An exploratory study of ethical philosophies among graduate and undergraduate business students.

ABSTRACT

The growing cascade of unethical business practices led us to examine whether business students prescribe to specific ethical philosophies, and how those ethical philosophies affect their view of general morality, business ethics, environmental concerns, individual rights, global economics, government, culture, international organizations, and the future. Two distinct segments are identified that prescribe to different philosophies and ideas about business practices. And, not surprisingly, these segments also differ demographically.

1. INTRODUCTION

In an era where the U.S. economic cycle has dipped to a decade low due to a conversion of multiple economic, social and political forces, and trends, the economic decline was made worse by the revelations that corporate executives and professional accounting firms had blatantly lied, cheated, and stolen from those to whom they had a fiduciary responsibility. As with scandals in our past, a general public quickly leaps to the conclusion that the U.S. business community is led by self-serving, amoral opportunists who, due to their wealth and power, believe themselves above the law and totally lacking in their responsibilities to shareholders, employees, the public and the entire array of stakeholders. Have the business leaders of our nation, and possibly the world, become void of any moral compass guiding their behaviors? The answer to this question is deeply rooted in the basic philosophical values and beliefs held by business decision makers. If there is no moral code directing decision makers, the assumptions of the masses about the amoral behaviors of corporate leaders may have some validity. However, if we can capture the existence of a value system or philosophical orientation, we can next explore the consistency, or inconsistency, between the orientation and their responses to challenging and controversial questions. The issue is whether the individuals studied have tough decisions rooted in a deep moral framework.

Business schools have addressed this crisis with increased teaching of ethics. Yet a potential problem is the instructor's training: one study found business faculty "have a slightly higher tolerance for questionable business practices than do faculty in other disciplines" (Stevens and Harris, 1994); however, another study found no difference between business faculty and their "counterparts in the humanities" (Curren and Harich, 1996). Business faculty were found to have higher personal ethics than students. In general, students who have taken a business ethics course placed greater import on teaching business ethics than those who did not take the class (Stewart and Felicetti, 1996).

Differences were found between MBA students and graduate students in law, medicine, nursing, liberal arts, and theology (Davis, 1987). MBA students, on average, scored lower on moral reasoning development than other graduate students, and that scores for beginning MBA students were higher than those nearing graduation. In comparing graduate and undergraduate business students, undergraduates were more ethical (Parsa and Lankford, 1999). After graduation, marketing managers were more ethical as their formal education and the size of their firm employing them increased (Bass and Hebert, 1995). In the same study, marital status, number of subordinates, income, age, years of experience, and gender were not statistically significant. Lane (1995) found business students more unethical than practitioners. This was confirmed in another study (Cole and Smith, 1995). Students also had a more "negative view of ethics in the business world than businesspeople."

Kreie and Cronan (1998) did found ethical differences between gender. Men were influenced by the legal environment, moral obligation, awareness of consequences, and the authors' scenarios. For women, societal environment, belief system, personal values, legal environment, moral obligation, and the scenario were statistically significant. The consequences of their actions altered how both act. Women, in general, were found to be more ethical than men (Cole and Smith, 1995). (Student major, grade point average and age were not statistically significant.)

Income and type of job are additional factor found to influence ethics (Grant and Bloom, 1998). Students from lower-income families viewed ethics as black and white, while monetary return influenced higher-income families. A compromise between the two existed among middle-income families. Students with fathers employed in blue-collar jobs were more ethical than those with fathers in managerial or professional jobs. Religion also influences ethics, although the same study found no influence from gender or academic study (Nichols and Zimmerer, 1985).

Culture also influences ethical behavior. Taiwan, a country founded by defeated Chinese nationalists on an island with few natural resources, became an economic success in its brief history through hard work and perseverance. This, according to one author, who surveyed Taiwanese students, accounts for their utilitarian approach to ethics: maximize benefit and minimize harm (Lin, 1999). Hong Kong students were found to be less ethical than students from other countries (Cheung, 1999).

In comparing culture and gender, American females placed greater importance on a business ethics class than American males; however, differences did not exist by gender in Australia. Students in both countries believed ethical practices increased profits (Stewart and Felicetti, 1996). One study measured the actual impact of a business ethics class on students, and found after completing the class, they were more likely to identify whether a scenario raised important ethical issues (Murphy and Boatright, 1994).

