Faith and Business:
Why Be Honest?
11:15 AM
In 1759 Adam Smith published his first work, The Theory of Moral Sentiments. In it Smith argued that the self-interested actor was also the moral actor. Economic self-interest, expressed within the social structures of his day, motivated moral behavior. More recently, in their 1990 article, “Why Be Honest If Honesty Doesn’t Pay,” Bhide and Stevenson argue against Smith that there are few tangible incentives for honesty in business: “Treachery, we found, can pay. There is no compelling economic reason to tell the truth or keep one's word — punishment for the treacherous in the real world is neither swift nor sure.”1 Do the economic-moral arguments of Smith apply today? If the social structures that upheld his arguments have crumbled, then why be honest in the modern business world? If the economic incentives are lacking, is there another bottom-line? In this panel we will examine how faith informs one’s definition of success in business and one’s motives for honesty.
1Amar Bhide and Howard Stevenson, “Why Be Honest If Honesty Doesn’t Pay,” Harvard Business Review, Sept. 01, 1990
Moderator
Erika Santos, TU’12
Erika Santos is a second-year student at the Tuck School of Business at Dartmouth. Born in Brazil, Erika spent some of her youth in China with her family before moving to the United States. She received a B.A. in Economics and Journalism from New York University, where she was actively involved with the NYU Gospel Choir, and the Christian Inter-Fellowship Council, among other organizations. Erika worked as a consultant at Accenture for two years and later joined McKinsey in a digital strategy role. Her and her husband’s passion lies in the restoration of street children in Brazil, which she hopes to pursue through business partnerships after she graduates from Tuck.
Panelists
Hans Helmerich, D’81
Chairman and CEO, Helmerich & Payne, Inc.
Hans Helmerich, 53, is the Chairman, Chief Executive Officer, and Director of Helmerich & Payne, Inc. of Tulsa, Oklahoma. Helmerich & Payne, Inc., with over $5 billion in assets and over 8,500 employees, is primarily a contract drilling company and the leading U.S. provider in the high-performing, AC drive, land rigs.
Helmerich is a board member of two additional NYSE companies, Atwood Oceanics, Inc. and Cimarex Energy Co., and a Trustee of Northwestern Mutual Life. He also serves on the board of Gilcrease Museum National Board, Indian Nations Council, Boy Scouts of America, Oklahoma Business Education Coalition, Tulsa Community Foundation and the Tulsa Metro Chamber. Helmerich graduated from Dartmouth College and completed Harvard Business School’s Program for Management Development. He is married to Lea, and they have five children.
