We study how messages on Twitter by large non-governmental organizations (NGOs), targeting companies from the S&P500, affect these companies’ stock prices. With a sample of 1,611 tweets between 2009 and 2017 by 18 large NGOs, we observe significant changes in the stock prices of the targeted firms. More specifically, NGO tweets stating a positive message about the environmental, social, or governance (ESG). Actions of the firm have a positive effect on stock prices, while negative tweets have a negative effect. Nevertheless, (...) we find that the presence of institutional owners hampers this effect: firms with high institutional ownership value positive tweets more negatively, and negative tweets more positively. These results support the idea that shareholders react significantly to NGO tweets but they react differently depending on their time horizon: for shareholders who have a more short-term horizon, typically institutional owners, the reaction diverges societal expectations about how firms should contribute to society. (shrink)

Is corporate social responsibility a tool for strategic positioning? While CSR is sometimes used as part of a differentiation strategy, this article analyzes which specific CSR strategies arise in response to competitive pressures. The results suggest that competitive pressures lead firms to increase their positive social actions without necessarily decreasing their social weaknesses. This positive impact varies with specific dimensions of CSR and industry specificities: Competition improves social performance toward core stakeholders to a greater extent than social performance toward peripheral (...) stakeholders. This effect is more pronounced in B2C industries than in other industries. Competition leads firms in “dirty” industries to ignore environmental initiatives. (shrink)

This paper examines the impact of the recent financial crisis on the relation between a firm’s risk and social performance using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis period compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger (...) with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm’s risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment. (shrink)

The purpose of this article is to examine empirically the impact of environmental certification on firm financial performance (FP). The main question is whether there is a "green premium" for certified firms, and, if so, for what kind of certification. We analyze the short-run and the long-run stock price performance using an event-study methodology on a sample of Canadian and U.S. firms. The results of short-run event abnormal returns indicate that forest certification does not have any significant impact on firm (...) FP regardless of the certification system carried out by firms. Unlike the short-run results, the long-run post-event abnormal returns suggest that forest certification has, on average, a negative impact on firm FP. However, the impact of forest certification on firm FP depends on who grants the certification, since only industry-led certification (Sustainable Forestry Initiative, Canadian Standards Association and ISO14001) are penalized by financial markets, whereas non-governmental organizations—led Forest Stewardship Council certification is not. (shrink)

We compare the traits of companies receiving social policy shareholder resolutions with those of a set of matching firms. We show that targeted firms tend to be much larger and riskier, less profitable and less socially performing than their counterparts. The five largest investors in firms receiving social proxies tend to hold a lower stake in those firms vis‐à‐vis the matching firms. Firms in both samples, however, are not statistically different in terms of percentages of shares held by institutional and (...) insider investors. We provide possible explanations for our results. (shrink)

This paper investigates the corporate social responsibility (CSR) structures of U.S. listed firms. We find evidence of a general tendency towards CSR specialization with almost three-quarters (73.91%) of these firms focusing on a single CSR dimension. The degree of specialization varies across industries and the single CSR dimension focused on also varies for industries with similar degrees of specialization. We find that firms with higher exposures to CSR concerns, international activities, larger size, and higher financial slack tend to diversify across (...) multiple CSR dimensions. More importantly, we find evidence that diversified CSR structures positively affect a firm’s value relative to a control group before and during the 2008 financial crisis. Our findings have important implications for corporate and portfolio managers, investors, and policy makers. (shrink)

Retributivists are often thought to give 'deontological' theories of punishment, arguing that we should punish not for the beneficial consequences of doing so such as deterrence or incapacitation, but purely because justice demands it. Kant is often regarded as the paradigmatic retributivist. In some passages Kant does appear to give a deontological theory of punishment. For example, Kant insists that on an island where all the people were to leave the next day, forever dissolving and dispersing the community, the last (...) murderer in jail would have to have his execution carried out before the diaspora--justice demands it. In other passages, however, Kant defends punishment by appealing to its beneficial consequences. For example, after supposing that one man on a life raft pushes the other off to save his own life, Kant says that the former man should not be legally punished "because that punishment would have to be death, and it would be an absurd law that threatened death to one who refuses to die voluntarily in a dangerous situation." In this passage Kant's reasoning is that state laws, by threatening us with sanctions, are intended to prevent us from violating rights--the point of these laws is to deter. A law that imposes a punishment that could not deter is an absurd law. I argue that while Kant rejects consequentialism in thinking about moral actions, he distinguishes law and morality, and in the sphere of law, an action we take is to be justified by appealing to the good it yields. The point of legal punishment is to deter violations of rights and protect us from a state of nature in which no one's freedom is assured. Kant's theory of legal (as opposed to moral) punishment is not deontological. Nevertheless we can characterize his consequentialist theory of legal punishment as retributive in some sense. The paper then considers how the passages about punishment in which Kant invokes consequentialist thinking can be reconciled with other passages where he insists on punishment regardless of the consequences. (shrink)

