Mauricio Serafim

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.

Phronesis is essential for good decision‐making and actions. This literature review shows how phronesis has been discussed and related to elements of the field of administration and organizations. A search in the database systems Scopus, EBSCO, Web of Science, and Scielo, based on eligibility criteria, resulted in 43 theoretical and 14 empirical works. The analysis of these studies showed the most significant empirical contributions, the most cited authors, methods, journals, and central themes addressed in studies on phronesis to understand ethics in business. From a virtue ethics perspective, we discuss the major theoretical and empirical contributions, as well as the implications of a restricted understanding of phronesis when it is treated apart from other elements of the virtue ethics framework. We present a synthesis of the concepts of phronesis, based on dimensions of magnitude and amplitude of the conceptions, ranging from formal to substantive phronesis, and covering individual, organizational, or societal levels of analysis. We argue that a substantive conception of phronesis within virtue ethics may improve our understanding of ethics because it assumes the interdependence of phronesis and moral virtues, integral anthropology, and the common good. We present a future research agenda, considering the study's limitations and findings.