Accountability and the enforcement of ethical values in finance: Insights from Islamic finance
By: Lai, Jikon.
Material type:
ArticlePublisher: 2014Description: p.437-449.Subject(s): Ethics | Accountability | Finance
In:
Australian Journal of Public AdministrationSummary: Vivid debates on the ethical foundations of contemporary financial practices followed the global financial crisis of 2007-8, with many questioning whether narrow self-interest and profit maximisation should serve as primary drivers of behaviour in finance. This coincides with a resurgent research interest in finance ethics that has investigated whether ethical standards can or should be applied to financial practices and identified types of ethical principles that can or should be adopted. This paper contributes to this literature by investigating how ethical standards could be enforced in the financial sector by focussing on the example of Islamic finance in Malaysia. To facilitate the analysis, the paper adopts a broad understanding of the principal-agent relationship and uses the lens of accountability as a conceptual bridge between ethical standards and their enforcement. The paper concludes by drawing out broad implications of this analysis for conventional finance. - Reproduced.
| Item type | Current location | Call number | Vol info | Status | Date due | Barcode |
|---|---|---|---|---|---|---|
Articles
|
Indian Institute of Public Administration | Volume no: 73, Issue no: 4 | Available | AR107837 |
Vivid debates on the ethical foundations of contemporary financial practices followed the global financial crisis of 2007-8, with many questioning whether narrow self-interest and profit maximisation should serve as primary drivers of behaviour in finance. This coincides with a resurgent research interest in finance ethics that has investigated whether ethical standards can or should be applied to financial practices and identified types of ethical principles that can or should be adopted. This paper contributes to this literature by investigating how ethical standards could be enforced in the financial sector by focussing on the example of Islamic finance in Malaysia. To facilitate the analysis, the paper adopts a broad understanding of the principal-agent relationship and uses the lens of accountability as a conceptual bridge between ethical standards and their enforcement. The paper concludes by drawing out broad implications of this analysis for conventional finance. - Reproduced.
There are no comments for this item.