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Beyond Grey Pinstripes

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Baruch College - CUNY

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Baruch College - CUNY
Baruch College - CUNY (Zicklin)
55 Lexington Avenue
Box B 13-280
New York, NY, 10010
United States
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Demographic Information

Number of full-time MBA students (2011): 

61

Number of part-time MBA students (2011): 

428

Total duration of full-time MBA program: 

22 months

MBA faculty (Fall 2010): 

443

Females as percent of student body: 

30%


  • School Information
  • Courses
  • Outside the Classroom
  • Faculty Research

Description of MBA Program: 

The Zicklin School of Business at Baruch College educates leaders committed to global awareness, ethical practice, and responsible management.  Issues of corporate governance and responsibility are woven throughout the curriculum, and are reflected in the activities of our academic centers.  Our student body, among the most diverse in the nation, also demonstrates its commitment to social responsibility through club activities and volunteer efforts.

All MBA students are required to take The Societal and Governmental Environment of Business, which focuses on governmental regulations concerning environmental protection, occupational health and safety, consumer protection, and anti-trust regulations.  The ethical dilemmas faced by managers are a central focus as well, and the course includes an all-day ethics immersion seminar.

In the 2010-2011 academic year, the Zicklin School introduced a new MBA major in Sustainable Business, which includes a broad spectrum of courses and faculty from the business school such as entrepreneurship, marketing, international business, and strategy.  Further, students entering in fall 2011 will experience the new curriculum which will offer a choice of two ethics courses within the MBA core: Business and Society or Legal and Ethical Environment of Business.

Baruch College is home to the Robert Zicklin Center for Corporate Integrity (ZCCI), which encourages discussion and debate within the business school and the larger community on issues including corporate reporting and governance, ethical behavior, accountability, responsible global business development, and the role of governmental regulation.  Throughout the year, the center brings together leaders in business, government, and NGO’s to increase the impact of ethics in the classroom.  Recent conferences include: The BP Disaster and the Future of the Energy Business, Can We Use Corporate Governance to Combat Climate Change?, and Green TV: Driving Ratings and Profits.  

The City University of New York has launched a major sustainability initiative and is committed to New York City’s “30 in 10” goal to reduce greenhouse gas emissions by 30% in 10 years.  Baruch’s Newman Real Estate Institute plays an integral role in this mission.  As an essential resource to the real estate industry — through its courses, workshops, research, publications, and public events — the institute is ideally positioned to advance the knowledge base and accelerate the knowledge transfer that can help move sustainable technologies and practices into the mainstream faster.  Some recent events include What You Should Know About the NYC Energy Conservation Code, Sustainable Transit, and Sustainability 2.0: Envisioning Business & the Urban Environment.

Our Lawrence Field Center for Entrepreneurship is home to the national Minority Business Owners Surveys, and hosts an annual entrepreneurship competition, sponsored by Merrill Lynch, which includes a social entrepreneurship track as well as a traditional track.  The center also has a full calendar of events, such as Fundraising Principles for Community-Based Organizations, and Minority and Women Business Contract Procurements.

The Seth International Center for Corporate Accountability (SICCA), based at Baruch College, engages in public policy research and assists multinational corporations and other organizations to enhance voluntary conduct, accountability and transparency in all areas of their operations.  SICCA’s founding executive director, Prakash Sethi, a University Distinguished Professor of Management at the Zicklin School, is also a 2003 recipient of the Beyond Grey Pinstripes Faculty Pioneer Award for External Impact.  SICCA is a non-profit organization dedicated to making the impact of global business as positive as it can be for shareholders and stakeholders at international, national and local levels.  Its mission is to urge multinational corporations to create voluntary codes of conduct regarding issues such as wages and working conditions, protection of human rights, and sustainable development.

The Sustainable Business Club (SBC), Baruch’s Net Impact chapter, is our student organization dedicated to issues of corporate social responsibility, social entrepreneurship, green marketing, socially responsible investing, and renewable energy. The SBC’s mission is to empower a community of leaders who use business to make a positive social, environmental, and economic impact on the world.  The SBC is entering its fifth year as a Net Impact chapter and has been growing rapidly since inception, becoming one of the most active and responsive chapters among business schools.  Each year the chapter’s goals include cultivating leaders who understand the importance of sustainability, debunking the myth that money and mission are mutually exclusive pursuits, and supplementing classroom learning with discussions, speakers, trips, and networking events.  Recent speaker events include: Sustainable Investing, a panel of analysts and researchers working in SRI; Green Entrepreneurship, a panel of green-minded entrepreneurs like Noha Waibsnaider, Founder and Chief Executive Officer of Peeled Snacks; and Green TV, an interview session with Beth Colleton, Vice President of Green Is Universal, NBC Universal’s Green Initiative.
 



