Business Ethics and Finance: A Mini-Review

Mah-Noor Bint-Tariq
Abu Dhabi University, Email: mahnoor.bint.tariq1@gmail.com

Haitham Nobanee
Abu Dhabi University, Email: haitham.nobanee@adu.ac.ae

Abstract

Business Ethics and Finance are assumed to be two variables that lead together in creating a
better business environment. However many people argue that finance and business ethics do not
work together.
The aim of this research is to highlight the importance of business ethics in finance. This
research is designed to show how business ethics and finance are linked together and once they
are used together they can lead to positive business outcomes.
This research is conducting by collecting previous scholarly articles on business ethics and
finance that have high Scopus Impact Factor and a mini-review is done on the research objective,
findings and results of those articles.
This research includes results and discussion along with the two detailed tables.
The first table is designed to show the article’s name, author, title, year published, and publisher
along with the impact factor. The second table describes the articles' objective, findings and
recommendations.
Overall the all the articles chosen for the analysis conclude that business ethics is an integral part
of finance.
Not much research is conducted on business ethics and finance however the goal of this mini-
review is to open doors for more research on the topic of business ethics and finance.

Electronic copy available at: https://ssrn.com/abstract=3538699

Introduction

Business ethics is defined as the right and wrong or the good and bad behavior that occurs within
an organization. In business, ethics are used to make ethical decisions or decisions that will lead
to an increase in value for the organization. Also, following ethics in business would help
businesses overcome the problem of ethical dilemmas that are frequently faced when making
important business decisions. Ethics plays a huge rule for economists and policymakers thus if
these people follow ethics they can understand how people use ethics in their daily life thus it
will be easier for them to improve current policies thus come up with new ethical business
policies. (Tota and Shehu,2012)

Finance is described as the art and science of managing money thus it involves many activities
like saving, investing , lending, borrowing , budgeting, and forecasting. However, there are three
major categories of Finance which include personal, corporate and government or public finance.
(“What is Finance ?-Definition, Overview, Types of Finance”)

In today's world, a link between finance and ethics is evident as the financial decisions not only
care about the means but also the end. According to Fernandez(2004), business ethics should be
integrated into financial analysis. On the other hand, according to Anbalagan (2011), the regions
where ethics stimulate larger interest in finance are Financial analysis misleading, financial
market fraud like insider trading along with excessive compensations to the senior managers and
bribery.(Jose , Retolaza, Urionabarrenetxea, Roquenu and Azkunga,2013)
The study conducted by Fichter (2018) states that it should be the aim of the financial institutions
or organizations to have a culture that promotes moral conduct and leadership.

During the 2008 financial crisis, the topic of business ethics in finance was the main focus for the
media, or we can say it was the time that people became more aware of Business Ethics and
Finance. The media showed the audience what role the individuals played during the 2008 crisis.
(Clouse, Giacalone, Olsen, Patelli ,2017)

Electronic copy available at: https://ssrn.com/abstract=3538699

These days with the growing use of the Internet it is becoming easier to detect fraud, according
to the statistics almost a million investors have been lost due to the Internet’s
advancements(Cumming, Hou, Lee ,2016). The internet has also helped businesses as when they
upload their financial data accurately or ethically an upgrade can be seen in the company’s
money related achievement (Sciarelli, Tani, Landi, Turriziani, 2019). The recently presented
social execution evaluations establish a significant commitment to the discussion on the morals
of microfinance (Beisland, Djan, Mersland, Randoy,2020).

Not many people believe that finance can be conducted along with business ethics. The article by
Rocchi and Thunder ( 2019), contends that obtaining the ethical excellencies would under-mine
somebody's ability to be a decent broker in the financial framework and, alternately, that an
appropriate preparation in the temperances of good exchanging legitimately militates against the
procurement of the ethical ideals.

