EFFECT OF INTERACTIONS BETWEEN VALUES AND PRACTICE OF ETHICS: LESSONS LEARNT FROM SRI LANKAN ENTREPRENEURS

Abstract

The aim of this article is to investigate the interactions between values and ethics of Sri Lankan entrepreneurs in order to discuss why the entrepreneurs follow their own set of values and also examine the reality behind their actual practices in business context in Sri Lanka. Quantitative approach was employed to capture holistic nature of entrepreneurs‟ behavior in terms of value concern and ethical concern. Three hundred entrepreneurs were surveyed to determine their value priorities and ethical concerns. Ethical practice of business is analyzed based on egoistic moral approach and it is assessed with twelve items developed around the aspect of self-interest, profit, and efficiency. Value construct examined through three dimensions: entrepreneurial attributes, contextualized values and defensive values. The results of SEM explored that positive path coefficient between the entrepreneurial values and organizational ethical concerns. Results reveal that significant and positive impact of entrepreneurial attributes on egoistic ethical concern and it is evident that ethical concerns of business increases in terms of profit, efficiency and self-interest when the entrepreneurs bring their values in to the business practice. Further these findings contribute to the entrepreneurs to revisit and rethink the ethical concerns of their existing practices.