Outside directors’ regular board meeting attendance is important in improving the effectiveness of a governance system. Such attendance is evidence of their commitment to the firm as key other players in monitoring and decision making. Using a unique dataset for Korean firms, and three-level random coefficients models, we find that, foreign outside directors, an independent appointment process, professional knowledge of business operations and accumulated firm-specific knowledge are important factors that affect outside directors’ attendance of board meetings. The results also confirm (...) that both outside directors’ personal characteristics and the social context are crucial in understanding their board meeting attendance. Further analysis shows that a positive corporate environment that supports the outside director system encourages outside directors’ attendance at board meetings. (shrink)

Debt-ridden corporate growth and increased vulnerability was one of the causes of the 1997 financial crisis in Korea. Introduction of the outside director system has been the core part of the board reforms following the crisis. Our estimation using instruments obtained from a natural experiment illustrates that outside monitoring has improved capital structure of firms even when we control for the leverage regulation effect, enhanced compliance with leverage regulation and thus reduced business risks, and reduced excessive growth and excessive investment (...) more consistently for the top 10 largest chaebols than non-chaebol firms and smaller sized chaebol affiliates. Our results shed some light on why existing studies report the positive effect of outsiders on firm value and add value to existing agency theory by illustrating that the effect of improved governance on capital structure could be non-linear. (shrink)

Environmental governance has emerged as a recent perspective to explain the link between corporate governance mechanisms and environmental performance such as pollution reduction. We extend current models by incorporating the crucial role of the underlying institutional logics in terms of an a priori focus on either shareholder rights or stakeholder inclusion, which, in turn, can be traced back to the legal origin of a specific country. Using data on a sample of common and civil law countries, we find support for (...) our predictions that a shareholder-focused common law legal origin is associated with significantly higher emissions of CO2, and also that international environmental agreements like the Kyoto protocol seem to have a more pronounced effect in shareholder-centric economies than thus far assumed. (shrink)

Ethics in Business organizations is a multidimensional process involving decision-making, leadership and institution building. The relatively simpler ethics of day-to-day decisions has to be reflected upon in the context of corporate desire for continuity, embedded in the values of a progressive society. At the operating level, the multivalence of decision situations is emphasized in place of the simple good — bad or cost — benefit dichotomies. A decision tree framework is presented to reflect the richness of the decisions. At the (...) corporate level, the concept of responsive strategy as a synthesis of vision, power, and responsibility is proposed. In this, the crucial role of leaders cannot be over-emphasized. Finally, at the societal level, the evolution of capitalism and its corporate forms is seen as a milestone in people''s search for enlightened ways to achieve refined ends. As more businesses assert their rightful roles in society, progressive institutional forms more in tune with the values of the twenty-first century should emerge. (shrink)

The primary purpose of this study is to examine the relationship between the dynamic capabilities embedded in ESG management, which are being pursued by global companies, and corporate performance amid increasing uncertainty. Furthermore, the secondary purpose is to examine the function of environmental uncertainty moderating the DCs-performance relationship. Concerning the analysis tool, this study employs topic modeling with Word2Vec embedding that analyzes unstructured data. This was employed as an alternative method beyond the limitations of the traditional approach, i.e., survey or (...) interview. A DCs dictionary was constructed by redesigning the 12 detailed dimensions of Teece’s DCs into 10 dimensions, and then time series scores of individual global companies were extracted by applying this dictionary to the sustainability reports of 97 companies. Sustainability reports of 153 companies among Fortune Global 500 companies announced in 2020 were originally collected, but in the process of collecting additional financial data about these companies from OSIRIS, a total of only 97 companies was selected in the end due to omission of data. A fixed effect panel analysis was conducted, and the main findings are as follows: First, the DCs embedded in ESG management have a positive or negative direct effect on corporate performance. In particular, a statistically significant relationship was not observed in the innovation oriented capabilities, whereas a statistically significant positive relationship was observed in the customer oriented capabilities. Second, uncertainty moderates the relationship between DCs and corporate performance positively or negatively. Interestingly, the moderating effect of uncertainty only appears in the function of the sensing and reconfiguring capabilities. From this, it can be seen that the function of DCs, which is embedded in the ESG management of global companies, is limited due to the imbalance between the sensing-seizing-reconfiguring capabilities. These findings imply that, despite the positive function of DCs embedded in ESG management, costs and benefits occur at the same time, and DCs can improve performance only if there is an organizational adaptation strategy suitable for uncertainty. Accordingly, business managers need to recognize the importance of pursuing sensing-seizing-reconfiguring capabilities in a balanced way to improve corporate performance through ESG management under uncertainty. (shrink)