Methodology

In order to carry out this mini-review first of all I had to search for business ethics and finance
articles in the Scopus database. Not much research is done on the topic of business ethics and
finance so, it was hard to find journal articles with the same title for the topic. Then I tried
looking for different articles with different titles like I entered the topic ethics in finance,
business ethics and, finance and ethics.I found some articles but most of them were not related to
my topic then I to find those articles that talked about business ethics and finance in the business
field read their abstracts and then keep them aside for my research.

The next step was for me to choose business-related articles for business ethics and finance thus
those articles could only be from the year 2016 till 2017. After I found appropriate articles for
my research I had to check whether I could use those articles in my research or not and that was
dependent on the impact factor or SNIP number of my chosen article.

Electronic copy available at: https://ssrn.com/abstract=3538699

The SNIP or impact factor of my article had to be greater than 1.5 in order for that article to be
chosen for my research. This was one of the major challenges for my research as it was really
hard to find the articles with a higher SNIP or impact factor than 1.5. Mainly all articles I found
had an impact factor higher than 1.5 still I have a few articles with an impact factor of less than
1.5 as not many articles were there with a higher impact factor.

In Total, I had to choose 20 articles for my research along with 5 SSRN articles that were already
provided. Then I had to make two tables, the first table is designed to show the article’s name,
author, title, year published, publisher along with the impact factor. The second table describes
the article's objective, findings and recommendations. The second table was very time
consuming and thus it is a major part of my research.

Then by using the two tables, I had to write down the discussions and results along with the
conclusion and the references.

Results and Discussion

Table 1. Journal and Publisher Distribution

Article Name Author(s) Journal Publisher Year Scopu
s IF
1 Business Ethics and Cumming,D.,Hou,W. Journal of Business Springer 2016 2.006
Finance in Greater ,Lee,E. Ethics Nature
China : Synthesis and 138(4),pp.601-626
Future Directions in
Susutainabilty,CSR,and
Fraud

2 Rocchi,M.,Thunder, Journal of Business Springer 2019 2.006

Can a Good Person be D. Ethics Nature
a Good Trader? An 159(1),pp.89-103
Ethical Defense of
Financial Trading

Electronic copy available at: https://ssrn.com/abstract=3538699

3 Characterizing Virtues Sison,A.J.G.,Ferrero, Journal of Business Springer 2019 2.006
in Finance I.,Guitian,G. Ethics Nature
155(4),pp.995-
1007
4 Why does research in Brooks,C.,Fenton,E., Critical Elsevier 2019 1.961
finance have so little Schopohl,L.,Walker, Perspectives on
impact? J. Accounting
58,pp.24-52
5 Moral Responsibility Moggia,J. Journal of Business Springer 2019 2.006
for Systemic Financial Ethics Nature
Risk Article in Press
6 CSR perception and Sciarelli,M.,Tani,M., Corporate Social Wiley- 2019 2.372
financial performance: Landi,G.,Turriziani,L Responsibilty and Blackwell
Evidences from Italian . Environmental
and UK asset Management
management
companies Article in Press
7 Do the Right Thing ! Fichter,R. Journal of Business Springer 2018 2.006
Developing Ethical Ethics Nature
Behavior in Financial 151(1),pp.69-84
Institutions

8 Individual Ethical Clouse,M.,Giacalone Journal of Business Springer 2017 2.006

Orientations and the ,R.A.,Olsen,T.D.,Pat Ethics Nature
Perceived elli,L. 144(3),pp.549-558
Acceptability of
Questionable finance
Ethics Decisions
9 Business ethics Faugere,C.,Gergaud, Business Ethics Wiley- 2017 1.576
searches: A O. 26(3),pp.271-287 Blackwell
socioeconomic and
demographic analysis
of U.S.Google Trends
in the context of the
2008 financial crisis
10 Ethics in Finance and Mele,D.,Rosanas,J.M Jornal of Business Springer 2017 2.006
Accounting: Editorial .,fontrodona, Ethics Nature
introduction J. 140(4),pp.609-613
11 Ethics in Fassin,Y.,Drover ,W. Journal of Business Springer 2017 2.006
Entrepreneurial Ethics Nature
Finance: Exploring 140(4),pp.649-672
Problems in Venture
Partner Entry and Exit