This study examines respondents' ethics and their evaluation of specific statements to determine whether respondents are consistent with their ethics and evaluations and whether respondents can be grouped into clusters (segments) based on their responses. It incorporates many of the demographic variables used in previous studies.

2. METHODS

A 50-question survey, plus demographic information, was developed that included such topics as general morality, business ethics, environmental concerns, individual rights, global economics, government, culture, international organizations, and the future. The question scale is strongly agree (one) to strongly disagree (seven), and some questions were negatively worded to ensure respondent diligence in answering. Twenty questions measured known ethical philosophies, five per the four philosophies: objectivism, consequentialism, deontology, and relativism. The value of any act, according to consequentialists, should be judged solely on the basis of that act's affects on others. Objectivists, however, believe that moral values can be objectively true, that they are independent of individual, subjective feelings. Right and wrong must be defined within the context of the cultural norms and mores for relativists, who do not believe in the existence of universal moral truth. Deontologists believe the rightness of an act is derived from its logical consistency and universability. The right act is obligatory without regard to its consequences.

Merely examining all respondents together ignores the heterogeneity, the ethical philosophy they are guided by in their answers; individual level results ignore homogeneity among respondents. A compromise is segmenting the market. To identify those segments, respondents' 50-questions were cluster analyzed (It is assumed the data is interval-level.), demographics were examined after segment creation. Cluster analysis' objective is to create similar segments but dissimilar from one another. The first step is to identify the number of clusters; hierarchical cluster analysis was used. Distances between respondents were measured using squared Euclidean distance with Ward's method used to create clusters. Historically, Ward's identifies a few segments of similar size. A dendrogram tree and fusion plot were used to determine the number of clusters. The dendrogram illustrates which respondents are joined into clusters and how similar those respondents are. It ends with all respondents in a single cluster, hierarchical chaining (Churchill and lacobucci, 2002). The research, essentially, estimates where the combined clusters are more dissimilar than similar to determine the number of clusters. The fusion plot measures the number of clusters on the y-axis and fusion coefficients, measure of when clusters are fused, the same information used in the dendrogram, on the x-axis. Its interpretation is analogous to a scree plot in factor analysis.

Hierarchical clustering's purpose is to estimate the number of clusters for non-hierarchical clustering. Thus, the two methods are complementary. Respondents in hierarchical clusters are clustered only once, and poor initial cluster assignment is irreversible. Since it concludes with all respondents in one cluster, clusters are created regardless of similarity. In non-hierarchical clustering, respondents may switch from their initial cluster to another, an iterative process. K-means was the non-hierarchical clustering method used. Within clusters, chi-squared tests of variable independence are estimated for the categorical demographic data. The null hypothesis is independence, while the alternative is dependence. Since this is an exploratory study, we do not make any hypotheses about demographic data across clusters.

The data was standardized (Z-value) before analysis. Missing data were handled by mean imputation, a process with pros and cons. "In the absence of all other information, the mean is the best guess about the value of a variable. Part of the attraction of this procedure is that it is conservative; the mean for the distribution as a whole does not change and the researcher is not required to guess at missing values. On the other hand, the variance of a variable is reduced because the mean is closer to itself than to the missing value it replaces, and the correlation the variable has with other variables is reduced because of the reduction in variance" (Tabachnick and Fidell, 2001)(page 62).

3. RESULTS

The survey was pre-tested with seven undergraduate students and three staff members, a substitute for the graduate population (a professional weekend program comprised mainly of people working full-time). It was administered to four graduate classes (n=78) and three undergraduate classes (n=40) at a small private southeastern university. Respondents are 47% male, 65% are between 26 and 45 years of age; income was fairly evenly distributed among the 10 categories (increments of $10,000 starting with under $20,000); and 20% attend a church, mosque, or synagogue weekly. Nine surveys were unusable because of incomplete data or failure to take the exercise seriously. Missing data were corrected through mean imputation, none of the questions had more than a 5% missing rate.