SUMMARYHaving first met in 1835, John Stuart Mill and Alexis de Tocqueville began ‘an extremely interesting and mutually laudatory correspondence'; but their splendid friendship did not last. A popular thesis focuses on letters exchanged in 1840 to 1842 that reflect conflicting views on the Eastern Question and argues that Mill initiated the ‘strange interruption’. Given Mill's commitment to the ‘agreement of conviction and feeling on the few cardinal points of human opinion’ as a prerequisite of genuine friendship, such interpretation sounds (...) plausible. However, circumstantial evidence, most notably Mill's willingness to have a frank discussion with Tocqueville on pending issues, contradicts the assertion that Mill was enraged by Tocqueville's 1841 letter. This essay suggests focusing attention on two additional cardinal differences between them—their contrasting views of François Guizot and confrontation vis-à-vis benevolent imperialism. Moreover, personal matters such as Harriet Taylor's dislike of Tocqueville and Mill's departure from the London and Westminster Review are also believed to have largely led to Mill discontinuing correspondence with Tocqueville. (shrink)

Our competitive, service-oriented societies are taking a toll on the late-modern individual. Rather than improving life, multitasking, "user-friendly" technology, and the culture of convenience are producing disorders that range from depression to attention deficit disorder to borderline personality disorder. Byung-Chul Han interprets the spreading malaise as an inability to manage negative experiences in an age characterized by excessive positivity and the universal availability of people and goods. Stress and exhaustion are not just personal experiences, but social and historical phenomena (...) as well. Denouncing a world in which every against-the-grain response can lead to further disempowerment, he draws on literature, philosophy, and the social and natural sciences to explore the stakes of sacrificing intermittent intellectual reflection for constant neural connection. (shrink)

The most famous korean Poet Jiha Kim had turned toward the thoughts for life in the beginning of eighties in Korea. I will here introduce the causes and the basis of his thoughts. It has been recognized already that Korean traditional philosophy of DongHak (the learning in the East Asia) and the western philosophies, ie the theology of liberation, the philosophy of Bergson or Deleuze had influenced much to his thoughts for life. But the most determinate basis of his thoughts, (...) I think is the experiences in the movements for democracy in Korea. His thoughts represent the dear believes which the mass have won since the seventies.These believes resides in the not exhausting life powers of the Minjung (Peoples repressed and alienated). His thoughts has succeed to the modern philosophy of democratic resistance but also criticised the severe problems of modern philosophies. After the democratic movement in Korea there has taken place the cultural revolution movements in Korea by new generations, which can not be adjoined to the previous democratic movements without the thoughts for life of Jiha Kim. (shrink)

本书以形而上学文体为背景,通过对康德哲学与牟氏哲学的比较研究,重构了牟氏的道德形上学体系,逻辑地再现了牟氏对良知作为意义本体的构筑过程。.

Transparency is the order of the day. It is a term, a slogan, that dominates public discourse about corruption and freedom of information. Considered crucial to democracy, it touches our political and economic lives as well as our private lives. Anyone can obtain information about anything. Everything—and everyone—has become transparent: unveiled or exposed by the apparatuses that exert a kind of collective control over the post-capitalist world. Yet, transparency has a dark side that, ironically, has everything to do with a (...) lack of mystery, shadow, and nuance. Behind the apparent accessibility of knowledge lies the disappearance of privacy, homogenization, and the collapse of trust. The anxiety to accumulate ever more information does not necessarily produce more knowledge or faith. Technology creates the illusion of total containment and the constant monitoring of information, but what we lack is adequate interpretation of the information. In this manifesto, Byung-Chul Han denounces transparency as a false ideal, the strongest and most pernicious of our contemporary mythologies. (shrink)

