The Business Roundtable's “Purpose of a Corporation” letter announced a shift from stockholder primacy to stakeholder primacy. Interestingly, we contend the letter's language employed a technical efficiency emphasis, suggesting a firm's executives chose to make this shift because they believed doing so would improve the firm's financial performance, via improved corporate governance. We examine whether investors actually accepted the technical efficiency arguments at face value, or in contrast believed the announcements were merely a “rational myth,” what management thought investors would (...) want to hear. We employ a 2-day cumulative abnormal return (CAR) event study for 140 publicly-held firms. Overall, we find investor support for the announcement. In addition, we found how returns to firms with prior similar announcements were negative at the time of the announcement. Also, the returns for firms having multiple signatories were positive and significant. (shrink)

We examine market reactions to publicly held multinational firms announcing their affiliation with the United Nations Global Compact (UNGC). The UNGC is a voluntary initiative to support four areas of United Nations viz. Human Rights, Labor, Environmental, and Anti-Corruption. Because firms must file annual Communication on Progress (COP) reports toward these initiatives, we argue this creates a differentiating transparency of interest to stakeholders. Using a sample of 175 global firms, we find support to the theory for joining the UNGC. Returns (...) differ markedly, however, between multinational firms headquartered in the United States (negative) and Europe (positive). We also find that failing to complete the annual COP generates a negative market reaction. (shrink)

We examine market reactions to the stock options backdating scandal in a slightly unusual way, but focusing on firms who were not perceived to have had a backdating concern, but were instead linked to firms who did have a backdating concern. These linkages can be found via board interlocks and the roles those directors perform. In addition we examine the linkages which occur from shared professional services firms, such as auditors and outside legal counsel. That these potential conduits are available (...) is not in question, but rather, do investors perceive the conduits are used to pass along information about backdating stock options? We then ask if affiliation with dominant audit and legal services firms ameliorates or exacerbates those investor market reactions. We find that firms linked to the scandalized firms also face negative reactions, which are worsened when they also are serviced by professional services firms who are themselves are also linked to the managerial practice. (shrink)

This study examines events at the conclusion of the 2006 stock option backdating scandal: the departures of C-level executives from firms implicated in backdating. The authors ask whether removing executives brings closure to the scandal, or if executive turnover creates greater uncertainty. Using a sample of 236 executive departures, the authors find that although overall market reaction to executive departures is negative, those departures involving a firm’s CEO or CFO ameliorate the market reaction. The authors also find that market reaction (...) worsens when the CEO “resigns,” versus being terminated, and when the firm involved has been previously identified as socially responsible. Results suggest that firms, by shaping who and how executives depart, may amplify or dampen the damage of existing scandalizing events. (shrink)

Stakeholder theory provides a framework for investigating the relationship between corporate social performance (CSP) and corporate financial performance. This relationship is investigated by examining how change in CSP is related to change in financial accounting measures. The findings provide some support for a tenet in stakeholder theory which asserts that the dominant stakeholder group, shareholders, financially benefit when management meets the demands of multiple stakeholders. Specifically, change in CSP was positively associated with growth in sales for the current and subsequent (...) year. This indicates that there are short-term benefits from improving CSP. Return on sales was significantly positively related to change in CSP for the third financial period, indicating that long-term financial benefits may exist when CSP is improved. (shrink)

Long considered "the noblest of the senses," vision has increasingly come under critical scrutiny by a wide range of thinkers who question its dominance in Western culture. These critics of vision, especially prominent in twentieth-century France, have challenged its allegedly superior capacity to provide access to the world. They have also criticized its supposed complicity with political and social oppression through the promulgation of spectacle and surveillance. Martin Jay turns to this discourse surrounding vision and explores its often contradictory implications (...) in the work of such influential figures as Jean-Paul Sartre, Maurice Merleau-Ponty, Michel Foucault, Jacques Lacan, Louis Althusser, Guy Debord, Luce Irigaray, Emmanuel Levinas, and Jacques Derrida. Jay begins with a discussion of the theory of vision from Plato to Descartes, then considers its role in the French Enlightenment before turning to its status in the culture of modernity. From consideration of French Impressionism to analysis of Georges Bataille and the Surrealists, Roland Barthes's writings on photography, and the film theory of Christian Metz, Jay provides lucid and fair-minded accounts of thinkers and ideas widely known for their difficulty. His book examines the myriad links between the interrogation of vision and the pervasive antihumanist, antimodernist, and counter-enlightenment tenor of much recent French thought. Refusing, however, to defend the dominant visual order, he calls instead for a plurality of "scopic regimes." Certain to generate controversy and discussion throughout the humanities and social sciences, _Downcast Eyes_ will consolidate Jay's reputation as one of today's premier cultural and intellectual historians. (shrink)

This volume presents Rosenberg's previously published studies of the central elements and implications of Sellars' philosophy, along with three new essays that ...

