As Socially Responsible Investment (SRI) enters the mainstream of professional and institutional investment practice, some perplexities arise. Some SRI market participants are well schooled in finance but are hesitative as to how to apply non-financial criteria in the management of portfolios. Governments too are giving SRI more attention and, in some countries, are discussion whether and how to regulate the SRI market. Advocacy groups are targeting SRI projects through media campaigns using political discourse. Many of the pertinent questions that come (...) with these perplexities are of the philosophical or ethical type and concern legitimisation, demarcation of responsibilities, interpretation of norms and policy formulation. The inclusion of non-financial criteria into investment decision-making leads to a ‹puzzle in SRI’ for which this article offers a solution. The puzzle arises when the day-to-day implementation of an SRI-policy coincides with the process of administering justice. Three questions make up that puzzle: (1) what should an␣investor do when allegations arise about a corporation, (2) what should an investor do when a corporation is brought before a court, (3) what should an investor do when a corporation is found guilty by a court. This article argues, by distinguishing between the rationality of the investor and that of the judge, that allegations, court cases or court verdicts should not be reasons to disinvest from a corporation. This article offers examples from investor practice and points out in which way allegations, court cases and court verdicts make sense for investor behaviour. (shrink)

As Socially Responsible Investment (SRI) enters the mainstream of professional and institutional investment practice, some perplexities arise. Some SRI market participants are well schooled in finance but are hesitative as to how to apply non-financial criteria in the management of portfolios. Governments too are giving SRI more attention and, in some countries, are discussion whether and how to regulate the SRI market. Advocacy groups are targeting SRI projects through media campaigns using political discourse. Many of the pertinent questions that come (...) with these perplexities are of the philosophical or ethical type and concern legitimisation, demarcation of responsibilities, interpretation of norms and policy formulation. The inclusion of non-financial criteria into investment decision-making leads to a 'puzzle in SRI' for which this article offers a solution. The puzzle arises when the day-to-day implementation of an SRIpolicy coincides with the process of administering justice. Three questions make up that puzzle: (1) what should an investor do when allegations arise about a corporation, (2) what should an investor do when a corporation is brought before a court, (3) what should an investor do when a corporation is found guilty by a court. This article argues, by distinguishing between the rationality of the investor and that of the judge, that allegations, court cases or court verdicts should not be reasons to disinvest from a corporation. This article offers examples from investor practice and points out in which way allegations, court cases and court verdicts make sense for investor behaviour. (shrink)

This paper, an epilogue to the special issue on socially responsible investment, is a first attempt to philosophically tackle information asymmetries that pertain to the consequences or the effectiveness of SRI-policies. The paper discerns four types or techniques of SRI: 1) shareholder engagement; 2) the selection of best-in-class entities; 3) the maintenance of categorical exclusions; 4) the financing of alternative economies. For each technique, the paper first briefly sketches the mechanism that is put to work by the SRI-investor. Then, I (...) try to assess whether the investor is able to know whether or not his SRI-effort is being or has been effective in the real world. (shrink)

It is much debated whether Aristotle’s conception of happiness includes all valuable goods or only intellectual activity of a certain kind . Our analysis of movement and activity yields a number of distinguishing features to which the eulogy for contemplation in EN X, 6-8 is referring. Moreover, good practice has the same ontological features as producing, certainly not a candidate for happiness. Man has many powers that can be actualised in their limit of perfection, but only one is an activity (...) and that is contemplation. So an analysis of the ontological basis of Aristotelian ethics leads to the conclusion that happiness must be understood along the lines of exclusivism. (shrink)

‘Stakeholder’ and related notions have been coined to enhance managerial practice in mainstream corporations. Currently, these notions are abundantly present in all kinds of discourses, especially those on ‘socially responsible investing’. But what kind of stakeholder management are these socially responsible investors promoting and what might be reasonable expectations about outcomes? We find that they promote an approach that has shareholder value as motivation and legitimisation and that they nowhere promote sharing of governance with stakeholders other than shareholders. We explain (...) why this might reasonably be expected. Besides mainstream investors and corporations, investing through co-operatively structured corporations differs regarding stakeholder positions with respect to the position of at least one stakeholder group, whether this be consumers, employees or producers. What are the implications thereof and are these investments then superior from a socially responsible perspective on investment? We find that co-operative investors meet their own set of difficulties in implementing stakeholder management. Our questions and findings enable us to formulate some critical remarks on the stakeholder-notion in both discourses and in general. We suggest that its use, if not halted altogether, should at least be restricted and substituted by the use of more specific notions. (shrink)