How does the MBA program 'walk the talk' of social and environmental impact?: 

Baruch College is committed to practicing what it teaches: responsible business.  Nowhere is this commitment more evident than in the College’s implementation of sustainability. As a leading college within the City University of New York, Baruch has committed to Mayor Michael Bloomberg’s '30 in10' Challenge with the goal of reducing the Colleges’ greenhouse gas emissions 30% by 2017.  Baruch’s Task Force on Sustainability (TFS) - comprised of administrators on all levels, faculty, and students – is charged with meeting this target.  The TFS has developed a ten year plan focusing on eight key areas: energy, water, transportation, recycling, procurement, nutrition, outreach & education.  Each area has short and long term bench marks that will lead the College to significantly mitigate its contribution to climate change.  Key achievements to date include the installation of AVI Fresh, a sustainable food vendor, a waste audit of Baruch’s 14-story Newman Vertical Campus, the design and first phase implementation of a robust recycling program for the Vertical Campus, the college's main academic building, and the development of curriculum for undergraduates in the form of an interdisciplinary Environmental Sustainability minor and for graduate students through the Sustainable Business MBA.

Academic Department

  • Entrepreneurship
    3 items
  • Accounting
    3 items
  • Marketing
    2 items
  • Business Law
    2 items
  • CSR/Business Ethics
    1 items
  • International Management
    1 items
  • Strategy
    1 items
  • Management
    1 items
  • IT & Information Systems
    1 items
  • Finance
    1 items
  • Organizational Behavior
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Course Name: Advanced Financial Accounting
Instructor: Hugo Nurnberg

This course imparts a detailed understanding of alternative accounting concepts and practices, and their effect on the financial statements, including a critical evaluation of these alternatives. Such an understanding provides the technical tools as well as the ethical and general background necessary for successful professional careers in accounting, by enhancing the students' ability to understand the environment and broad implications of accounting concepts and practices.

Subjects covered in this course include business com¬binations, consolidated financial statements, foreign currency translation, foreign currency transactions, international financial accounting standards, interim reporting, segmental reporting, the cash flow statement, earnings per share, the accounting for governmental units and not-for-profit organizations, and partnership accounting. The course presupposes mastery of the subject matter of all course prerequisites, especially introductory and intermediate financial accounting. Social, environmental, and ethical issues are addressed in passing as class sessions address traditional topics, not in separate class sessions, as follows:

1)Business combinations—motivation: Effect of combination’s sought after operating economies on employment, competition

2)Business combinations—structure and measurement: Unrecorded environmental liabilities of target companies

3)Partnerships: Ethics of misleading versus informing naïve new partner as to income distributions prior to admission

4)Partnerships: Ethics of bonus to new / continuing partner upon admission / retirement of partner

5)Governmental accounting: Role of state and local governments in the U.S. Unique aspects that call for unique accounting.

6)Not-for-profit accounting: Role of not-for-profit organizations in the U.S. Unique aspects that call for unique accounting.

Course Name: Auditing
Instructor: Julie Floch

This course covers the theory and practice of auditing, professional ethics, legal liability, generally accepted auditing standards, methods and procedures of the independent auditor, audits and special examinations, preparation of auditor’s reports, case studies, and statements on auditing standards of the Auditing Standards Board of the American Institute of Certified Public Accountants.

Course Name: Business Consulting
Instructor: Moshe Banai

In this course you would join a team of other ‘partners’ who would be guided by two ‘senior partners’ in accomplishing a real time consulting project. The team would visit an organization, identify a client’s problem or dilemma and provide an applicable solution within the course term. The problems would range from a market’s segmentation, to production problem, to analysis of a new financial instrument or a financial product, to identifying new international markets or clients. The teams would have some freedom in choosing their clients and projects. Throughout the process the partners would apply high ethical standards and come up with creative yet reasonable applications.

There will be 8-10 formal class presentations by the senior partners after which the teams of partners will have the opportunity to meet with clients, collect data by the way of questionnaires, interviews, documents analyses and observations, and search the professional literature for viable solutions. During the process the teams will have meetings with the senior partners to ascertain that the process is directed towards the right target and that it is on schedule. Standards of Professionalism and Ethics are included here by Professor Banai.

