A NOTE ON ETHICS AND STRATEGY: DO GOOD ETHICS ALWAYS MAKE FOR GOOD BUSINESS?
质疑了“商业伦理总是长期有利”的简单观点，指出不绑定特定伦理准则具有期权价值，且伦理行为可能带来成本，但若追求超越股东价值的目标仍值得坚持。
Viewing business ethics as enlightened self-interest that always pays in the long run is too easy. While reputation can be a valuable asset, not being tied to a particular code of ethics has an option value. The need for widespread laws and regulations that restrict behavior confirms this. Being ethical may cost—it is still worth pursuing if we believe in goals that transcend shareholder value.