Respect in Finance for Business Success and Sustainability

Introduction

Throughout human history, respect has held universal importance, profoundly embedded within cultural contexts. Yet, the interpretation of respect varies significantly across cultures, where respectful behaviour in one cultural setting may be perceived as disrespectful in another (Haydon, 2006; Wilson, 2010, 2019). This variability can foster social conflicts, such as those recently observed in race-related disturbances across the United Kingdom. Rooted in tragic events and fuelled by social media misinformation, these conflicts intensified underlying anti-immigrant, racist, and Islamophobic tensions, underscoring the need for heightened cultural awareness. For individuals from Black, Asian, and other ethnic minority communities, these events have perpetuated feelings of insecurity and disrespect, thereby illustrating the critical role that respect plays in shaping societal cohesion and individual well-being (Safdar, 2024).

Disrespect frequently manifests as humiliation, an act that enforces hierarchy by subjugating individuals to a lower status relative to the humiliator. This dynamic highlights the profound psychological and social impact of disrespect and underscores why teaching respect, along with fostering cultural awareness, are essential components of socialization (Wallace, 2014). From an early age, individuals are guided by norms of respect instilled by parents, guardians, educators, and societal structures (Dillon, 2003). When these norms are disregarded, disrespect can provoke both personal and societal tensions, at times necessitating judicial intervention to restore social order.

Respect fundamentally shapes human interaction; it is akin to a moral framework that individuals constantly embody. This framework shapes moral beliefs and informs notions of right and wrong, manifesting in behaviours and attitudes. Frankfurt (1997) argued that the universal entitlement to respect is a core human right, with calls for respect being frequent in moral and societal discourse. Yet, ambiguity remains about who or what commands respect, an issue that Beach et al. (2007) identifies as encompassing a broad array of stakeholders, including employers, colleagues, and other entities demanding consideration.

In professional environments, the demand for respect is especially pronounced. Research conducted by Rogers and Ashforth (2017) indicates that most employees seek greater respect than they currently receive, often prioritizing respect over remuneration, vacation time, and advancement opportunities. Frei and Shaver (2002) affirm that respect is pivotal to the success of both professional and personal relationships, indicating its integral role in workplace dynamics and employee satisfaction.

At a broader level, the absence of respect poses challenges to economic stability and trust, particularly within the fields of finance and accounting. Respect is vital for adherence to legislative and ethical standards, especially when considering historical financial scandals and corporate failures, such as those of the 1980s, early 2000s, and during the 2008 fiscal crisis. These events highlighted the need for enhanced corporate governance within modern business structures (Mangena and Liu, 2014). Respect for ethical practices and legal compliance is crucial for sustainable long-term growth, fostering trusted business relationships that benefit the broader economy. Clients and the public need assurance that their financial investments are secure, which underscores a psychological need for stability in the financial sector. This expectation of responsibility aligns with the assertion by Kotonen (2009) that businesses have a duty to act responsibly toward stakeholders.

However, financial security is not synonymous with stability due to the inherently uncertain nature of financial markets. Economic policy uncertainty may lead to less transparency, thereby creating incentives for managers to adjust accounting numbers to achieve desirable financial outcomes (Ozili, 2021). Nonetheless, respect offers a foundation for ethical standards that support regulatory compliance and transparency, even if some professionals question the costs and benefits of implementing such standards (Dang-Duc, 2011). A shared value like respect fosters trust in financial environments, minimizing risks associated with misunderstandings, suspicions of clandestine behaviours, grievances, and potential reputational damage (Wilson, 2019).

At both macro and micro levels, respect facilitates transparency and open communication, offering essential assurances to stakeholders. Conversely, a lack of respect in international collaborations can be damaging, stifling competitive growth, and creating untenable situations for the financial sector on a global scale. The potential for reputational harm underscores the critical importance of respect, both presently and in the future, for sustainable business practices.