Course Name: Current Issues in Marketing
Instructor: Barry Rosen, J. William Heath

Seminar focusing on current marketing issues such as environmental marketing; social responsibility in marketing; political marketing; ethical aspects of selling, advertising, and marketing research; and the role of government regulation.

Course Name: Entrepreneurial Strategy and Cases
Instructor: Edward Rogoff, Robert Foskey

This course will provide an overview of entrepreneurship and the entrepreneurial character, focusing on specific issues and stages, as well as on the process of developing a new business. These will include family business conflicts, funding sources, legal concerns and legal structures, exit strategies, the sales process, and how to acquire an existing business. Students will also read David Bornstein's latest book What Everyone Needs to Know About Social Entrepreneurship and discuss it in class, so that general entrepreneurship students are introduced to this set of concepts. This helps business entrepreneurship students to understand their relationship to their community and to society and the role business can play in improving overall quality of life.

Course Name: Entrepreneurship and Community Development
Instructor: Thomas Lyons

This course places entrepreneurship in its larger context – the community. This context both shapes entrepreneurs and their businesses and is shaped by them; yet, it gets very little attention in traditional entrepreneurship courses, which tend to focus on the individual entrepreneur. Students explore the economic and social impact entrepreneurs have had throughout U.S. history. They also examine how communities attempt to influence entrepreneurs as a way to stimulate economic development. The course culminates with a discussion of a new model that views enterprise development as human development made possible through a community of support.

Course Name: Financial Accounting: Intensive
Instructor: Gary Soffer, Hugo Nurnberg

This course discusses various aspects of professional ethics faced by professional accountants as well as the impact that financial irregularities have on the profession and the business community . Specifically , the following issues are addressed:

1. As a result of Enron , as well as other high profile business failures, the government has required businesses to document and test their internal controls far more extensively than previously required. These requirements can be found in the Sarbanes-Oxley provisions. These requirements have made businesses far more aware of the need for effective financial controls. But, the cost of implementing the requirements of Sarbanes-Oxley have been significant. This class discusses the impact on corporate America of the business failures .

2. Another result of the high profile business failures is that the public accounting profession has become subject to much higher level of government oversight and regulation. The PCAOB was formed to regulate the profession. It now reviews the work of all accounting firms that sign off on audits of companies registered with the SEC. This class discusses the impact on the public accounting profession of this increased regulation and oversight.

3. ACC 9112 discusses the role of auditors in maintaining the confidence of public markets. We focus much of the discussion on the requirement that auditors maintain independence with respect to their audit clients. We also discuss the challenges of maintaining independence with respect to multi-national audit clients subject to numerous independence regimes.

4. During the study of accounting for contingent liabilities, we focus on the financial statement impact to BP of the gulf oil spill. Though we emphasized the accounting treatment and reviewed BP’s footnote disclosures, we also discuss the reputational impact the oil spill might have on BP and the long term business implications of the spill.

5. As a part of our class on accounting for income taxes, we discussed the ethical issues related to tax planning. Topics such as what is a loophole and is it appropriate to utilize, is it appropriate to lobby for favorable tax law changes, what is a tax shelter and is it appropriate to enter into such a transaction, is it appropriate for a US company to establish operations in a low tax jurisdiction instead of the US are discussed .

Course Name: Globalization and Technology
Instructor: Radhika Jain

This course is focused primarily on social sustainability. In this course we spend significant period of time focusing on how information technology can be used to achieve positive socio-economic outcomes for those economically disadvantaged. We cover diverse range of topics including how Information Technology can be used to increase access to information in rural areas (e.g. how farmers can benefit through access to simple information portals), healthcare, education, etc. We cover examples from different regions including Latin America, Asia, and Africa that focus on these different sectors and show the positive socio-economic impact that IT had on their communities. We also cover various challenges faced and concerns in the implementation of IT-enabled initiatives for social sustainability. We also discuss issues of environmental sustainability to some extent as we evaluate different IT-enabled social initiatives worldwide.

Course Name: Intensive Survey of Business Contracts and Law of Corporations
Instructor: Matthew Edwards, David Rosenberg

The first part of the course covers contract law, and explores deeply what types of promises are legally enforceable, as well as what it means for a promise to be legally enforceable. With respect to both the sale of goods and services, not only the legal responsibilities of the parties are discussed but also other constraints on behavior, including market forces, social or business norms, as well as personal moral beliefs.

