While much has been written on specificity (e. g., in texts on new institutional economics, agency theory, and team production theory), there are still some insights to be learnt by business ...ethicists. This article approaches the issue from the perspective of team production, and will propose a new form of corporate governance: enlightened corporate governance, which takes into consideration the specific investments of employees. The article argues that, in addition to shareholders, employees also bear a residual risk which arises due to their specific investments. This residual risk presents a valid and legitimate basis for residual claims. In this way, employees can be seen as residual claimants due to the fact that their income depends upon a hazardous quasi rent. Therefore, this article will call on the fiduciary duty of board members to protect those employees who are exposed to such residual risks and may thus be vulnerable as a result. This leads to a fundamental change of perspective on the "theory of the firm" -a change which will adopt the theories of new institutional economics, agency theory, and team production theory in order to promote business ethics research. Against this background, enlightened corporate governance aims to follow the criterion of specific investments as a legitimate basis for residual claims. Furthermore, it seeks to understand the consequences for board members, and to promote the sharing of control and ownership. The article will close with some discussion of the implications and future prospects for business ethics.
In recent times, representatives of American management science have been arguing increasingly for a functionalization of ethics to change economic thinking: what they are seeking is the systematic ...integration of ethics into the economic paradigm. Using the insights developed by Hirschman, I would like to show how one must first expose the rhetoric of those critics of change (referred to below as conservatives or reactionaries) in order then to implement that which is new (representatives of this approach are referred to below as progressives). Such an ‹unmasking’ works particularly well when one can defuse the arguments of the reactionaries – which is precisely what one achieves by strategically integrating ethics into economics. In his work The Rhetoric of Reaction Hirschman examines three basic forms of reactionary thought: the perversity thesis, the futility thesis, and the jeopardy thesis. According to the perversity thesis, intended goals are transformed into their opposites. The futility thesis argues that the setting of goals is useless since history runs its own course independent of those goals. The jeopardy thesis claims to preserve what already exists since change might substantially endanger that which has already been achieved. The importance of Hirschman’s ideas for the strategic interplay between the academic disciplines can be seen quite clearly in the example of German business ethics. This will be displayed below with reference to Hirschman’s three theses. Finally, implications will be drawn for business ethics in general and for management theory in particular.
In recent times, representatives of American management science have been arguing increasingly for a functionalization of ethics to change economic thinking: what they are seeking is the systematic ...integration of ethics into the economic paradigm. Using the insights developed by Hirschman, I would like to show how one must first expose the rhetoric of those critics of change (referred to below as conservatives or reactionaries) in order then to implement that which is new (representatives of this approach are referred to below as progressives). Such an 'unmasking' works particularly well when one can defuse the arguments of the reactionaries — which is precisely what one achieves by strategically integrating ethics into economics. In his work The Rhetoric of Reaction Hirschman examines three basic forms of reactionary thought: the perversity thesis, the futility thesis, and the jeopardy thesis. According to the perversity thesis, intended goals are transformed into their opposites. The futility thesis argues that the setting of goals is useless since history runs its own course independent of those goals. The jeopardy thesis claims to preserve what already exists since change might substantially endanger that which has already been achieved. The importance of Hirschman's ideas for the strategic interplay between the academic disciplines can be seen quite clearly in the example of German business ethics. This will be displayed below with reference to Hirschman's three theses. Finally, implications will be drawn for business ethics in general and for management theory in particular.
Lehren aus Corona Hollstein, Bettina; Neuhäuser, Christian; Brink, Alexander ...
2020
eBook
Odprti dostop
Zusammenfassung Krisen wie die COVID-19-Pandemie sind für die Politik stets Anlass gewesen, festgefahrene Strukturen aufzubrechen und weitreichende Reformen umzusetzen. Pfadabhängigkeiten können in ...Krisenzeiten unterbrochen werden. Der vorliegende Band beleuchtet die gesellschaftlichen Auswirkungen der Pandemie sowie die langfristigen Herausforderungen und Potenziale, die mit ihr einhergehen, aus wirtschafts- und unternehmensethischer Perspektive. Wie verändert die COVID-19-Krise das Kräfteverhältnis zwischen Staat, Markt und Unternehmen? Welche Pflichten kommen auf Unternehmen während einer Pandemie zu? Inwieweit sind die Bekämpfung der Corona- und der Klima-Krise vereinbar? Welche Rolle kann und soll Wirtschaftsethik in Zeiten der Krise spielen? Mit Beiträgen von Prof. Dr. Michael S. Aßländer; Prof. Dr. Jörg Althammer; Prof. Dr. Martin Büscher; Niklas Dummer, M.A.; Dr. habil. Michael Ehret; Miriam Fink; Prof. Dr. Manfred Fischedick; Prof. Dr. Nils Goldschmidt; Prof. Dr. Hanns-Stephan Haas; PD Dr. Michaela Haase; Prof. Dr. Ludger Heidbrink; Prof. Dr. Ulrich Hemel; Prof. Dr. Lars Hochmann; Ruzana Liburkina, M.A.; Mark McAdam; Prof. em. Dietmar Mieth; Prof. Dr. Dr. Elmar Nass; Dr. Laura Otto; Prof. Dr. Reinhard Pfriem; Prof. Dr. Ingo Pies; Prof. em. Birger Priddat; Frauke Remmers; Dr. Bastian Ronge; Prof. Dr. Hartmut Rosa; Prof. em. Hermann Sautter; Dr. Philipp Schepelmann; Prof. Dr. Dr. Ulrich Schmidt; Prof. Dr. Markus Scholz; Prof. Dr. Andreas Suchanek; Prof. em. Peter Ulrich. Abstract Historically, crises such as the COVID-19 pandemic have prompted politicians to break up dead-locked structures and implement far-reaching reforms. Path dependencies can be interrupted in times of crisis. This volume examines the social impact of the current pandemic as well as both the long-term challenges it poses and the potential it offers from the perspective of economic and business ethics. How has the COVID-19 crisis changed the balance of power between the state, markets and business? What are the obligations of companies during a pandemic? To what extent are the fight against the coronavirus crisis and that against the climate crisis compatible? What role can and should business ethics play in times of crisis? With contributions by Prof. Dr. Michael S. Aßländer; Prof. Dr. Jörg Althammer; Prof. Dr. Martin Büscher; Niklas Dummer, M.A.; Dr. habil. Michael Ehret; Miriam Fink; Prof. Dr. Manfred Fischedick; Prof. Dr. Nils Goldschmidt; Prof. Dr. Hanns-Stephan Haas; PD Dr. Michaela Haase; Prof. Dr. Ludger Heidbrink; Prof. Dr. Ulrich Hemel; Prof. Dr. Lars Hochmann; Ruzana Liburkina, M.A.; Mark McAdam; Prof. em. Dietmar Mieth; Prof. Dr. Dr. Elmar Nass; Dr. Laura Otto; Prof. Dr. Reinhard Pfriem; Prof. Dr. Ingo Pies; Prof. em. Birger Priddat; Frauke Remmers; Dr. Bastian Ronge; Prof. Dr. Hartmut Rosa; Prof. em. Hermann Sautter; Dr. Philipp Schepelmann; Prof. Dr. Dr. Ulrich Schmidt; Prof. Dr. Markus Scholz; Prof. Dr. Andreas Suchanek; Prof. em. Peter Ulrich
Editorial Brink, Alexander; Hollstein, Bettina; Hübscher, Marc C.
Zeitschrift für Wirtschafts- und Unternehmensethik,
2019, Letnik:
20, Številka:
1
Journal Article
PDF