12 Securitization : A Buchanan,B.G. Journal of Business Springer 2016 2.006

Financing Vehicle for Ethics Nature
All Seasons ? 138(3),pp.559-577

13 Does the External Chen,J.,Cumming,D. Journal of Business Springer 2016 2.006

Monitoring Effect of ,Hou,W.,Lee,E. Ethics Nature

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 Financial Analysts 134(4),pp.727-742
Deter Corporate Fraud
in China?
14 Evaluating sustainable Kumar,A.,Moktadir, Elsevier 2020 2.308
drivers for social A.,Liman,Z.R.,Hege Journal of Cleaner
responsibility in the mann,K., Production
context of ready-made Rehman Khan,S.A. 248,119231
garments supply chain

15 Dynamics of Lending- Berns,J.P.,Figueroa- Journal of Business Springer 2020 2.006

Based Pro social Armijos,M.,da Ethics Nature
Crowd funding :Using MottaVeiga,S.P.,Dun 161(1),pp.169-185
a Social Responsibility ne,T.C.
Lens

16 Measuring Social Beisland,L.A.,Djan, Journal of Business Springer 2020 2.006

Performance in Social K.o.,Mersland,R.,Ra Ethics Nature
Enterprises : A Global ndoy,T. Article in Press
Study of Microfinance
Institutions
17 The Challenges of Adams,B.J.,Perry,T., Journal of Business Springer 2018 2.006
Detection and Mahoney,C. Ethics Nature
Enforcement of Insider 153(2),pp.375-388
Trading
18 Economy for the Palacio,J.R.S.,Clime CIRIEC-Espana CIRIEC- 2018 0.522
common good and nt,V.C. Revista de Espana
ethical finances | Economia
[Economia del bien Publica,Social y
comun y finanzas Cooperativa(93),pp
eticas] .241-264
19 Profit –Driven Herath,H.S.B.,Herath Journal of Business Springer 2019 2.006
Corporate Social ,T.C.,Dunn,P. Ethics Nature
Responsibility as a 158(2),pp.387-402
Bayesian Real Option
in Green Computing
20 Financial analyst Qian,C.,Lu,L.Y.,Yu, Strategic Wiley- 2019 3.263
coverage and corporate Y. Managemnet Blackwell
social performance: Journal
Evidence from natural 40(13),pp.2271-
experiments 2286

21 The impact of AlshehhiA.,Nobanne Sustainabilty,10(2) SSRN 2018

Sustainability Practices ,H.,Khare pp494-519 Electronic
on Corporate Financial Journal
Performance :
Literature Trends and

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 Future Research
Potential
22 Corporate Nobanne,H.,Ellili,N. Renewable and SSRN 2016
sustainability O. Sustainable Energy Electronic
disclosure in annual Reviews,55,March, Journal
reports: Evidence from pp1336-1341
UAE banks: Islamic
versus Conventional
23 A Study on Financial Alkaabi, Hamda and SSRN 2019
Managemnet in Nobanee, Haitham Electronic
Promoting Sustainable Journal
Business Practices and
Development
24 Conceptual Building of Al Ahbabi, Al Reem SSRN 2019
Sustainable and Nobanee, Electronic
FinancialManagemnet Haitham Journal
and Sustainable
Financial growth
25 Conceptual Building of AlFalahi, Latifa and SSRN 2019
Sustainable Economic Nobanee, Haitham, Electronic
Growth and Corporate Journal
Bankruptcy

Table 2. Articles’ Category Based on the Subject

Article Name Objectives
1. 1Business Ethics and To analyze the nine papers about
Finance in Greater business ethics in China and see
China : Synthesis and how each of the three mentioned
Future Directions in determinant caters to the ethical
Susutainabilty,CSR,an perspective. As it the most rapidly
d Fraud growing market at the moment, is
China reliable enough to cater to
the ethical aspect of the business.
Findings
Summarizes the findings
and the implications from
the nine studies taken place
and adjusts it to
Sustainability, CSR and
Fraud. According to the
statistics almost a million
investors have been lost
due to the internet’s
advancements.
Recommendations
The study should look at
papers that asses all the
determinants and
consequences. Try
researching more on the one
company case as it will
make it much clear about
the consequences of
misconduct in Chinese
firms.