‘Stakeholder’ and related notions have been coined to enhance managerial practice in mainstream corporations. Currently, these notions are abundantly present in all kinds of discourses, especially those on ‘socially responsible investing’. But what kind of stakeholder management are these socially responsible investors promoting and what might be reasonable expectations about outcomes? We find that they promote an approach that has shareholder value as motivation and legitimisation and that they nowhere promote sharing of governance with stakeholders other than shareholders. We explain (...) why this might reasonably be expected. Besides mainstream investors and corporations, investing through co-operatively structured corporations differs regarding stakeholder positions with respect to the position of at least one stakeholder group, whether this be consumers, employees or producers. What are the implications thereof and are these investments then superior from a socially responsible perspective on investment? We find that co-operative investors meet their own set of difficulties in implementing stakeholder management. Our questions and findings enable us to formulate some critical remarks on the stakeholder-notion in both discourses and in general. We suggest that its use, if not halted altogether, should at least be restricted and substituted by the use of more specific notions. (shrink)

This paper explores semi‐formal interactions between SRI‐investors that take the governance route rather than deploy a best‐in‐class logic or exclusionary screening. On the basis of a stakeholder typology of the investor and of the chosen topic of interaction, namely compliance with the core ILO labour conventions, the paper formulates 10 expectations about management reactions to the concerns raised by investors. These expectations cover responsiveness, acknowledgment of positions and general attitude. The expectations are then related to the factual discourse by management (...) responding to such concerns raised by investors. Based on data obtained from the Portfolio21‐correspondence, which is a joint initiative of European investors, it is found that management is very willing to discuss cases but at the same time denies the truth‐value of the allegations. Here, the problem of information asymmetry comes to the fore. (shrink)

Socially Responsible Investment (SRI) has grown considerably over the past three decades. One form of SRI, engagement-SRI, is today by far the most practiced form of SRI (in assets managed) and has the potential to mainstream SRI even further. However, lack of formalized engagement procedures and evaluation tools leave the engagement practice too opaque for such a mainstreaming. This article can be considered as a first step in the development of a standard for the engagement practice. By developing an engagement (...) heuristic, this article offers a more transparent engagement dialog. Drawing on Stevenson’s and Austin’s speech-act theories, this article develops a classification of management’s responses to the signaling of allegations and controversies on two dimensions: a factual dimension concerning (dis)agreements on factual claims and an attitudinal dimension concerning (dis)agreements on responsibilities, values, and norms. On the basis of the distinctions this article develops, the authors provide for a synoptic table and offer a next-step heuristic for the engagement process that started with signaling a concern to management. The article uses an engagement logic that, while keeping the exit option for the investor open, allows management to address signaled concerns without having to let down or to opt out at the first setback in the dialog process between investor and investee corporation. (shrink)

This introduction to the special issue on information asymmetries in socially responsible investment introduces the concept of information asymmetries and offers an overview of how such information asymmetries pertain to SRI. We first point out that all Abanking@, in its different metiers, always is concerned with information asymmetries. That introductory concept is succeeded by an overview of the different metiers in banking. We try to diminish a general information asymmetry regarding the financial professions in general and their scope for SRI (...) more specifically. We then distinguish several types of information asymmetry that may be at play in SRI-projects and introduce the contributions in this issue. (shrink)

Socially Responsible Investment (SRI) has grown considerably over the past three decades. One form of SRI, engagement-SRI, is today by far the most practiced form of SRI (in assets managed) and has the potential to mainstream SRI even further. However, lack of formalized engagement procedures and evaluation tools leave the engagement practice too opaque for such a mainstreaming. This article can be considered as a first step in the development of a standard for the engagement practice. By developing an engagement (...) heuristic, this article offers a more transparent engagement dialog. Drawing on Stevenson's and Austin's speech-act theories, this article develops a classification of management's responses to the signaling of allegations and controversies on two dimensions: a factual dimension concerning (dis)agreements on factual claims and an attitudinal dimension concerning (dis)agreements on responsibilities, values, and norms. On the basis of the distinctions this article develops, the authors provide for a synoptic table and offer a next-step heuristic for the engagement process that started with signaling a concern to management. The article uses an engagement logic that, while keeping the exit option for the investor open, allows management to address signaled concerns without having to let down or to opt out at the first setback in the dialog process between investor and investee corporation. (shrink)

This volume presents the first comprehensive survey of the entire corpus of John Dewey’s work—almost one thousand items—and groups all these writings in twelve logical categories, so that the user can gain insight into_ _interrelationships among areas of Dewey’s thought and into Dewey’s total contribution to American letters. By arranging and analyz­ing_ _the complete body of Dewey’s published writings within the twelve areas, each with an introductory essay and bibliography, the book thus combines a thorough study of Dewey’s thought with (...) valuable reference material. The distinguished scholars contributing essays to the volume are: Herbert W. Schneider, Lewis E. Hahn, Gail Kennedy, Darnell Rucker, Wayne A. R. Leys, Bertram Morris, S. Morris Eames, Horace L. Friess, William W. Brickman, George E. Axtelle, Joe R. Burnett, Max H. Fisch, and Ou Tsuin-chen. (shrink)

