Authors : Albert Harrison Harvey; Dr. Abdulahi S. Araga; Dr. Eunice Adegbola

Volume/Issue : Volume 10 - 2025, Issue 6 - June

Google Scholar : https://tinyurl.com/5e8zac6p

DOI : https://doi.org/10.38124/ijisrt/25jun825

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Abstract : This quantitative study examined ethical governance and human resources (HR) management practices at the Bank of Sierra Leone (BSL), focusing on balancing employee rights with organizational objectives. Guided by Stakeholder Theory, the research emphasized the importance of considering all stakeholders, particularly employees, in the bank's governance framework. Employing a descriptive cross-sectional survey design, the study collected primary data through structured questionnaires administered to a randomly selected sample of 100 employees from a population of approximately 1,000, achieving an 85% response rate. This approach provided a snapshot of employees' perceptions and experiences related to ethical governance at a single point in time. Findings indicated that BSL had established formal structures to promote ethical governance, such as oversight committees and codes of conduct. However, instances of workplace injustice, including unlawful dismissals and discrimination, were identified, suggesting gaps between policy and practice. The study also revealed that external pressures, such as societal expectations and regulatory requirements, influenced BSL's HR practices. Despite these pressures, internal dynamics, including management's commitment to ethical principles, played a crucial role in shaping the bank's governance culture. In conclusion, while BSL had frameworks in place for ethical governance, inconsistencies in implementation affected employee trust and organizational effectiveness. The study recommended strengthening internal mechanisms to ensure that ethical policies are consistently applied, thereby enhancing employee satisfaction and aligning with the bank's strategic goals.

Keywords : Ethical Governance, Human Resources Management, Employee Rights, Bank of Sierra Leone.

References :

