This study examines the relation between corporate social responsibility and institutional investor ownership, and the impact of this relation on stock return volatility. We find that institutional ownership does not strictly increase or decrease in CSR; rather, institutional ownership is a concave function of CSR. This evidence suggests that institutional investors do not see CSR as strictly value-enhancing activities. Institutional investors adjust their percentage of ownership when CSR activities go beyond the (...) perceived optimal level. Employing the path analysis, we also examine the mediating effect of institutional ownership on the relation between CSR and stock return volatility. We find that CSR decreases stock return volatility at a decreasing rate through its effect on institutional ownership. Our results remain robust under several different CSR measures and estimation methods. (shrink)

Collectively, institutions own an increasing proportion of outstanding corporate equities. As an emergent force in shaping corporate America, the linkages between institutional ownership and corporate social performance (CSP) require empirical examination. Not only do corporate policy makers need to know those areas where social performance may lure or inhibit capital infusions, lawmakers also need a better understanding of the social forces guiding corporate policy. As anticipated, this study found a positive relationship between the amount of institutional (...) class='Hi'>ownership of corporate stock and a company's social responsiveness as measured by the representation of women on its board of directors; however, no statistically significant relationship with social responsibility as measured by charitable giving was found. The exemplar of social issues management — compliance with the Sullivan principles — showed an unexpected, negative relationship with the level of institutional ownership. (shrink)

This study examines the role of foreign institutional ownership in corporate social responsibility (CSR). Using the Shanghai-Hong Kong Stock Connect as a quasi-natural experiment, our difference-in-differences estimation shows that foreign institutional ownership drives firms’ CSR corporate social responsibility. Further, the positive effect of foreign institutional ownership on CSR is motivated by foreign institutional investors shifting the stakeholders’ logics about social responsibility, not by profit maximization. We also provide evidence that this effect of foreign (...) institutional ownership on CSR is more pronounced among firms with fewer political connections and with non-overconfident CEOs. Overall, our results indicate that foreign institutional investors transmit social norms and shift stakeholders’ logics regarding social responsibility and, in turn, propel firms to improve CSR to satisfy their stakeholders’ expectations. (shrink)

The extant literature has examined the effects of ownership structures on corporate social responsibility, yet it has overlooked the non-linear and interactive effects among major shareholder groups. In this study, we examine the non-linear effects of insider and institutional ownerships on CSR. We also examine whether it is necessary to have both incentive alignment and monitoring mechanisms or it is sufficient to have either mechanism to promote CSR. Using a sample of the U.S. Fortune 1000 firms, our results (...) suggest that insider and institutional ownerships have non-linear effects on CSR. We also find support for the complementary mechanisms view, in that the highest CSR rating is observed when both ownership levels are high. Therefore, firms need to maintain strong governance structures to realize synergistic effects in promoting CSR. Our findings provide a more in-depth understanding of the relationships between ownership structures and corporate social outcomes. (shrink)

This study addresses a gap in the literature on corporate governance and corporate social responsibility by investigating whether and how board independence and institutional ownership moderate the relationship between digital transformation and corporate social performance. We find that digital transformation increases CSP using a panel dataset of Chinese publicly listed firms between 2014 and 2018. Moreover, we show that this positive impact is more pronounced when firms have higher proportions of independent directors on the board and institutional (...) owners. These findings contribute to a better understanding of CSR dynamics, supporting the formulation and implementation of efficient CSR strategies in the digital era. (shrink)

The relationship between firm financial performance and sustainability reporting (SR) has been extensively researched previously, but with inconsistent results. By incorporating the coercive isomorphism of the institutional theory, this study examines if the relationship is moderated by the ownership of institutional investors. Using data from a sample of 270 Malaysian public listed firms, the study tested two ordinary least square (OLS) regression models. The results show that firm performance and institutional ownership have a positive link (...) to SR. Further examination however discloses a negative moderation of institutional ownership on the relationship between firm performance and SR, thus fail to support the indication that institutional investors coerce the investee firms to utilise their firm performance for sustainability activities. This study adds to SR-related literature by providing reliable and objective findings and directions for future studies in this context. (shrink)

This study empirically examines whether firms’ environmental capital expenditures impact institutional investors’ investment decisions in the Chinese market. We particularly examine the impact of ownership type on the relationship of environmental capital expenditures and the behavior of different types of institutional investors by classifying institutional investors into two categories, short-term and long-term investors. In addition, this study further investigates whether environmental capital expenditures related to ownership type increase firm value. We find that long-term institutional (...) investors tend to invest in state-owned firms making environmental capital expenditures. Results also indicate that, with governmental backing and encouragement, the market value of SOEs making more environmental capital expenditures is likely to increase. However, no similar results are found for non-SOEs. (shrink)

