This study empirically analyses the exclusion of companies from investors’ investment universe due to a company’s business model or due to a company’s violations of international norms. We conduct a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway’s Government Pension Fund-Global and Sweden’s AP-funds. We find that their portfolios of excluded companies do not generate an abnormal return relative to the funds’ benchmark index. While the exclusion portfolios show higher risk than the (...) respective benchmark, this difference is only statistically significant for the case of GPFG. These findings suggest that the exclusion of the companies generally does not harm funds’ performance. We interpret these findings as indicative that with exclusionary screening, as practiced by the sample funds, asset owners can meet the ethical objectives of their beneficiaries without compromising financial returns. (shrink)
This study explores the underlying drivers of US public pension funds’ tendency to tilt their portfolios towards companies with stronger corporate social responsibility. Studying the equity holdings of large, internally managed US state pension funds, we find evidence that the political leaning of their beneficiaries and political pressures by state politicians affect funds’ investment decisions. State pension funds from states with Democratic-leaning beneficiaries tilt their portfolios more strongly towards companies that perform well on CSR issues, and this tendency is intensified (...) when the state government is dominated by Democratic state politicians. Moreover, we find that funds which tilt their portfolios towards companies with superior CSR scores generate a slightly higher return compared with their counterparts. Overall, our findings indicate that funds align their investment choices with the financial and non-financial interests of their beneficiaries when deciding whether to incorporate CSR into their equity allocations. (shrink)
From a simple idea to unite asset owners in their quest for responsible investment at its launch in April 2006, the United Nations supported Principles for Responsible Investment have grown in just one decade into an initiative with more than 1500 fee-paying signatories. Jointly, the PRI’s signatories hold assets worth more than $80 trillion, making it one of the more prevalent not-for-profit organizations worldwide. Furthermore, the PRI’s ambitious mission to transform the financial system at large into a more sustainable one (...) makes it a worthwhile subject of inquiry from an institutional perspective. We undertake an empirical investigation of the adoption of the PRI by asset owners during five crucial years of the association’s emergence: 2007–2011. Following a tripartite view of institutional theory proposed by Scott, we explore if regulative, normative, and cultural–cognitive factors influence an asset owner’s decision to subscribe to the PRI. Applying both parametric and non-parametric survival analysis, we find that asset owners are indeed significantly affected by normative, cultural–cognitive, and regulative aspects. In particular, public service employee and labor union pension funds from social backgrounds more culturally aligned with values represented by the RI movement with historically more voluntary legislation on environmental, social, and governance issues are most likely to sign the PRI. In contrast, institutional environments with a higher number of pre-existing mandatory ESG regulation decrease the likelihood of signing the PRI. Our results indicate that normative and cultural–cognitive factors were crucial contributors to the PRI’s growth. With respect to the regulative environments, our results imply that some asset owners may use the PRI as a collective industry initiative to substitute for mandatory legislation. Conversely, a high level of historical mandatory legislation may constrain organizational resources that could otherwise be dedicated to voluntary initiatives such as PRI. Our findings are robust to relevant controls and econometric concerns. (shrink)
The present paper explores, theoretically, and empirically, whether compliance with the International Code of marketing of breast-milk substitutes impacts on financial performance measured by stock markets. The empirical analysis, which considers a 20-year period, shows that stock markets are indifferent to the level of compliance by manufacturers with the International Code. Two important issues emerge from this result. Based on our finding that financial performance as measured by stock markets cannot explain the level of compliance, the first issue refers to (...) what alternative types of mechanisms drive manufacturers who comply the least with voluntary codes such as the International Code. Conversely, from our finding that stock markets do not reward the most compliant, the second issue raised is an inherent weakness of stock markets to fully incorporate social and environmental values. (shrink)
Cognitive enhancement is the use of drugs, biotechnological strategies or other means by healthy individuals aiming at the improvement of cognitive functions such as vigilance, concentration or memory without any medical need. In particular, the use of pharmacological substances has received considerable attention during the last few years. Currently, however, little is known concerning the use of cognitive enhancers, their effects in healthy individuals and the place and function of cognitive enhancement in everyday life. The purpose of the book is (...) to give an overview of the current research on cognitive enhancement and to provide in-depth insights into the interdisciplinary debate on cognitive enhancement. (shrink)
Combining rock-property analysis with multicomponent seismic imaging can be an effective approach for reservoir quality prediction in the Bakken Formation, North Dakota. The hydrocarbon potential of shale is indicated on well logs by low density, high gamma-ray response, low compressional-wave and shear-wave velocities, and high neutron porosity. We have recognized the shale intervals by cross plotting sonic velocities versus density. Intervals with total organic carbon content higher than 10 wt% deviate from lower TOC regions in the density domain and exhibit (...) slightly lower velocities and densities. We consider TOC to be the principal factor affecting changes in the density and P- and S-wave velocities in the Bakken shales, where VP/ VS ranges between 1.65 and 1.75. We generate the synthetic seismic data using an anisotropic version of the Zoeppritz equations, including estimated Thomsen’s parameters. For the tops of the Upper and Lower Bakken, the amplitude shows a negative intercept and a positive gradient, which corresponds to an amplitude variation with offset of class IV. The P-impedance error decreases by 14% when incorporating the converted-wave information in the inversion process. A statistical approach using multiattribute analysis and neural networks delimits the zones of interest in terms of P-impedance, density, TOC content, and brittleness. The inverted and predicted results show reasonable correlations with the original well logs. The integration of well log analysis, rock physics, seismic modeling, constrained inversions, and statistical predictions contributes to identifying the areas of highest reservoir quality within the Bakken Formation. (shrink)
