The Securities and Exchange Commission requires the disclosure of changes to or waivers of corporate codes of ethics. Because the nature of amendments or waivers can vary, we expect the text of Item 5.05 to include different topics within different filings. We examine the population of these disclosures in Item 5.05 8-K filings from 2004 to 2020. While previous studies utilized small samples (fewer than 50 observations) to examine limited aspects of these filings, we use the population of these filings (...) from 2004 to 2020 (2121 8-K filings) to elucidate the nature and details of the disclosures. We assess whether Latent Dirichlet Allocation—a computational linguistics technique—can help discern the underlying topics represented in filings. While the Securities and Exchange Commission identifies two topics—amendments and waivers—the Latent Dirichlet Allocation analysis reveals four topics (three related to amendments): (1) code updates and clarifications; (2) combining codes of conduct for all officers and employees, or splitting codes to include a code directly applicable to senior financial officers; (3) codes of ethics waivers; and (4) substantive code changes. The overall trend is for fewer 8-Ks to be filed in recent years, with updates and clarifications becoming the predominant filing type. Our results further indicate that Item 5.05s related to updates and clarifications, and those related to combined or split codes, use fewer words and are more easily readable than those disclosing waivers or material code changes. Although we find no significant price reaction to Item 5.05 8-K filings, we find significant trading volume and volatility reactions, suggesting that these disclosures could give rise to differences in opinion among investors, which is consistent with the US Senate's assertion that these disclosures are of interest to investors. (shrink)

We create a database of company codes of ethics from firms listed on the Standard & Poor's 500 Index and, separately, a sample of small firms. The SEC believes that "ethics codes do, and should, vary from company to company." Using textual analysis techniques, we measure the extent of commonality across the documents. We find substantial levels of common sentences used by the firms, including a few cases where the codes of ethics are essentially identical. We consider these results in (...) the context of legal statements versus value statements. While legal writing often mandates duplication, we argue that value-based statements should be held to a higher standard of originality. Our evidence is consistent with isomorphic pressures on smaller firms to conform. (shrink)

This study investigates the impact of Securities and Exchange Commission enforcement actions on individuals holding Certified Public Accountant accreditation. While prior research has investigated both the characteristics of companies that have been investigated by the SEC and litigation against audit firms, it has not addressed the ways in which SEC investigations impact CPAs. Using a sample of 262 CPAs, we find that the most common CPA breach was associated with overstating revenues/income or earnings. The study finds serious consequences for CPAs (...) in terms of employment restrictions and SEC actions, incorporating suspension, which is often permanent. We find that the primary factors relating to the severity of actions by the SEC is whether the CPA intentionally breached the professional code of conduct, the age of the CPA, whether the CPA is still a member of the AICPA with CPA status and whether the CPA was operating as an external auditor or in a corporate accounting role. Our findings have implications for accounting practitioners, the AICPA and boards of directors. (shrink)

Reports of ethical lapses in the business world have been numerous and widespread. Ethical awareness in business education has received a great deal of attention because of the number and severity of business scandals. Given Sarbanes-Oxley legislation and recent Association to Advance Collegiate Schools of Business International’s (AACSBI) recommendations, this study examined respective websites of Securities and Exchange Commission (SEC) regulated public companies and AACSBI-accredited business schools for ethical policy statement content. The analysis was accomplished by classifying ethical expressions into (...) a framework consisting of the attributes of thematic content and focus/themes partially based on the 2004 research of Gaumnitz and Lere. Findings indicate that public companies have been diligent in presenting website ethical content that closely follows authoritative recommendations. Business schools appear not to have prioritized such disclosure to the extent done so by public companies. Although there was improvement between two samples taken in 2005 and 2007, this study provides evidence that many accredited business schools have little or no disclosed ethical expectations in their mission, vision, goals, or other similar types of statements on their websites. Additional findings provide several opportunities for future research. (shrink)

Regulatory responses to the business failures of 1998–2001 framed them as a general failure of governance and ethics rather than as firm-specific problems. Among the regulatory responses are Section 406 of Sarbanes–Oxley Act, SEC, and exchange requirements to provide a Code of Ethics. However, institutional pressures surrounding this regulation suggest the potential for symbolic responses and decoupling of response from organizational action. In this article, we examine Codes of Ethics for a stratified sample of 75 U.S. firms across five (...) distinct industries and find that content and language converge across organizations in ways undesired by the regulators, and that language is used to minimize the effects of the Code on constraining organizational behavior. There is, however, a noteworthy exception in the sections of the Codes dedicated the ethics of financial reporting. Although this material still contains legalistic boilerplate information, it does offer concrete guidance and emphatic language pertaining to the need to maintain the integrity of reporting practices. This suggests that the corporate understanding of the source of the failures is one of fraudulent financial reporting. Aside from the matter of financial reporting, the vague and stylized content of the Codes was a predicted response and constitutes a rational response to the regulation. The regulation, however, clearly states the belief that Codes should vary from firm to firm and that individual firms should determine the specific content of a Code. Aside from financial reporting matters, the observed result suggests that regulatory efforts may have failed to instigate corporate change in attitudes toward and enforcement of higher ethical standards by corporate actors. (shrink)

