This study provides evidence on the relationship between corporate social responsibility and firms’ credit ratings. We find that credit rating agencies tend to award relatively high ratings to firms with good social performance. This pattern is robust to controlling for key firm characteristics as well as endogeneity between CSR and credit ratings. We also find that CSR strengths and concerns influence credit ratings and that the individual components of CSR that relate to primary stakeholder management matter most in explaining firms’ (...) creditworthiness. Overall, our results suggest that CSR performance conveys important non-financial information that rating agencies are likely to use in their evaluation of firms’ creditworthiness, and that CSR investments—particularly those that extend beyond compliance behavior to reflect what is desired by society—can lead to lower financing costs resulting from higher credit ratings. (shrink)

Using a large sample of 3,040 U.S. firms and 16,606 firm-year observations over the 1991–2010 period, we find strong evidence that firm internationalization is positively related to the firm’s corporate social responsibility rating. This finding persists when we use alternative estimation methods, samples, and proxies for internationalization and when we address endogeneity concerns. We also provide evidence that the positive relation between internationalization and CSR rating holds for a large sample of firms from 44 countries. Finally, we offer novel evidence (...) that firms with extensive foreign subsidiaries in countries with well-functioning political and legal institutions have better CSR ratings. Our findings shed light on the role of internationalization in influencing multinational firms’ CSR activities in the U.S. and around the world. (shrink)

In this paper we relate the board's attributes to the firm's opacity as measured by the adverse selection component of the bid-ask spread. We find that larger boards and outside directors are associated with reduced opacity, especially in freestanding firms. However, directors' excess control is associated with a significant increase in firm's opacity. We also find that the presence of family pyramidal holding defuses any potential monitoring benefits of board attributes. Our findings suggest that the firm's ultimate ownership structure is (...) not neutral in determining the monitoring effectiveness of the board of directors. This might help explain existing mixed evidence on the monitoring role of the board of directors. (shrink)

We provide new evidence that the prosocial attitudes of local residents play a significant role in determining a firm’s corporate social responsibility engagement. We show that firms are more likely to engage in CSR initiatives when they are headquartered in areas with large senior citizen populations and where a large fraction of the population makes charitable donations. In contrast, we find that firms are less likely to engage in CSR initiatives when they are headquartered in areas with large religiously affiliated (...) groups. After establishing the local demographic roots of CSR demand, we then examine the relationship between the firm’s CSR activities and its market valuation. Our results suggest that CSR initiatives create value when they are properly aligned with local residents’ prosocial attitudes. Overall, our study stresses the role of local residents’ CSR preferences in mediating the relationship between CSR and market valuations. (shrink)

This study provides novel evidence of the impact of corporate social responsibility (CSR) on investment sensitivity to cash flows. We posit that CSR affects investment–cash flow sensitivity (ICFS) through information asymmetry and agency costs, commonly viewed as the two channels through which investment responds to the availability of internal cash flows. We find that CSR performance leads to a decrease in ICFS. We further find that ICFS decreases (increases) when CSR strengths (concerns) increase. Finally, we find that the effect of (...) CSR on ICFS is driven by the areas Community, Diversity, and Human Rights. In sum, the findings of this study stress the relevance of CSR—in particular, of CSR activities that extend beyond compliance behavior and reflect what is desired by society—in reducing market frictions and improving firms’ access to financial capital. (shrink)

A unique dataset is exploited to provide insight into the impact of management quality practices on corporate social responsibility for a sample of US manufacturing firms. Our results suggest that MQPs are positively and significantly related to a firm’s CSR rating. This confirms that intangible assets affect corporate outcomes. We also show that superior MQPs matter more in explaining the CSR dimensions that are related directly to the firm’s primary stakeholders.

This study fills an important gap in the literature by providing causal evidence of the impact of relaxing financial constraints on corporate social responsibility (CSR). To isolate this causal link, we examine the enactment of anti-recharacterization laws in some U.S. states, an exogenous shock that has strengthened creditor rights and eased financial constraints of the treated firms. Our difference-in-difference analysis suggests that relaxing financial constraints leads to higher CSR. This evidence is more pronounced in financially constrained firms, firms with more (...) analyst dispersion and increased volatility of cash flows. We also find that the most impacted firms are those with increased post-shock debt financing. In sum, our evidence suggests that easing access to external finance drives corporate goodness, in particular in firms that value external financing. (shrink)