This article considers the practical question of how research institutions should best structure their legal relationship with the human genomic data that they generate. The analysis, based on South African law, is framed by the legal position that although a research institution that generates human genomic data is not automatically the owner thereof, it is well positioned to claim ownership of newly generated data instances. Given that the research institution exerts effort to generate the data, it can be argued (...) that it has a moral right to claim ownership of such data. Combined with the fact that it has an interest in having comprehensive rights in such data, it appears that the prudent policy for research institutions is to claim ownership of the human genomic data instances that they generate. This policy is tested against two opposing policy positions. The first opposing policy position is that research participants should own the data that relate to them. However, in light of data protection legislation that already provides extensive protections to research participants, bestowing data ownership on research participants would offer little benefit to such individuals, while leading to significant practical problems for research institutions. The second opposing policy position is that the concept of ownership should be abandoned in favour of data custodianship. This opposing position is problematic, as avoiding reference to ownership is a denial of legal reality and hence not a useful policy. Also, avoiding reference to ownership will leave research institutions with limited legal remedies in the event of appropriation of data by third parties. Accordingly, it is concluded that the wisest policy for research institutions is indeed to explicitly claim ownership of the human genomic data instances that they generate. (shrink)

Every day, people make decisions about who owns what. What cognitive processes produce this? The target article emphasises the role of biologically evolved intuitions about competition and cooperation. We elaborate the role of cultural evolutionary processes for solving coordination problems. A model based fully on biological evolution misses important insights for explaining the arbitrariness and historical contingency in ownership beliefs.

Heterogeneous institutional investors' shareholding preferences have been driven to change by the deepening of ESG investment philosophy. Therefore, we examine the impact of corporate ESG performance on institutional investors' shareholding preferences and its mechanism of action. We conduct mixed OLS and mediation effect tests using data on ESG responsibility scores and institutional investors' shareholding ratios of A-share listed companies in China from 2010 to 2020 as samples. We find that corporate ESG performance can significantly and robustly increase (...) institutional investors' shareholdings; the mediation effect analysis shows that overall corporate ESG performance contributes to increases in corporate book and market values, thus encouraging institutional investors to increase their shareholdings. The heterogeneity analysis shows that independent institutional investors attach more importance to corporate ESG responsibility performance, and long-term institutional investors attach more importance to corporate environmental performance; moreover, institutional investors have more significant ESG shareholding preferences for Chinese SOEs. Our study can strengthen the encouragement of institutional investors to integrate ESG investment concepts from multiple perspectives, such as research and analysis, portfolio management, risk control, and due diligence management, to design and develop targeted ESG investment tools, give full play to the role of shareholders and guide the sound development of listed companies from the perspective of investment strategy objectives. (shrink)

We contrast Boyer's intuitive account of ownership with formal legal accounts based on institutions of ownership. Boyer's emphasis on social aspects of ownership intuitions may have a bearing on recent arguments that property institutions are justified by their capacity to promote human flourishing. Moreover, Boyer's account of property intuitions facilitates the study of acquisition and mental representation of formal ownership concepts.

In this work we analyse the main interpretations of ownership in Original Institutional Economics (OIE) and their links with pragmatist psychology and psychoanalysis. We consider Thorstein Veblen's notion of ownership as a relation of possession of persons, and John R.Commons's distinction between “corporeal” and “intangible” property, that marks the shift from a material possession of goods and arbitrary power over the workers to the development of human faculties in a more participatory environment. For space reasons we do (...) not address other contributions developed both by the OIE and by the New Institutional Economics. We then consider a number of contributions of pragmatist social psychology and psychoanalysis that, although not dealing directly with the notion of ownership, can cast light not only on the private and “material“ aspects of ownership but also on its collective and “relational aspects”. The reason why we consider it useful to address different perspectives is that, as observed by the famous sociologist Karl Mannheim (1952), a landscape can be seen only from a determined perspective and without perspective there is no landscape. Hence, observing a landscape (or phenomenon) from different angles (or disciplines) can help to acquire a much clearer insight into the features of the various perspectives. And this is one of the main advantage of a pluralist approach to the study of economic and social phenomena, also aimed at overcoming the fragmentation so often present in social sciences. In this light, the interpretative theories that we address, however different in many respects, present notable complementarities, in the sense that the aspects more overlooked by some are more completely considered by the others. In our work, these different but complementary notions of ownership can help illuminate the manifold aspects of human relations, also with a view to provide a more tailored policy action for the solution of their more problematic aspects. (shrink)

In anticipation of its closure in 2014, the International Criminal Tribunal for the former Yugoslavia has begun to set out proposals for preserving and promoting its legacy of prosecuting persons responsible for violations of humanitarian law during the conflicts of the 1990s. A key aspect of this legacy has been to support the ‘national ownership’ of the justice systems in the former Yugoslavia that will continue to try war crimes cases in the years to come. This study explores the (...) institutional development of the War Crimes Chamber of the Court of Bosnia and Herzegovina (WCC) to national ownership. In particular, it considers three critical aspects of the WCC's functioning that highlight the challenges that it faces as a mechanism of transitional justice in Bosnia and Herzegovina (BiH). These are the composition of prosecutors and judges, prosecutorial practices and outreach and communication activities. The article shows that the continued difficulties with these areas of legal practice figure as significant obstacles to the WCC's transition to full national ownership by both the legal professionals and local populace of BiH. (shrink)