Considering respect as a culturally shared value, its absence in discussions of diversity within the accounting profession is notable. A central, yet underexplored, aspect of cultural values in this field is the potential influence of culturally derived national accounting practices on the quality of financial reporting (Borker, 2013). Historically, over a third of accounting graduates have come from ethnic minority backgrounds (Jenkins and Calegari, 2010), a trend that persists to this day (Association of International Certified Professional Accountants, 2019). Culture functions as an integral framework that shapes individual and collective understandings of respect (Wilson, 2019). This persistent cultural influence supports the need for increased cultural awareness within the accounting and finance sectors.

In recent years, the representation of women and minority ethnic groups within professional spheres has increased, reflecting broader demographic trends. As noted by Kyriacou (1997), the entry of women into professional roles has continued to rise, with Fortune 200 companies now comprising 40% women and an additional 40% individuals from minority ethnic backgrounds (Smith and Deleon, 2023). Nevertheless, disparities in gender and racial representation remain in leadership roles within the financial sector (Singer, Krishnan, and Zhang, 2024). Shaheen, Luo, and Bala (2023) posit that gender diversity on boards correlates positively with higher dividend payouts, yet women and minority ethnic individuals remain underrepresented in management positions. Despite efforts to achieve gender parity in hiring, leadership roles within financial institutions are still male dominated (Rampe and Elliott, 2016; Sanghani, 2023).

This imbalance indicates that women and minority groups may not be receiving adequate recognition or respect as valuable contributors to the workforce. Such a lack of respect could undermine the long-term sustainability of the financial sector, which continues to grapple with the fluid nature of sustainability in its conceptualization (Lehner and Harrer, 2019). Moreover, this disparity in respect may hinder the accounting profession’s ability to identify leaders to replace retiring baby boomers, even as evidence suggests that more diverse organizations often outperform their less diverse counterparts (Rampe and Elliott, 2016).

Expected Contributions

In response to these issues, the current discourse on “Respect in Finance for Business Success and Sustainability” seeks contributions that explore the role of cultural respect within the financial sector from national, international, or comparative perspectives. Submissions are encouraged to include empirical research—quantitative, qualitative, or mixed methodologies—as well as theoretical and conceptual analyses that advance understanding in the field. Additionally, practitioner perspectives are welcomed, provided they meet rigorous publication standards and offer valuable insights on cultural respect within financial workplaces. Practitioner contributions may incorporate narratives of career-related challenges and personal perspectives on the importance of cultural respect. These contributions are expected to benefit practitioners, policymakers, and academics alike. 

Given the interdisciplinary nature of the Journal of Applied Accounting Research, manuscripts should focus on disseminating high-quality academic or practitioner research that introduces practical, field-based solutions. These solutions should have the potential to impact accounting practices and promote progress within the field.

Guest Editors

Associate Professor Doirean Wilson
Royal Docks School of Business and Law, University of East London
[email protected] | LinkedIn profile 

Professor Fatima Annan-Diab
Royal Docks School of Business and Law, University of East London
[email protected] | LinkedIn profile 

Professor Rea Prouska
Hult International Business School
[email protected] | LinkedIn profile 

Dr Jeremy Chapman
Director Sycamore Alliance Ltd, Senior Partner Practice of St James’s Place Wealth Management  [email protected] | LinkedIn profile

Submissions Information

Full papers should be submitted between 1st – 31st May 2025 at https://mc.manuscriptcentral.com/jaar. Please note that papers may not be submitted until 1st May 2025. Submissions need to indicate that they are for the “Respect in Finance for Business Success and Sustainability” call, in response to the instruction: "Please select the issue you are submitting to".

Submitted articles must not have been previously published, nor should they be under consideration for publication anywhere else, while under review for this journal. Author guidelines must be strictly followed.

Submit your paper!

Author guidelines

Enquiries related to the call for papers should be directed to Associate Professor Doirean Wilson ([email protected]).