The dendrogram and fusion plot from Ward's method (hierarchical) indicate two clusters (segments), with a large gap between two and one. The next possible alternative is four segments. Hence, a two and four-segment solution were run with K-means clustering (non-hierarchical). The two-segment solution appears more interpretable, and, thus, was chosen. Six iterations were needed for the solution. Each segment has 59 members.

The two segments' responses on the 50 questions are now contrast (segment differences were arbitrarily defined as one scale point on the seven-point scale where one is strongly agree). Segment one partially disagreed while segment two partially agreed with the statement, "An action is right if it results in good consequences" (4.73 and 2.92)(Table 1). Segment two appears more pragmatic, segment one more dogmatic, a recurring theme. Similar responses were found on specific moral acts, where, again, segment two appears more pragmatic than segment one. Segment one partially disagreed (4.21) that, "A person may lie if it prevents harm to others," while segment two partially agreed (3.06). Neither segment holds a strong position on this issue, neutral or not sure is four. Displaying its dogmatic philosophy, segment one believes in universal and objective moral principles, segment two is very close to neutral or not sure on both (5.34 and 4.18; 4.93 and 3.67). Segment two slightly agrees in universal principles but does not believe they are objective. These universal and objective morals transcend society according to segment one which does not believe bribery is "morally permissible if it is part of a culture's business practices," while segment two partially agreed (5.84 and 3.78). However, segment one is neutral or not sure on whether it is discrimination for an American company to not hire women in patriarchal societies in the Middle East (3.98 and 3.64). Segment two condones this practice, at least partially.

We tried ascertaining where these beliefs originated from, possibly explaining the differences between the segments. It is worth noting this was done at a Catholic university. For both, God is the foundation, although moral judgments are based on personal feelings (3.34 and 2.80). "Morality is based on God's laws" (2.98 and 2.92) according to both. And moral principles, according to both segments, apply to all people (2.92 and 3.24). On the question, "Rights are morally binding only if they are recognized by a society," (4.80 and 3.41) segment one partially disagrees, religion possibly superseding societal law, while segment two partially agrees, validating society's power. Given both segments' idea that morality is based on God's laws, segment two's validation of society seems incongruent, yet this assumes that both interpret God's laws equally. Self-interest and morality conflict according to segment one, but not according to segment two (5.58 and 3.71). Since segment one believes in universal, objective morals based on God's law, you would expect nothing else.

Those morals must carryover to the "free market system," both agree, although segment one, not surprisingly, more strongly agrees (6.22 and 4.29), and that the business community does not have "the moral right to exploit the environment in whatever ways meet human needs" (6.24 and 4.42). Segment two believes, "business is concerned with profits, not moral judgments," segment one is neutral or not sure (4.00 and 2.92). Segment two condones environmental exploitation "if it promotes the greater good of society," segment one does not agree (5.86 and 3.80).

Business, according to both, should be competitors for human capital, since the employees will then be the real winners (3.08 and 2.66). Both segments absolve American companies of legal responsibility in foreign countries when contracting for goods produced in those countries (3.07 and 3.20); this is in keeping with segment two's pragmatic view, but is puzzling coming from segment one. Mergers, by both segments' assessment, result in cost savings through downsizing (2.93 and 2.88). Hostile takeovers, however, do harm people, even if "the value of stock of the company being acquired is normally bid higher" according to both segments, although segment two is very close to neutral (5.66 and 4.17). We operate in global capitalism, by both accounts (3.14 and 2.90). The global market, for segment two, means that a global company "has no country to which it owes preferential treatment, a point segment one partially disagrees with (4.63 and 3.27). Both agree, that business should "always acquire the resources needed to function at the lowest possible price" (2.65 and 2.54). Both agree business' decisions should be made on facts, not emotions (2.59 and 2.71), while reflecting "the long-term interest of the stockholders" (2.90 and 2.80). Segment two endorses business' right to "squeeze out" competition while segment one is neutral or not sure (3.92 and 2.75). Business is also given leeway by segment two to move to more low cost areas, an idea segment one disagrees with (4.43 and 3.29). Wages, in general, should reflect market condition, according to segment two; segment one sees other forces at work. Segment one wants business to donate to charities, and segment two is neutral or not sure (5.25 and 4.01).

