Ignacio Ferrero

The integration of AI-based systems in everyday work has given rise to augmented organizations, transforming traditional work paradigms and prompting new research questions concerning augmented work processes and their related ethical issues. Drawing upon the practice-institution framework proposed by Alasdair MacIntyre, integrated with Donati's concept of relational goods, this article examines whether and how augmented organizations can be virtuous. This article spans the macro, meso, and micro levels, shedding light on the crucial role of practical wisdom in balancing effectiveness and relational goods. The findings underscore the significance of practical wisdom across diverse organizational settings, with care-related professions serving as exemplars. We focus on carebots and hospitals, exploring the relational dimension in nursing and medical practices. We chose this sector for its ethical relevance, technological involvement, and its human-centric nature, combining expertise and technological advancements for the common good. Additionally, the article encourages further investigation of the interplay between AI and human moral development within augmented organizations.

Businesses today face the dual challenge of achieving organizational effectiveness while fostering human flourishing in a morally pluralistic world. Moral systems offer guidance, yet differ widely in their precepts and societal impact. This paper argues that contemporary business ethics requires more than ad hoc value statements or profit-driven codes of conduct; it calls for a robust ethical framework capable of uniting diverse stakeholders and sustaining long-term success. Engaging with a range of moral traditions, we propose Catholic Social Teaching (CST) as a particularly rich development of virtue ethics that integrates classical insights with actionable principles for organizational life. Grounded in human dignity, solidarity, subsidiarity, participation, and the common good, CST offers a normative system that not only enhances business performance but also strengthens the social bonds on which thriving economies depend. By demonstrating how CST's virtue-based approach aligns organizational practices with universal human values, this paper presents a pathway toward a more ethically grounded and human-centered business paradigm—one that builds community, inspires purpose, and contributes to the common good.

In this editorial, we examine how alternative forms of work organization (AFWOs) are both driving and being shaped by the ethical foundations underpinning them. Recently, scholars of organization and management studies have highlighted AFWOs as a response to broader societal challenges—digitalization, sustainability, and workplace democratization—and as an arena of intense experimentation in spatiotemporal flexibility and participatory management. Despite their growing adoption, AFWOs remain underexamined from a business ethics perspective, leaving open crucial questions about fairness, autonomy, empowerment, and the subjective experiences of workers—particularly in hybrid settings. Against this backdrop, in this special issue, we aim to clarify how and why business ethics matters in the context of AFWOs. The contributing authors pursue this aim by mobilizing diverse ethical frameworks to investigate the following key questions: How can AFWOs be grounded in a robust business ethics logic? What philosophical foundations can guide new organizational experiments? How might ethical inquiry illuminate the aspirations, tensions, and practical consequences of work environments characterized by flexibility, shared responsibility, and digital mediation? Collectively, the contributing authors advance a richer understanding of AFWOs by integrating theoretical reflection with empirical insights and foregrounding the ethical stakes of reimagining how work is organized today.

Virtue ethics (VE), a cornerstone of business ethics, faces tension between maintaining its classical roots and adapting to contemporary challenges, amid diverse and evolving interpretations. This research investigates the extent to which the virtue ethics literature in business, finance, and management (BFM) engages with its traditional conceptual foundations while expanding into new domains and areas of application. Our objectives are threefold: (1) to conceptually map VE in BFM by identifying thematic clusters, theoretical frameworks, and both established and emerging themes; (2) to examine the evolution of VE in BFM, evaluating its fidelity to or divergence from Aristotelian principles—namely character, moral development, and practical wisdom—to determine whether current research sustains or reinvents VE; and (3) to identify research gaps and propose directions for future inquiry. We employ a bibliometric and systematic literature review of 295 peer-reviewed articles published between 2012 and 2024, drawn from the Social Science Citation Index (SSCI) of the Web of Science. Our methodological approach integrates performance analysis, science mapping, and qualitative content analysis. The findings reveal 17 sub-themes grouped into five major thematic clusters: (1) The moral purpose of business; (2) Virtues and ethical decision-making; (3) Virtues and leadership; (4) Practical wisdom in Eastern and Western traditions; and (5) Goods–virtues–practices–institutions for communities of practice. This study provides a structured thematic map of the VE literature, offering insights into the extent of its conceptual continuity or transformation. We conclude by addressing limitations and suggesting avenues for future research.