Arguing that ecological thinking can animate an epistemology capable of addressing feminist, multicultural, and other post-colonial concerns, this book critiques the instrumental rationality, hyperbolized autonomy, abstract individualism, and exploitation of people and places that western epistemologies of mastery have legitimated. It proposes a politics of epistemic location, sensitive to the interplay of particularity and diversity, and focused on responsible epistemic practices. Starting from an epistemological approach implicit in Rachel Carson’s scientific projects, the book draws, constructively and critically, on ecological theory (...) and practice, on (post-Quinean) naturalized epistemology, and on feminist and post-colonial theory. Analyzing extended examples from developmental psychology, from medicine and law, and from circumstances where vulnerability, credibility, and public trust are at issue, the argument addresses the constitutive part played by an instituted social imaginary in shaping and regulating human lives. The practices and examples discussed invoke the responsibility requirements central to this text’s larger purpose of imagining, crafting, articulating a creative, innovative, instituting social imaginary, committed to interrogating entrenched hierarchical social structures, en route to enacting principles of ideal cohabitation. (shrink)

The essays in Rhetorical Spaces grow out of Lorraine Code's ongoing commitment to engaging philosophical issues as they figure in people's everyday lives. The arguements in this book are informed at once by the moral-political implications of how knowledge is produced and circulated and by issues of gendered subjectivity. In their critical dimension, these lucid essays engage with the incapacity of the philosophical mainstream's dominant epistemologies to offer regulative principles that guide people in the epistemic projects that figure centrally (...) in their lives. In its constructive dimension, Rhetorical Spaces focuses on developing productive, case-by-case analyses of knowing other people in situations where social-political inequalities create asymmetrical patterns of epistemic power and privilege. Framing all of the essays is the conception of rhetorical spaces which shows that prevailing intellectual-political climates can work to enhance or to thwart possibilities of establishing cognitive authority for the members of a society who belong to groups other than the dominant ones. Finally, bridging the gap between theory and practice, Lorraine Code shows how the issue of reconfiguring structures of authority and expertise are not just matters of individual responsibility, but require a radical restructuring of the communities and social orders in which people know and act. (shrink)

Self-regulation exists at the firm-level, the industry-level, and the business-level of economic organization. Industry self-regulation has faced economic (free rider) and legal (antitrust) impediments to widespread implementation, although there exist examples of effective industry self-regulation, e.g., securities industry and the SEC, advertising and the FTC. By instituting industry codes of conduct, national trade associations have shown to be natural vehicles for self-regulation. While there has been long-standing general encouragement for establishing industry codes, adopting and enforcing conduct codes has been seriously (...) circumscribed by restrictive Supreme Court decisions and FTC advisory opinions. One approach to clearing legal confusion is to petition the FTC to issue an industry guide on promulgating and enforcing trade association codes of conduct. Another strategy is to utilize a stakeholder approach to association ethics committee appointments that subsequently influence code creation and enforcement. Finally, a new concept of an industry code of conduct will consist of three subcodes: an economic code; an environmental code; and a socio-political code. Combined, these strategic approaches will offer new opportunities for effective nonmarket regulation. (shrink)

Feminist epistemologists who attempt to refigure epistemology must wrestle with a number of dualisms. This essay examines the ways Lorraine Code, Sandra Harding, and Susan Hekman reconceptualize the relationship between self/other, nature/culture, and subject/object as they struggle to reformulate objectivity and knowledge.