By both segments' accounts, tax dollars should not be used to harm U.S. companies (3.55 and 3.02), instead, they should be used to enforce its laws of commerce and trade (2.00 and 2.65). Protectionism is also endorsed by both (2.74 and 2.78), but when foreign countries practice it, to protect indigenous companies that are less efficient than their American counterparts, they should be denied U.S. foreign aid (3.74 and 3.14). The support of protectionism conflicts with the idea that "the free market system will always result in the most equitable distribution of resources," a concept both segments support, although segment one is very close to neutral or not sure (3.86 and 3.49). Tariffs "harm the nation which imposes them," according to segment two, an idea that segment one does not believe (4.49 and 3.27). Countries that do not enforce intellectual property rights "should be banned from international trade, both agree (2.58 and 2.81). And, even though intellectual capital is vital to business success, segment one does not want to see it protected "through restrictive employment contracts," while segment two does (4.18 and 2.82). Those countries stealing or misusing International Monetary Fund or World Bank funds should be "banned from receiving additional financial aid" (3.26 and 2.88). Future economic success, both agree, is based on education and technology. Finally, a future based on education and technology (2.73 and 2.94) will see the world's economic future improve (3.82 and 3.05), although segment one is very close to neutral or not sure.

Demographically the segments also differ (Table 2). Chi-squared tests were estimated on the categorical demographic data. Academic level was statistically significant (p<.00). Segment one is 83% graduate students; segment two is 49% graduate. Segment two is 64% female, and segment one is 42% female (p<.03). Sixty percent of segment one is between 26 and 45 years of age while 50% of segment two is less than 25 (p<.01). Household income for graduate students and for parents of undergraduates is not statistically significant along with the annual number of times attending a church, synagogue or mosque and whether they, graduate students, or parents, undergraduate students, own or rent their home, was not statistically significant.

4. CONCLUSION

According to the four ethical philosophies, segment one are deontologists (agreeing with three of the five questions on deontology) while rejecting the relativism (agreeing with only one question), consequentalism (agreeing with only one question), and objectivism (agreeing with only one question) philosophies (Table 3).

Segment one believes moral obligations are always binding on a person; it applies to all people, and that morality is based on God's law. Surprisingly, they believe that moral values are personal subjective judgments, and that moral judgments are based on personal feelings. Aside from these two statements, they do not agree with any other ethical philosophy than those exposed by deontologists. In applying this philosophy to business, they believe that morals should carryover to the free market system. Again, it is black and white: business should not exploit the environment, regardless if it "promotes the greater good of society." They want global companies to have allegiance to their home country and business to be successful without harming the environment and individual workers (i.e., job losses). Business should be altruistic by contributing to charities. Although they believe in protectionism domestically, they would punish foreign companies that practice it. The free market, according to this segment, can equitably distribute resources, although their responses are close to neutral or not sure. Demographically, this segment is overwhelmingly graduate students, evenly split on gender, and half are between 26 and 45 years of age, own their own home, are married, attend a church, synagogue, or mosque 33% more than segment two, and most have incomes below $60,000.

Segment two prescribes to all philosophies: consequentialism (agreeing on all five questions, although one is close to neutral or not sure), deontology (agreeing on four questions, one close to neutral or not sure), objectivism (agreeing on four questions, although two are close to neutral or not sure), and relativism (agreeing on four questions, although most are close to neutral or not sure). But, of the four, it appears they are mainly consequentialist and objectivist.

As consequentialist, they believe, "the aim of mortality is to promote individual human happiness," "a person may lie if it prevents harm to others," "an action is right if it results in good consequences," "business can exploit the environment only if it promotes the greater good of society," and "people only desire their own happiness." As an objectivist, they believe, "moral judgments are based on personal feelings," "pursuing one's self-interest is the strategy that best promotes moral aims," "matters of right and wrong must be decided by oneself," and "business is concerned with profits, not moral judgments." From a relativist perspective, they believe "moral values are personal subjective judgments," and "that rights are morally binding only if they are recognized by a society."

They believe business emphasizes profits over morals, and that business may exploit the environment if it is in society's greater good. Hostile takeovers are good. They recognize that business produces both winners and losers, and that winning companies must make hard decisions, decisions that may cost jobs. Protectionism harms companies in the nations that use it, and they want to punish foreign countries that do it; yet they want the government to enact and enforce laws and regulations that protect American markets and jobs. They partially believe in the free market system to distribute resources equitably. Restrictive employment agreements are welcomed. This segment is evenly split between graduate and undergraduate students, more female, and mostly less than 25 years of age, have higher annual incomes than segment one, own their homes, attend church, synagogue, or mosques less, and are usually married.

