Using a sample of US stocks over the period 1991–2019, we test whether stocks with high exposure to a social index exhibit high returns. Using a univariate analysis, our in‐sample results show that stocks with high sensitivities to the MSCI KLD 400 Social Index underperform stocks with low sensitivities by an annual risk‐adjusted performance of 7.02%. The negative premium is also larger in the post‐crisis period of 2007–2019 and is equal to 10.25%. The out‐of‐sample results offer, however, only weak evidence (...) of such a finding, with a risk‐adjusted performance difference of merely −0.84% over the full sample period and no significant differences between the pre‐crisis and post‐crisis periods. In the multivariate regression, we find evidence of a negative relationship between exposure to the social index and stock performance. Moreover, we find that stocks with high exposure to the social index display a low corporate social responsibility score, a high Tobin’s Q, high long‐term debt, a large size, high total risk, a high market beta, a high SMB coefficient, a low HML coefficient, and a small MOM coefficient. (shrink)

Business Ethics, the Environment &Responsibility, Volume 31, Issue 3, Page 604-619, July 2022.

This essay examines Fatima Mernissi’s and Mohammed Arkoun’s strategies of rereading central texts of the classical Islamic tradition in order to develop a contemporary normative grammar of critique. Mernissi reconsiders marginalized intellectuals and theoretical schools of Islamic history and derives immanent principles of justice. From a feminist perspective, she criticizes the dominantly patriarchal interpretations of Islamic foundational texts. Taking the classical humanism of Miskawayh as a point of departure, Arkoun carves out his conception of justice. Based on both Islamic religious (...) ethics and antique Greek philosophy, he develops a transcultural humanism. Methodologically, Arkoun suggests a deconstructive examination of the classical Islamic texts to free Islamic thought from orthodox strictures. By way of conclusion, the article suggests that Mernissi’s and Arkoun’s progressive interpretation of the classical Islamic heritage may help to overcome the narrow, identitarian understanding of Islamic thought prevalent in both Muslim and Western societies. (shrink)

What is »justice« from the perspective of contemporary Arabo-Islamic philosophy? Kaouther Karoui takes a transcultural approach, open to different philosophical traditions, and seeks to decenter Western notions of normativity. She focuses on two thinkers, namely the feminist Fatima Mernissi (d.2015) and Mohammed Arkoun (d.2010), a well-known critic of hegemony and orthodoxy. She situates their thinking within current debates among Arab thinkers and brings their ideas into dialog with Western political philosophy. This study thus challenges stereotypes about the Arab-Islamic world (...) by discussing postcolonial theories of gender justice, political freedom, and religion. (shrink)

The onset of the COVID-19 pandemic has necessitated advances in bioethical approaches to medical decision-making. This paper develops an alternative method for rationing care during periods of resource scarcity. Typical approaches to triaging rely on utilitarian calculations; however, this approach introduces a problematic antihumanist sentiment, inviting the proposition of alternative schemata. As such, we suggest a feminist approach to medical decision-making, founded in and expanding upon the framework of Eva Kittay’s Ethics of Care. We suggest that this new structure addresses (...) the issue of medical decision-making during times of resource scarcity just as well as pure utilitarian approaches while better attending to their significant theoretical concerns, forming a coherent alternative to the current bioethical consensus. (shrink)