Introduction 1. Woman's Place in Man's Life Cycle 2. Images of Relationship 3. Concepts of Self and Morality 4. Crisis and Transition 5. Women's Rights and Women's Judgment 6. Visions of Maturity References Index of Study Participants General Index

In a Different Voice. Psychological Theory and Women’s Development. Cambridge, MA (Harvard University Press) 1982.

This review summarizes the research on ethical decision-making from 2004 to 2011. Eighty-four articles were published during this period, resulting in 357 findings. Individual findings are categorized by their application to individual variables, organizational variables, or the concept of moral intensity as developed by Jones (Acad Manag Rev 16(2):366–395, 1991). Rest’s (Moral development: advances in research and theory, Praeger, New York, 1986) four-step model for ethical decision-making is used to summarize findings by dependent variable—awareness, intent, judgment, and behavior. A discussion of findings in each category is provided in order to uncover trends in the ethical decision-making literature. A summary of areas of suggested future research is provided.

A Review of the Empirical Ethical Decision-Making Literature: 2004–2011

Price, Financial Quality, and Capital Flows in Insurance Markets

The education of students and professionals in business ethics is an increasingly important goal on the agenda of business schools and corporations. The present study provides a meta-analysis of 25 previously conducted business ethics instructional programs. The role of criteria, study design, participant characteristics, quality of instruction, instructional content, instructional program characteristics, and characteristics of instructional methods as moderators of the effectiveness of business ethics instruction were examined. Overall, results indicate that business ethics instructional programs have a minimal␣impact on increasing outcomes related to ethical perceptions, behavior, or awareness. However, specific criteria, content, and methodological moderators of effectiveness shed light on potential recommendations for␣improving business ethics instruction. Implications for␣future research and practice in business ethics are discussed.

A Meta-Analytic Investigation of Business Ethics Instruction

In business ethics, there is a large body of literature focusing on the conditions, factors, and influences in the ethical decision-making processes. This work builds upon the past critical reviews by updating and extending the literature review found in Craft’s (J Bus Ethics 117(2):221–259, 2013) study, extending her literature review to include a total of 141 articles. Since past reviews have focused on categorizing results based upon various independent variables, we instead synthesize and look at the trends of these based upon the four ethical decision making categories: Awareness, Behavior, Judgment, and Intention. We focus on the moderation (30 studies) and mediation (23 studies) effects found within these studies and provide an in-depth analysis of future trends. Furthermore, we also highlight key statistical and methodological concerns, outline overarching trends, and directions of future research in empirical ethical decision making.

Research Note and Review of the Empirical Ethical Decision-Making Literature: Boundary Conditions and Extensions

Ethics instructors often use cases to help students understand ethics within a corporate context, but we need to know more about the impact a case-based pedagogy has on students’ ability to make ethical decisions. We used a pre- and post-test methodology to assess the effect of using cases to teach ethics in a finance course. We also wanted to determine whether recent corporate ethics scandals might have impacted students’ perceptions of the importance and prevalence of ethics in business, so we used in-depth case studies of several of the major scandals (e.g., Enron, Tyco, Adelphia). Our results are somewhat surprising since studying ethics scandals positively impacts students’ ethical decision making and their perceptions of the ethics of businesspeople.

Case Studies of Ethics Scandals: Effects on Ethical Perceptions of Finance Students

Negative shocks to industry capital and significant capital adjustment costs have been offered as an explanation of periodic “crises” in the property-liability insurance market. According to these capacity constraint models, in which post-shock production must meet a solvency constraint, increases in price can cause some or perhaps all of the cost of a negative shock to capital to be shifted to policyholders. This article develops a model of insurance supply with capacity constraints and endogenous insolvency risk that incorporates limited liability and potential loss of insurer intangible capital. If industry demand is inelastic with respect to price and capital, the model predicts that price will increase following a negative shock to capital, but by less than the amount needed to fully offset the shock. Equity value and the expected recovery by policyholders for post-shock production are predicted to decline. Elastic demand mitigates shock-induced price increases.

Insurance Supply with Capacity Constraints and Endogenous Insolvency Risk

A number of ethical scandals in the past decade have raised awareness of ethical issues in business. J. M. D'Aquila, D. F. Bean, and E. G. Procario- Foley (2004) reported that 97% of business leaders perceive American businesses as ethical, versus 24.5% of students. G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly maligned and that their actual behavior is positive. Thus, a discrepancy exists between students' and practitioners' perceptions of business ethics, and this discrepancy is a concern because business students become practitioners on graduation. J. Merritt (2003) suggested that the job of cleaning up corporate America lies with management education. Given that many scandals have involved financial impropriety, finance faculty have been at the center of the debate about whether ethics should be integrated into the curriculum, and if so, how.

Using Ethics Vignettes in Introductory Finance Classes: Impact on Ethical Perceptions of Undergraduate Business Students

We examine whether the use of spreadsheet assignments affects student learning in the introductory finance course. First, we have two instructors use spreadsheet assignments, while the third instructor does not use the spreadsheet assignments. Then we repeat the experiment with the same instructor using spreadsheet assignments for one section of the course, but not for the second section. In both experiments students are tested on the concepts covered by the spreadsheets. Students that complete spreadsheet assignments perform better than students that are not exposed to the spreadsheet assignments :

Spreadsheets: Do They Improve Student Learning in the Introductory Finance Course?

This study expands the examination of workforce layoffs by banks to include non-bank financial institutions and explores inter-industry differences in market reactions to layoff announcements. In examining inter-industry differences, we control for variables that influence the market’s reaction to a layoff announcement, such as firm size, the size of the layoff, the reason given for the layoff, and the governance structure of the firm. We provide evidence of inter-industry differences in market reaction to layoff announcements by financial institutions, with banks experiencing more favorable stock-price reactions than other types of regulated firms. These results provide evidence that bank regulation reduces asymmetric information surrounding managerial announcements to a greater degree than the regulation of other types of financial institutions.

Julie A. B. Cagle

Papers

Case Studies of Ethics Scandals: Effects on Ethical Perceptions of Finance Students

Insurance Supply with Capacity Constraints and Endogenous Insolvency Risk

Using Ethics Vignettes in Introductory Finance Classes: Impact on Ethical Perceptions of Undergraduate Business Students

Spreadsheets: Do They Improve Student Learning in the Introductory Finance Course?

Inter-industry differences in layoff announcement effects for financial institutions