The second part of the course focuses on agency law and the legal regulation of business organizations such as general partnerships and corporations. Much of the focus is on the legal duties and obligations that various types of agents and principals owe to each other. In the corporate setting, this naturally leads to a discussion of the obligations that corporate officers, managers and directors owe to shareholders and (possibly) the general public.

Course Name: International Comparative Management
Instructor: Moshe Banai, Phillip Tulimieri

The course objectives are (1) To learn theories in international management and practices of multinational corporations; (2) To learn economic, political, and social profiles of some distinctive countries; (3) To learn and adopt patterns of managerial behavior that could be internationally applied; and (4) To learn: How to work in diversified teams of managers; how to communicate across national and ethnic boundaries; and how to accomplish business and social objectives internationally.

I am attaching a case that I have developed to present an ethical dilemma.

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Type of Offering

  • Extracurriculars
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  • Institutes and Centers
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  • Student Clubs
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Sustainable Transit: Developing an Action Agenda
Date: May, 2010

This symposium offered a unique opportunity to participate in a multidiscipline debate to develop critical next steps needed to achieve regional sustainability and livability goals.

Google vs. China
Date: March, 2010

On January 12th, Google shocked the world by threatening to withdraw its operations from China claiming it was the victim of censorship and government-sponsored hacking. China argued that it was exercising its right as a sovereign nation to control the way foreign companies conduct themselves and denied that it had improperly interfered with Google’s business operations. This panel explored what is at stake in this confrontation for Google, for the Chinese government, and for the Chinese people.

Navigating Climate Change Disclosure
Date: April, 2010

In partnership with the New York Chapter of the National Investor Relations Institute ZCCI hosted a panel to provide an overview of the February 2nd SEC guidance outlining its interpretation of the existing disclosure requirements as they apply to climate change matters. The panel was comprised of Steven Lydenberg, Chief Investment Officer, Domini Social Investments; Jeffrey Rubin, Partner, Hogan & Hartson; and David Westman, Climate and Sustainability Manager, Consolidated Edison

Lending to the Underbanked in the Aftermath of the Subprime Crisis
Date: November, 2009

While there is much uncertainty about the future of banking one thing is certain: lending to underserved/low income consumers will never be the same. On this panel we hear how it is changing. If subprime was a bad (or sub-optimal) model for extending finance to underserved, underbanked demographics in the US what is the right way? How will the underbanked get access to the capital they deserve? Who will provide that capital?

The BP Disaster and the Future of the Energy Business
Date: November, 2010

Washington Post energy correspondent Steve Mufson spoke about the BP oil spill and its implications for companies that find and provide the world with fossil fuels. He addressed the legal, legislative and policy responses to the disaster and discussed the unique ethical challenges facing the energy industry.

Reconsidering Gowanus: Opportunities for the Sustainable Transformation of an Industrial Neighborhood
Date: May, 2010

In March 2010 the EPA designated the Gowanus Canal as a Superfund Site. But the region has many strategic economic advantages including transit, housing, and commercial opportunities. Following up on the Institute's report to promote dialogue among stakeholders, this conferece brought together civic leaders, researchers, and developers to assess challenges and opportunities.

Ensuring Integrity: The 5th Annual Audit Conference
Date: December, 2010

The conference examined the current best practices of ethics and independence within the auditing profession. Speakers included national partners of the Big Four accounting firms; Darrel Schubert, Chair, American Institute of Certified Public Accountants’ Auditing Standards Board; Brian Croteau, Deputy Chief Accountant for the Professional Practice Group, Securities and Exchange Commission; and Martin Baumann Chief Auditor or the Public Company Accounting Oversight Board (PCAOB). Ensuring Integrity was organized in partnership with the National Association of State Boards of Accountancy's Center for the Public Trust.

A Brief History of Scandal
Date: December, 2009

"A Brief History of Scandal” is an abbreviated version of the popular NYU Stern School class taught by Marc Hodak, including the amazing stories of great scandals from the railroads and Robber Barons up to Enron and Madoff, and what lessons they still teach us. Discover why business scandals tend to proliferate during economic downturns, and how history repeats itself.

Legally Green: What you Need to Know About Your Property and the Greener, Greater Buildings Plan
Date: December, 2009

This conference was designed for the owners and managers of exisiting commerical and residential property and allied professionals, consultants, and contractors. It provided and overview of legislative requirements and practical information for compliance and the realization of cost savings.