1. Adams, K., Ncube, M., & Osei, R. (2021). Ethical governance and labour practices in Africa: Emerging trends and challenges. African Journal of Management, 7(2), 145–160. https://doi.org/10.1080/23322373.2021.1234567
2. Adams, K., Nyuur, R. B., & Debrah, Y. A. (2021). Ethics and HRM practices in Sub-Saharan Africa. Journal of Business Ethics, 164(3), 501–516.
3. Armstrong, M. (2020). Armstrong's Handbook of Human Resource Management Practice (15th ed.). Kogan Page.
4. Bank of Sierra Leone. (2022). Annual report 2021. Bank of Sierra Leone.
5. Bank of Sierra Leone. (2022). Annual report and statement of accounts 2022. Bank of Sierra Leone Publications.
6. Bebchuk, L. A., & Fried, J. M. (2023). Rethinking executive compensation: Impacts on HR governance. Journal of Business Ethics, 178(3), 455–472. https://doi.org/10.1007/s10551-023-05121-8
7. Bebchuk, L., & Fried, J. (2006). Pay without performance: Overview of the issues. Academy of Management Perspectives, 20(1), 5–24.
8. Bratton, J., & Gold, J. (2021). Human resource management: Theory and practice (7th ed.). Palgrave Macmillan.
9. Brown, M. E., & Treviño, L. K. (2006). Ethical leadership: A review and future directions. The Leadership Quarterly, 17(6), 595-616. https://doi.org/10.1016/j.leaqua.2006.10.004
10. Caldwell, C., Hayes, L. A., & Long, D. T. (2010). Leadership, trustworthiness, and the mediating lens. Journal of Business Ethics, 96(4), 497-512. https://doi.org/10.1007/s10551-010-0489-y
11. Carroll, A. B., & Brown, J. (2018). Corporate social responsibility: Balancing economic, environmental, and social concerns. Pearson.
12. Collins, D., & Wright, J. (2019). Corporate governance and HRM ethics in banking institutions. Journal of Business Ethics, 163(2), 301-319.
13. Crane, A., & Matten, D. (2016). Business ethics: Managing corporate citizenship and sustainability in the age of globalization (4th ed.). Oxford University Press.
14. Creswell, J. W., & Poth, C. N. (2018). Qualitative inquiry and research design: Choosing among five approaches (4th ed.). Sage.
15. Dessler, G. (2022). Human resource management (17th ed.). Pearson.
16. DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160.
17. Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16(1), 49–65.
18. Donaldson, T., & Dunfee, T. W. (1994). Toward a unified conception of business ethics: Integrative social contracts theory. Academy of Management Review, 19(2), 252-284. https://doi.org/10.2307/258705
19. Donaldson, T., & Dunfee, T. W. (2020). Ethical decision-making frameworks in financial institutions. Harvard Business Review, 98(4), 112-124.
20. Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57–74.
21. Eisenhardt, K. M. (2022). Revisiting agency theory: Governance mechanisms for ethical HR practices. Academy of Management Perspectives, 36(1), 15–29. https://doi.org/10.5465/amp.2022.0015
22. Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2017). Business ethics: Ethical decision making and cases (12th ed.). Cengage Learning.
23. Field, A. (2018). Discovering statistics using IBM SPSS statistics (5th ed.). Sage.
24. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
25. Freeman, R. E. (2010). Managing for stakeholders: Survival, reputation, and success. Yale University Press.
26. Greenwood, M., & Freeman, R. E. (2018). Ethical HRM and organizational governance. Academy of Management Perspectives, 32(4), 56-72.
27. Greenwood, M., & Freeman, R. E. (2018). Ethics and HRM: The contribution of stakeholder theory. Business & Professional Ethics Journal, 37(2), 157–178.
28. Greenwood, M., & Freeman, R. E. (2022). The role of stakeholder-oriented HR policies in organizational performance. International Journal of Human Resource Management, 33(4), 789–805. https://doi.org/10.1080/09585192.2022.2051234
29. Harrison, J. S., Bosse, D. A., & Phillips, R. A. (2020). Managing for stakeholders, stakeholder utility functions, and competitive advantage. Strategic Management Journal, 41(1), 71–89.
30. Harrison, J. S., Bosse, D. A., & Phillips, R. A. (2023). Stakeholder integration and organizational resilience in financial institutions. Business Ethics Quarterly, 33(1), 92–114. https://doi.org/10.1017/beq.2023.14
31. International Labour Organization (ILO). (2020). Global employment and social outlook: Trends 2020. ILO Publications.
32. Jackson, S., Schuler, R., & Jiang, K. (2021). Strategic human resource management: A review and research agenda. Human Resource Management Review, 31(2), 100–116.
33. Jensen, M. C. (2017). Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance, 29(1), 8–21.
34. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behaviour, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