Ontological and methodological constraints on a theory of cognition that would generalize across species are identified. Within these constraints, ecological arguments for animal-environment mutuality and reciprocity and the necessary specificity of structured energy distributions to environmental facts are developed as counterpoints to the classical doctrines of animal-environment dualism and intractable nonspecificity. Implications of and for a cognitive theory consistent with Gibson's programme of ecological psychology are identified and contrasted with contemporary cognitivism.

Traditional welfare states were based on passive solidarity. Able bodied, healthy minded citizens paid taxes and social premiums, usually according to a progressive taxation logic following the ability to pay principle. Elderly, fragile, weak, unhealthy and disabled citizens were taken care of in institutions, usually in quiet parts of the country. During the nineteen eighties and nineties of the twentieth century, ideas changed. Professionals, patients and policy makers felt that it would be better for the weak and fragile to live (...) in mainstream society, rather than be taken care of in institutions outside society. This might be cheaper too. Hence policy measures were taken to accomplish deinstitutionalization. This article discusses the implications of deinstitutionalization for distributive justice. It is argued that the weakest among the weak and fragile stand to lose from this operation. For able bodied citizens deinstitutionalization entails a move from passive to active solidarity. Rather than just pay taxes they have to actively care for and help the needy themselves. The move from passive to active solidarity tends to take advantage of benevolent citizens and burden the socioeconomically disadvantaged. This may be a reason to reconsider the policy move toward deinstitutionalization. (shrink)

Hegel's Rechtsphilosophie is metaphysical, to be sure; but it is also political. To help show this I will make sense, and show the plausibility and relevance, of what appears to be one of the most metaphysical (and bizarre) claims to be found in Hegel's political philosophy: his justification of hereditary monarchy. While among Hegel scholars Hegel's theory of constitutional monarchy has been a focus of heated debate over whether Hegel is a liberal or a conservative; and has recently become a (...) focus in the debate over whether Hegel accommodated himself to the Prussian government out of fear of censorship by publishing an exoteric view endorsing hereditary monarchy that belies his �genuine�, more democratic view, to the nonspecialist Hegel's argument will seem to be of little relevance -- hereditary monarchy is not a live option for us in the 1990s. My intention in giving it serious consideration is not to have us entertain hereditary monarchy as an undeservedly neglected possibility, but rather to put the brakes on a tendency to dismiss Hegel as too much the idealist to dirty his hands with politics. (shrink)

Channeling affinities with certain motifs of Daoism, Walter Benjamin renews a form of dialectical thought that diffuses ideological notions of progress and grants minimal weight to the ontological distinction of the Subject. In fleeting yet pivotal moments of contact with Chinese aesthetics, Benjamin moves attention toward the practice of ‘thinking by way of resemblance’ – a phenomenon he variously enacts. Calling forth resonances within late-capitalist modernity, he retrieves from Daoist literature a notion of dialectical reversal freed from progressive synthesis, as (...) well as image-repertoires of self-forgetting, which he understands to be irreducible to reification. The Daoist imaginary offers Benjamin resources for breaking open the anthropocentric closure of Hellenic accounts of mimesis. He theorizes similitude more capaciously as something that can flash up across temporally discontinuous phenomena – without deferring to predetermined categories of Being. Benjamin thus recasts resemblance – regarded by Enlightenment rationality as an impoverished mode of cognition – as a medium of historical apprehension that resists the occlusion of transience by the ontology of the victors. (shrink)

Misattributed paternity or ‘false’ paternity is when a man is wrongly thought, by himself and possibly by others, to be the biological father of a child. Nowadays, because of the progression of genetics and genomics the possibility of finding misattributed paternity during familial genetic testing has increased. In contrast to other medical information, which pertains primarily to individuals, information obtained by genetic testing and/or pedigree analysis necessarily has implications for other biologically related members in the family. Disclosing or not a (...) misattributed paternity has a number of different biological and social consequences for the people involved. Such an issue presents important ethical and deontological challenges. The debate centres on whether or not to inform the family and, particularly, whom in the family, about the possibility that misattributed paternity might be discovered incidentally, and whether or not it is the duty of the healthcare professional to disclose the results and to whom. In this paper, we consider the different perspectives and reported problems, and analyse their cultural, ethical and legal dimensions. We compare the position of HCPs from an Italian and British point of view, particularly their role in genetic counselling. We discuss whether the Oviedo Convention of the Council of Europe can be seen as a basis for enriching the debate. (shrink)

