Authors : Geeta Sewsankar

Volume/Issue : Volume 9 - 2024, Issue 8 - August

Google Scholar : https://tinyurl.com/4snjbx86

Scribd : https://tinyurl.com/5cw9pc8t

DOI : https://doi.org/10.38124/ijisrt/IJISRT24AUG823

Abstract : This analysis explores the profound implications of conflict of interest in the public sector on private companies, highlighting the intricate relationship between governmental decisions and market outcomes. Public-sector conflicts of interest can distort regulatory frameworks, disrupt market competition, and compromise ethical standards, leading to significant challenges for private enterprises, including financial instability and reduced investor confidence. The study underscores the importance of transparent governance and ethical integrity in maintaining a fair and competitive economic environment. It concludes that addressing conflicts of interest in public administration is not only a matter of ethical compliance but a critical necessity for ensuring equitable business practices and sustaining long- term economic growth. By fostering a regulatory environment centered on transparency, accountability, and ethical governance, we can mitigate the detrimental effects of conflicts of interest, thereby promoting a healthier and more trustworthy landscape for private sector operations.

References :

1. Breen, K. (2019). Timeline: What's happened so far in the SNC-Lavalin Affair. Canada: Global News.
2. Brown. (2019). Stakeholder Conflict of interest Theory: Analyzing Implications for Corporate Governance. Business Ethics Quarterly, 28(4), 512-530.
3. Brown, R., Jones, P., & Miller, S. (2020). Understanding and Mitigating Personal Conflicts of Interest in Public Administration. Journal of Public Integrity, 22(3), 245-260.
4. Carey, J. A., Scalzo, K., Bennett, J. H., & Sherwood, E. (2022). New Contractor Conflict of interest Rules May Be Coming Soon, with a Special Focus on Consulting and Advisory Contracts. UK: Covington and Burling LLP.
5. Chan, C., & Ananthram, S. (2019). Religion-Based Decision Making in Indian Multinationals: A Multi-Faith Study of Ethical Virtues and Mindsets. Journal of Business Ethics, 156(3), 651-677.
6. Christensen, J. G., & Lægreid, P. (2011). Ethical Challenges and Risks in the Public Sector: Impact on Private Companies. Public Management Review, 13(1), 77-98.
7. Davis, J., & Martin, R. (2021). Enhancing Transparency and Oversight in Conflict of interest Management. Ethics of Public Administration Journal, 32(1), 77-89.
8. Davis, M., & Stark, A. (2001). Conflict of interest in the Professions. UK: Oxford University Press.
9. Davis, Smith, P., & Miller, C. (2018). Ethical Conflict of interest Theory: A Critical Appraisal. Ethics & Behavior, 25(3), 321-339.
10. Dyer, J., Stringer, L. C., Dougill, A. J., Leventon, J., Nshimbi, M., Chama, F., & Muhorro, S. (2018). Assessing Participatory Practices in Community-Based Natural Resource Management: Experiences in Community Engagement from Southern Africa. Journal of Environmental Management, 137, 137-145.
11. Elmas, M. (2019). Government Agrees to Tougher Rules for Woolworths, Coles, Aldi Supplier Dealings. Australia: Smart Company.
12. Emanuel, E. J., & Thompson, D. F. (2008). .The Ethical Dimensions of Conflict of interest. New England Journal of Medicine, 358(12), 1248-1250.
13. EthicsUnwrapped. (2024). Samsung's Political Connection. Texas: McCombs School of Business.
14. Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman.
15. Green, A., White, B., & Black, C. (2023). Legal Implications and Ethical Challenges of Conflicts of Interest in Modern Organizations. Journal of Business Ethics, 165(2), 345-358.
16. Hofmann, H., Busse, C., Bode, C., & Henke, M. (2019). Sustainability-Related Supply Chain Risks: Conceptualization and Management. Business Research, 12(1), 19-55.
17. Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
18. Johnson, D., & White, E. (2022). Utilitarian Conflict of interest Theory: Applications in Decision-Making. Journal of Applied Philosophy, 39(1), 45-63.
19. Johnson, L., & Thompson, D. (2022). The Impact of Conflicts of Interest on Trust and Efficiency in Public Administration. Public Integrity, 24(2), 415-429.
20. Lo, B., & Field, M. J. (2009). Conflict of interest in Medical Research, Education, and Practice. Washington, DC: National Academies Press.
21. Morris, J. (2021). Financial Conflicts of Interest and Their Impact on Public Sector Decision-Making. Public Administration Review, 81(4), 567-578.
22. Nahandi, Y. B., & Khanqah, V. T. (2018). The Impact of Political Connections on Overinvestment and Firm Performance. Accounting and Auditing Review, 25(2), 181-198.
23. Nichols, P. M., & Schaffer, M. E. (2015). Conflicts of Interest in the Public Sector and their Impact on Private Sector Companies. Journal of Business Ethics, 128(3), 469-482.
24. Pedrini, M., & Ferri, L. M. (2019). Stakeholder Management: A Systematic Literature Review. Corporate Governance. The International Journal of Business in Society, 19(1), 44-59.
25. Robinson, L. (2021). Moral Hazard Conflict of interest Theory: Implications for Financial Regulation. Journal of Financial Regulation, 12(2), 211-228.
26. Rothstein, B. (2011). The Quality of Government: Corruption, Social Trust, and Inequality in International Perspective. Chicago: University of Chicago Press.
27. Smith, A., & Johnson, B. (2020). Agency Conflict of interest Theory: A Review. Journal of Business Ethics, 35(2), 245-267.
28. Smith, L., & Garcia, M. (2023). Navigating Dual Roles in Government and Private Sector: Ethical Considerations and Best Practices. Ethics and Governance Review, 29(1), 112-126.
29. Thompson, D. F. (2005). Restoring Responsibility: Ethics in Government, Business, and Healthcare. UK: Cambridge University Press.
30. Tseng, P.-E., & Wang, Y.-H. (2021). Deontological or Utilitarian? An Eternal Ethical Dilemma in Outbreak. International Journal of Environmental Research and Public Health, 18(16), 8565.
31. UCF. (2016). Understanding Conflict of interest. Florida: IntegrityStar UCF Compliance & Ethics Newsletter UCF Compliance & Ethics Newsletter.
32. Velte, & Loy, C. (2018). Information Asymmetry and the Moral Hazard Problem in Financial Audits: The Role of Auditor Independence and Competence. Management Review Quarterly, 68(4), 359-369.
33. Velte, P. (2022). The Impact of External Auditors on Firms' Financial Restatements. A Review of Archival Studies and Implications for Future Research. Management Review Quarterly, 73(3), 1-28.
34. Vevere, N., & Svirina, A. (2020). The Interplay Between Ethics, Justice, Corporate Social Responsibility, and Performance Management Sustainability. Frontiers in Psychology, 11, 170.
35. Webber, M. R. (2022). The Enron Scandal and the Sarbanes-Oxley Act. New York: The Balance.
36. Williams, A., & Parker, L. (2020). Developing Comprehensive Conflict of interest Policies: Best Practices for Organizations. Journal of Business Ethics, 163(3), 615-630.