Virtue ethics is generally recognized as one of the three major schools of ethics, but is often waylaid by utilitarianism and deontology in business and management literature. EBSCO and ABI databases were used to look for articles in the Journal of Citation Reports publications between 1980 and 2011 containing the keywords ‘virtue ethics’, ‘virtue theory’, or ‘virtuousness’ in the abstract and ‘business’ or ‘management’ in the text. The search was refined to draw lists of the most prolific authors, the most cited authors, the most cited articles, and the journals with the most virtue ethics publications. This information allows one to chart how virtue ethics articles have evolved through the decades and to establish ‘schools’ or clusters of authors as well as clusters of themes. The results of this quantitative analysis of authors, ‘schools’, themes, and publications provide a foundation for the future study of virtue ethics in business and management, identifying its achievements and potentials.

This article analyzes in detail the virtue of practical wisdom as described by Thomas Aquinas, and on this basis it develops a comprehensive framework to enrich Authentic Leadership theory, establishing the virtue of practical wisdom as foundational for the authentic leader’s behavior and character development, and highlighting shortfalls that may stem from vices opposed to it. The goal of the article is two‐fold: First, it seeks to fill a void on the role of virtues–and in particular practical wisdom–in leadership studies; second, it aims to show how cultivating the virtue of practical wisdom as described by Aquinas promotes the development of exactly those traits that are characteristic of an authentic leader, offering a set of propositions delineating these correlations.

The purpose of this article is to explain the differences between neo‐Aristotelian virtue and positive organizational virtuousness from the virtue ethics perspective. Most studies use virtues and virtuousness interchangeably. A few others try to explain their differences from the positive organizational science perspective. Although closely related, we believe that these two notions are not identical. If we understand neo‐Aristotelian virtue correctly, then it cannot be judged exclusively on what is externally verifiable, as is the case with virtuousness. For these reasons, we attempt our own differentiation, highlighting the gains and losses realized in the migration from neo‐Aristotelian virtue to positive organizational virtuousness, and establishing guideposts to meaningfully combine the strengths of both concepts.

This chapter explores the ethical implications of Artificial Intelligence (AI) on the evolving landscape of the workplace. Employing the framework of virtue ethics as its analytical lens, the chapter explores the cultivation of a virtuous character in individuals involved in the design, deployment, and use of AI-based technologies in organizations. Acknowledging the limited attention virtue ethics has received in AI ethics research, this work aims to fill the gap by considering whether an AI-enhanced workplace helps or prevents develop the cardinal virtues: practical wisdom, justice, courage, and temperance.

The abundance of literature on ethical concerns regarding artificial intelligence (AI) highlights the need to systematize, integrate, and categorize existing efforts through a systematic literature review. The article aims to investigate prevalent concerns, proposed solutions, and prominent ethical approaches within the field. Considering 309 articles from the beginning of the publications in this field up until December 2021, this systematic literature review clarifies what the ethical concerns regarding AI are, and it charts them into two groups: (i) ethical concerns that arise from the design of AI and (ii) ethical concerns that arise from human–AI interactions. The analysis of the obtained sample highlights the most recurrent ethical concerns. Finally, it exposes the main proposals of the literature to handle the ethical concerns according to the main ethical approaches. It interprets the findings to lay the foundations for future research on the ethics of AI.

AbstractDuring the last 20 years, the financial sector has undergone an unprecedented transformation due to new regulations and the implementation of several technological advancements. The combination of regulation and technology has brought about new financial processes that have fundamentally changed how financial market making is done. This paper studies the ethics of financial market making and its implications for one of the most controversial financial innovations of modern times, namely high-frequency trading (HFT). We claim that the Aristotelian distinction between natural chrematistics, which is aimed at serving the real economy, and unnatural chrematistics, whose ultimate purpose is wealth accumulation, can be a useful criterion to assess the ethics of financial market making and the goodness of an innovation as HFT, and how it can serve the common good of society. This approach can be defined as ‘purpose oriented’ or ‘purpose fulfillment’.

