By Thomas Oberlechner
Monetary and funding pros are rather susceptible to moral wrongdoing. yet what makes a few blatantly violate moral criteria or even holiday the legislation whereas others behave hugely ethically? This monograph sheds gentle at the psychology at the back of moral and unethical habit. It explores attention-grabbing mental insights into the features of unethical personalities and the function of nonconscious attitudes in unethical judgements. It examines how crew approaches, management, and organizational gift structures can flip in a different way moral people into unethical individuals, and it demonstrates how clarification strategies, ethical disengagement, and influence administration are used to psychologically justify or disguise unethical activities. thankfully, because the writer exhibits, psychology additionally presents the major to a real ethics within the monetary and funding undefined.
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Extra info for The Psychology of Ethics in the Finance and Investment Industry
Moral intensity is determined by (implicit) judgments of six aspects of a situation (Jones 1991): magnitude of consequences, social consensus, probability of effect, temporal immediacy, proximity, and concentration of effect. 1. Magnitude of consequences. Magnitude addresses the overall harm and benefit that may result from a decision. For example, a fraud scheme that causes thousands of investors to suffer financial losses will be perceived to be of greater magnitude than an act that causes only 10 investors to suffer losses.
Moreover, a person may be unable to even understand another approach to resolving an ethical issue because the person’s low level of moral reasoning does not allow them to comprehend the values and reasoning involved in a higher-level solution (Jolley and Mitchell 1996). In short, individual moral development does not result from telling people what to think in terms of content or how to “correctly” resolve a moral issue but from teaching them how to reason ethically. ©2007, The Research Foundation of CFA Institute 23 The Psychology of Ethics in the Finance and Investment Industry Assessment of Moral Reasoning To determine a person’s level of ethical maturity, psychologists use moral dilemmas that pit the person’s values against each other.
From a historical viewpoint, however, this law can be understood as an early stage in the development of Western legal systems over the centuries. Similarly, unethical actions by investment professionals may reflect an immature stage in the individual’s cognitive moral development. Exhibit 1. Debra’s Possible Reasons Level of Cognitive Moral Development Preconventional Stage 1 Stage 2 Conventional Stage 3 Stage 4 Postconventional Stage 5 Stage 6 Possible Underlying Reasoning I follow the company rule so I will not get punished.