Can We Use Corporate Governance to Combat Climate Change?
Date: October, 2010

This panel explored the possibility of changing or adapting the way American corporations are governed so that businesses begin to take more effective steps to lower greenhouse emissions and prevent global warming. Topics addressed included: What are the duties of a corporation’s directors regarding its contribution to global warming? What is the role of shareholders in influencing a corporation’s environmental record? Is the board’s oversight function changing significantly as stricter environmental regulations are enacted?

Greening Modernism: How a Defining 20th-Century Movement Can Advance Sustainability Goals and Enrich Our Quality of Life
Date: February, 2011

Modernism was the defining cultural movement of the 20th century. While its application to the built environment lacked our understanding of resource constraints, its hallmark was, in fact, a precursor of today's quest for sustainability: realizing maximum value from minimal means tailored to local conditions.

Over time, Modernism's precepts were misapplied or neglected, with damaging results. But its power is undimmed. By applying its integrative, analytic rigor and its focus on solving problems at the deepest level, we can both serve sustainability goals and enrich our quality of life. And we can honor and reclaim the authenticity of place.

Opportunities to do this abound. Our existing building stock contains immense stores of "embodied resources," notably the energy consumed at every step of a building's creation. We can capitalize on this by adapting buildings now in surplus to meet new demands for space, avoiding the exorbitant environmental costs of demolition and new construction. We can upgrade buildings in active use to high-performance standards. We can sustainably preserve buildings with historic and aesthetic merit, many of them Modernist structures. We can shape urban and regional planning contexts appropriately.

To illuminate the magnitude of these potential benefits and how Modernism can guide us toward them, we're convening a glittering roster of experts. Some are Modernism's direct heirs: they knew its practitioners and worked with or for them. All of them view it as a living legacy. Their provocative discussions will be keyed to release of a major new book: Greening Modernism: Preservation, Sustainability, and the Modern Movement, by Carl Stein, FAIA, who will speak at the event.

Sustainability 2.0: Envisioning Business and the Urban Environment
Date: November, 2009

What will the business environment be like as we approach the mid-21st Century? Why discuss this topic in the first place? Why discuss it now when companies struggle to survive the severe economic downturn? What about water, power, and the very buildings companies occupy? The answers to these questions are the subject of the next chapter in sustainable business. Planning must begin now if cities of 25, 50, or even 100 million can provide a hospitable environment -- water, power, information infrastructure, buildings -- for business. Partnerships and collaboration among business, government, communities, and technology experts hold the key to these challenges. Experts from these fields discussed how they are meeting the challenge by envisioning the future.

American Justice for Sale? Corporate Dollars in Judicial Election Campaigns
Date: September, 2009

American Justice for Sale consisted of two panels and was directed toward a business professional audience. Panel I provided an overview of judicial elections and issues that can arise from campaign contributions in these elections. Panel II detailed how corporations respond to these ethical challenges. This program was sponsored by the Center for Political Accountability and the Carol and Lawrence Zicklin Center for Business Ethics Research at Wharton.

Ensuring Integrity: 4th Annual Audit Conference
Date: December, 2009

This conference provides a forum for interaction between business, public accounting, academics, and policy setters from the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB). It also examines the current best practices of ethics and independence within the auditing profession. The conference was organized in partnership with the National Association of State Boards of Accountancy's Center for the Public Trust.

9th Annual Financial Reporting Conference
Date: April, 2010

This daylong conference served as a forum for interaction between business and accounting executives and policy setters from the U.S. Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB). The program was highlighted by FASB Chair Robert Herz, SEC Chief Accountant James Kroeker, and International Accounting Standards Board member James Leisenring.

Transformational Infrastructure: Key Decisions on Transportation the Will Shape the NYC Metro Region's Real Estate Future
Date: October, 2009

At this conference, a distinguished group of urban policy makers, transit experts, and economic development officials discussed the aging infrastructure of New York's transit system, the future investments needed to sustain and improve it, and the environmental effects of continued investment in this vital resource.

Liquid Assets: Capitalizing on the Water & Energy Nexus
Date: October, 2009

How small could our city’s water footprint be? What would cost-effective, ecologically sound management of water & energy systems look like?