This volume presents the first comprehensive survey of the entire corpus of John Dewey’s work—almost one thousand items—and groups all these writings in twelve logical categories, so that the user can gain insight into_ _interrelationships among areas of Dewey’s thought and into Dewey’s total contribution to American letters. By arranging and analyz­ing_ _the complete body of Dewey’s published writings within the twelve areas, each with an introductory essay and bibliography, the book thus combines a thorough study of Dewey’s thought with (...) valuable reference material. The distinguished scholars contributing essays to the volume are: Herbert W. Schneider, Lewis E. Hahn, Gail Kennedy, Darnell Rucker, Wayne A. R. Leys, Bertram Morris, S. Morris Eames, Horace L. Friess, William W. Brickman, George E. Axtelle, Joe R. Burnett, Max H. Fisch, and Ou Tsuin-chen. (shrink)

African jurisprudence, like African philosophy, continues to be hotly debated. This article contends that the debate straddles the uniqueness claim which either emphasises the existence or possibility of a peculiar legal framework on the continent, and a historical co-extensional position reiterating that African jurisprudence is a continuum of other legal traditions. The article argues that there is no uniquely African jurisprudence, and that what obtains within the structures of jurisprudence on the continent also exists within various legal traditions elsewhere, and (...) as such can at best be described as ‘jurisprudence in Africa’ rather than ‘African jurisprudence’. It defends this thesis through analytic and comparative explications of the content of natural law theory and legal positivism as experienced on the continent. It concedes that relics of the colonial legal experience create contestations that inform scholars’ calls for a return to traditional legal systems. It concludes that a reconstructive jurisprudence in Africa must take cognisance of the continent’s historical and evolutionary legal experiences, but that a unified or monolithic theory may not be sufficient to address the choice of functional jurisprudence. Keywords African jurisprudence, jurisprudence in Africa, African legal evolution, diffused legal theories. (shrink)

This edited volume examines the role of personal epistemology in teaching across early childhood, primary, secondary and tertiary contexts, and the implications for teacher education, incorporating the most up-to-date research and ...

Twaalf studies over ethische en wijsgerige vraagstukken van de hoogleraar aan de Katholieke Hogeschool Tilburg (1919-1981).

本書は昌益の思想方面を集中的に、しかもその全分野を対象にして、その特徴と内在論理性を明らかにするべく、しかも整理された認識として示すことを目標として纏められた。.

This study was conducted to determine how culture influences the ethical perception of managers. Most studies conducted so far have only stated similarities and differences in ethical perception between cultural or ethnic groups and little attention has been paid towards understanding how cultural values influence the ethnic groups' ethical perception. Moreover, most empirical research in this area has focused on moral judgement, moral decision making and action, with limited empirical work in the area of ethical perception. A total of 22 (...) interviews were conducted and the questionnaire survey yielded 272 managerial responses. Three implications were obtained based on the findings of the study. The first implication is that differences in ethical perception can exist when one culture attributes moral significance to something that another culture does not. The results of the study also suggest that similarities in ethical perception can occur when a situation is viewed as an accepted and institutionalised part of doing business. Finally, the findings of the study also show that the influence of culture on ethical perception varied according to the different types of scenarios. (shrink)

The target article by Locke & Bogin (L&B) focuses on the evolution of language as a communicative tool. They neglect, however, that from infancy onwards humans have the ability to go beyond successful behaviour and to reflect upon language (and other domains of knowledge) as a problem space in its own right. This ability is not found in other species and may well be what makes humans unique.

English summary: Until well into the 18th century, the concept of the soul played a major role in the scientific, religious, aesthetic and metaphysical discussion of humanity representing the highest level of existence. In modernity, this concept of the soul has lost its significance. It seems to have been replaced by terms such as subjectivity, personality and individuality. At the same time a symbolic added value which deifies clear description appears to have attached itself to the definition of the soul. (...) These developments and their interpretation are examined by the contributions in this collection. The volume includes contributions from Roderich Barth, Ulrich Barth, Jurgen Brunner, Brigitte Boothe, Jorg Dierken, Dirk Evers, Ferdinand Fellmann, Daniel Fulda, Johannes Hubner, Marco Ivaldo, Malte Dominik Kruger, Martin Kurthen, Rudolf Lang Thaler, Wolfgang Mack, Notger Slenzcka, Florian Steger and Anne Steinmeier. German description: Der Begriff der Seele hatte bis ins 18. Jahrhundert hinein eine prominente Stellung in naturwissenschaftlichen, religiosen, asthetischen und metaphysischen Erorterungen des Menschlichen als hochster Stufe des Lebendigen. Diese Stellung hat der Seelenbegriff in der Moderne eingebusst. Er scheint von Begriffen wie Subjektivitat, Personalitat und Individualitat abgelost worden zu sein. Gleichwohl scheint der Bezeichnung der Seele ein symbolischer Mehrwert anzuhaften, der sich allerdings einer klaren Fassung entzieht. Diesen Entwicklungen und ihren Deutungen gehen die Beitrage des Sammelbandes nach. Eine Leitfrage ist dabei: Steht die Rede von der Seele fur die prareflexive Selbstgegebenheit der Subjektivitat, wie sie sich vorrangig in der Leiberfahrung und (allenfalls?) nachrangig in der Wissenschaftsreflexion ausdruckt? (shrink)

Analyses Balthasar's idea of human freedom as a participation to Divine Freedom.