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Capital FailureRebuilding Trust in Financial Services$
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Nicholas Morris and David Vines

Print publication date: 2014

Print ISBN-13: 9780198712220

Published to Oxford Scholarship Online: October 2014

DOI: 10.1093/acprof:oso/9780198712220.001.0001

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Toward a More Ethical Culture in Finance

Toward a More Ethical Culture in Finance

Regulatory and Governance Strategies

(p.277) 13 Toward a More Ethical Culture in Finance
Capital Failure

Dan Awrey

David Kershaw

Oxford University Press

In theory, culture and ethics represent potentially powerful constraints on human and organisational behaviour. In practice, however, these constraints are often ineffective—crowded out by other, countervailing, influences. This chapter explores how the law and regulation might be utilized to tilt the battleground of norm formation at both the individual and organisational levels in favour of a more ethical culture. It explores the potential efficacy of both regulatory strategies (e.g. process-based regulation) and governance strategies (e.g. corporate objectives, directors’ duties, ethics committees, and remuneration) as mechanisms for introducing a norm of ‘other-regarding’ behaviour into the decision-making processes of financial services firms. The chapter does not profess to have all the answers. Rather, it asks some important (and too often neglected) questions about the role of culture and ethics in finance and offers a framework for a more serious and rigorous discussion.

Keywords:   culture, ethics, organisational behaviour, regulation, governance, directors’ duties, ethics committees, norms, financial services

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