2. 2Can a Good Person be The article contends that obtaining
a Good Trader? An the ethical excellencies would
Ethical Defense of under-mine somebody's ability to
Financial Trading be a decent broker in the financial
framework and, alternately, that an
appropriate preparing in the
temperance’s of good exchanging
legitimately militates against the
procurement of the ethical ideals.
There are quite a few
findings the main ones
depend on a more nuanced
picture of the financial
world than MacIntyre's and
are reliable with a more
extensive scope of
conceivable exchanging
situations than MacIntyre's
methodology.
Its stated that a middle of
the road workplace will just
create upright exchanging to
the degree that it is involved
by versatile idealistic
operators, viz. Brokers who
realize how to practice their
jobs capability, adjusting as
important to fundamental
prerequisites, however
consistently in a basic and
capable way, moved by
ideals, for example, equity,

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3. 3 To propose that many workplaces
Characterizing Virtues in the financial segment,
in Finance notwithstanding their ethical
deficiencies, are probably going to
be "middle of the road," or
negligibly per-message of
excellence, in spite of the fact that
we concede this instinctively
conceivable case could be
reinforced by further experimental
certification.
4. 5Why does research in To see the effect of the way
finance have so little teaching constitutes in ones
impact? developing of their knowledge. To
analyze the levels of positions one
can, achieve after research.
5. 6Moral Responsibility To formulate the credit default
for Systemic Financial swap (CDS) during the 2008
Risk financial crisis and analyse the three
theories the problem of risk
imposition, the problem of
unstructured collective harm and
the problem of limited knowledge.
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MacIntyre affirms that "no
quality can be accounted
an ethicalness with the
exception of in regard of
its being, for example, to
empower the
accomplishment of three
unmistakable sorts of
merchandise: those internal
to rehearses, those which
are the products of an
individual life and those
which are the products of
the community"(MacIntyre
1994: 284).
That the impact for
financial “elite” publishing
is far ahead of It is basic to
urge account researchers to
create inquire about
motivation which are
basically testing however
possibly tending to various
inquiries utilizing a
majority of approaches.
There should be some
changes in the way finance
theory is being taught.
This paper contends that a
portion of the significant
speculations in current
business morals neglect to
give a satisfactory record
of good obligation
regarding the formation of
foundational financial
hazard. Receiving a
methodology dependent on
these models shows that
money related foundations
bring about commitments
in five principle territories
that are mentioned in the
article.
liberality, and judiciousness,
arranged to advance fitting
moral changes of their
workplace, and delicate to
the individual and normal
merchandise that are in
question in their choices.
These parameters could then
be taken as conditions
agents should satisfy so as
to live the excellencies in
their work and across
various life circles.
We need to cultivate a
culture where the world's
'ideal' analysts feel that
chipping away at a more
extensive scope of issues
furthermore, considering
non-US markets will
possibly bring about work
publishable in well-
perceived diaries as opposed
to being a slight on their
notorieties which will
imperil their professions and
at last their compensations.
The main recommendations
were to move the
concentration to the pluralist
connection models of
medicinal duty much of the
time utilized in political
hypothesis. Grasping
encourages professionals to
distinguish extra territories
of hazard obligation and
reject the supposed
blamelessness of financial
firms.
6. 7CSR perception and This article deals with 21 Italian
financial performance: and UK AMCs in Eurosif asset
Evidences from Italian management company's (AMC)
and UK asset self‐presentation, its product
management disclosure, and how it
companies communicates in the social media
can be positively associated to its
performance.
7. 8Do the Right Thing ! This article consolidates ethical
Developing Ethical decision-making (EDM)with key
Behavior in Financial ideas from companies’ speculations
Institutions to build up a more profound and
more nuanced understanding of
how people in financial institutions
deal with moral issues that emerge
in their everyday work. The goal
here is to fortify a conversation
about what organizations in the
financial area can do to lay the
foundation for a culture that
advances moral conduct and
improves the nature of moral basic
leadership.
8. 9Individual Ethical To penetrate the literature on
Orientations and the wrongful ethical decisions. It is
Perceived focused on a wide variety of ethical
Acceptability of measures that are representative of
Questionable finance different ethical orientations. Also,
Ethics Decisions to see the focus in the media on the
role individuals played in the
financial crisis of 2008.
9. 1Business ethics It centers solely on individuals' web
0searches: A look for ethical-related data. It
socioeconomic and breaks down the reliance of these
demographic analysis questions on segment and financial
of U.S.Google Trends qualities of the populaces in every
in the context of the one of the 50 U.S. States. The
2008 financial crisis affectability of these questions to
key financial pointers is likewise
inspected, previously and in the
fallout of the financial emergency.
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It shows that a high
corporate social execution
(CSP) revelation through
Web and internet-based
life is emphatically related
to AMCs' economic
Indeed, even a high seen
coherency between AMCs'
self‐presentation and moral
budgetary item
correspondence can
upgrade AMCs' money
related achievement.
The thoughtful
implementation of social
cooperation advancements
and tools can likewise
promote reflection and
discourse across
geographies and cultivate
culturally diverse
comprehension.
Overall, the information
underpins the current
writing that features the
significance of individual
moral directions; we, as
well, find that they are
firmly connected to the
moral agreeableness of
finance morals quandaries,
however these distinctions
were not steady over all
factors.
It argues that the financial
crisis of 2008 constitutes a
watershed event that
triggered an emotional
shock in the population
(Deaton, 2012). It uses the
literature on emotions and
ethical sensitivity (Gaudine
& Thorne 2001; Haidt,
2001)
It indicates that the search
There should be an
improvement in the
coherency between financial
products and corporate
social responsibility
communication through
Web and social media
networks.
Future research should
adopt an increasingly
coordinated strategy to
examining moral conduct by
fusing grown-up learning
hypotheses past customary
good advancement. It is
additionally imperative to
examine ethical decision
making (EDM)specifically
in financial foundations.
It gives us the
recommendations to explore
the different ethical aspects
such as it suggests a deeper
focus on the interaction of
individual ethical
differences
with organizational and
leadership variables such as
ethical climate (Schwepker
and Hartline 2005) and
ethical lead-
ership (Mayer et al. 2012).
A constraint of this
examination is that the
information (Google look)
do not reveal the genuine
goal of the individual who is
looking. For instance, we
don't know whether the data
gathered by individuals
brings about an "individual
change."