This article analyzes in detail the virtue of practical wisdom as described by Thomas Aquinas, and on this basis it develops a comprehensive framework to enrich Authentic Leadership theory, establishing the virtue of practical wisdom as foundational for the authentic leader’s behavior and character development, and highlighting shortfalls that may stem from vices opposed to it. The goal of the article is twofold: First, it seeks to fill a void on the role of virtues –and in particular practical wisdom– in leadership studies; second, it aims to show how cultivating the virtue of practical wisdom as described by Aquinas promotes the development of exactly those traits that are characteristic of an authentic leader, offering a set of propositions delineating these correlations.

Pricing policies and fair-trade practices are critical for sustaining commercial relationships between firms and customers. Nevertheless, in current business practices, fairness has been mistakenly reduced to a minimalistic ethic wherein justice only demands legal and explicit norms to which commercial parties voluntarily agree. Aimed at giving a different explanation of commercial agreements, this paper will introduce a Virtue Ethics (VE) explanation of the relationship between pricing and the common good by taking up classical concepts related to justice in commerce. In particular, we will explore three principles associated with the notion of fairness in commerce as defined in Neo-Aristotelian ethics towards a relationship between a common good and justice in pricing, i.e., proportionality, benevolence and well-being. To exemplify how these criteria of justice apply to decision-making in commercial practices, we will discuss several cases of fair and unfair commercial relationships.

This paper aims to integrate the concept of autonomous and subordinated work into Aristotelian organizational theory by enhancing the epistemological framework of neo-Aristotelianism and by adding a Thomistic interpretation of organizational practical knowledge. We sustain that, in order to advance our understanding of the firm in terms of excellence and the common good, the concept of practical knowledge applied to organizational theory requires reflection on the nature of work in modern organizations. For this, we will explain how an organization that aims for excellence is most appropriately defined as a community of autonomous work, how practical knowledge in organizations must be defined considering work as deliberative production and, finally, how productivity in organizations is best described when work is envisioned in terms of autonomy and subordination.

ABSTRACTFinance may suffer from institutional deformations that subordinate its distinctive goods to the pursuit of external goods, but this should encourage attempts to reform the institutionalization of finance rather than to reject its potential for virtuous business activity. This article argues that finance should be regarded as a domain-relative practice. Alongside management, its moral status thereby varies with the purposes it serves. Hence, when practitioners working in finance facilitate projects that create common goods, it allows them to develop virtues. This argument applies MacIntyre’s widely acknowledged account of the relationship between practices and the development of virtues while questioning some of his claims about finance. It also takes issue with extant accounts of particular financial functions that have failed to identify the distinctive goods of financial practice.

Not only individuals and firms, but also families engage in business as a social activity and this is true beyond the case of family businesses. Cultural differences in the way families are construed might influence the way they do business. There are different types of families, and among these are those described by Aristotelian and Confucian traditions, representing the West and the East respectively. The literature on virtue in business has been dominated by a Western—mainly Aristotelian—tradition : 8–24, 2014), neglecting the role of the family and focusing on the individual. In this paper, we seek to fill this gap by explaining differences and similarities in the normative evaluation of certain family-related business attitudes and practices, in light of Confucian and Aristotelian virtue ethics standards. After comparing the structure, organization and dynamics of Aristotelian and Confucian families, we shall draw some inferences regarding “virtuous” or excellent business practices—such as nepotism, bribery, gift-giving and guanxi and attitudes—on codified rules or written norms. For this analysis we shall make use of Aristotelian and Confucian ethical accounts as well as inputs from Family Science applied to organizations, which provides conceptual categories to compare the two traditions. Thus we hope to contribute not only to the comparative study of Aristotelian and Confucian virtue ethics in business, but also to the understanding of the distinctive role of families, raising cultural awareness for what may be considered virtuous business practices according to the Aristotelian and Confucian traditions.