After two weeks in La Barca, a small dirt-lined Mexican town known for its delicious tacos and endemic salmonellosis, it seemed I was serving a prison sentence rather than my sixth-semester surgery rotation. It was almost 11:00 on another insufferably humid day and I was in the operating room. I struggled to maintain my steady contorted position as I held the patient’s abdominal cavity open with surgical retractors for the chief surgeon and the resident. I had been plagued with a (...) wonderful bout of gastroenteritis since my arrival in La Barca, so my knees buckled and my attention peaked with every wave of abdominal false alarms. My peripheral vision had been obliterated thanks to the …. (shrink)

Purpose of the article is to highlight the peculiarities of the androgyny presentation in current visual culture, in particular in fashion and its philosophical and culturological comprehension. Determination of the leading trends associated with the offset of gender stereotypes and denial of the established separation into the feminine and masculine beginnings is due to the attention to the latest theories, such as transfeminism. Theoretical basis is the works of contemporary authors who develop such concepts as "gender", "gender identity", "androgyne" and (...) move within the limits of the theories of transfeminism and transgenderism. The leading French thinker J. Baudrillard outlines philosophical measurements related to the justification of fashion. The interaction issues of the feminist theory, aesthetics of gender and androgyny, which are manifested in visual images, are presented in the writings of P. Auslander, R. Crepax. Transformation of the androgyny idea is considered in the works of B. Řiháková, F. J. Galarte. S. Stryker, T. Bettcher and J. Halberstam also address the problem of transgenderism and transfeminism in their writings. Originality is to highlight the main aspects associated with actualization of androgyny, its visual presentations in fashion, and the connections with contemporary theoretical discourse. A number of concepts related to the transformation of gender stereotypes have been identified. It was revealed that the logical continuation of changes in society, science and technical development is the actualization of androgyny as an individual’s freedom in self-presentation and self-identification. It was emphasized that during the last century androgyny also serves as the basis for forming new trends in theoretical discourse, in particular, transfeminism, as well as it finds many visual manifestations in fashion and fashion industry. Conclusions contain the results of the study that describes the role of androgyny in the context of today’s culture as a measurement of personal freedom, aimed at avoiding gender stereotypes and the usual dichotomy of masculinity and femininity, which manifests itself in contemporary visual practices. (shrink)

In this paper, a response to Ed Levy's discussion of medical quantification, I reflect on the ambitions of my book Trust in Numbers. I explore the idealized method of randomized clinical trials, revealed in his case study, as a social technology, one endowed with a persuasive scientific rationale but shaped also by political and social demands. The scholarly study of quantification requires not a choice between blind admiration and sweeping rejection, but a nuanced understanding. This should take into account not (...) only the cognitive aspects of science, but also its role in relation to institutions and customs, examined with some specificity. While history is narrowed and distorted when it is written to support a position on some present issue, historical and social studies of science should at least provide tools of criticism. For this, the historian of science must look beyond narrow communities of specialists, and seek a wider perspective on science as an administrative tool and a bearer of cultural and political values. (shrink)

The neural basis of the Chorus model has been cast in terms of the visual alphabet theory, but the neural evidence can also be interpreted as supporting a theory of higher level representation in which neurons are responsive to complex 3D stimuli. These neurons, functioning as a population, could also form the basis of a representation such as envisaged by the Chorus model.

I take it as my assignment to criticize the Gauthier enterprise. At the outset, however, I should express my general agreement with David Gauthier's normative vision of a liberal social order, including the place that individual principles of morality hold in such an order. Whether the enterprise is, ultimately, judged to have succeeded or to have failed depends on the standards applied. Considered as a coherent grounding of such a social order in the rational choice behavior of persons, the enterprise (...) fails. Considered as an extended argument implying that persons should adopt the moral stance embodied in the Gauthier structure, the enterprise is, I dunk, largely successful. Considered as a set of empirically falsifiable propositions suggesting that persons do, indeed, choose as the Gauthier precepts dictate, the enterprise offers Humean hope rather than Hobbesian despair. (shrink)