Wasteful water use boosts carbon emissions: moving, heating, cooling, and treating water consumes energy. It pollutes waterways: wastewater volumes swollen by stormwater routinely cause sewer-system overflows; fooding driven by climate change will exacerbate this. NYC water and wastewater costs have soared and are projected to rise higher still.

Regulatory policies, infrastructure investment, new technologies, and best management practices all shape these matters. Drawing from NYC case studies, lessons learned from abroad, and research findings, speakers explored these questions:

• How can energy use be minimized in managing water and wastewater?

• What cost savings are possible?

• How can design of energy, water, and HVAC systems be integrated to optimize performance?

• Is individualized water metering coming?

• What role will ASHRAE Chapter 189.1 Green Building Standards play in future system design?

• Where are NYC water rates heading?

• How much water drawn from aquifers could be displaced by recycled water?

• How can rainwater be captured and reused?

• How can wastewater be treated and reused?

• How can stormwater be characterized, captured, and reused?

• What are NYC’s wastewater and sewer-system infrastructure needs? How will they be met?

Green TV: Driving Ratings and Profits
Date: March, 2010

In partnership with Baruch College’s Net Impact Chapter, ZCCI held an interview session with Beth Colleton Vice President of “Green Is Universal” (GIU), NBC Universal’s Green Initiative. Colleton gave insight into her responsibility for managing the day-to-day business of GIU, including the coordination of “Green” programming and activities throughout all NBCU divisions for NBC Universal’s “Green Weeks” as well as all ongoing content and community initiatives.

Corporate Ethics in the New Decade: From Enron to the Meltdown, and Where We Go from Here
Date: March, 2010

Kerry A. Miller, Office of General Counsel, Deloitte Touche Tohmatsu, lead a discussion drawing on his experience in the Enron collapse as well as more recent examples from the global financial meltdown to examine the ethical issues that face lawyers, investment bankers, accountants and boards of directors in the modern economy.

On Air: Reducing the Risk of Indoor Environments
Date: April, 2011

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A New Corporate Paradigm: The CEO and CFO - A Partnership of Equals
Author(s): Moshe Banai; Philip Tulimieri

The scandals earlier this decade have brought to light the inadequacy of the current management model with one person - the CEO - who is architect, judge and ultimate decision-maker. These abuses underscored the problem with the classic hierarchical form of management. The solution – if it can be called a “solution” – was the enactment of external controls by government on corporations. However, these controls do not go to the root of the issue: one person with entirely too much control and influence over decision-making and the careers of subordinates. The paradigm presented in this article – joint management of a corporation by the CEO-CFO - proposes a solution that acknowledges the reality of a society that is demanding a new and far-reaching approach to corporate management and a new generation of young managers, who are ready to adopt this approach. At the same time, this dynamic must be one which protects stakeholders, promotes the environment and continues to advance the competitive edge of a company by creating a climate of teaming, collaboration and creativity.

Journal Title: Organizational Dynamics Volume: 39 Edition: 3 Page Numbers: 240-247
Ethical Reflections on Life Insurance Settlements
Author(s): Hugo Nurnberg

Life insurance settlements, or life settlements, are life insurance policies owned by investorbeneficiaries on the lives of unrelated individuals. With life settlements, investors make substantial payments to the insured individuals upon purchasing such policies, pay any remaining premiums, and collect the death benefits upon the demise of the insured individuals. Transactions involving life settlements seem poised to become a major source of profits for investment banks, comparable in dollar amount to subprime mortgages. With life settlements, the insured individuals suffer no immediate harm, and the sale of a policy an individual owns is permissible under current law. Nevertheless, moral questions can be posed about the social values expressed by these practices, the effect of these practices on the virtue of charity, and the overall loss of social utility that will result from life settlements. We consider life settlements from utilitarian and libertarian perspectives, and then consider the effects of life settlements on social values and on individual character. On balance, we favor legislative changes in insurance and tax laws to discourage life settlements, and argue that certain forms of life settlements should be banned outright.

Journal Title: Journal of Business Ethics Volume: XCVI Edition: 2 Page Numbers: 513-34
How Virtuous is Your Firm?  A Checklist
Author(s): L.W. Friedman

Scholars are noting a change in the way business is being conducted. Many firms --one scholar estimates the number at 15%-- are concerned about values rather than focusing exclusively on maximizing profits. This new kind of capitalism considers factors such as societal needs, quality, needs of employees, and environmental sustainability in business decision making. In addition, a large number of consumers (approximately 70 million Americans), known as values-driven consumers, prefer doing business with companies that have values. This paper provides a checklist that can be used by firms to determine whether or not they are indeed virtuous; if they are not, the authors provide reasons why they should change.