Having adequate knowledge of the world is not just a matter of survival but also one of obligation. This obligation to "know well" is what philosophers have termed "epistemic responsibility." In this innovative and eclectic study, Lorraine Code explores the possibilities inherent in this concept as a basis for understanding human attempts to know and understand the world and for discerning the nature of intellectual virtue. By focusing on the idea that knowing is a creative process guided by imperatives (...) of epistemic responsibility, Code provides a fresh perspective on the theory of knowledge. From this new perspective, Code poses questions about knowledge that have a different focus from those traditionally raised in the two leading epistemological theories, foundationalism and coherentism. While not rejecting these approaches, this new position moves away from a primary concentration on determinate products and towards an examination of ever-changing processes. Arguing that knowledge never exists as an ungrounded abstraction but rather emerges through dialogue between variously authoritative "knowers" situated within particular social and historical contexts, she draws extensively on examples from lived social experience to illustrate the ways in which human beings have long tried to recognize and meet their epistemic responsibilities. This edition of Epistemic Responsibility includes a new preface from Lorraine Code"--Provided by the publisher. (shrink)

In this lively and accessible book Lorraine Code addresses one of the most controversial questions in contemporary theory of knowledge, a question of fundamental concern for feminist theory as well: Is the sex of the knower epistemologically significant? Responding in the affirmative, Code offers a radical alterantive to mainstream philosophy's terms for what counts as knowledge and how it is to be evaluated. Code first reviews the literature of established epistemologies and unmasks the prevailing assumption in Anglo-American (...) philosophy that "the knower" is a value-free and ideologically neutral abstraction. Approaching knowledge as a social construct produced and validated through critical dialogue, she defines the knower in light of a conception of subjectivity based on a personal relational model. Code maps out the relevance of the particular people involved in knowing: their historical specificity, the kinds of relationships they have, the effects of social position and power on those relationships, and the ways in which knowledge can change both knower and known. In an exploration of the politics of knowledge that mainstream epistemologies sustain, she examines such issues as the function of knowledge in shaping institutions and the unequal distribution of cognitive resources. What Can She Know? will raise the level of debate concerning epistemological issues among philosophers, political and social scientists, and anyone interested in feminist theory. (shrink)

In this lively and accessible book Lorraine Code addresses one of the most controversial questions in contemporary theory of knowledge, a question of fundamental concern for feminist theory as well: Is the sex of the knower epistemologically significant? Responding in the affirmative, Code offers a radical alterantive to mainstream philosophy's terms for what counts as knowledge and how it is to be evaluated. Code first reviews the literature of established epistemologies and unmasks the prevailing assumption in Anglo-American (...) philosophy that "the knower" is a value-free and ideologically neutral abstraction. Approaching knowledge as a social construct produced and validated through critical dialogue, she defines the knower in light of a conception of subjectivity based on a personal relational model. Code maps out the relevance of the particular people involved in knowing: their historical specificity, the kinds of relationships they have, the effects of social position and power on those relationships, and the ways in which knowledge can change both knower and known. In an exploration of the politics of knowledge that mainstream epistemologies sustain, she examines such issues as the function of knowledge in shaping institutions and the unequal distribution of cognitive resources. What Can She Know? will raise the level of debate concerning epistemological issues among philosophers, political and social scientists, and anyone interested in feminist theory. (shrink)

CHAPTER ONE Is the Sex of the Knower Epistemologically Significant? The Question A question that focuses on the knower, as the title of this chapter does, ...

I evaluate post-Quinean naturalized epistemology as a resource for postcolonial and feminist epistemology. I argue that naturalistic inquiry into material conditions and institutions of knowledge production has most to offer epistemologists committed to maintaining continuity with the knowledge production of specifically located knowers. Yet naturalistic denigrations of folk epistemic practices and stereotyped, hence often oppressive, readings of human nature challenge the naturalness of the nature they claim to study. I outline an ecologically modelled epistemology that focuses on questions of epistemic (...) responsibility and community, while refusing the reductivism of totalizing theory, and producing realistic moral-epistemic analyses of specific, local epistemic resources to ground its normative injunctions. (shrink)

Abstract Taking my point of entry from George Eliot's reference to ?the power of Ignorance?, I analyse some manifestations of that power as she portrays it in the life of a young woman of affluence, in her novel Daniel Deronda. Comparing and contrasting this kind of ignorance with James Mill's avowed ignorance of local tradition and custom in his History of British India, I consider how ignorance can foster immoral beliefs which, in turn, contribute to social-political arrangements of dominance and (...) subordination. Yet I ask, too, how judgements of culpability can be sustained when ignorance is culturally induced. (shrink)

The arguments in this book are informed at once by the moral-political implications of how knowledge is produced and circulated and by issues of gendered subjectivity. In their critical dimension, these lucid essays engage with the incapacity of the philosophical mainstream's dominant epistemologies to offer regulative principles that guide people in the epistemic projects that figure centrally in their lives. In its constructive dimension, ____Rhetorical__ ____Spaces__ focuses on developing productive, case-by-case analyses of knowing other people in situations where social-political inequalities (...) create asymmetrical patterns of epistemic power and privilege. (shrink)

Fifteen essays examine the work of German philosopher Hans Georg Gadamer to provide feminist interpretations of his views on science, language, history, ...