Background The ownership status of individual-level health data affects the manner in which it is used. In this paper we analyze two competing models of the ownership status of the data discussed in the literature recently: private ownership and public ownership. Main body In this paper we describe the limitations of these two models of data ownership with respect to individual-level health data, in particular in terms of ethical principles of justice and autonomy, risk mitigation, (...) as well as technological, economic, and conceptual issues. We argue that undifferentiated application of neither private ownership nor public ownership will allow us to resolve all the problems associated with effective, equitable, and ethical use of data. We suggest that, instead of focusing on data ownership, we should focus on the institutional and procedural aspects of data governance, such as using Data Access Committees (DACs) or equivalent managed access processes, which can balance the elements of these two ownership frameworks. Conclusion Undifferentiated application of the ownership concept (private or public) is not helpful in resolving problems associated with sharing individual-level health data. DACs or equivalent managed access processes should be an integral part of data governance. They can approve or disapprove data access requests after considering the potential benefits and harms to data subjects, their communities, primary researchers, and the wider society. (shrink)

The institution of private property lies at the heart of contemporary Western societies. However, what are the limits of property ownership? Do principles of justice require some measure of governmental redistribution of property in order to relieve poverty or to promote greater equality among citizens? And what do principles of justice have to say about individuals' ownership of their own talents and the products of their labor, and about the initial acquisition of land and natural resources? The essays (...) in this volume, written by eleven prominent political and moral philosophers, address these questions and explore related issues. A number of them consider the theoretical foundations of property ownership, asking how the rights of individuals to acquire property can be justified, and how extensive these rights are. Some focus on the concept of self-ownership, discussing how the individual's right to control their own mind, body and actions relates to their right to gain control over extrapersonal objects and resources. Others look at connections between property ownership and various values, including democratic political participation and equality of wealth and opportunity. (shrink)

This study explores whether or not a firm’s ownership status, as state-owned enterprise or private-owned enterprise, will influence its likelihood of engaging in illegality in China. We build our arguments on the institution-based view, positing that firms rationally pursue their interests in the distinct institutional context of China. Compared to SOEs, POEs have limited access to institutional resources, the lack of which threatens their development or even survival, forcing them to “break rules” to overcome institutional barriers. (...) We thus suggest that POEs demonstrate a higher propensity to engage in illegal actions than SOEs do. However, if POEs could gain access to more institutional resources, their motivation to engage in illegal actions is likely to decrease. Following this logic, we suggest that political connections and market development will mitigate the likelihood that POEs will engage in illegal actions. We find support for our predictions using evidence from Chinese listed manufacturers. Our research contributes to the literature by revealing the institutional aspects of corporate illegality in transitional economies. (shrink)

This study investigates whether and to what extent publicly listed corporations voluntarily comply with and disclose recommended good corporate governance practices, and distinctively examines whether the observed cross-sectional differences in such CG disclosures can be explained by ownership and board mechanisms with specific focus on Saudi Arabia. The study’s results suggest that corporations with larger boards, a Big 4 auditor, higher government ownership, a CG committee, and higher institutional ownership disclose considerably more than those that are (...) not. By contrast, the study finds that an increase in block ownership significantly reduces CG disclosure. The study’s results are generally robust to a number of econometric models that control for different types of disclosure indices, firm-specific characteristics, and firm-level fixed effects. The study’s results have important implications for policy makers, practitioners, and regulatory authorities, especially those in developing countries across the globe. (shrink)

This study examines the influence of managerial ownership on firm agency costs among listed firms in Bangladesh. This is an institutional setting that features a mixture of agency costs. This institutional setting has a concentration of ownership by managers, but the firms are not solely owned by managers. The extant literature suggests that the sacrifice of wealth by the principal and potential costs associated with monitoring the agents is known as the agency cost. This study uses (...) three measures of agency cost: the ‘expense ratio’, the ‘Q-free cash flow interaction’, and the ‘asset utilisation ratio’. The finding of the study is that managerial ownership reduces the firm agency cost only under the ‘asset utilisation ratio’ measure of agency cost; this is robust with regard to a number of robustness tests. Furthermore, the non-linearity tests suggest that the convergence of interest is evident with very high and low levels of managerial ownership. The entrenchment effect by the owners is evident at moderate levels of managerial ownership. Although there has been great scepticism among management researchers on the validity of agency theory, overall, the findings of this study do not reject the validity of agency theory. Given that the entrenchment by managers is evident at certain levels of ownership and that the agency problem may still exist between insiders and outsiders, legislative guidelines for controlling share ownership may be required. (shrink)

Commentators discussed the coherence and validity of a minimalist approach to ownership intuitions, in ways that make it possible to clarify the model, re-evaluate its cognitive underpinnings, and sketch some of its implications. This response summarizes the model; addresses issues concerning the need for a special technical lexicon when describing cognitive semantics; the psychology involved in contexts of competitive acquisition and their consequences for possession and use of rival resources; the role of cooperative expectations in creating mutually beneficial allocation (...) of resources; the consequences of ownership psychology for social interaction and the production of social norms of property; and the relations between psychological processes and legal institutions in the domain, before proposing some final thoughts. (shrink)

