Trust in Business and Business Education

A recent study, Trust in Business and Business Education, explores how trust has shaped business relationships in Ukraine since independence. The research, supported by the William Davidson Institute at the University of Michigan, was conducted by Paul Clyde (University of Michigan), Sophia Opatska (Ukrainian Catholic University), and Serhii Hvozdov (Kyiv School of Economics), with interviewing and analysis led by Yuliia Vasylenko and Tetiana Halahuz (Ukrainian Catholic University). The study aimed to understand how Ukrainian entrepreneurs perceive trust in business, the key factors influencing its development, and the role of business education in shaping professional relationships. Through 18 in-depth interviews with business owners and top managers from diverse industries, the research highlights the evolution of trust in Ukraine’s business environment, from the turbulent 1990s to the more structured and competitive landscape of today.

The study found that trust in business is built on shared values, transparency, accountability, and professional reputation. Entrepreneurs differentiate between trust within their teams, between business partners, and in state institutions. While trust among businesses has strengthened over time, trust in government remains fragile due to legal uncertainty, corruption, and the effects of war. Respondents emphasized that trust must be earned through consistent actions rather than words, and a strong reputation—built on reliability and ethical behavior—is a key factor in establishing long-term business relationships.

Business education also plays a role in fostering trust, particularly by providing a structured knowledge base, shared experiences, and professional networking opportunities. However, the study found that having a business degree alone does not automatically make someone more trustworthy. While some respondents saw value in a common language among business school graduates, others believed that practical experience, personal integrity, and ethical behavior were just as—if not more—important.

Despite external pressures and institutional instability, Ukrainian businesses continue to demonstrate resilience, adaptability, and a strong commitment to fostering trustworthy professional relationships. The study underscores the importance of transparency, ethical leadership, and business education in shaping the future of Ukraine’s business environment.

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