TABLE 1
SEGMENT MEANS

                                                       One (1)    Two

1) Moral values are personal subjective judgments.     2.68 (2)   2.42

2) A moral obligation is always binding on a person.   2.83       2.81

3) The aim of morality is to promote individual human happiness.
                                                       3.54       3.07

4) A person may lie if it prevents harm to others.     4.21       3.06

5) Rights are morally binding only if they are recognized by a
society.                                               4.80       3.41

6) An action is right if it results in good consequences.
                                                       4.73       2.92

7) Morality is based on God's laws.                    2.98       2.92

8) Moral disagreements imply that there are no objective moral
standards.                                             4.93       3.67

9) Bribery is morally permissible if it is part of a culture's
business practices.                                    5.84       3.78

10) A moral principle must apply to all persons.       2.92       3.24

11) Moral judgments are based on personal feelings.    3.34       2.80

12) Moral values have no place in the decisions of those who
participate in the free market system.                 6.22       4.29

13) Moral disagreements mean that there are no universal moral
principles.                                            5.34       4.18

14) It is morally permissible to pay the market rate for wages even
though it is below the real value of the labor.        4.42       3.75

15) Business has the moral right to exploit the environment in
whatever ways meet human needs.                        6.24       4.42

16) Business can exploit the environment only if it promotes the
greater good of society.                               5.86       3.80

17) Pursuing one's self-interest is the strategy that best
promotes moral aims.                                   5.58       3.71

18) People only desire their own happiness.            4.76       3.69

19) Matters of right and wrong must be decided by oneself.
                                                       3.88       2.67

20) Business is concerned with profits, not moral judgments.
                                                       4.00       2.92

21) When a firm has the lowest cost of operation, it should drop its
prices to "squeeze out" competition and give customers the lowest
possible price.                                        3.92       2.75

22) When U.S. government regulations cause significant increases in
operating cost, it is logical to move a firm's operations to a lower
cost country that does not have comparable costly regulations.
                                                       4.42       3.29

23) When mergers take place, downsizing of redundant employees
should be expected if cost savings are to be achieved. 2.92       2.88

24) No one is actually hurt in a "hostile takeover" because the
value of stock of the company being acquired is normally bid higher.
                                                       5.66       4.17

25) Wage rates, like all cost of business, should rise and fall
solely based on the economics of the market.           5.06       3.85

26) It is wrong for corporate leaders to donate the profits of the
company to charities. They should pay the money out in dividends
and let the stockholders choose whether they wish to give their
money to charity.                                      5.25       4.01

27) It is wrong for our government to use tax dollars to harm U.S.
companies.                                             3.55       3.02

28) When contracting for goods produced in other countries, it is
the responsibility of the company or person you contracted with
to insure that all laws and regulations are met in the country in
which the work is done.                                3.07       3.20

29) Bribery is wrong; but in cultures where it is the custom to pay
government officials to perform duties which our government officials
perform for free, such payments are not bribery.       4.12       3.51

30) It should not be considered discrimination if a U.S. company
refuses to interview women as sales representatives to Middle
Eastern countries where the culture would not view women as persons
with whom to conduct business.                         3.98       3.64

31) Business decisions should be made on the facts that are known
at the time, not on emotion or wishful desires.        2.59       2.71

32) Executives should always act in ways that reflect the long-term
interest of the stockholders of the company; any other way would
violate their obligations and responsibilities.        2.90       2.80

33) It is inequitable to charge lower prices for the same product in
poorer countries than in the U.S.                      4.64       3.98

34) Any nation's government should always be expected to enforce its
laws of commerce and trade in the protection of its citizens; both
individual and corporate.                              2.00       2.65

35) Countries, which allow their citizens or businesses to repeatedly
steal the intellectual property (e.g., patents) of individuals or
corporations of other countries, should be banned from international
trade.                                                 2.58       2.81

36) Very few U.S. government regulations have ever proven to have
the positive effect for which they were intended.      4.78       3.81