Balancing, integrating, or otherwise sorting out private ownership, control, and property rights, on the one hand, with social, common, and shared goods or rights, on the other, is manifest in socio-ethical issues ranging from eminent domain to gay marriage and from endangered species protection to social security. In fact, when one surveys the contemporary socio-ethical landscape with this problem in mind, there appears hardly an issue that it does not touch; and it is frequently the central or underlying component. (...) This is perhaps not surprising for issues involving taxation or other government revenue generating mechanisms that pay for public services and programs—e.g. education, postal service, transportation infrastructure, and policing. But it extends well beyond resourcing governmental institutions and initiatives. It is present in different ways and to different degrees in issues as diverse as AIDS drug availability, fisheries management, euthanasia, affordable housing and home loan availability, gun control, permit issuance and zoning for high impact industry, global warming, health care accessibility, bottled water, and prostitution. (shrink)

To examine how different ownership structures, varying from diverse ownership bases to narrow ownership bases, influence the extent of corporate social responsibility (CSR) reporting by companies in emerging market. The motivation for this study is the reported inconsistent results for this association in developing countries and the lack of research in emerging markets. Eight hundred observations of 80 nonfinancial sector listed companies in the Amman Stock Exchange for the period 2006 to 2015 were used for a content (...) analysis to assess the extent of CSR reporting. Ordinary least square multiple regression analysis was undertaken to examine the association between five different ownership structures and their extent of CSR reporting. The results reveal three separate associations between the types of ownership and the extent of CSR reporting. First, the two types of ownership (foreign and government) have a significant and positive influence on the extent of CSR reporting. Second, another two types of ownership (Family and managerial) have a significantly negative association. Finally, institutional ownership has an insignificant and negligible influence on the extent of CSR reporting. These findings provide insights into how ownership structure influences the CSR reporting extent by emerging market companies such as Jordan. These findings suggest that policy makers, regulatory bodies, companies, and investors should increase their awareness about how different concentration of company ownership influences the extent companies voluntarily disclose CSR reporting. The evidence adds to the limited body of knowledge about different ownership groups' influence on the extent of CSR reporting in a developing country because few empirical studies have undertaken such a comprehensive analysis of this association. (shrink)

:In this essay I examine restrictions on labor as takings of property: a liberty to work is property, and restrictions of that liberty are takings. I set property in one’s labor within a unified framework for all forms of property, understood as a social institution for balancing two freedoms: freedom to act even if it interferes with someone else, and freedom from interference. As such, property includes not only possession but also use and disposition. To restrict use or disposition is (...) to alter those freedoms, which is a taking of property, including property in one’s labor. I understand such takings to be justified insofar as they benefit the persons whose freedoms are altered, taking up the question of when restrictions on use and disposition of labor are to the benefit or the harm of excluded workers. Appreciating that labor is property, and that restrictions on labor are takings, reframes the justificatory burden that restrictions on labor must bear. And where that justification is lacking, this approach reframes the nature of the wrongs that unjustified restrictions perpetrate, especially against the most vulnerable workers. (shrink)

The arrival of synthetic organs may mean we need to reconsider principles of ownership of such items. One possible ownership criterion is the boundary between the organ’s being outside or inside the body. What is outside of my body, even if it is a natural organ made of my cells, may belong to a company or research institution. Yet when it is placed in me, it belongs to me. In the future, we should also keep an eye on (...) how the availability of synthetic organs may change our attitudes toward our own bodies. (shrink)

One powerful argument against self-ownership is that it degrades personhood by leading individuals to view themselves and others as mere instrumental goods, alienable commodities to be exchanged in markets like other products and services. In general terms, this line of criticism (called the “commodification argument”) maintains that a direct and causal relationship exists between certain legal institutions (self-ownership) and certain attitudes (instrumentalism) and that the undesirability of the latter justifies restrictions on the former. In this article, I will (...) critically examine Margaret Jane Radin’s book Contested Commodities (1996), which presents a well-developed, compelling version of the commodification argument. I will advance three central points over the course of the article: first, the purported causal connection between self-ownership and instrumentalism is either weak or nonexistent; second, the commodification argument does little independent moral work, tending instead to be parasitic on arguments against economic, racial, and gender inequality; and third, what independent moral work it does do seems to be directed not so much at self-ownership as at liberal neutrality. I will conclude by showing that the weaknesses of Radin’s diverse defenses of the commodification argument cast doubt upon the anticommodificationist enterprise as a whole. (shrink)

We investigate two under-explored factors in mitigating the risk of corporate fraud and regulatory enforcement against fraud, namely institutional investors and political connections. The role of institutional investors in the effective monitoring of a firm’s management is well established in the literature. We further observe that firms that have a large proportion of their shares held by institutional investors have a lower incidence of enforcement actions against corporate fraud. The importance of political connections for enterprises, whether in (...) a developed market such as the United States or an emerging market such as China, has been established by previous studies. However, we find evidence of another positive effect of political connections: they may reduce the incidence of enforcement action against corporate fraud. We also find that political connections play a more significant role in reducing regulatory enforcement incidents against non-state-owned enterprises and firms in weaker legal environments, whereas institutional ownership plays a more important role in reducing regulatory enforcement incidents against state-owned enterprises. (shrink)