Images of and references to women are so rare in the vast corpus of his published work that there seems to be no "woman question" for Hans-Georg Gadamer. Yet the authors of the fifteen essays included in this volume show that it is possible to read past Gadamer's silences about women and other Others to find rich resources for feminist theory and practice in his views of science, language, history, knowledge, medicine, and literature. While the essayists find much of value (...) in Gadamer's work, he emerges from their discussion as a controversial figure. Some contributors see him as promoting genuine respect for and engagement with Otherness: others claim that in a Gadamerian conversation the Other has no voice. For some, Gadamer's immersion in tradition is an impediment to feminist inquiry; for others, cognizant of the need to understand tradition well in order to contest its intransigence or benefit from its insights, his way of engaging tradition is especially productive. Some contributors take issue with the separation he maintains between philosophy and politics; others find problems in his relative silence on matters of embodiment; still others maintain that a "fusion of horizons" amounts to a colonizing of difference. But a common aim of each of these controversies is to discern what feminists can learn from Gadamer as well as what limitations feminist reinterpretations of his work must inevitably encounter. Contributors are Linda Martín Alcoff, William Cowling, Gemma Corradi Fiumara, Marie Fleming, Silja Freudenberger, Susan Hekman, Susan-Judith Hoffmann, Grace M. Jantzen, Patricia Altenbernd Johnson, Laura Kaplan, Robin Pappas, Robin May Schott, Meili Steele, Veronica Vasterling, Georgia Warnke, and Kathleen Roberts Wright. (shrink)

Order and Organism shows how Alfred North Whitehead's thought can reconcile some of the most insistent demands of common sense with the esoteric results of modern physics and mathematics.

If there is one rationality there must be a plurality of them. This conclusion follows, I argue, partly from the extreme and ineradicable vagueness of the fundamental concepts that every would‐be rational explanation must presuppose. Logicistic/scientistic assaults on this vagueness are doomed to fail partly because they are unable to acknowledge the imaginative dimension of rational thought. Being limited to the play of “outward appearances,” scientific investigations are also dependent on “inward imaginings” on their speculative side. The upshot is that (...) schools of philosophy should be characterized by the kind of imaginary they adopt rather than by their logics. In which case, every attempt to get and tell something right about the world is bound to incorporate mythopoeic elements in its explanations. (shrink)

Assumptions about what it is to be human are implicit in most philosophical reflections upon ethical and epistemological issues. Although such assumptions are not usually elaborated into a comprehensive theory of human nature, they are nonetheless influential in beliefs about what kinds of problem are worthy of consideration, and in judgments about the adequacy of proposed solutions. Claims to the effect that one should not be swayed by feelings and loyalties in the making of moral decisions, for example, presuppose that (...) human beings are creatures whose nature is amenable to guidance by reason rather than emotion and are creatures capable of living well when they act as impartially as possible. Analogously, claims to the effect that knowledge, to merit that title, should be acquired out of independent cognitive endeavour uncluttered by opinion and hearsay, suggest that human beings are creatures who can come to know their environment through their own unaided efforts. And claims to the effect that knowledge, once acquired, is timelessly and universally true depend upon assumptions about the constancy and uniformity of human nature across historical and cultural boundaries. (shrink)

Assumptions about what it is to be human are implicit in most philosophical reflections upon ethical and epistemological issues. Although such assumptions are not usually elaborated into a comprehensive theory of human nature, they are nonetheless influential in beliefs about what kinds of problem are worthy of consideration, and in judgments about the adequacy of proposed solutions. Claims to the effect that one should not be swayed by feelings and loyalties in the making of moral decisions, for example, presuppose that (...) human beings are creatures whose nature is amenable to guidance by reason rather than emotion and are creatures capable of living well when they act as impartially as possible. Analogously, claims to the effect that knowledge, to merit that title, should be acquired out of independent cognitive endeavour uncluttered by opinion and hearsay, suggest that human beings are creatures who can come to know their environment through their own unaided efforts. And claims to the effect that knowledge, once acquired, is timelessly and universally true depend upon assumptions about the constancy and uniformity of human nature across historical and cultural boundaries. (shrink)

