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- Title
Social Capital and Individual Ethics: Evidence from Financial Adviser Misconduct.
- Authors
Bai, John; Shang, Chenguang; Wan, Chi; Zhao, Yijia Eddie
- Abstract
We show that social capital has a strong mitigating effect on financial adviser misconduct in the United States. Moreover, advisers who have committed misconduct are also more likely to relocate to counties with a relatively lower level of social capital than that of his previously residing county. These findings provide support for both the deterrence and displacement effects of social capital on financial adviser misconduct, and are robust to tests that address potential endogeneity concerns. Our results shed new light on social capital as an informal governing and monitoring mechanism against individual unethical behavior.
- Subjects
SOCIAL capital; FINANCIAL planners; INVESTMENT advisors; BEHAVIOR; BUSINESS ethics; ACCOUNTING ethics
- Publication
Journal of Business Ethics, 2022, Vol 181, Issue 2, p495
- ISSN
0167-4544
- Publication type
Article
- DOI
10.1007/s10551-021-04910-4