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Corporate Governance and Ethics: An Aristotelian Perspective (New Horizons in Leadership Studies Series) ReviewSison provides a strong critique of Coase's "the nature of the firm," Jensen and Meckling's "agency theory," and the "shareholder or financial theory" of the firm formulated by Friedman. "Under the guise of asceptic, value-neutral, amoral and 'scientific' theory, immoral business and management practices have in fact been promoted." Prophecies tend to be self-fulfilling in the social sciences because the knower cannot be separated from the actor.
Behind these oversimplified theories is "an unenlightened subservience to mathematical models as the only vehicles worthy of the name of science." While math may be neat, "real life is messy." I like Sison's call for a new theory of the firm grounded in realistic and ethical views of human nature that acknowledge the symbiotic relationship between working toward a common goal and perfecting the self.
Sison also moves readers nicely through a number of case studies that approach Weberian like "ideal types," from "corporate despots and constitutional rulers" to "aristocratic and oligarchical corporate governance regimes." Finally in that framework, he reviews an example of a "corporate democracy" and a "corporate polity."
In democracies, "the majority that governs pursues their own particular interests," whereas in a polity "the many that participate in governance seek the good of all, the common good." Democracies, which strive after particular interests within a legal framework characterized by "an emphasis on justice as equality and freedom in the best, and doing whatever one likes in the worst, of cases," are seen as less noble and inspiring than polities, with their greater focus on the common good.
Sison provides good critiques of United Airlines (the democratic model) and IDOM (the polity model), pointing to where they failed to live up to ideal types. However, I was disappointed that he did not conclude by positing a new theory of the firm that would draw on the lessons of Aristotle.
Instead, he ends with what I suspect he views as more practical advice. For example, those on nominations committees should look for loyalty, administrative capacity and justice as the most relevant characteristics in potential candidates.
Those on compensation committees should focus on moderation of temperance. CEO's should be more interested in virtues rather than excessive pay. Aristotle, he notes, "advocated the education of desire," such that "people would not crave more than what they actually need."
The compliance committee should strive for the spirit of obedience to the law, especially in small matters for "small errors or faults are always easier to remedy or rectify than bigger ones."
At bottom, Sison emphasizes the need for corporate governance to analyze and evaluate not only how changes impact the firm but how they cultivate virtues in those who govern the firm. Only virtue can ensure delivery of the good, since we must depend on virtue to ensure the rules are properly interpreted and implemented. Sison would place less emphasis on developing foolproof instruction manuals and more on developing virtuous habit and customs, since "it is only from habit and custom that the law could draw force and strength."
"The key to good governance ultimately lies in the education of the governors or rulers," writes Sison. It is a powerful notion, sure to be embraced by university professors and associations focused on training, such as the NACD. While in no way wishing to diminish the important role of education, I wish Sison had continued with a further exposition of how democratic and polity based business models could be improved. What fertile conditions foster both the common good and the proper education of virtue in employees and leaders? How can we restructure corporations to encourage active engagement in decision-making and the development of virtues in individual participants? I'm looking for a follow-up.
Corporate Governance and Ethics: An Aristotelian Perspective (New Horizons in Leadership Studies Series) Overview"Corporate Governance and Ethics" is an illuminating and practical reading of Aristotle's Politics for today's corporate directors. With a deft synthesis of ethics, economics and politics, Alejo Sison elevates the discussion of corporate governance out of the realm of abstract rules and structures into a more effective form of Aristotelian politics. He argues that corporate governance is a human practice where subjective, ethical conditions outweigh the mastery of techniques, since the firm is not a mere production function but, above all, a community of workers. Corporate governance issues are discussed in a holistic fashion, using international case studies to embed the discussion in environments defined by their economic, legal and cultural systems.One of the author's key messages is that reform starts with the ethical and political education of directors. Alejo Sison uses an integrative approach to corporate governance that incorporates ethical-political considerations with the economic and legal dimensions of issues.He backs his theoretical claims with a series of case histories including Fiat from Italy, Cheung Kong Holdings and Whampoa Limited from China, Banco Popular from Spain and United Airlines from the US. He provides a special focus on the education of corporate directors in accordance with the principles of Aristotle's Politics. This accessible book will appeal to corporate directors, executives and managers; academics and students with an interest in corporate governance, leadership and ethics, corporate citizenship and corporate social responsibility; and, modern readers of Aristotle's virtue theory and politics in relation to business ethics.
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