The disclosure of corporate environmental performance is an increasingly important element of a firm’s ethical behavior. We analyze how the legal origin of foreign institutional investors affects a firm’s voluntary greenhouse gas emissions disclosure. Using a large sample of firms from 36 countries, we show that foreign institutional ownership from civil law countries improves the scope and quality of a firm’s greenhouse gas emissions reporting. This relation is robust to addressing endogeneity and selection biases. The effect is (...) more pronounced in firms from non-climate-sensitized countries, for which the gap between firms’ environmental standards and investors’ environmental targets is potentially larger, and in less international firms. Firms with a higher level of voluntary greenhouse gas emissions disclosure also exhibit higher valuations. (shrink)

It is a central tenet of most contemporary theories of justice that the badly-off have a right to some of the resources of the well-off. In this paper, I take as my starting point two principles of justice, to wit, the principle of sufficiency, whereby individuals have a right to the material resources they need in order to lead a decent life, and the principle of autonomy, whereby once everybody has such a life, individuals should be allowed to pursue their (...) conception of the good, and to enjoy the fruits of their labour in pursuit of such conception. I also endorse the value of fairness, whereby the right person or institution makes the decision as to whether to bring about justice.I show that justice and fairness can be satisfied only if we all enjoy a combination of private and collective rights over the world. In making that case, I shall argue that the set of ownership rights I advocate differs from readily available conceptions of restricted private ownership in two important respects. First, it is such that in some circumstances, two individuals or more can have control rights over the same property at the same time, not, as is standardly the case in legal systems, by contracting with one another (through gifts and joint purchase), but simply on grounds of justice. Second, it allows that, if necessary, property-owners be expropriated from their property without compensation. (shrink)

Relatively little research has examined the effects of ownership on the firms’ corporate social responsibility (CSR). In addition, most of it has been conducted in the Western context such as the U.S. and Europe. Using a sample of 118 large Korean firms, we hypothesize that different types of shareholders will have distinct motivations toward the firm’s CSR engagement. We break down ownership into different groups of shareholders: institutional, managerial, and foreign ownerships. Results indicate a significant, positive relationship (...) between CSR ratings and ownership by institutions and foreign investors. In contrast, shareholding by top managers is negatively associated with firm’s CSR rating while outside director ownership is not significant. We conclude that different owners have differential impacts on the firm’s CSR engagement. (shrink)

Defenders of the thesis of self-ownership generally focus on the “ownership” part of the thesis and say little about the metaphysics of the self that is said to be self-owned. But not all accounts of the self are consistent with robust self-ownership. Philosophical accounts of the self are typically enshrined in theories of personal identity, and the paper examines various such theories with a view to determining their suitability for grounding a metaphysics of the self consistent with (...) self-ownership. As it happens, only one such theory is suitable: the hylemorphic theory of Aristotle and Aquinas. To adopt such a theory, however, is to see that self-ownership may in some respects have implications different from those many of its defenders take it to have. Footnotesa For comments on earlier versions of this essay, I thank Christopher Kaczor, Ellen Frankel Paul, the participants at an Institute for Humane Studies current research workshop in January 2004, and the other contributors to this volume. (shrink)

The purpose of this analysis is to widen and clarify the debate which arose during the last years around granting patents (and other ownership rights) upon different methods and mechanisms of manipulating and engineering life. In doing so, I draw a limited, prima facie argument against many sorts of entitlements or granting rights to those capable of manipulating life at its core level. The general tendency nowadays is to put pressure on the institutional setting in order to accept (...) and promote the manipulation of life as a novel discovery and invention, i.e. to grant patents. I will argue why this is not only socially risky, but also morally doubtful. (shrink)

The concept of self-ownership was first articulated in anglophone political thought in the decades between the outbreak of the English Civil War and the Glorious Revolution. This book traces the emergence and evolution of self-ownership over the course of this period, culminating in a reinterpretation of John Locke's celebrated but widely misunderstood idea that "every Man has a Property in his own Person." Often viewed through the prism of libertarian political thought, self-ownership has its roots in the (...) neo-Roman or republican concept of liberty as freedom from dependence on the will of another. As Lorenzo Sabbadini reveals, seventeenth-century writers believed that the attainment of this status required not only a specific kind of constitution but a particular distribution of property as well. Many regarded the protection of private property as constitutive of liberty, and it is in this context that the vocabulary of self-ownership emerged. Others expressed anxieties about the corrupting effects of excessive concentrations of wealth or even the institution of private property itself. Bringing together canonical republican writers such as John Milton and James Harrington, lesser-known pamphleteers, and Locke, a theorist generally regarded as being at odds with neo-Roman thought, Property, Liberty, and Self-Ownership in Seventeenth-Century England is a bold, innovative study of some of the most influential concepts to emerge from this groundbreaking period of British history. "This book is a major achievement, offering a novel and highly original account of property and liberty in seventeenth-century English republican thought. It is a brilliant piece of scholarship that makes an important contribution to the history of early modern political thought." Markku Peltonen, University of Helsinki. (shrink)

