This paper advances a virtue-theoretic reinterpretation of shareholder moral responsibility, proposing a shift from beneficence—an action-based duty to do good—toward benevolence, understood as a stable virtue of character. Engaging Santiago Mejia’s deontological account of shareholder discretion and latitude in discharging imperfect duties, it argues that such action-based models, while structurally clarifying, leave unexamined the moral quality of the agent herself. Drawing on Aristotelian concepts of phronēsis, aisthesis, and hexis, the paper contends that shareholders are genuine moral agents whose investment, voting, and engagement decisions shape and are shaped by their character. It introduces the notion of “vicious beneficence”—praiseworthy acts undertaken from vice, as in strategic philanthropy—to show why disposition, not merely outcome, matters morally. Rather than displacing deontology, the argument integrates the two frameworks: duty supplies structure, virtue supplies motivation and perception. Benevolence thus emerges as a foundational business virtue grounding capitalism’s moral legitimacy.
This article addresses epistemic injustices committed by micro-credit non-governmental organizations (NGOs) in rural Bangladesh, filling a gap in the micro-credit literature. While micro-credit is often praised for promoting positive social change, critics argue that the Bangladeshi model has failed to deliver its promised benefits. Existing research has identified various adverse effects of micro-credit practices, but little attention has been paid to their epistemic dimensions. Applying the philosophical theory of epistemic injustice, this study examines the epistemic concerns and harms caused by micro-credit NGOs in rural Bangladesh. It identifies instances of testimonial injustice, hermeneutical injustice, self-fulfilling testimonial injustice, and willful hermeneutical ignorance. The article further identifies five conditions that contribute to epistemic injustice in micro-credit lending: disadvantage, prejudice, stakeholder, epistemic, and social justice. It concludes by emphasizing the importance of recognizing and addressing these injustices to create more equitable micro-credit systems.
The paper investigates the ethical dimensions of selling AI-based financial products, using the example of the machine learning-driven hedge fund Tyndaris. It is the first study to examine the specific ethical challenges involved in marketing investment products built on advanced algorithms. The paper highlights the risk of AI washing and the erosion of informed consent, arguing that sales ethics must go beyond preventing misrepresentation to address knowledge limitations and uncertainties inherent to AI systems. Drawing on the concept of complex sales, it emphasizes the need for ongoing, transparent communication and the ethical duty to accompany clients throughout the product’s lifecycle. Finally, the paper proposes a two-phase model of sales ethics and outlines concrete steps for enhancing ethical and professional standards in the investment industry.
The purpose of this study was to investigate how power is abused through individual and collective mechanisms of state capture in Zambia. The study drew on the three-pronged theory to understand diverse mechanisms of state capture. Data collection relied on archival evidence and semi-structured interviews with stakeholders from institutions of accountability. Thematic analysis was used whereby data accounts that corresponded to each of the pillars in the theoretical framework were identified and designated to each theme. Findings highlight the prominence of legislative, policy, judicial, and political mechanisms that are utilised by influential actors to capture institutions of accountability. This study presents critical implications reiterating the challenging nature of accountability in the midst of captured government institutions. The study contributes to the literature by demonstrating both the discreet and the not so discreet mechanisms through which elites capture state institutions to achieve goals of a personal and corrupt nature.
This article investigates the relationship between the logics of gift and exchange within corporate giving. While prior research has extensively examined the foundations and coexistence of these logics, their interaction remains underexplored, particularly in the management literature. To address this gap, we conducted a single qualitative case study focusing on the role of a commercial banking institution, in the partnership between a foundation and the Global Alliance for Vaccines and Immunization (GAVI). Through an analysis of this corporate giving setting, we identify and explore five key processes: Assimilation, Adaptation, Assurance, Adjustment, and Advancement, which capture the dynamics between gift and exchange. Additionally, employing an inductive methodology, we propose two aggregate dimensions that depict the transformation of both logics as a result of their interplay: the generative gift and the humane exchange. Our findings contribute to a deeper understanding of the complex relationship between gift and exchange in organizational contexts, offering valuable insights for scholars and practitioners interested in the ethical dimensions of corporate giving.