Understanding what motivates employees is essential to the success of organizational objectives. Therefore, properly capturing and explaining the full range of such motivations are important. However, the classical and most popular theories describing employee motives have neglected, if not omitted entirely, the importance of the ethical and spiritual dimensions of motivation. This has led to a model of a person as self-interested, amoral, and non-spiritual. In this paper, we attempt to expose this omission and offer a more complete taxonomy of motivations which include these dimensions. Although more work will need to be done to fully develop the ethical and spiritual dimensions of motivation, the expanded taxonomy will provide the foundations and serve as a guide for such further research. Furthermore, this new categorization of motivations brings out the full dimensions of being human, which promises to lead to improved management practices with regard to employees and foster greater human flourishing in the workplace

In this article, we shall attempt to lay down the parameters within which the practice of the virtues may be enabled in the field of finance. We shall be drawing from the three main sources, Aristotle, Catholic Social Teaching and MacIntyre, on which virtue ethics is based. The research question is what ought to be done for financial activities to truly contribute to eudaimonia or human flourishing, to the achievement of three distinct kinds of goods as required of virtue, “those internal to practices, those which are the goods of an individual life and those which are the goods of the community”, and to “[help] man on the path of salvation” in the midst of complex network of relationships in modern societies. These parameters could then be taken as conditions financiers ought to fulfill in order to live the virtues in their work and across different life spheres.

This paper conducts an ethical analysis of the 2008 closure of a US money market fund entitled the reserve primary fund, which triggered the first run in the money market sector and a resultant liquidity crisis that harmed the entire US financial system. Although many academics and regulators have studied and written about RPF, the question whether the decision that caused the fund to collapse represented any ethical dilemma, has not been addressed to date. With this purpose in mind, the paper will examine the events that culminated in the closure of RPF according to Alasdair MacIntyre’s virtue ethics approach. In so doing, the paper aims to extend the applicability of MacIntyre’s concepts to the finance industry in general, and to provide a framework to predict and so potentially prevent crises like that exemplified by the RPF case.

Can business activities and decisions be virtuous? This is the first business ethics textbook to take a virtue ethics approach. It explains how virtue ethics compares with alternative approaches to business ethics, such as utilitarianism and deontology, and argues that virtue ethics best serves the common good of society. Looking across the whole spectrum of business¿including finance, governance, leadership, marketing and production¿each chapter presents the theory of virtue ethics and supports students¿ learning with chapter objectives, in-depth interviews with professionals and real-life case studies from a wide range of countries. Business Ethics: A Virtue Ethics and Common Good Approach is a valuable text for advanced undergraduates and masters-level students on business ethics courses.

This case study can serve as an instrument to help students and practitioners develop their ethical decision-making ability, in particular practical wisdom within a virtue ethics framework. St. Albans Family Enterprises is a group of companies with three business lines: petrol stations, flower exportation and women´s fashion retail establishments, with around 300 employees and 20 stores in London, Liverpool, Manchester, Edinburgh and Bristol. Apparently, an alleged leakage of sensitive information took place at the Head Office, involving several employees who found themselves in a delicate professional situation and who happened to be relatives. Senior management are facing ethical dilemmas with respect to these employees but also with respect to themselves who feel partly responsible for having generated such compromising situation for some employees.

Teaching business ethics effectively may prepare future leaders and managers to better deal with delicate situations that they might face in the workplace. However, such an aim is one of the biggest challenges that educators at universities are called on to solve. An increasing number of scholars are invoking the role of prudence in the virtue ethics context as a viable approach to teach students how to manage ethical dilemmas. In this regard, this paper discusses the “St. Albans Family Enterprises” case study that can serve as an instrument to help students and practitioners develop their ethical decision-making ability and to foster a disposition towards applying sound judgment or what can be called in classical terms, prudence. The teaching note that accompanies the case study offers guidance to educators about how the case can be used for teaching purposes, and explains the implications of exercising practical wisdom within a virtue ethics framework.