This study provides novel evidence of the impact of corporate social responsibility (CSR) on investment sensitivity to cash flows. We posit that CSR affects investment–cash flow sensitivity (ICFS) through information asymmetry and agency costs, commonly viewed as the two channels through which investment responds to the availability of internal cash flows. We find that CSR performance leads to a decrease in ICFS. We further find that ICFS decreases (increases) when CSR strengths (concerns) increase. Finally, we find that the effect of (...) CSR on ICFS is driven by the areas Community, Diversity, and Human Rights. In sum, the findings of this study stress the relevance of CSR—in particular, of CSR activities that extend beyond compliance behavior and reflect what is desired by society—in reducing market frictions and improving firms’ access to financial capital. (shrink)

This bibliography is a comprehensive listing of published works by John Locke, including all known editions and translations of his works, abridgments and selections in anthologies and several works which he edited or translated, from the first editions to the present. It covers not only the works published during Locke's lifetime, but also those printed from the voluminous manuscripts he left behind at his death in 1704. In addition, Locke's works are set in their original controversial context: entries are provided (...) for the works Locke wrote about and for the attacks and defenses his writings provoked during and immediately following his lifetime. An appendix contains a list of works incorrectly attributed to Locke. Three indexes complete the bibliography: an index to the names of the editors, the translators, and authors of works cited in the annotations; an index to the titles of anonymous works; and a language index that lists all the works that have been translated into each language. (shrink)

It is well documented that the language skills of preschool children differ substantially and that these differences are highly predictive of their later academic success and achievements. Especially in the early phases of children’s lives, the importance of different structural and process characteristics of the home learning environment has been emphasized and research results have documented that process characteristics such as the quality of parental interaction behavior and the frequency of joint activities vary according to the socio-economic status of the (...) family. Further, both structural and process characteristics are associated with children’s language development. As most of the studies focus on single indicators or didn’t take the dynamics of parenting behavior across age into account, the present paper aims to investigate the associations of different characteristics of the home learning environment as well as their potentially changing impact on the language skills of 2-year-old children. Using data of 2.272 families of the infant cohort study of the German National Educational Panel Study, longitudinally assessed process characteristics and structural characteristics were considered. Language skills of the children at the age of two were measured by a standardized and validated parent report instrument. Results showed that all three process characteristics of the home learning environment are associated with the family’s SES; across three assessment waves nearly all process characteristics predicted children’s vocabulary and grammar skills with some process-specific changes across waves; despite separate direct effects of nearly all HLE-process characteristics in each wave, the amount of explained variance in a joint model including the HLE facets from each wave is hardly higher than in the separate models; and socioeconomic background predicted both language facets of the children in each model even when controlling for the assessed process characteristics of the home learning environment. (shrink)

Retrotransposon-derived elements (RDEs) can disrupt gene expression, but are nevertheless widespread in metazoan genomes. This review presents a hypothesis that repressive RNA-binding proteins (RBPs) facilitate the large-scale accumulation of RDEs. Many RBPs bind RDEs in pre-mRNAs to repress the effects of RDEs on RNA processing, or the formation of inverted repeat RNA structures. RDE-binding RBPs often assemble on extended, multivalent binding sites across the RDE, which ensures repression of cryptic splice or polyA sites. RBPs thereby minimize the effects of RDEs (...) on gene expression, which likely reduces the negative selection against RDEs. While mutations that change splice sites in RDEs act as an off-on switch in exon formation, mutations that decrease the multivalency of RBP binding sites resemble a rheostat that enables a more gradual evolution of new RDE-derived exons. RBPs might also repress aberrant processing of active retrotransposons, thus increasing the chance that full-length copies are made. Taken together, in this review, it is proposed that RBPs facilitate the widespread accumulation of intronic RDEs by repressing RNA processing while chaperoning their potential to gradually evolve into new exons. (shrink)

During the COVID-19 pandemic, students were facing great challenges. Learning was shifted from the classroom to the home of the students. This implied that students had to complete their tasks in a more autonomous way than during regular lessons. As students’ ability to handle such challenges might depend on certain cognitive and motivational prerequisites as well as individual learning conditions, the present study investigates students’ cognitive competencies as well as affective-motivational factors as possible predictors of coping with this new learning (...) situation at home. The study uses data of Starting Cohort 2 of the German National Educational Panel Study. Data of two measurement points are analyzed: Predictors were assessed at the earlier time point, when students mostly attended seventh grade of a secondary school. They completed competence tests in reading as well as mathematics and rated affective-motivational aspects in terms of willingness to exert effort, learning enjoyment, and intrinsic motivation. One and a half years later − during the COVID-19 pandemic and the first period of school closures − the second measurement point took place. Students’ parents rated the situation of learning at home with respect to students’ coping with the new situation and parents’ difficulties to motivate them. Regression analyses controlling for school track, students’ gender, and parents’ educational level and parental stress revealed that students’ reading competencies and their willingness to exert effort were significant predictors of their coping with the new learning situation at home. Moreover, parents reported that boys were more difficult to motivate to learn during this time as compared to girls. Other predictors turned out to be non-significant when entered simultaneously in the regression analyses. The results point to the importance of children’s prerequisites for autonomous learning situations without structuring elements by teachers within the school context. (shrink)