10. 1Ethics in Finance and This article, composed as a
1Accounting: Editorial publication prologue to a unique
introduction issue incorporates works identified
with control estimation and moral
conduct, mischievous activities in
funds and bookkeeping, polished
methodology in bookkeeping,
moral contributing and corporate
detailing.
11. 1Ethics in This examination progresses our
2Entrepreneurial comprehension of the sign of
Finance: Exploring pressures and moral issues in
Problems in Venture entrepreneurial finance. The
Partner Entry and Exit investigation features the ethical
measurement inborn in the section
and exit of adventure accomplices
and the significance of thinking
about good judgment, just as goal in
future examination of any basic
leadership.
12. 1Securitization : A That morals played in securitization
3Financing Vehicle for preceding the 2008 budgetary
All Seasons ? emergency and find that it's
anything but an undeniable story of
good disappointments, yet rather
that it lies in increasingly
unpretentious components of the
money related framework.
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for information is a natural
response to an emotional
trigger
Through a wide empirical
analysis, it examines the
impact of such reporting on
the integration of
environmental, social and
governance issues into the
business model and the
related economic and
performance changes. The
results suggest that
integrated reporting is a
superior mechanism for the
integration of
environmental, social and
governance issues.
By incorporating morals
into fund, this exploration
likewise shows that on
account of adventure
accomplice leave, a moral
methodology and not too
bad administration go past
consistence to the law.
When a mainstream
technique for financing the
home loan and shopper
credit markets, parts of the
worldwide securitization
showcase are currently
attempting to revive. The
morals vulnerability job in
the securitization story is
one of defective motivating
forces and the moving of
duty regarding taking care
of hazard. The job of
securitization and the
The two significant issues
merit consideration. The
first is a profound
comprehension of the
purported "Detachment
Thesis" and the quest for
sound other options. As per
this postulation, "the talk of
business and the talk of
morals can be isolated with
the goal that sentences like
'x is a business choice' have
no ethical substance, and 'is
an ethical choice' have no
business content. “The
second issue is a more
extensive perspective on
morals that originates from
tolerating that it involves
rules, or vales or
temperance’s, however
rules, excellencies and
moral qualities (human
products) which are
commonly related
(Macintyre 1992; Melé
2005, 2012, pp. 32–3).
Suggestions for
professionals, explicitly
with certain
recommendations for an
answer for the issue of
blocked and constrained
exit.
It tells us in detail the
different worldwide
institutional change
recommendations that have
occurred.

13. 1Does the External It looks at whether expert inclusion
4Monitoring Effect of impacts corporate misrepresentation
Financial Analysts in China. The misrepresentation
Deter Corporate Fraud triangle indicates three fundamental
in China? components, for example
opportunity, motivator, and
defense.
14. 1Evaluating sustainable The interesting objective of this
5drivers for social examination is to assess economical
responsibility in the drivers for usage of SR based
context of ready-made sourcing of instant articles of
garments supply chain clothing SC with regards to a
creating nation - Bangladesh.
15. 1Dynamics of Lending- This examination along these lines
6Based Pro social tries to fill this hole by extending
Crowd funding :Using our comprehension of the thought
a Social Responsibility processes that drive a particular
Lens kind of moneylenders, loaning
based prosocial crowd funders, to
finance business visionaries looking
for capital through crowd funding.
In particular, we investigate
