A comprehensive new study by our researchers Miguel Guillén-Pujadas, David Alaminos, Emili Vizuete-Luciano; and Ángela M. Callejón-Gil (Universidad de Málaga) and José María Merigó-Lindahl (University of Technology Sydney) offers a deep dive into nearly five decades of research on ethics in trading.

Using a bibliometric analysis of over 3,000 academic publications from 1976 to 2022, the study maps key trends, top contributors, and emerging topics in the field. The results reveal a clear surge in academic interest—particularly around high-frequency trading, short selling, and ethical concerns in commodity trading.

Countries like the US, UK, Australia, and Canada lead in both publication volume and impact, while top institutions include the University of Oxford, the University of Melbourne, and the University of Sydney. Influential journals such as the Journal of Business Ethics and the Academy of Management Review serve as central platforms for this growing discourse.

The study identifies two pressing issues: the ethical implications of high-speed trading algorithms and the social responsibility challenges in commodity markets. These highlight how technological innovation is reshaping the ethical landscape of modern finance.

Far from offering easy answers, the findings call for more nuanced research into how ethics intersect with market behavior, regulation, and corporate responsibility. As financial systems evolve, the study urges scholars and practitioners alike to rethink how ethics can—and should—shape the future of global trading.

Discover more about the UB Business School’s research! Explore the full list of our researchers and their latest research here.