37) One of the realities of today's competitive business environment
is that rivals will attempt to hire away a competitor's best and
brightest employees; in these cases the real winners are the
employees.                                             3.08       2.66

38) In the 21st century it is projected that intellectual capital
will become the most valuable asset a company can possess, as such,
organizations should protect these corporate assets through
restrictive employment contracts.                      4.18       2.82

39) U.S. companies should lobby the federal government to enact and
enforce laws and regulations that protect U.S. markets and U.S.
jobs.                                                  2.74       2.78

40) If allowed to act without interference, the free market system
will always result in the most equitable distribution of resources.
                                                       3.86       3.49

41) The ability to transfer financial capital anywhere in the world
in global capitalism.                                  3.14       2.90

42) A business that is, in practice, truly global in its operations
really has no country to which it owes preferential allegiance.
                                                       4.63       3.27

43) Trade barriers, duties and tariffs, eventually harm the nation
which imposes them.                                    4.49       3.27

44) Socially responsible actions on the part of business will always
occur due to the firms' recognition of their "enlightened self
interest."                                             4.20       3.31

45) Many countries in the 21st century will decline economically
due to their current failure to invest in education and technology.
                                                       2.73       2.94

46) It is rational for business to always acquire the resources
needed to function at the lowest possible price.       2.65       2.54

47) Countries which have allowed money lent by the International
Monetary Fund or the World Bank to be stolen or misused should be
banned from receiving additional financial aid.        3.26       2.88

48) Economics and political orientation should not be viewed together
when the U.S. decides on issues of trade and commerce.
                                                       4.34       3.73

49) Foreign governments which provide economic subsidies to protect
their local industries from more efficient U.S. competitors, should
not receive any form of U.S. foreign aid.              3.74       3.14

50) The next 25 years will witness an improvement in the economic
well being of most of the world's countries.           3.82       3.05

Each segment has 59 members

(2) Scale: 1 (strongly agree) to 7 (strongly disagree)

TABLE 2
SEGMENT DEMOGRAPHICS

Academic Level *     One (1)        Two

MBA                  49             29
Undergraduate        10             30
Gender **
Female               21             34
Male                 38             25

Age **

Under 25             10             29
25 to 35             19             13
36 to 45             16             12
46 to 55             10             3
Over 55              4              2

Income

Under $20,000        4              8
$20,000 to $29,999   5              6
$30,000 to $39,999   4              7
$40,000 to $49,999   5              7
$50,000 to $59,999   7              6
$60,000 to $69,999   0              3
$70,000 to $79,999   7              3
$80,000 to $89,999   3              2
$90,000 to $99,999   6              4
$100,000 and over    15             6

Residence

Own                  52             41
Rent                 6              16

Annual Church, Synagogue, or Mosque
Attendance (mean, variance)

                     36.16 (1793)   27.15 (3297)
Marital Status

Married              37             33
Single               10             14
Other                11             11

* Significant p<.00

** Significant p<.05

TABLE 3
QUESTIONS by ETHICAL PHILOSOPHY

Objectivism

11) Moral judgments are based on personal feelings.

12) Moral values have no place in the decisions of those who
participate in the free market system.

17) Pursuing one's self-interest is the strategy that best promotes
moral aims.

19) Matters of right and wrong must be decided by oneself.

20) Business is concerned with profits, not moral judgments.

Consequentialist

3) The aim of morality is to promote individual human happiness.

4) A person may lie if it prevents harm to others.

6) An action is right if it results in good consequences.

16) Business can exploit the environment only if it promotes the
greater good of society.

18) People only desire their own happiness.

Deontology

2) A moral obligation is always binding on a person.

7) Morality is based on God's laws.

10) A moral principle must apply to all persons.

14) It is morally permissible to pay the market rate for wages even
though it is below the real value of the labor.

15) Business has the moral right to exploit the environment in whatever
ways meet human needs.

Relativism

1) Moral values are personal subjective judgments.

5) Rights are morally binding only if they are recognized by a society.

8) Moral disagreements imply that there are no objective moral
standards.

9) Bribery is morally permissible if it is part of a culture's business
practices.

13) Moral disagreements mean that there are no universal moral
principles.

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