A COMMENTARY ON Gordon G. Sollars and Sorin A. Tuluca (2018), “Fiduciary Duty, Risk, and Shareholder Desert,” Bus Ethics Q 28(2): 203–218, https://doi.org/10.1017/beq.2017.47
Shareholders assume risk by investing. Sollars and Tuluca (2018) argue that while this does not justify a managerial policy of shareholder wealth maximization, it does justify compensating shareholders at the often- calculated cost of equity—the cost that investors require given the level of risk they assume. Here, I show that this can be unfair if the cost of equity is unfair. I then show how shareholder wealth maximization as a managerial imperative is better justified on other grounds.
To download the full PDF, click here: Silver on Sollars and Tuluca
Kenneth Silver is an Assistant Professor in Business Ethics within Trinity Business School at Trinity College Dublin, The University of Dublin.
A RESPONSE TO Daniel Sportiello (2019), “MacIntyre and Wyma on Investment Advising,” Bus Ethics J Rev 7(1): 1–6,
Daniel Sportiello argues that my support of financial planning as a MacIntyrean practice fails because I have misunderstood the concept of internal goods, and because financial planning then has no internal good at all. Here, I rebut those charges.
To download the full PDF, click here: Wyma on Sportiello
Keith Wyma is professor of ethics at Whitworth University in Spokane, among other things teaching Business Ethics and coaching the school’s three-time national champion Intercollegiate Ethics Bowl team.
A COMMENTARY ON Jeffrey Moriarty (2019), “On the Origin, Content, and Relevance of the Market Failures Approach,” J Bus Ethics: (first online 17 January 2019) 1–12, https://doi.org/10.1007/s10551-019-04106-x
Moriarty argues that the Market Failures Approach (MFA) to business ethics is inapplicable to “real world” problems, because it treats “market failure” as a failure to achieve Pareto efficiency. Depending upon how it is applied, Pareto efficiency is either trivially easy to satisfy or else so demanding that no real-world market could ever satisfy it. In this Commentary, I argue that Moriarty overstates these difficulties. The regulatory structure governing markets is best understood as an attempt to maximize the number of Pareto-improving exchanges that occur. There is no reason to think business self-regulation cannot be guided by the same normative-conceptual framework.
To download the full PDF, click here: Heath on Moriarty’s Critique
Joseph Heath is a professor in the Department of Philosophy at the University of Toronto.
See also, in BEJR, these pieces related to Prof Heath’s work:
A COMMENTARY ON Etye Steinberg (2017), “The Inapplicability of the Market- Failures Approach in a Non-Ideal World,” Bus Ethics J Rev 5(5): 28–34, http://doi.org/10.12747/bejr2017.05.05
Etye Steinberg has recently raised a problem for Joseph Heath’s Market Failures Approach. In this paper we consider a response by Heath. We argue that Heath’s response not only leaves the original problem intact, but also raises a second one, analogous to stakeholder theory’s so-called “identification problem.”
To download the full PDF, click here: Repp and Contat on Steinberg
Charles Repp and Justin Contat are Assistant Professors of Philosophy at Longwood University.Business at Creighton University in Omaha Nebraska.
A RESPONSE TO J. Brennan and P. M. Jaworski (2018), “Come On, Come On, Love Me for the Money: A Critique of Sparks on Brennan and Jaworski,” Bus Ethics J Rev 6(6): 30–35,
Brennan and Jaworski (2018) accuse me of misunderstanding their thesis and failing to produce a counterexample to it. In this Response, I clarify my central argument in “Can’t Buy Me Love,” explain why I used prostitution as an example, and work to advance the debate
To download the full PDF, click here: Sparks Respondes to Brennan and Jaworski
Jacob Sparks recently completed his PhD in applied philosophy at Bowling Green State University. He currently teaches at John Jay College of Criminal Justice.
A COMMENTARY ON Keith Wyma (2015), “The Case for Investment Advising as a Virtue-Based Practice,” J Bus Ethics 127(1): 231–249.
In “The Case for Investment Advising,” Keith Wyma argues that investment advising is what Alasdair MacIntyre calls a “practice”—that is, it is an activity marked by what MacIntyre calls an “internal good.” In this Commentary, though, I argue that Wyma seriously misunderstands what internal goods are.
To download the full PDF, click here: Sportiello on Macintyre and Wyma
Daniel John Sportiello is an Assistant Professor of Philosophy at the University of Mary in North Dakota
A COMMENTARY ON Nien-hê Hsieh (2017), “The Responsibilities and Role of Business in Relation to Society: Back to Basics,” Bus Ethics Q 27(2)
In “The Responsibilities and Role of Business in Relation to Society,” Nien-hê Hsieh challenges Joseph Heath’s “market failure” or Paretian approach to business ethics by arguing for a “Back to Basics” approach. Here, I argue that two basics of Hsieh’s three-basics vision are flawed, because a. ordinary morality is in fact not sufficient for the adversarial realm of the market, and b. the ideal of a Pareto-optimal market economy with perfect competition does in fact provide an adequate basis for normative rules against market failures.
To download the full PDF, click here: Gustafson on Hsieh on Heath
Andy Gustafson is Professor of business ethics and Society in the Heider College of Business at Creighton University in Omaha Nebraska.