What contributions could we expect from Catholic Social Teaching (CST) on human dignity in relation to the dignity of work? This essay begins with an explanation of CST and its relevance for secular audiences. It then proceeds to identify the main features of human dignity based on the notion of imago Dei in CST. Next comes an analysis of the dignity of work in CST from which two normative principles are derived: the precedence of duties over rights and the priority of the subjective dimension of work over the objective dimension. Afterwards, the “right to work” and the “rights of workers” are engaged with from this normative perspective, particularly within the context of globalization.

Virtue ethics is generally recognized as one of the three major schools of ethics, but is often waylaid by utilitarianism and deontology in business and management literature. EBSCO and ABI databases were used to look for articles in the Journal of Citation Reports publications between 1980 and 2011 containing the keywords ‘virtue ethics’, ‘virtue theory’, or ‘virtuousness’ in the abstract and ‘business’ or ‘management’ in the text. The search was refined to draw lists of the most prolific authors, the most cited authors, the most cited articles, and the journals with the most virtue ethics publications. This information allows one to chart how virtue ethics articles have evolved through the decades and to establish ‘schools’ or clusters of authors as well as clusters of themes. The results of this quantitative analysis of authors, ‘schools’, themes, and publications provide a foundation for the future study of virtue ethics in business and management, identifying its achievements and potentials

The purpose of this article is to explain the differences between neo-Aristotelian virtue and positive organizational virtuousness from the virtue ethics perspective. Most studies use virtues and virtuousness interchangeably. A few others try to explain their differences from the positive organizational science perspective. Although closely related, we believe that these two notions are not identical. If we understand neo-Aristotelian virtue correctly, then it cannot be judged exclusively on what is externally verifiable, as is the case with virtuousness. For these reasons, we attempt our own differentiation, highlighting the gains and losses realized in the migration from neo-Aristotelian virtue to positive organizational virtuousness, and establishing guideposts to meaningfully combine the strengths of both concepts

Milton Friedman famously stated that the only social responsibility of business is to increase its profits, a position now known as the shareholder model of business. Subsequently, the stakeholder model, associated with Edward Freeman, has been widely seen as a heuristically stronger theory of the responsibilities of the firm to the society in which it is situated. Friedman’s position, nevertheless, has retained currency among many business thinkers. In this article, we argue that Friedman’s economic writings assume an economy in which businesses operate under the protections of limited liability, which allows corporations to privatize their gains while externalizing their losses. By accepting limited liability, Friedman must also accept a view of business as embedded in social interdependency, which serves as the logical and moral foundation for corporate social responsibility (CSR). To achieve consistency with his economic principles, Friedman must either abandon limited liability or modify his doctrine on CSR and his related shareholder model of business.

The aim of this paper is to explore the ethical dimension of hawala, an ancient informal financial practice rooted in Islamic moral traditions. Widely used in countries with an Islamic background and their diasporas, hawala is considered an important vehicle for the financial and economic development of some less developed countries. Nevertheless, in Western countries, hawala is regarded with suspicion due its controversial ethical nature. Unlike other Islamic financial institutions, the controversial questions are not the legitimacy of profit sources or the interest charged, but rather the lack of transparency that surrounds hawala transactions. Yet, the literature on hawala has neglected its ethical perspective. Our study delves into this dimension with a critical approach, using the Triple Font Theory, grounded on virtue ethics. We conclude that if hawala transactions are carried out with honesty, and fairness, this practice deserves a positive ethical appraisal. However, it is necessary to implement efficient regulatory measures to guarantee that the system is not abused by money launders and criminals. In practice, it becomes imperative to bring over a change in the regulatory approach to hawala toward a more ethically, culturally, and economically sensitive strategy. Thus, future research should focus on how “hyper-norms” or fundamental principles inherent to humanity, which are common to both “formal” and “informal,” “Western” and “non-Western” financial practices, could run the new AML/ctf regulation agenda.