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Informal Institutions in the Corporate Governance System in Russia

Author

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  • Piotr Wajszczyk

    (Łódź University of Technology, Poland)

Abstract

Various scholars of ethics and economics conduct research on the best modes of decision making which guarantee good outcome and moral behaviour of the individuals involved. Either of the modes considered, rules with regulations or discretion and judgment, find applicability in diversified professional circumstances. The paper investigates how discretion can be used in professional activity by using the Aristotelic-Thomistic framework. Results indicate that such a framework can be used by engineers in their working environments and by other working professionals with the main proposition that only in discretionary decision making is the person able to take full responsibility for the outcomes and to premeditate their moral worth in conscience before resolving to commit the act itself.

Suggested Citation

  • Piotr Wajszczyk, 2016. "Informal Institutions in the Corporate Governance System in Russia," Annales. Ethics in Economic Life, University of Lodz, Faculty of Economics and Sociology, vol. 19(4), pages 113-121, December.
    • Handle: RePEc:ann:journl:v:19:y:2016:i:4:p:113-121
    as

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    References listed on IDEAS

    as
    1. Angelis, Jannis & Parry, Glenn & Macintyre, Mairi, 2012. "Discretion and complexity in customer focused environments," European Management Journal, Elsevier, vol. 30(5), pages 466-472.
    2. Piotr Wajszczyk, 2015. "Discretion in Professional Practice and in Engineering Ethics," Annales. Ethics in Economic Life, University of Lodz, Faculty of Economics and Sociology, vol. 18(4), pages 129-136, December.
    3. T. Renee Bowen & David M. Kreps & Andrzej Skrzypacz, 2013. "Rules with Discretion and Local Information," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 128(3), pages 1273-1320.
    4. Einat, Tomer, 2008. "Sentencing rationales, judicial discretion, and the practice of criminal fines in Israel," Journal of Criminal Justice, Elsevier, vol. 36(5), pages 444-452, September.
    5. Cooter, Robert D. & Ginsburg, Tom, 1996. "Comparative judicial discretion: An empirical test of economic models," International Review of Law and Economics, Elsevier, vol. 16(3), pages 295-313, September.
    6. Howard Kunreuther & Mark Pauly, 2006. "Rules rather than discretion: Lessons from Hurricane Katrina," Journal of Risk and Uncertainty, Springer, vol. 33(1), pages 101-116, September.
    7. Howard Kunreuther & Mark Pauly, 2006. "Rules Rather Than Discretion: Lessons from Hurricane Katrina," NBER Working Papers 12503, National Bureau of Economic Research, Inc.
    8. Hutzschenreuter, Thomas & Kleindienst, Ingo, 2013. "(How) Does discretion change over time? A contribution toward a dynamic view of managerial discretion," Scandinavian Journal of Management, Elsevier, vol. 29(3), pages 264-281.
    9. Yan, Yanni & Chong, Chan Yan & Mak, Simon, 2010. "An exploration of managerial discretion and its impact on firm performance: Task autonomy, contractual control, and compensation," International Business Review, Elsevier, vol. 19(6), pages 521-530, December.
    10. Stéphanie Arnaud & David Wasieleski, 2014. "Corporate Humanistic Responsibility: Social Performance Through Managerial Discretion of the HRM," Journal of Business Ethics, Springer, vol. 120(3), pages 313-334, March.
    11. Sahaym, Arvin & Treviño, Len J. & Steensma, H. Kevin, 2012. "The influence of managerial discretion, innovation and uncertainty on export intensity: A real options perspective," International Business Review, Elsevier, vol. 21(6), pages 1131-1147.
    12. Roychowdhury, Sugata & Martin, Xiumin, 2013. "Understanding discretion in conservatism: An alternative viewpoint," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 134-146.
    13. Aragon-Correa, Juan Alberto & Matias-Reche, Fernando & Senise-Barrio, Maria Eugenia, 2004. "Managerial discretion and corporate commitment to the natural environment," Journal of Business Research, Elsevier, vol. 57(9), pages 964-975, September.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    personalistic professionalism in engineering ethics; discretion; human decision making; conscience; truth;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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