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The Importance of Value Diversity in Corporate Life

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  • Eastman, Wayne
  • Santoro, Michael

Abstract

Donaldson and Dunfee (1999) suggest in a brief discussion that a manager may in some cases rely on his or her own values in making organizational decisions. Our paper examines the role of diversity in values in an organizational context. Our central contention is that value diversity among managers, employees, and other stakeholders on dimensions such as prudence-boldness, clarity-flexibility, and rigor-mercy is highly useful for an organization. We introduce nontechnical models of individual and board decision-making in which value diversity cuts across group interests that would otherwise control the decision. In these models, decision-makers who are influenced by values such as prudence or boldness as well as by their group interests are more likely to avoid suboptimal decisions, because their weaker but not their more intense group interests are likely to be overridden by their cross-cutting value inclinations.

Suggested Citation

  • Eastman, Wayne & Santoro, Michael, 2003. "The Importance of Value Diversity in Corporate Life," Business Ethics Quarterly, Cambridge University Press, vol. 13(4), pages 433-452, October.
    • Handle: RePEc:cup:buetqu:v:13:y:2003:i:04:p:433-452_00
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    Cited by:

    1. Alabbad, Amal & Al Saleem, Jafar & Kabir Hassan, M., 2022. "Does religious diversity play roles in corporate environmental decisions?," Journal of Business Research, Elsevier, vol. 148(C), pages 489-504.
    2. Robert Phillips & Michael Johnson-Cramer, 2006. "Ties that Unwind: Dynamism in Integrative Social Contracts Theory 1," Journal of Business Ethics, Springer, vol. 68(3), pages 283-302, October.
    3. Datta, Surja & Saad, Mohammed & Sarpong, David, 2019. "National systems of innovation, innovation niches, and diversity in university systems," Technological Forecasting and Social Change, Elsevier, vol. 143(C), pages 27-36.
    4. Ryan Burg, 2009. "Deliberative Business Ethics," Journal of Business Ethics, Springer, vol. 88(4), pages 665-683, October.
    5. Erica Steckler & Cynthia Clark, 2019. "Authenticity and Corporate Governance," Journal of Business Ethics, Springer, vol. 155(4), pages 951-963, April.
    6. Thomas Dunfee, 2006. "A Critical Perspective of Integrative Social Contracts Theory: Recurring Criticisms and Next Generation Research Topics," Journal of Business Ethics, Springer, vol. 68(3), pages 303-328, October.
    7. Hannah Trittin & Dennis Schoeneborn, 2017. "Diversity as Polyphony: Reconceptualizing Diversity Management from a Communication-Centered Perspective," Journal of Business Ethics, Springer, vol. 144(2), pages 305-322, August.
    8. Angus Robson, 2022. "Aquinas’s Principle of Misericordia in Corporations: Implications for Workers and other Stakeholders," Humanistic Management Journal, Springer, vol. 7(2), pages 233-257, October.
    9. Seemantini Pathak & Codou Samba & Mengge Li, 2021. "Audit committee diversity and financial restatements," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 25(3), pages 899-931, September.

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