whether banks right now customary
worth enhancing thinking by
contributing deliberately on signs of
value, or whether they are all the
more morally determined and
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morals of hazard move
have infrequently been
talked about unequivocally
in the writing.
From one viewpoint, The principle arrangement
experts may diminish the suggestion is that further
extortion opportunity advancement of the
factor through outer examiner calling in
observing planned for developing economies may
disheartening profit financial specialists
administrative wrongdoing, and reinforce business
which can direct morals.
organization issues. Then
again, investigators may
expand the extortion
motivating force factor by
pressurizing directors to
accomplish transient
execution targets, which
can compound office issue.
In either case, the potential
impact of examiners on the
extortion defense factor
might be progressively
articulated among firms
that are increasingly reliant
on the capital market for
corporate account.
An investigation shows The discoveries of the
that fund is the key driver, investigation will help
made out of four industry administrators in an
significant sub-sets; these appropriate selection of SR
are maintainable monetary rehearses in instant pieces of
advantages, expansion of clothing SC.
the net quantifiable profit,
business morals and an
upgraded notoriety in the
worldwide market.
Affectability investigation
is additionally led to check
the soundness of the
outcomes.
By breaking down the Though key thought
substance of a significant processes decide financing
loaning based prosocial achievement, benevolent
crowd funding stage, Kiva, intentions may drive the
we had the option to power of the choice by
analyze an extraordinary means of normal
portion of banks, dive into subsidizing sum.
the nuances of this kind of
stage, and grow our insight
on linkages of business
morals with singular social
duty. In particular, we
addressed calls to stretch
out hypothesis in
 follow selfless thought processes.
16. 1Measuring Social The investigations goals are to
7Performance in Social perceive what drives MFI social
Enterprises : A Global execution scores, and whether
Study of Microfinance ordinarily utilized intermediaries
Institutions for social execution in scholastic
research really lead to a higher
social presentation score by the
rating offices.
17. 1The Challenges of To investigate the challenge of
8Detection and insider information exchange.
Enforcement of Insider
Trading
accordance with crowd
funding (McKenny et al.
2017). We found that
banks in prosocial crowd
funding will in general
follow vital over
philanthropic thought
processes, while
adventures high in both
social and monetary
intrigue will in general pull
in the most elevated
measures of subsidizing.
The recently presented To address the different
social execution sorts of speculator
evaluations establish a inspiration, and how this
significant commitment to effect the job of execution
the discussion on the evaluations, for example,
morals of microfinance. the social appraisals
Rating organizations keep featured right now.
up that social execution Moreover, future research
evaluations are should address how
autonomous appraisals of surrounding and decision
the degree to which a engineering identified with
financial establishment introduction of social
adjusts its objectives to execution appraisals could
perceived social qualities push speculators toward
(Clark and Sinha 2013). increasingly moral basic
We make the contention leadership (Pilaj 2017).
that MFIs can utilize the
open social presentation
scores to motion toward
their financial specialists
and different partners that
their basic leadership is in
accordance with their
moral inspiration
We represent the battle It is impossible to identify
controllers and unethical insider trades
investigators have with unless there is whistle
distinguishing and blower
upholding dishonest insider
exchanges.