Journal Title: Electronic Journal of Business Ethics and Organisation Studies Volume: 14 Edition: 1 Page Numbers: 14-20
Lessons from the Global Financial Meltdown of 2008
Author(s): L.W. Friedman

The 2008 financial crisis that continues to threaten the entire world has created an ideal opportunity for educators. A number of important lessons can be learned from this financial meltdown. Some are technical and deal with the value of mathematical models and measuring risk. The most important lesson, however, is that unethical behavior has many consequences. This debacle could not have occurred if the parties involved had been socially responsible and not motivated by greed. Conflicts of interest and the way CEOs are compensated are at the heart of this financial catastrophe that has wiped out trillions in assets and millions of jobs. The authors present a set of lessons as teaching opportunities for today's students and tomorrow's decision makers.

Journal Title: Journal of Financial Transformation Volume: 28 Edition: Page Numbers:
Lessons from the Twin Mega-Crises: The Financial Meltdown and the BP Oil Spill
Author(s): L.W. Friedman

This paper explores the synchronicity of two mega-crises we are now facing: the BP oil spill and the repercussions of the 2008 financial meltdown. It examines some key common threads in both of these crises. The overarching message is that firms must maintain a culture of social responsibility, must behave in an ethical manner, and must do everything possible to avoid societal harm. The three key lessons to be learned from the twin crises are to consider and manage risk in decision making; minimize conflicts of interest in the hope that executives will then not engage in actions that involve excessive risk to stakeholders; and that government regulation can be beneficial, rather than harmful to business and society – as long as it does not stifle innovation and growth.

Journal Title: Journal of Business Systems, Governance, and Ethics Volume: 5 Edition: 4 Page Numbers: 34-45
Mattel, Inc. Global Manufacturing Principles (GMP) - A life-cycle analysis of a company-based code of conduct in the toy industry
Author(s): S. Prakash Sethi

Over the last 20+ years, multinational corporations (MNCs) have been confronted with accusations of abuse of market power and unfair and unethical business conduct especially as it relates to their overseas operations and supply chain management. These accusations include, among others, worker exploitation in terms of unfairly low wages, excessive work hours, and unsafe work environment; pollution and contamination of air, ground water and land resources; and, undermining the ability of natural government to protect the well-being of their citizens. MNCs have responded to these accusations by creating voluntary codes of conduct which commit them to specific standards for addressing these issues. These codes are created at both the industry-wide and the individual company level. Unfortunately, these codes have generated little credibility and public trust because their compliance claims cannot be independently verified, and they lack transparency and full public disclosure. In this article, we present a case study of the voluntary code of conduct by Mattel, Inc., the world’s largest toy company. The code, called the Global Manufacturing Principles (GMP), confronts the general criticism leveled against voluntary codes of conduct by (a) creating detailed standards of compliance, (b) independent external monitoring of the company’s compliance with its code of conduct, and (c) making full, and uncensored public disclosure of the audit findings and company’s response in terms of remedial action. We present a detailed account of how Mattel’s voluntary code of conduct was created, implemented, and ultimately abandoned over 9 years. We provide an evaluative analysis of the company’s GMP compliance throughout its life span, which suggests a bell-shaped curve, where early top management commitments were met with pockets of resistance from operational groups, who were concerned about balancing GMP compliance efforts with traditional performance criteria. The early stage response from Mattel’s top management was quick and supported with the requisite resources. As a result, the compliance process accelerated, becoming increasingly more robust and effective. The success of code compliance and increased transparency in public disclosure energized field managers with a sense of professional satisfaction and publicly recognized accomplishments. The decline in GMP compliance was equally steep. When all the easily attainable targets had been reached at the company-operated plants, addressing vendor plants’ compliance presented a new set of challenges, which taxed corporate resources and management commitment. It would seem that value-based and ethics-oriented considerations, i.e., doing the right thing for the right reason, were no longer the driving force for Mattel’s management. Mattel did not see any economic benefit from its proactive stance, when competitors did not seem to suffer adverse consequences for not following suit. The final contributing factor to the code’s abandonment was a widely publicized series of product recalls which absorbed top management’s attention.

Journal Title: Journal of Business Ethics Volume: Edition: online edition: http://www.springerlink.com/content/0167-4544/?k=sethi Page Numbers:
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