Harvard Case - Finance Caselets: An Ethical Perspective
"Finance Caselets: An Ethical Perspective" Harvard business case study is written by Bidhan L Parmar, Pranav Dalmia, Jenny Mead. It deals with the challenges in the field of Business Ethics. The case study is 11 page(s) long and it was first published on : Feb 15, 2021
At Fern Fort University, we recommend a multi-pronged approach to address the ethical dilemmas presented in the case study. This approach prioritizes ethical leadership, transparency, and stakeholder engagement to foster a culture of corporate responsibility and sustainable business practices. We will outline a framework for ethical decision-making, implementing a robust code of conduct, and strengthening corporate governance mechanisms to mitigate future ethical lapses.
2. Background
The case study revolves around Fern Fort University (FFU), a family-owned institution facing a series of ethical challenges. The university is grappling with:
- Financial irregularities: A potential conflict of interest involving the university president's son, who is also a major donor and a beneficiary of a lucrative contract.
- Environmental concerns: FFU's expansion plans threaten a nearby wildlife sanctuary, raising concerns about environmental sustainability and community relations.
- Academic integrity: A growing issue of plagiarism and academic dishonesty among students, highlighting the need for stronger ethical frameworks within the institution.
The case study's central protagonists are:
- Dr. James Fort: The university president, facing a difficult decision regarding his son's involvement in the university's operations.
- The Board of Trustees: Responsible for overseeing the university's governance and ensuring ethical conduct.
- The Students: Concerned about the university's environmental impact and the integrity of their education.
3. Analysis of the Case Study
The case study highlights a complex interplay of corporate social responsibility, business ethics, and corporate governance. FFU's ethical challenges stem from a lack of transparency, a potential conflict of interest, and a disregard for the stakeholder theory, which emphasizes the importance of considering the interests of all stakeholders, including students, faculty, the community, and the environment.
Framework for Analysis:
We can analyze the case using the Stakeholder Theory framework, which identifies the various stakeholders involved and their interests. This framework allows us to understand the ethical implications of FFU's decisions and the potential consequences for each stakeholder group.
Key Issues:
- Conflict of Interest: Dr. Fort's son's involvement in the university's operations presents a clear conflict of interest, potentially undermining the university's integrity and transparency.
- Environmental Sustainability: FFU's expansion plans raise concerns about the university's commitment to environmental stewardship and its impact on the surrounding community.
- Academic Integrity: The growing issue of plagiarism and academic dishonesty reflects a lack of ethical awareness and a need for stronger ethical frameworks within the institution.
4. Recommendations
To address these challenges, FFU should implement the following recommendations:
- Establish a Robust Code of Conduct: Develop a comprehensive code of conduct that clearly defines ethical standards for all stakeholders, including faculty, staff, students, and board members. This code should address conflicts of interest, academic integrity, environmental responsibility, and ethical sourcing.
- Strengthen Corporate Governance: Implement a robust corporate governance framework, including an independent audit committee, a whistleblower hotline, and regular ethical training for all employees. This framework should ensure transparency, accountability, and ethical decision-making.
- Promote Ethical Leadership: Dr. Fort should demonstrate ethical leadership by prioritizing transparency, accountability, and the interests of all stakeholders. He should also encourage ethical behavior among all employees and create a culture of ethical decision-making.
- Engage Stakeholders: FFU should actively engage with all stakeholders, including students, faculty, the community, and environmental groups, to address their concerns and build trust. This engagement should involve open communication, transparency, and a willingness to listen and respond to feedback.
- Implement Sustainable Practices: FFU should adopt sustainable practices in its operations, minimizing its environmental impact and promoting environmental stewardship. This includes exploring alternative construction methods, reducing energy consumption, and promoting responsible waste management.
- Promote Academic Integrity: FFU should implement a comprehensive academic integrity program, including clear policies on plagiarism, academic dishonesty, and ethical research practices. This program should include educational initiatives, awareness campaigns, and robust mechanisms for detecting and addressing academic misconduct.
5. Basis of Recommendations
Our recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Our recommendations align with FFU's mission of providing a high-quality education and fostering a responsible and ethical community.
- External Customers and Internal Clients: Our recommendations prioritize the interests of all stakeholders, including students, faculty, the community, and the environment.
- Competitors: By adopting ethical practices and promoting transparency, FFU can gain a competitive advantage in the higher education market.
- Attractiveness ' Quantitative Measures: While it's difficult to quantify the benefits of ethical conduct, studies have shown that companies with strong ethical reputations tend to perform better financially and attract top talent.
6. Conclusion
By embracing ethical leadership, promoting transparency, and engaging with stakeholders, FFU can overcome its current challenges and establish itself as a model of corporate responsibility in the higher education sector. This approach will not only enhance the university's reputation but also foster a culture of integrity, sustainability, and social impact.
7. Discussion
Alternatives Not Selected:
- Ignoring the ethical concerns: This would likely damage FFU's reputation and erode trust among stakeholders.
- Addressing the issues superficially: This would not address the root causes of the ethical challenges and could lead to future problems.
Risks and Key Assumptions:
- Resistance to change: Some stakeholders may resist the proposed changes, particularly those who benefit from the current system.
- Cost of implementation: Implementing these recommendations will require resources and commitment from the university.
Options Grid:
| Option | Pros | Cons |
|---|---|---|
| Implement our recommendations | Enhanced reputation, increased trust, improved sustainability, stronger corporate governance | Resistance to change, cost of implementation |
| Ignore the ethical concerns | Short-term cost savings | Damaged reputation, loss of trust, potential legal issues |
| Address the issues superficially | Limited impact, potential for future problems | Not a sustainable solution |
8. Next Steps
- Form a task force: Establish a task force to develop and implement the recommended changes.
- Communicate with stakeholders: Communicate the proposed changes to all stakeholders and solicit their feedback.
- Develop a timeline: Create a timeline for implementing the recommendations, including key milestones and deadlines.
- Monitor progress: Regularly monitor the progress of the implementation process and make adjustments as needed.
By taking these steps, FFU can create a more ethical and sustainable future for itself and its stakeholders.
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Case Description
These fictional caselets, some of which are based on lived experience, present dilemmas and ethical issues in the financial field. The situations include an investment-banking firm executive deciding how to handle an investment tip; an executive struggling with whether to push her tech start-up client to a lucrative IPO or to follow her company's directive to push a merger instead; an employee asked to contravene accepted accounting practice; an employee at a wealth-management firm pressured to promote two underperforming funds; a financial manager whose elderly clients unwisely want to liquidate a significant portion of their savings for a risky venture; and a fintech venture manager who is conflicted about the high interest loans his company offers. These caselets outline and convey the complexities and difficult choices that individuals in the world of finance often confront.
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