caa a22 4500 605484481 CHVBK 20210128100436.0 cr unu---uuuuu 210128e20150801xx s 000 0 eng 10.1007/s10551-014-2225-5 doi (NATIONALLICENCE)springer-10.1007/s10551-014-2225-5 van Hoorn André University of Groningen, PO Box 800, 9700 AV, Groningen, The Netherlands aut The Global Financial Crisis and the Values of Professionals in Finance: An Empirical Analysis [Elektronische Daten] [André van Hoorn] The idea that the ethical values of professionals in finance (PIFs) (e.g., stockbrokers and fund managers) have played a role in the global financial crisis (GFC) is widespread. The crisis-of-ethics debate is important, concerning one of the main policy challenges of our times, but is based on popular lore and anecdotes rather than systematic evidence. We analyze the self-enhancement and self-transcendence values of PIFs vis-à-vis the general population and test for patterns of variation that are consistent with the idea of a crisis of values, meaning patterns of variation that would implicate PIFs' values in the GFC. Employing pre-crisis data allows for an unbiased assessment. Results reveal only minor differences in values between PIFs and the general population, too small to support the idea of a crisis of ethical values by objective standards. Extensive robustness checks confirm these findings, sometimes actually revealing values differences counter to the crisis of ethical values idea. We conclude that the financial system would not have fared better had we had a different breed of PIFs. Rather, situational forces can induce severe disregard for the welfare of others, also in people with ordinary, decent values. Hence, if anything, the GFC shows that the financial services industry has been providing an environment highly conducive to unethical behavior. The practical implication is that fixes to the financial system can only come from improved regulatory design. Springer Science+Business Media Dordrecht, 2014 Crisis of ethical values nationallicence Effect size nationallicence Financial system nationallicence Global financial crisis nationallicence Personal values nationallicence Situationist ethics nationallicence Schwartz nationallicence Journal of Business Ethics Springer Netherlands 130/2(2015-08-01), 253-269 0167-4544 130:2<253 2015 130 10551 https://doi.org/10.1007/s10551-014-2225-5 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10551-014-2225-5 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- van Hoorn André University of Groningen, PO Box 800, 9700 AV, Groningen, The Netherlands aut NATIONALLICENCE 773 0- Journal of Business Ethics Springer Netherlands 130/2(2015-08-01), 253-269 0167-4544 130:2<253 2015 130 10551