18. 1Economy for the The main purpose of this research is
9common good and to dissect the moral funds in ECG
ethical finances | model through the criteria and sub-
[Economia del bien criteria remembered for the
comun y finanzas Common Good Matrix (CGM).
eticas] CGM
relates some particular human
rights esteems and standards to the
various partners in the firm.
ECG model is dedicated to
moral and social funds
advancement at large scale.
The ECG model can be
used to deal with moral
administrative work done
with money within an
organization..
In order to have strong
ECF businesses can team up
with moral and social banks,
utilize elective subsidizing
apparatuses and,
additionally, execute
feasible speculation
ventures that make social
and natural effect on the
areas where they work.

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19. 2Profit –Driven To investigate how the Bayesian Environment friendly Practical demonstration of
0Corporate Social decision frame can lead to better technology is seen as a Bayesian framework can be
Responsibility as a investments CSR along with making used for future research
Bayesian Real Option profit and how finance and
in Green Computing ethics is involved in it.
How the Bayesian
framework leads to CSR
for businesses
20. 2Financial analyst To investigate the relationship There is pressure on Corporate social
1coverage and corporate between financial analysts and analysts by the firm to responsibility is important
social performance: firms social responsibility meet their targets thus the for both the analysts and the
Evidence from natural firms creates ethical firm
experiments obstacles for the analysts to
achieve their target
21. 2The impact of This article provides the literature A positive relationship was More research is required in
2Sustainability Practices review of the impact of corporate found between corporate order to review the
on Corporate Financial sustainability on the corporate sustainability and financial relationship between
Performance : financial performance. performance. corporate sustainability and
Literature Trends and financial performance.
Future Research
Potential
22. 2Corporate To evaluate the corporate Sustainability reporting is Sustainabilty reporting has a
3sustainability sustainability disclosure for listed low in the UAE financial positive effect on
disclosure in annual banks in the UAE markets ,however it is conventional banking
reports: Evidence from more in conventional performance
UAE banks: Islamic banks then in Islamic
versus Conventional banks .
23. 2A Study on Financial To study how financial Sustainable reporting leads Further studies can be
4Managemnet in management plays an important to high firm performance carried out on the basis of
Promoting Sustainable role in sustainability process. this research
Business Practices and
Development
24. 2Conceptual Building of To explore the relationship between Financial executives need Further studies can be
5Sustainable financial management and to use financial carried out on the basis of
FinancialManagemnet sustainable business growth. management practices as this research
and Sustainable an instrument to achieve
Financial growth sustainable business
growth in the future.
25. 2Conceptual Building of To use neo-institutional theory and Sustainable practices lead Further studies can be
5Sustainable Economic the concept of institutional to commercial success of carried out on the basis of
Growth and Corporate entrepreneurship business. this research
Bankruptcy In order to understand corporate
social responsibility