Libertarians such as Nozick have argued that any redistributive tax scheme intended to achieve and maintain an egalitarian distributive pattern will violate self‐ownership. Furthermore, since self‐ownership is a central component of the idea of freedom, instituting an egalitarian distribution makes a society less rather than more free. All this turns on the claim, accepted by both libertarians and their critics, that a redistributive tax will violate self‐ownership because it must expropriate the fruit of a person’s labour. I (...) show here that there is no reason to accept this claim. The libertarian argument works only if the fruit of one’s labour must be understood to include everything that a person produces through his labour. But there is an alternative reading of the fruit of labour which identifies it with that subset of the total product of one’s labour which is due to his choices rather than luck. I argue that this reading is plausible, that there is nothing in the concept of self‐ownership which disallows it, and that if it is adopted, a redistributive tax need not automatically expropriate the fruit of one’s labour. Consequently there is no necessary inconsistency between redistributive taxation and self‐ownership, and so egalitarians can endorse the latter idea. (shrink)

Recently, management literature has sought to examine the role of institutional entrepreneurs in the emergence of commons logic and in building consensus around its meaning. While the focus has been on new commons, not all are created ex nihilo. Some types of preexisting commons, known as contested commons, often pose challenges that result in disagreements and conflicts with respect to their ownership, use, and management. These commons are a ubiquitous yet understudied phenomenon. In this paper, we use the (...) case of the Tunisian Oasis of Jemna, pictured against the historical backdrop of the Arab Spring, to look at the institutional struggles that involve institutional entrepreneurs and the opponents of a contested commons. We identify two main strategies used by institutional entrepreneurs to frame the commons as a superior alternative: idealizing the commons and coalescing the community to harness its potential. We also highlight the heretofore neglected role of opponents, who engage in demonizing the commons to restore the competing logics of state or market. Finally, we unravel some of the conditions that allow for a temporary settlement of the contest, leading to what we term de facto commons. (shrink)

Minorities comprise a tiny fraction of media owners, and continued media consolidation exacerbates existing disparities. This article examines this problem by integrating the work of Jurgen Habermas and Jacques Ellul. These theorists identify a common concern—described alternately as technicization and colonization—involving homogenization of content, loss of localism, and decreased ownership diversity. In different ways, each acknowledges the possibility that social action can make a difference. Habermas' discourse ethics provides a normative foundation for arguing on behalf of ownership diversity (...) and policy reform. Though Ellul is skeptical of institutional reform, he offers a complementary vision of concrete action on the part of local, independent community groups. While their solutions are different, we argue that both are necessary. Media reform efforts must incorporate both Habermasian and Ellulian approaches by supplementing federal regulatory reform with independent grassroots activism. A combination of such efforts is essential to the movement's success. (shrink)

Minorities comprise a tiny fraction of media owners, and continued media consolidation exacerbates existing disparities. This article examines this problem by integrating the work of Jurgen Habermas and Jacques Ellul. These theorists identify a common concern—described alternately as technicization and colonization—involving homogenization of content, loss of localism, and decreased ownership diversity. In different ways, each acknowledges the possibility that social action can make a difference. Habermas' discourse ethics provides a normative foundation for arguing on behalf of ownership diversity (...) and policy reform. Though Ellul is skeptical of institutional reform, he offers a complementary vision of concrete action on the part of local, independent community groups. While their solutions are different, we argue that both are necessary. Media reform efforts must incorporate both Habermasian and Ellulian approaches by supplementing federal regulatory reform with independent grassroots activism. A combination of such efforts is essential to the movement's success. (shrink)

_Decolonizing Educational Research_ examines the ways through which coloniality manifests in contexts of knowledge and meaning making, specifically within educational research and formal schooling. Purposefully situated beyond popular deconstructionist theory and anthropocentric perspectives, the book investigates the longstanding traditions of oppression, racism, and white supremacy that are systemically reseated and reinforced by learning and social interaction. Through these meaningful explorations into the unfixed and often interrupted narratives of culture, history, place, and identity, a bold, timely, and hopeful vision emerges to (...) conceive of how research in secondary and higher education institutions might break free of colonial genealogies and their widespread complicities. (shrink)

The study explores the challenges UK-based institutional investors face when trying to monitor investee companies and influence their social, environmental, and governance practices. Consistent with previous research, I find that misalignment of interests within the investment chain and dispersed ownership are factors which inhibit investor activism. However, other underexplored challenges include lack of investee company transparency and investor experience in activism, as well as low client demand for engagement and internal conflicts of interest. The results contribute to the (...) literature on institutional investor activism by using direct empirical evidence to systematically discuss the challenges to stewardship. Given the intensification of media and regulatory attention on shareholders in the post-global financial crisis era, coupled with investors’ growing awareness and practice of stewardship, the research opens new avenues for enquiry which go beyond the on-going debate about the monitoring versus short-termism roles of institutional investors. (shrink)