The article considers a) husserl's adoption of a cartesian rationalistic goal of philosophy, B) his charge that descartes failed to make the transcendental turn toward the subject, And c) the divergent view of husserl and descartes on the "cogito" which determine the crucial differences in the priorities which they assign to metaphysics and epistemology within their first philosophies.

The COVID-19 pandemic has posed many challenges, especially for families. Both the public and the scientific community are currently discussing the extent to which school closings have worsened existing social differences, especially with regard to children’s academic and socio-emotional development. At the same time, parents have had to manage childcare and home schooling alongside their jobs and personal burdens posed by the pandemic. Parents’ possibilities for meeting these cognitive and emotional challenges might also depend on the different conditions in families. (...) For this reason, the present paper investigates the structural and process characteristics of the family as well as children’s and parents’ psychological characteristics that predict how parents assess their ability to support their child’s learning during homeschooling as well as parents’ perceived emotional stress caused by school closure. The study analyses data of the Newborn Cohort Study of the German National Educational Panel Study. The two dependent variables were measured during the COVID-19 pandemic after the first school closure in Germany, at a time when the children of this cohort were attending second grade. Besides a number of control variables, families’ structural characteristics [socioeconomic status, education], process characteristics, parents’ psychological characteristics, and the child’s psychological characteristics from earlier waves were included as predictors. The results of structural equation models show that perceived stress was associated with structural factors and the preceding psychological stress of parents. Parents with higher preceding stress reported higher perceived stress. Interestingly, higher-educated parents also reported more stress than lower educated parents during the pandemic. The effect was the other way around for SES – parents with lower SES reported more stress than parents with higher SES. The self-reported abilities to support the learning of the child seemed to be mainly predicted by the parent’s education as well as preceding psychological stress. To sum up, the results identify important aspects that determine how parents handle the challenges of the school closures. Especially, socially disadvantaged families carry their burden into the pandemic. (shrink)

This study aimed to advance our understanding of 5-year-olds’ behavioral difficulties by modeling and testing both mediational protective and risk pathways simultaneously. Drawing on two national samples from different Western European countries—the United Kingdom and Germany, the proposed model considered observed sensitive parental interactive behaviors and tested child vocabulary as protective pathways connecting parental education with children’s behavioral outcomes; the risk pathways focused on negative parental disciplinary practices linking parental education, parental distress, and children’s difficult temperament to children’s behavioral difficulties. (...) Further, the tested model controlled for families’ income as well as children’s sex and formal child care attendance. Children with comparatively higher educated parents experienced more sensitive interactive behavior, had more advanced vocabulary, and exhibited fewer behavioral difficulties. Children with a comparatively higher level of difficult temperament or with parents who suffered from distress tended to experience more negative disciplinary behavior and exhibited more behavioral difficulties. Additionally, children’s vocabulary skills served as a mechanism mediating the association between parental education and children’s behavioral difficulties. Overall, we found similar patterns of results across the United Kingdom and Germany with both protective and risk pathways contributing simultaneously to children’s behavioral development. The findings suggest that promoting parents’ sensitive interactive behaviors, favorable disciplinary practices, and child’s vocabulary skills have potential for preventing early behavioral difficulties. (shrink)

As international trade and business opportunities grow globally, insight into trading partners’ strategies is essential. One of the major strategies that impact trading partners’ relationships is negotiation strategy employed by each partner. These strategies assume even greater importance when these strategies have ethical content. This study examines the effects of marketing executives’ preferred ethical ideologies, opportunism and Machiavellianism on their perceived appropriateness of unethical negotiation tactics. Utilizing a sample of 995 marketing executives from six countries, cluster analysis and multivariate analysis (...) of variance revealed two types of marketing negotiators: principled and corrupt negotiators. Corrupt negotiators tend to be more Machiavellian, more relativist, more opportunistic and less idealistic than their principled counterparts. Principled negotiators tend to perceive unethical negotiation tactics less favorably than their corrupt counterparts. Implications of these results for practitioners and directions for future research are discussed. (shrink)