Using a signaling framework, we argue that ethical behavior as evidenced by charitable donations is viewed more positively by investors when seen not to be based on self-serving motives but rather on authentic generosity that builds moral capital. The affirmed religiosity of CEOs may make their ethical position more credible, while their embeddedness within a family business suggests that CEOs are backed by powerful owners with long-time horizons and a desire to build moral capital with stakeholders. We find in a (...) study of market responses to 1572 corporate donations by S&P 1500 firms that financial markets react more positively to charitable initiatives from firms with religion-declared CEOs, but only if these are family businesses. (shrink)

We investigate how state involvement in the ownership of non-listed entrepreneurial firms affects pollution fees levied by national and provincial governments in China. While the national government sets minimum environmental standards, provincial governments can enact requirements that exceed these minimums, and they are largely responsible for enforcing even the national standards, so environmental levies can measure concessions that provinces make to encourage development and employment. Furthermore, state ownership is a good proxy for a firm’s political connections, which can influence the (...) relationship between the firm and the environmental authorities. We find that firms with state ownership pay lower environmental levies, which indicates that concessions are made for political or economic purposes. However, these concessions are conditional on the level of development of the province offering them, with better developed provinces providing fewer concessions. (shrink)

Algorithms increasingly make managerial decisions that people used to make. Perceptions of algorithms, regardless of the algorithms' actual performance, can significantly influence their adoption, yet we do not fully understand how people perceive decisions made by algorithms as compared with decisions made by humans. To explore perceptions of algorithmic management, we conducted an online experiment using four managerial decisions that required either mechanical or human skills. We manipulated the decision-maker, and measured perceived fairness, trust, and emotional response. With the mechanical (...) tasks, algorithmic and human-made decisions were perceived as equally fair and trustworthy and evoked similar emotions; however, human managers' fairness and trustworthiness were attributed to the manager's authority, whereas algorithms' fairness and trustworthiness were attributed to their perceived efficiency and objectivity. Human decisions evoked some positive emotion due to the possibility of social recognition, whereas algorithmic decisions generated a more mixed response – algorithms were seen as helpful tools but also possible tracking mechanisms. With the human tasks, algorithmic decisions were perceived as less fair and trustworthy and evoked more negative emotion than human decisions. Algorithms' perceived lack of intuition and subjective judgment capabilities contributed to the lower fairness and trustworthiness judgments. Positive emotion from human decisions was attributed to social recognition, while negative emotion from algorithmic decisions was attributed to the dehumanizing experience of being evaluated by machines. This work reveals people's lay concepts of algorithmic versus human decisions in a management context and suggests that task characteristics matter in understanding people's experiences with algorithmic technologies. (shrink)

The idea of a hybrid bicameral system combining election and sortition is investigated. More precisely, the article imagines how an elected and a sortition chamber would interact, taking into account their public perception and their competing legitimacies. The article draws on a survey of a representative sample of the Belgian population and Belgian members of parliament assessing their views about sortition in political representation. Findings are combined with theoretical reflections on election’s and sortition’s respective sources of legitimacy. The possibility of (...) conflicting legitimacies and mutually detrimental interactions leads to considerations of the effects of different possible distributions of power between the chambers as a crucial determinant of their interactions and perceived legitimacy. (shrink)

Nineteenth century hygiene might be a confusing concept. On the one hand, the concept of hygiene was gradually becoming an important concept that was focused on cleanliness and used interchangeably with sanitation. On the other hand, the classical notions of hygiene rooted in the Hippocratic teachings remained influential. This study is about two attempts to newly theorise such a confusing concept of hygiene in the second half of the century by Edward. W. Lane and Thomas R. Allinson. Their works, standing (...) on the borders of self-help medical advice and theoretical treatises on medical philosophies, were not exactly scholarly ones, but their medical thoughts - conceptualised as _hygienic medicine_ - show a characteristically holistic medical view of hygiene, a nineteenth-century version of the reinterpretation of the nature cure philosophy and vitalism. However, the aim of this study is to properly locate their conceptualisations of hygienic medicine within the historical context of the second half of the nineteenth century rather than to simply introduce the medical ideas in their books. Their views of hygiene were distinguished not only from the contemporary sanitary approach but also from similar attempts by contemporary orthodox and unorthodox medical doctors. Through a chronological analysis of changes in the concept of hygiene and a comparative analysis of these two authors’ and other medical professionals’ views of hygiene, this paper aims to help understand the complicated picture of nineteenth-century hygiene, particularly during the second half of the century, from the perspective of medical holism and reductionism. (shrink)