This paper investigates the extent to which institutional investors may have influenced independent real estate appraisals during the financial crisis. A conceptual model of the determinants of client influence on real estate appraisals is proposed. It is suggested that the extent of clients’ ability and willingness to bias appraisal outputs is contingent upon market and regulatory environments, the salience of the appraisal to the client, financial incentives for the appraiser to respond to client pressure, organisational culture, the level of (...) moral reasoning of both individual clients and appraisers, client knowledge and the degree of appraisal uncertainty. The potential of client influence to bias ostensibly independent real estate appraisals is examined using the opportunity afforded by the market downturn commencing in 2007 in the UK. During the market turbulence at the end of 2007, the motivations of different types of owners to bias appraisals diverged clearly and temporarily provided a unique opportunity to assess potential appraisal bias. We use appraisal-based performance data for individual real estate assets to test whether there were significant ownership effects on performance during this period. The results support the hypothesis that real estate appraisals in this period reflected the differing needs of clients. (shrink)

UN peace operations have increasingly focused on the importance of “local ownership.” The logic is simple. For peace operations to succeed in helping war-torn states to create accountable, democratic institutions grounded in the rule of law, peace operations need to internalize democratic principles by making UN missions accountable to different domestic constituencies—crossing ethnic, religious, racial, social, and gender lines—within the war-torn country. As part of a special issue on “The United Nations at Seventy-Five: Looking Back to Look Forward,” this (...) essay argues that while there is widespread consensus among UN member states and UN bureaucrats that local ownership is necessary, UN peace operations have faced significant obstacles to creating true local ownership. These obstacles include the UN's focus on host-government ownership; the challenge of creating trust with different domestic constituencies that represent diverse perspectives; the supply-driven nature of UN intervention; and the mismatch between the UN's ideal post-conflict state and the preferences of post-conflict societies. To make UN peace operations more responsive to post-conflict societies, UN staff often have to bend or break rules established only to hold them accountable to their member states. (shrink)

This study examines the extent to which corporate responsibility influences the demand for shares by institutions. The study follows Bushee (Account Rev 73(3):305–333, 1998 ) in categorising institutions as dedicated or transient. The demand for shares is organised according to three factors: a long-term factor, corporate responsibility; a short-term factor, market liquidity; and a time-independent factor, portfolio theory. The rank and importance of the factors for the different types of institutional investor are analysed. For one of two types of (...) dedicated institution, corporate responsibility is as important as portfolio theory in influencing the demand for shares. For all dedicated institutions, corporate responsibility influences the demand for shares more than market liquidity. For two of the three types of transient institution, market liquidity is the most important factor in share selection. For all transient institutions, the least important factor is corporate responsibility. Findings suggest that corporate responsibility positively and significantly influences the demand for shares by dedicated institutions. The discussion considers the extent to which these trends are constitutive of significant shifts in ethicality within the context of institutional investment. Looking at this from within a highly institutionalised Anglo market model, dedicated institutions’ commitment to broader and longer-term concerns could be interpreted as a small but significant step towards a more axiologically informed ethical business practice. Such a form of engagement calls for sensitive attention to a fuller range of features deemed to be relevant to investment decisions, as opposed to more narrow reliance on legislation, codes of practice and fiduciary principles. (shrink)

This article critically examines the origins and evolution of China’s unique land institutions and situates land policy in the larger context of China’s reforms and pursuit of economic growth. It argues that the Chinese Communist Party has strengthened the institutions that permit land expropriation—namely, urban/rural dualism, decentralized land ownership, and hierarchical land management—in order to use land as a key instrument of macroeconomic regulation, helping the CCP respond to domestic and international economic trends and manage expansion and contraction. Key (...) episodes of macroeconomic policymaking are analyzed, with the use of local and central documents, to show how the CCP relied on the manipulation and distribution of the national land supply either to stimulate economic growth or to rein in an overheating economy. China’s land institutions, therefore, share “complementarities” with fiscal and financial institutions and benefit powerful political actors while imposing costs on marginal ones. (shrink)

The following is a short introduction to this special issue, which builds on and significantly extends and updates the research published recently in the Iwanami Series on Japanese economic history. First, we offer a modern interpretation of four institutional elements that are particularly important for understanding the growth path of the Japanese economy. These are (a) ownership; (b) regulation of factor markets; (c) labor mobility and (d) the judiciary. These four elements properly clarify the incentive structure behind economic (...) institutions. We then briefly explain how the four articles in this special issue—two at the macro level providing updated estimates of long-run rates of growth in gross domestic product (GDP) and total factor productivity (TFP), and two at the micro level examining institutional changes in specific markets—build on this unified framework, and deepen our understanding of Japanese economic history. (shrink)

This chapter contains sections titled: The Evolution of the Institutions of Science The Big Business of Biotech, and the Cornucopia of the HGP The Marketplace of Genes Open Source and Free Markets Open Source in Biology National Regulation of Gene Markets DNA Wants to be Free.