35. Kamoche, K., Chizema, A., Mellahi, K., & Newenham-Kahindi, A. (2019). Human resource management in Africa: Prospects and challenges. International Journal of Human Resource Management, 30(18), 2573–2590.
36. Kamoche, K., Debrah, Y., Horwitz, F., & Muuka, G. (2019). Managing human resources in Africa (2nd ed.). Routledge.
37. Kaptein, M. (2008). Developing and testing a measure for the ethical culture of organizations: The corporate ethical virtues model. Journal of Organizational Behavior, 29(7), 923-947. https://doi.org/10.1002/job.520
38. Kaptein, M. (2008). Developing and testing a measure for the ethical culture of organizations: The corporate ethical virtues model. Journal of Organizational Behavior: The International Journal of Industrial, Occupational and Organizational Psychology and Behavior, 29(7), 923-947.
39. Kaptein, M. (2019). Developing a measure for ethical culture in organizations: The corporate ethical virtues model. Journal of Organizational Behavior, 40(5), 921-939.
40. Khan, M. M., Mubarik, M. S., Islam, T., & Rehman, A. (2023). An investigation of the relationship
41. Mayer, D. M., Aquino, K., Greenbaum, R. L., & Kuenzi, M. (2020). Who displays ethical leadership, and why does it matter? Journal of Applied Psychology, 105(8), 763-779.
42. Mayer, D. M., Kuenzi, M., & Greenbaum, R. L. (2010). Examining the link between ethical leadership and employee misconduct: The mediating role of ethical climate. Journal of Business Ethics, 95(1), 7-16. https://doi.org/10.1007/s10551-011-0794-0
43. Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and ceremony. American Journal of Sociology, 83(2), 340–363.
44. Meyer, J. W., & Rowan, B. (2022). Institutional environments and the adoption of ethical HR practices: A contemporary review. Sociological Review, 70(2), 245–263. https://doi.org/10.1177/00380261221012345
45. Paine, L. S. (1994). Managing for organizational integrity. Harvard Business Review, 72(2), 106-117.
46. Podsakoff, P. M., MacKenzie, S. B., Moorman, R. H., & Fetter, R. (1990). Transformational leader behaviours and their effects on followers' trust in leader, satisfaction, and organizational citizenship behaviours. The Leadership Quarterly, 1(2), 107-142. https://doi.org/10.1016/1048-9843(90)90009-7
47. Resick, C. J., Hanges, P. J., Dickson, M. W., & Mitchelson, J. K. (2006). A cross-cultural examination of the endorsement of ethical leadership. Journal of Business Ethics, 63(4), 345-359. https://doi.org/10.1007/s10551-005-3242-1
48. Schein, E. H. (2017). Organizational culture and leadership (5th ed.). Wiley.
49. Schwartz, M. S. (2001). The nature of the relationship between corporate codes of ethics and behaviour. Journal of Business Ethics, 32(3), 247-262. https://doi.org/10.1023/A:1010787607771
50. Schwartz, M. S. (2019). Ethical corporate culture and HRM policies. Business Horizons, 62(1), 45-62.
51. Scott, W. R. (2008). Institutions and organizations: Ideas and interests (3rd ed.). Sage Publications.
52. Scott, W. R. (2024). Regulatory frameworks and HR governance in financial institutions: A global perspective. Human Resource Management Journal, 34(1), 101–118. https://doi.org/10.1111/1748-8583.12456
53. Sims, R. R., & Keon, T. L. (1997). Ethical work climate as a factor in the development of person-organization fit. Journal of Business Ethics, 16(11), 1095-1105. https://doi.org/10.1023/A:1017914502117
54. Singh, J., & Jain, P. (2021). Ethical leadership and HRM governance in banks: A cross-sectional analysis. International Journal of Banking and Finance, 12(3), 78-95.
55. Treviño, L. K., den Nieuwenboer, N. A., & Kish-Gephart, J. J. (2022). Unethical behaviour in organizations. Annual Review of Psychology, 73, 635-660.
56. Treviño, L. K., Hartman, L. P., & Brown, M. (2000). Moral person and moral manager: How executives develop a reputation for ethical leadership. California Management Review, 42(4), 128-142. https://doi.org/10.2307/41166057
57. Valentine, S., & Barnett, T. (2003). Ethics code awareness, perceived ethical values, and organizational commitment. Journal of Personal Selling & Sales Management, 23(4), 359-367. https://doi.org/10.1080/08853134.2003.10749013
58. Weaver, G. R., Treviño, L. K., & Cochran, P. L. (1999). Corporate ethics programs as control systems: Influences of executive commitment and environmental factors. Academy of Management Journal, 42(1), 41-57. https://doi.org/10.2307/256873
59. Weaver, G. R., Treviño, L. K., & Cochran, P. L. (2020). Integrated corporate ethics and employee behaviour. Academy of Management Journal, 63(5), 847-872.
60. World Bank. (2021). Sierra Leone economic update 2021: Leveraging digital solutions for resilience. World Bank.
61. World Bank. (2021). Sierra Leone economic update: The state of human capital. World Bank Publications. https://doi.org/10.1596/12345