The study reported here sought to examine the ethical orientations of
business managers and business students in Singapore. Data were obtain
ed using Defining Issue Test. Analysis of Variance revealed that age,
education and religious affiliation had influenced cognitive moral dev
elopment stages of the respondents. Vocation, gender and ethnicity did
not seem to have affected moral judgement of the subjects. Contrary t
o the general view, both business students and business managers demon
strated the same level of sensitivity to ethical dimensions of decisio
n-making. Implications of the findings and limitations of the study ar
e discussed.