Business ethics

Abstract

This thesis is the result of a months-long research and understanding of the factors involved in ethical decision making process. It is not the first attempt -at least as this mentioned in literature- of model utilization of the likelihood of taking or not ethical decisions under certain factors applied as variables. The decision-making process, we could say that is a mixture of factors that contribute to the final result. It cannot be easily normalized, because each person is unique and makes decisions according to its own data, its own perceptions and taking into account many different factors that can either be similar from person to person or differ entirely. Moreover, the conditions under which a decision is taken, are separate and also differ from case to case. For example, the economic environment, as well as social perceptions, create a framework which is not in the same way understood by all people.

Despite all these challenges that have been created on the process of this thesis -which clearly has its roots in the literature, in which numerous researchers managed to identify the different variables that are likely to play a role in the decision-making process- the literature itself has triggered further investigation of the factors contributing to the decision-making process as well as to the moral decisions. This was done for two main reasons. Firstly because, as mentioned, in literature there are many studies that led to results about the factors and/or the framework for ethical decision making; secondly, because the modern working environment and globalization is a powerful incentive to study such a phenomenon. A large percentage of companies operating globally using sophisticated administrative systems and rules that define both the course of business and the place in which workers operate. Indeed, there is no coincidence that many employers are no longer looking for the most competent employee, as this can be created through education and experience; instead they are looking for people with morals, in which they can invest.

So accepting impulses from the graduate program -under the guidance of which this thesis was processed- which is oriented in shipping, transport and international trade, we decided to create a questionnaire that clearly appeals to maritime studies students as they are the future business executives. This questionnaire contains demographic questions which are mainly oriented to identify factors associated with the political orientation of individuals, the risk data that contribute to their decisions, ethical factors related to the working environment and moral factors associated with family and the upbringing of the individual. Finally, there are real case scenarios that simulate reality and in which the respondents are asked to take decisions related to the decision-making process in moral level. Since conducting research reached a satisfactory number of respondents, the data were primarily processed and in the second phase were inserted in a hybrid choice model, which was used in the decision-making process, being presented in this thesis.

This environment described, is created for research on ethical decision-making process by using hybrid choice probability models. Clearly the model has potential for improvement and a further conduct of the investigation can be conducted on a larger sample, but it is a serious attempt by the scientific community. Probably, the use of other models or systems, such as neural networks, can lead to more secure results but that is what is the incentive for further research.