and families, communities and broader societies. In this article we consider what we mean by frugality and discuss its role in the decision-making process, within action theory. This leads us to a normative explanation of why frugality is needed and what it signifies.
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Research Interests: Philosophy and Humanities
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La Encílica Rerum novarum dio en su momento un fuerte varapalo a la economía liberal dominante a finales del siglo pasado. Desde entonces, moralistas, filósofos y economistas andan divididos acerca de la moralidad del sistema económico... more
La Encílica Rerum novarum dio en su momento un fuerte varapalo a la economía liberal dominante a finales del siglo pasado. Desde entonces, moralistas, filósofos y economistas andan divididos acerca de la moralidad del sistema económico llamado economía de mercado. Sería presuntuoso por mi parte intentar dar aquí una respuesta definitiva a esa cuestión. Mi objetivo es mucho más modesto: como economista, me propongo identificar los rasgos característicos de la economía de mercado, para contrastarlos con lo que el Magisterio de la Iglesia ha dicho sobre ellos a lo largo del siglo transcurrido desde la publicación de la Rerum novarum. Espero con ello identificar, primero, las razones de fondo que apoyan el rechazo o la aceptación de la economía de mercado; analizar, después, cómo afectan esas razones a los elementos esenciales del sistema económico, para precisar los requisitos que la Doctrina Social cristiana exige a la economía de mercado, a fin de que resulte un sistema moralmente ac...
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La comunidad política ocupa un lugar importante en la Doctrina Social de la Iglesia Católica. Esta ha desarrollado un cuerpo de doctrina coherente sobre el Estado, aunque no una teoría detallada como la de las ciencias sociales y... more
La comunidad política ocupa un lugar importante en la Doctrina Social de la Iglesia Católica. Esta ha desarrollado un cuerpo de doctrina coherente sobre el Estado, aunque no una teoría detallada como la de las ciencias sociales y políticas. Sin embargo, la doctrina católica apenas encuentra eco en las discusiones teóricas o en la praxis de los Estados, y a menudo no parece ser entendida ni por los propios creyentes. Este artículo pretende explicar en qué consiste la doctrina católica sobre el Estado, y mostrar algunas de las razones de su escasa aceptación.
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Abstract Facilitation payments (petty corruption) are small payments to an officer or employee, public or private, who is responsible for a nondiscretionary service, in order to facilitate, accelerate, or cheapen a procedure, for example,... more
Abstract Facilitation payments (petty corruption) are small payments to an officer or employee, public or private, who is responsible for a nondiscretionary service, in order to facilitate, accelerate, or cheapen a procedure, for example, issuing a passport or connecting a house to a power distribution network. They are widespread in some countries, and are often considered irrelevant, but they have very large negative impacts in generating a culture of corruption, affecting the functioning of public offices or private companies and on costs for citizens. This chapter explains what facilitation payments are, why they are an ethical problem for people who pay and receive them, for companies and for society, and the positioning of the fight against those payments within the overall strategy against corruption.
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Ante los problemas derivados de la responsabilidad etica, social y medioambiental delas empresas, existen tres tipos de soluciones: las basadas en la regulacion por una autoridad oagencia, las que se inspiran en la creacion de incentivos... more
Ante los problemas derivados de la responsabilidad etica, social y medioambiental delas empresas, existen tres tipos de soluciones: las basadas en la regulacion por una autoridad oagencia, las que se inspiran en la creacion de incentivos de mercado y las basadas en laautorregulacion por la propia organizacion afectada. En el campo especifico que nos ocupa,la regulacion tiene costes importantes y desventajas que hacen particularmente deseable quelas empresas establezcan sistemas o programas de gestion etica, social y medioambiental. Elobjeto de este articulo es doble: de un lado, explicar como la elaboracion de sistemas oprogramas voluntarios de gestion etica, social y medioambiental puede contribuir al desarrolloy puesta en practica de comportamientos eticos en las organizaciones, superando el conflictoentre la regulacion obligatoria y las practicas eticas ocasionales, y, de otro, mostrar quecaracteres debe presentar un programa de gestion etica para que sea efectivo.
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In the mid-1980s, economists became interested in studying situations of overindebtedness in families, companies and governments, which some felt were rife at that time. It also became a concern for some experts in business ethics, but... more
In the mid-1980s, economists became interested in studying situations of overindebtedness in families, companies and governments, which some felt were rife at that time. It also became a concern for some experts in business ethics, but for reasons other than the stability of the economic system. This article analyses the development of the different types of indebtedness in families and companies through history. The changes that have taken place in private economies make it necessary to reconsider ethical judgements on debt and credit: although the practical moral criteria that are applicable to private finance may be the same as in previous ages, their significance is different and should be dealt with under wider criteria. INDEBTEDNESS: ETHICAL PROBLEMS Excessive indebtedness? In the 1980s there was a certain amount of concern in financial and economic circles worldwide about what appeared to be an excessive increase in overall debt, both public and private, in proportion to the ...