The path-breaking Encyclopedia of Feminist Theories is an accessible, multidisciplinary insight into the complex field of feminist thought. The Encyclopedia contains over 500 authoritative entries commissioned from an international team of contributors and includes clear, concise and provocative explanations of key themes and ideas. Each entry contains cross references and a bibliographic guide to further reading; over 50 biographical entries provide readers with a sense of how the theories they encounter have developed out of the lives and situations of their (...) authors. Areas covered: * traditional taxonomies of feminist theory (eg socialist thought) * theoretical subdivisions (eg ecofeminism and feminist spirituality) * discipline-specific issues (eg philosophy and anthropology) * the conceptual apparatus of gender theory (eg biologism) * methodologies (eg deconstruction and narrative theory) * intersections (eg with racial theory, queer theory) * political issues (eg citizenship, reproductive rights). (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Commentary on “Loopholes, Gaps, and What Is Held Fast”Lorraine Code (bio)Keywordsepistemology, incredulity, knowing other people, memory, testimonyNancy Potter’s compelling essay points to some of the limitations of the theoretical apparatus that the post-positivist empiricist epistemologies of the Anglo-American mainstream make available for evaluating experiential memory claims in general, and “false memory syndrome” in particular. The loopholes and gaps in these theories of knowledge push urgent questions about testimony, (...) trust, and the politics of knowledge into a prominent place on the agendas of successor epistemology projects. These politics are enacted in societies whose dominant rhetoric privileges eye-witness evidence and “knowledge by acquaintance” as sources of objective knowledge, yet whose practices of incredulity—of granting and withholding acknowledgement to testimonial knowledge claims—expose power-saturated structures of dominance and subordination and of arbitrarily uneven distributions of epistemic authority. 1For classical empiricists and their successors, perception, memory and testimony, hierarchically ordered with perception on top, count as the principal sources of empirical knowledge. This ordering maps the relative reliability of the processes, with perception ranking as most stable, reliable and secure, memory coming second on all of these scores, and testimony ranking a poor third, closer to opinion, hearsay and rumor than to the other more respectable sources. Perception, for these theories, is “immediate” in that it is direct, bare, uncontaminated either by the particularities of the perceiving subject or of the perceptual event: from its presumed (but contestable) immediacy, all the rest follows. Memory counts as perception at one remove, its reliability a function of the relative “vividness” of the perceptions it commemorates. The esteem commonly claimed for eye-witness testimony derives from this conception of memory, which is believed to ground the testimony because of its presumed proximity to “immediate” perception. Yet testimony, even in its restricted “knowledge by description” form, tends by contrast with perception and memory to be a shaky affair; and as the temporal distance between event and testimony increases, so knowledge of matters unavailable to direct observation fares less and less well in classical and post-positivist epistemologies. A distrust of testimony is at once understandable and odd, because so small a proportion both of communal and of “individual” knowledge indeed derives from first-hand observations and experiences: most of it comes from testimony in an extended sense that encompasses books, teachings, media reports, all of the sources and resources on which both secular and scholarly knowledge relies for much of its substance. This expanded construction of the term runs alongside [End Page 255] the first-personal “testimonial” sense that is more plainly operative in discussions of false memory syndrome which, despite its experiential source, is often likewise contested on grounds that discredit the “privileged access” status that these same epistemologies claim for experience at first hand.Epistemologists commonly assimilate testimony to monologic, observational knowledge, deriving its constitutive features from instances where a testimonial utterance can pose as another perception—this time an auditory one—in a personal set of knowledge-producing observations (e.g., Fricker 1987). Because the speaker may be lying or mistaken, the process may fail to transmit knowledge; but this failure can be read as a simple perceptual error or a misremembering. Such approaches ignore the constitutive function of an interpreter/listener in fostering or thwarting testimonial knowledge to subsume it, too, much under an observational model. Indeed, not only do they separate the knower from the known and the process of knowing, as Potter observes, they also separate the knower from other knowers to guard against their influencing (= contaminating) the knowledge-production process. Experiences where an interlocutor actually enables the production of knowledge do not figure in such analyses, 2 whose effect is to suggest that giving or hearing testimony invokes no more significant moral-political issues than do acts of perceiving tables and chairs: that hearing, like seeing, is believing. (Norman Malcolm’s analysis of memory, which Potter cites, would also underwrite such a view of testimony.) Yet standard empiricist and post-positivist epistemologies generate an inquisitorial model of eliciting testimony in which the more generalized “testimony” in the knowledge that people acquire from books, media reports, conversation, reference sources recedes from... (shrink)

Who is the autonomous moral agent? The individual? The exemplary/typical knowing, acting, suffering, or thriving human being? Such questions in diverse modalities, originating in multiple circumsta...

Here I discuss some epistemological questions posed by projects of attempting to think globally, in light of the impossibility of affirming universal sameness. I illustrate one strategy for embarking on such a project, ecologically, in a reading of an essay by Chandra Talpade Mohanty. And I conclude by suggesting that the North/South border between Canada and the U.S.A. generates underacknowledged issues of cultural alterity.