The debate on the Prophet’s parents’ (abawayn al-Rasūl) religious status and their position in the hereafter goes back to several narrations from the Prophet himself. This subject, which can principally be considered part of the problem of the religious status of ahl al-fatrah, seems to be raised by the Shīʿah as an issue of creed in line with their understanding of imamate. Abū Ḥanīfah’s (d. 150/767) statement in his al-Fiqh al-akbar that “Prophet’s parents passed away on kufr/jāhiliyyah” is seen as (...) a Sunnī reaction to this earlier position and led to a new area of discussion shaping the approach of several scholars to the issue. The earliest treatises dedicated to this issue are attributed to al-Ghazzālī (d. 505/1111) and Abū Bakr Ibn al-ʿArabī (d. 543/1148), but these works did not survive to this day. The earliest examples available today are the six epistles that al-Suyūṭī (d. 911/1505) penned. Literature on the Prophet’s parents flourished during the Ottoman times after the introduction of al-Fiqh al-akbar to the Ottoman scholarship. Starting with the first examples that belong to Ibrāhīm al-Ḥalabī (d. 956/1549), Ibn al-Khaṭīb al-Amāsī (d. 940/1534), and Kamālpashazādah (d. 940/1534), the treatises in question were mostly written in Arabic in the Ottoman scholarly milieu. Consequently, it seems that Rawḍat al-ṣafā fī wāliday al-Muṣṭafá is the first treatise dedicated to the issue in Ottoman Turkish. In the library catalogue records, some bio-bibliographical sources, and consequently in some modern studies on the issue of abawayn al-Rasūl, Rawḍat al-ṣafā wrongly attributed to a certain Wajdī Aḥmad Efendī (in Turkish: Vecdî Ahmed Efendi). This is probably due to the author’s presentation of himself in the introduction as just “Wajdī,” without making further description. Besides the data in Bursalı Meḥmed Ṭāhir’s Osmanlı Müʾellifleri, no more information could be provided about the identity of Wajdī Aḥmad Efendī who is shown as the author of the treatise. Intra-textual signs such as the author’s words about the reason and process of writing the work, the way he handled the subject and the evidence he put forward indicate that the treatise belongs to Nūḥ ibn Muṣṭafá al-Qūnawī (d. 1070/1660). Indeed, it overlaps with the fact that Nūḥ ibn Muṣṭafá presented himself as Wajdī in many of his other works. Seemingly the fact that Nūḥ ibn Muṣṭafá defends the view that the parents of the Prophet are among the people of salvation (ahl al-najāh), and while doing this, he was mainly based on the view that they were resurrected after death and that their souls are recaptured after they believed in the Prophet, stem from various reasons such as the view that attributed to Abū Ḥanīfah, Nūḥ’s Sufi identity to the extent that he was initiated to the Khalwatiyyah/Gulshaniyyah along with the ever-growing Sufi influences and the consequent idea of nūr-i Muḥammadī in the public sphere, the authority of the narrations attributed to the Prophet, and perception about the Prophet Muḥammed in the public imagination. (shrink)

The U.S. doctrine of employment-at-will, modified legislatively for protected groups, is being less harshly applied to managerial personnel. Comparable compensation is not otherwise available in the U.S. to workers displaced by technology. Nine pairs of arguments are presented to show how fundamentally management and labor disagree about a company's responsibility for its former employees. These arguments, born of years of labor-management debate, are kaleidoscopic claims about which side has what power. Ultimately, however, not even both together can solve without creative (...) public intervention the emerging problem of massive technological unemployment — the other side of the corporate dream of profit without payrolls. (Originally published as "Displaced Workers: Whose Responsibility?" in Social Policy and Conflict Resolution, eds. T. Attig, D. Callen, and R.G. Frey, Bowling Green, OH: Bowling Green Studies in Applied Philosophy VI, 1984.). (shrink)