The aim of the article is to answer the question if accession can be maintained as a separate and independent mode of acquisition and loss of ownership in the Lithuanian civil law. Although this mode takes its beginning in the Roman law and is well-known in other European jurisdictions, the situation in Lithuania is less clear because the accession is almost totally absent from the legal texts of the Lithuanian positive civil law, court decisions and legal doctrine as well. (...) Thus, a legal analysis confined to the linguistic analysis of law would come to the conclusion that Lithuanian law functions without the accession. Nevertheless, a deeper analysis of the Lithuanian Civil Code and case law reveals a different view. To respond to the posed question, the article analyses the functions and the concept of accession as one of the aspects of a broader property law principle, namely, of unity. The essence of the latter is that one thing presupposes one right of ownership and it is inconceivable to hold several full ownerships into the same thing. In this respect, accession plays an important role protecting the legal interests of the third parties. Also, the application of accession in other continental European countries and the solutions proposed by the Draft Common Frame of Reference is analysed. Further, the analysis turns to the Lithuanian positive law and case law. In spite of the lack of express reference to the accession rule, careful analysis shows that, in fact, the accession rule is established in the Lithuanian Civil Code, albeit it could be found in various forms and in several different units of the Civil Code. Also, Lithuanian courts routinely apply the rules on accession in practice. Even more, the analysis shows that the Lithuanian Civil Code is not devoid of the rules of accession, but, on the opposite, this legal institute is over-regulated and, in part, incoherent. This quality can be explained as a consequence of an imprecise legal drafting. The final conclusion is drawn that accession is a separate and fully working legal institute of Lithuanian civil law, although to reach its coherent application a certain interpretative position should be adopted. (shrink)

This study investigates the extent to which South African listed corporations voluntarily disclose information on black economic empowerment (BEE) in their annual and sustainability reports using a sample of 75 listed corporations from 2003 to 2009. BEE is a form of socio-economic affirmative action championed by the African National Congress (ANC)-led government to address historical imbalances in business participation and ownership in South Africa. We find that block ownership and institutional ownership are negatively associated with the (...) extent of BEE disclosures, whereas government ownership, board diversity (age, education, ethnicity, nationality and occupation), board size and non-executive directors are positively related to the extent of BEE disclosures. By contrast, dual board leadership structure and gender diversity are not significantly associated with BEE disclosures. Our results are robust when controlling for firm-level characteristics, fixed-effects and alternative disclosure proxies. Our results are largely consistent with the predictions of agency, legitimacy, resource dependence and stakeholder theories. (shrink)

This study uses the institutional perspective to examine the interaction effects between the subnational institutional context and firm-level parameters on corporate environmental behaviors, based on a unique cross-sectional data set of private firms compiled from three different sources in China. Our results suggest that both enforcement stringency of environmental regulations at the provincial-level and private firms’ foreign ownership negatively affect compensation fees, which are levies charged for firms’ emissions. Enforcement stringency also moderates the firm-level relationship between foreign (...) ownership and compensation fees, but such a cross-level moderating effect holds only for private firms with non-HMT investments. (shrink)

Myriad contemporary public-policy issues--including physician-assisted suicide, medical marijuana, abortion, surrogate motherhood, gay rights, conscription, and markets in human organs--raise the following important question: what rights should individuals have over their own bodies? The concept of self-ownership offers one way to answer this question. Just as ownership of an external object involves having rights, liberties, powers, immunities, etc., with respect to it, so self-ownership involves having these incidents of ownership with respect to one's own body and labor (...) power. Much of the contemporary debate over self-ownership has been about which of these incidents should be included in its definition. This dissertation endorses a particular configuration of incidents called Control Self-Ownership, consisting of permanent rights in rem of use, exclusion, and transfer over one's own body and labor power. As I show, this conception of self-ownership is coherent--two of its incidents can be either directly or indirectly derived from the third--but it creates difficulties for the political theorists who use it. For example, liberal egalitarians' tentative adoption of CSO forces them to be not only more liberal but also less egalitarian than they would otherwise be, whereas libertarians' efforts to adopt CSO but also extend it to include a right to labor income are unsuccessful, leaving their opposition to redistributive labor taxation ungrounded. The dissertation also shows that CSO can act as a mediating concept between the abstract political value of autonomy and a variety of concrete policy prescriptions, including the decriminalization of victimless crimes and the abolition of forced labor. More specifically, I demonstrate that CSO is tightly linked to autonomy by developing two distinct but interrelated Kantian defenses of it. I also argue that CSO is highly inconsistent with several existing and proposed nonmarket institutions to allocate transplantable human organs but that it can provide moral support for markets in human organs. The dissertation concludes with a critical examination of anticommodificationist and social-contract critiques of self-ownership. (shrink)

Despite the rising interest in environmental strategies, few studies have examined how managerial cognition of such strategies influences actual innovation capability development. Taking a managerial cognition perspective, this study investigates how managers’ perceptions of institutional pressures relate to their focus on proactive environmental strategy, which in turn affects firms’ realized innovation capability. The findings from a primary survey and three secondary datasets of publicly listed companies in China reveal that managers’ perceived business and social pressures are positively associated with (...) their focus on proactive environmental strategy, which consequently fosters innovation capability development. Moreover, state ownership and government administrative control weaken the impact of managerial focus on proactive environmental strategy on innovation capability. These findings have important implications for how managerial cognition supports environmental strategy and organizational capability building under the influence of institutional pressures and government intervention. (shrink)