From the findings of the articles’ on business ethics and finance one major scenario, which is
discussed very often, is the 2008 financial crisis. The default swaps of CDS in the 2008 crisis can
be analyzed with three theories the problem of risk imposition, the problem of unstructured
collective harm and the problem of limited knowledge (Moggia,2019).On the other hand,

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Faugere and Gergaud, (2017) argue that the financial crisis of 2008 triggered an emotional shock
in the population (Deaton, 2012). The 2008 budgetary emergency was the story consisting of
great disappointments consisting of both morals and the money (Buchanan,2016).

Moral values can help people in making ethical business decisions. Rocchi and Thunder, (2019)
argue that a good person can be a good trader if they have a middle of the road workplace where
along with practicing their job capability with ethical principals and values they can make moral
or ethical choices in their workplace. On the other hand, Sison, Ferreroand Guitian,(2019)
propose that many workplaces in the financial segment, notwithstanding their ethical
deficiencies, are probably going to be "middle of the road,".

Ethics are always neglected when reporting financial reports or financial data. The three
fundamental components opportunity, motivator, and defense are defined in the
misrepresentation triangle (Chen, Cumming, Hou and Lee,2016) The study by Mele, Rosanas,
Fontrodona, (2019)found that integrated reporting is a superior mechanism for being ethical in
reporting your financial data.

Business ethics and finance can be seen as having a strong link with corporate sustainability.
In the study conducted by Alshehi, Nobanee, and Kare (2018) it was stated that there was a
positive relationship between corporate sustainability and financial performance.

Meanwhile, it is found in the study by Ahbabi and Nobanee,(2019), that financial executives
need to use financial management practices as an instrument to achieve sustainable business
growth in the future. Sustainable practices lead to the commercial success of the business(
AlFalahi and Nobanee 2019).

Electronic copy available at: https://ssrn.com/abstract=3538699

Conclusion

Overall the all the articles chosen for the analysis conclude that business ethics is an integral part
of finance. Thus the financial crisis made people more aware of ethical financial reporting.
Henceforth during the crisis, the media made people more aware of the importance of business
ethics in finance than ever before. Also, the articles prove that ethics in finance is an important
factor in order to achieve organizational goals or targets.
In conclusion, I believe that not much research is conducted on business ethics and finance
however the goal of this mini-review is to open doors for more research on the topic of business
ethics and finance.

Limitations

I had a time limit so in order to finish my mini-review. At the same time, not much research is
done on the topic of business ethics and finance so, it was hard to find journal articles with the
same title for the topic. Most importantly it was really hard to find articles with a high impact
factor.

Recommendations

In the future, I believe more research would be carried out on the topic of business ethics and
finance. Also I truly believe that studies for ethics and finance should be conducted in the Middle
East as there are hardly and studies conducted on this topic in the Middle East. At some point I
recommend one industry is studied or one company is assessed to see how are the business ethics
and finance of the firm as it is also recommended in the study by Cumming, Hou, Lee, (2016).
There should be some changes in the way finance theory is being taught in order for people to
have business ethics in finance first they need to be thought this (Brooks, Fenton, Schopohl, and
Walker, 2019).

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The study by Clouse, Giacalone, Olsen, Patelli, (2017) recommends us to explore the different
ethical aspects such as it suggests a deeper focus on the interaction of individual ethical
differences with organizational and leadership variables such as ethical climate (Schwepker and
Hartline 2005) and ethical leadership (Mayer et al. 2012).

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