Der Band versammelt Beiträge renommierter Vertreter unterschiedlicher Disziplinen zu der Frage, ob wir tatsächlich einen Zugang zur Wirklichkeit haben oder lediglich von unseren eigenen Konstruktionen der Wirklichkeit umgeben sind. In der Debatte kommt der Sprache eine zentrale Rolle zu. Konstruktivistische Positionen gehen davon aus, dass unsere Wörter und Sätze nie die Dinge an sich bezeichnen, sondern dies immer aus einer bestimmten Perspektive tun. Einer ‚Wirklichkeit an sich‘ nachzujagen, ist zwecklos, als wichtig gilt das Aufzeigen der Perspektiven. Nicht selten geschieht das (...) in aufklärerischer Absicht, wenn etwa Formulierungen wie die von der „Größe eines Volkes“, der „historischen Bestimmung einer Nation“ oder der „Natur des Geschlechts“ kritisch hinterfragt werden. Diesen Versuchen, die Wirklichkeit als interessengeleitet konstruierte auszuweisen, wird mit dem Argument begegnet, der Akt der Aufklärung diene letztlich nur dazu, die jeweils eigene Position als die ‚eigentlich richtige‘ durchzusetzen. Außerdem widerspreche die Annahme eines umfassenden Konstruiertseins unserer Wirklichkeitsbilder jeder Alltagserfahrung von der Präsenz und Widerständigkeit der Welt. An diesem Punkt der Kontroverse setzt der vorliegende Band an. Andreas Gardt : Wort und Welt. Konstruktivismus und Realismus in der Sprachtheorie Markus Gabriel : Der Neue Realismus zwischen Konstruktion und Wirklichkeit John R. Searle : The Philosophy of Perception and the Bad Argument Bernhard Pörksen : Der Blick des Kritikers. Die Debatte über den Konstruktivismus in der deutschsprachigen Kommunikationswissenschaft – ein Beispiel für die Auseinandersetzung zwischen realistischen und relativistischen Wissenschaftlern Siegfried J. Schmidt : Wie wirklich ist die Wirklichkeit? Heinz Bude : Realitäten in der Wirklichkeit Paul Kirchhof : Rechtssprache zwischen Ideal und Wirklichkeit Paul-Gerhard Klumbies : Gott – bewusst gemacht oder bewusstgemacht? Eine theologische Rückmeldung zu Konstruktivismus und Neuem Realismus Wolf-Andreas Liebert : Können wir mit Engeln sprechen? Über die eigenartige Wirklichkeit der Verständigung im Religiösen Gerhard Roth : Wahrnehmung und Erkenntnis: Grundzüge einer neurobiologisch fundierten Erkenntnistheorie Thomas Fuchs : Die gemeinsame Wahrnehmung der Wirklichkeit. Skizze eines enaktiven Realismus Alexander Ziem/Björn Fritsche : Von der Sprache zur Wirklichkeit: Die konstruktivistische Perspektive der Kognitiven Linguistik Max Düsterhöft/Robert Jacob/Marco Lehmann-Waffenschmidt : Konstruiert oder real? Die konstruierte Alltagswirklichkeit des Geldes Ludwig Jäger : „Outthereness". Über das Problem des Wirklichkeitsbezugs von Zeichen Matthias Attig : Begriffsrealismus als sprachwissenschaftliches Problem. Überlegungen zur kategorialen Eigenart von Termini Josef Klein : ‚Betrachten der Wirklichkeit‘ und politisches Framing. Am Beispiel der CDU-Wahlkampagne 2013 Ekkehard Felder : Wahrheit und Wissen zwischen Wirklichkeit und Konstruktion: Freiheiten und Zwänge beim sprachlichen Handeln. (shrink)

The Remarks and Admonitions is one of the last works written by the Islamic philosopher Avicenna. Like his more familiar works, the Shifa' and the Najah, this work covers the entire scope of theoretical philosophy, with its first three parts being devoted to logic, physics, and metaphysics, respectively. Part Four of this work is unique, however, since it moves outside the confines of philosophy and takes up the topic of mysticism, employing concepts and terms familiar from the tradition of (...) Sufism. Following upon her excellent translation and study of the first part of this work over a decade ago, Shams Inati has here provided students of Islamic philosophy with another fine and readable translation of Part Four, together with an extensive introduction detailing the contents of the work and its parallels with other Avicennian texts. (shrink)

The Remarks and Admonitions is one of the last works written by the Islamic philosopher Avicenna. Like his more familiar works, the Shifa' and the Najah, this work covers the entire scope of theoretical philosophy, with its first three parts being devoted to logic, physics, and metaphysics, respectively. Part Four of this work is unique, however, since it moves outside the confines of philosophy and takes up the topic of mysticism, employing concepts and terms familiar from the tradition of (...) Sufism. Following upon her excellent translation and study of the first part of this work over a decade ago, Shams Inati has here provided students of Islamic philosophy with another fine and readable translation of Part Four, together with an extensive introduction detailing the contents of the work and its parallels with other Avicennian texts. (shrink)