Few words in both everyday parlance and theoretical discourse have been as rhapsodically defended or as fervently resisted as "experience." Yet, to date, there have been no comprehensive studies of how the concept of experience has evolved over time and why so many thinkers in so many different traditions have been compelled to understand it. _Songs of Experience _is a remarkable history of Western ideas about the nature of human experience written by one of our best-known intellectual historians. With its (...) sweeping historical reach and lucid comparative analysis—qualities that have made Martin Jay's previous books so distinctive and so successful—_Songs of Experience _explores Western discourse from the sixteenth century to the present, asking why the concept of experience has been such a magnet for controversy. Resisting any single overarching narrative, Jay discovers themes and patterns that transcend individuals and particular schools of thought and illuminate the entire spectrum of intellectual history. As he explores the manifold contexts for understanding experience—epistemological, religious, aesthetic, political, and historical—Jay engages an exceptionally broad range of European and American traditions and thinkers from the American pragmatists and British Marxist humanists to the Frankfurt School and the French poststructuralists, and he delves into the thought of individual philosophers as well, including Montaigne, Bacon, Locke, Hume and Kant, Oakeshott, Collingwood, and Ankersmit. Provocative, engaging, erudite, this key work will be an essential source for anyone who joins the ongoing debate about the material, linguistic, cultural, and theoretical meaning of "experience" in modern cultures. (shrink)

In The Virtues of Mendacity, Jay resolves to avoid this conventional framing of the debate over lying and politics by examining what has been said in support of ...

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain (...) in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

Wilfrid Sellars' conclusion in "Empiricism and the Philosophy of Mind" that "the Given" is a "Myth" quickly elicited philosophical opposition and remains contentious fifty years later. William Alston has challenged that conclusion on several occasions by attempting to devise an acceptable account of perception committed to the givenness of perceived objects. His most recent challenge advances a "Theory of Appearing" which posits irreducible non-conceptual relations, ostensibly overlooked by Sellars, e.g., of "looking red", between the subject and the object perceived, that (...) can playa justificatory role vis-à-vis the corresponding beliefs, e.g., that the object is red. I argue that Alston undermines his positive plausibility arguments by first blurring and then ignoring crucial differencesamong various looks-concepts, and that his own putative "phenomenal" looks-concept demonstrably cannot play the justificatory role that he envisions for it. Both his critique of Sellars' arguments and his own alternative proposal thus fail on all fronts. (shrink)

This mixed-methods case study describes the experiences of a rural health organization in Canada that was a pioneer in undergoing institutionally driven radical change. This change was advocated by senior managers and physicians with the strong backing of the government. The senior managers and physicians made a strong case for the radical change and argued that a focus on efficiency and wellness would lead to improved service and quality of patient-care. However, this radical change initiative was resisted by nurses and (...) support staff who perceived that these changes were being driven by market-based institutional logics and questioned their ethical appropriateness in a public system. They also expressed a lack of trust given the large-scale layoffs in a prior restructuring. These findings run counter to extant theory by highlighting the role of agency despite institutional pressures. Specifically, change implementers not only face the burden of justifying ethical appropriateness of institutional logics, but also are required to engage in persuasive discourse that these institutional logics protect the interests of the members. (shrink)

According to Hume, the idea of a persisting, self-identical object, distinct from our impressions of it, and the idea of a duration of time, the mere passage of time without change, are mutually supporting "fictions". Each rests upon a "mistake", the commingling of "qualities of the imagination" or "impressions of reflection" with "external" impressions (perceptions), and, strictly speaking, we are conceptually and epistemically entitled to neither. Among Kant's aims in the First Critique is the securing of precisely these entitlements. Like (...) Hume, he acknowledges the correlativity of the notions of temporal duration and persisting self-identical objects (i.e., continuant substances). Unlike Hume, however, he undertakes to establish the legitimacy or objective validity of the schematized category of substance and, correspondingly, of the representation of time as a formal unity with duration as one of its modes. (shrink)

Discusses epistemic foundationalism. Examines the confrontation between Wilfrid Sellars's critique of the ‘Myth of the Given’ and William Alston's defence of ‘immediate knowledge’, and explores and endorses Sellars's strong epistemic internalism and the integrated normative accounts of justification, language‐mastery, concept‐possession, and perceptual experience that support it. The proceduralist thesis that the activity of justifying is prior to the state of being justified is elucidated and defended.

Rorty rejects the idea of a "permanent and neutral matrix of Heuristic concepts". The claim of privilege, however, is separable from the aim of universality, and this idea can be transposed into a regulative ideal, while still preserving the unique intellectual mission of a discipline of philosophy. Rorty's own positive picture of "edifying Philosophy" in contrast is arguably irresponsible and grounded in misreadings both of the epistemology of science and of episodes in the history of philosophy, especially the contributions of (...) Kant. (shrink)