Abstract
This paper brings theoretical approach of ethics in financial industry as well as research results from Croatian banks. The role of ethics in financial industry becomes every day more important issue, also there are no more questions of ethics institutionalisation - it is a question of ethical behaviour. Research limitation was subject matter so sample was reduced to seven major banks in Croatia which are actively involved in creating ethical values. The paper implies stakeholders’ orientations which assure understanding, learning and improving organisation; as well as identification, development and implementation of appropriate strategy also larger attention in future should be given to institutionalisation of ethics, on every level, because main ethical dilemmas according to bank managers trace roots in society culture. The value of this paper is based on the uniqueness of the research results about ethics in Croatian banks.
Highlights
As Green (1989) stated the future will be increasingly complex and conflicting issues bank’s resolve and commitment to ethical behaviour will be tested
This paper focuses on the banks commitment to ethics in Croatia
The average monthly paid off net earnings per person in paid employment in legal entities of the Republic of Croatia for February 2011 amounted to 5 242 HRK1 (Croatian Bureau of Statistics, 2011)
Summary
As Green (1989) stated the future will be increasingly complex and conflicting issues bank’s resolve and commitment to ethical behaviour will be tested. With all the changes we track last twenty years on financial markets, and especially because of environmental issues, globalisation, developing of information technology, knowing customers, etc., business ethics has slowly started to achieve priority in the business agenda. Every day leaders bring many decisions and they are based on different situations encountered in the practices or other words they are facing ethical dilemma. For all stakeholders is important that ethical values are seen in business strategy as plan for future and expected development of corporation. The absence of ethical elements is an organizational dysfunctional instance which undermines organizational cohesion and human confidence which are the most important immaterial business factors (Bogdanović, 2008, pg. 296)
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