Research on the intersection of race and gender suggests that, for African Americans, racial inequality is more salient than gender inequality. However, theoretical perspectives on the multiplicative effects of status positions and “outsider within” models suggest that minority group membership can be a catalyst for the development of feminist attitudes. This article examines three issues central to feminism: recognition and critique of gender inequality, egalitarian gender roles, and political activism for the rights of women. The authors found that support for (...) feminist ideology was common for both African American women and men, although the level of support varied depending on the issue and by gender. Factors predicting the endorsement of feminist ideology also varied depending on the issue and by gender. The authors found partial support for the race saliency hypothesis, but there was also evidence of the multiplicative effects of status positions on African Americans' feminist attitudes. (shrink)
This article explores the meanings of manhood as articulated by Afro-American men. Conceptualization and Q-sort methods are used to examine men's construction of manhood and men's ratings of the importance of selected attributes to being a man. Manhood emerged as a multidimensional construct with four major domains and 15 distinct clusters of ideas. The cluster of attributes rated as most important to being a man paralleled the conceptualization of manhood derived from the open-ended interviews for both professional and nonprofessional men. (...) Men's ratings of attributes in the areas of ownership, manliness, spiritual and religious, and power varied by occupational status. (shrink)
Academic performance enhancement or cognitive enhancement (CE) via stimulant drug use has received increasing attention. The question remains, however, whether CE solely represents the use of drugs for achieving better academic or workplace results or whether CE also serves various other purposes. The aim of this study was to put the phenomenon of pharmacological academic performance enhancement via prescription and illicit (psycho-) stimulant use (Amphetamines, Methylphenidate) among university students into a broader context. Specifically, we wanted to further understand students’ experiences, (...) the effects of use on students and other factors, such as pressure to perform in their academic and private lives. (shrink)
This paper investigates different modes of organizing for corporate social responsibility (CSR). Based on insights from organization theory, we theorize two ways to organize for CSR. “Complete” organization for CSR happens within businesses and depends on the availability of certain organizational elements (e.g., membership, hierarchy, rules, monitoring, and sanctioning). By contrast, “partial” organization for CSR happens when organizers do not have direct access to all these organizational elements. We discuss partial organization for CSR by analyzing how standards and cross-sector partnerships (...) make selective use of organizational elements. We maintain that an important feature of the increasing institutionalization of CSR—not only within businesses but also among non-governmental, governmental, and professional actors—is the rise of partial forms of organization. We discuss the contributions to this Special Issue in the context of our theorization of complete/partial organization for CSR and outline avenues for further research. (shrink)
This study presents a theory of causally complex configurations of antecedent conditions influencing the adoption versus non-adoption of international supplier ethical certification-standards. Using objective measures of antecedents and outcomes, a large-scale study of exporting firms in the cut-flower industry in two South American countries supports the theory. The theory includes the following and additional propositions. No single -antecedent condition is sufficient for accurately predicting a high membership score in outcome conditions; the outcome conditions include a firm’s adoption or rejection of (...) a product certification. No single -antecedent condition is necessary for accurately predicting high scores in the outcome condition. A few complex antecedent conditions are sufficient but the occurrence of each is not necessary for accurately predicting high scores in an outcome condition. Causal asymmetry of antecedent conditions indicating adoption versus non-adoption of specific ethical standards occurs—that is, causal conditions leading to rejection are not the mirror opposites of causal conditions leading to adoption. (shrink)
This book looks at the ways in which conditionals, an integral part of philosophy and logic, can be of practical use in computer programming. It analyzes the different types of conditionals, including their applications and potential problems. Other topics include defeasible logics, the Ramsey test, and a unified view of consequence relation and belief revision. Its implications will be of interest to researchers in logic, philosophy, and computer science, particularly artificial intelligence.
ABSTRACT:Although the literature on multi-stakeholder initiatives for sustainability has grown in recent years, it is scattered across several academic fields, making it hard to ascertain how individual disciplines, such as business ethics, can further contribute to the debate. Based on an extensive review of the literature on certification and principle-based MSIs for sustainability, we show that the scholarly debate rests on three broad themes : theinputinto creating and governing MSIs; theinstitutionalizationof MSIs; and theimpactthat relevant initiatives create. While our discussion reveals (...) the theoretical underpinnings of the 3Is, it also shows that a number of research challenges related to business ethics remain unaddressed. We unpack these challenges and suggest how scholars can utilize theoretical insights in business ethics to push the boundaries of the field. Finally, we also discuss what business ethics research can gain from theory development in the MSI field. (shrink)
Two studies substantiating Blair's main postulates are summarized. The first study showed that fluid cognition, reasoning, and perceived competence about reasoning are separate and equipotent partners in g. The second study showed that reasoning, understanding of emotions, and perceived competence about reasoning and emotions partake in the formation of g, substantiating Blair's claim that cognition and emotion are linked in the brain.
The late G.A. Cohen is routinely considered a founding father of luck egalitarianism, a prominent responsibility-sensitive theory of distributive justice. David Miller argues that Cohen’s considered beliefs on distributive justice are not best understood as luck egalitarian. While the relationship between distributive justice and personal responsibility plays an important part in Cohen’s work, Miller maintains that it should be considered an isolated theme confined to Cohen’s exchange with Dworkin. We should not understand the view Cohen defends in this exchange as (...) Cohen’s considered view. Accepting this thesis would change both our understanding of Cohen’s political philosophy and many recent luck egalitarian contributions. Miller’s argument offers an opportunity to reassess Cohen’s writings as a whole. Ultimately, however, the textual evidence against Miller’s argument is overwhelming. Cohen clearly considers the exchange with Dworkin to be about egalitarianism as such rather than about the best responsibility-sensitive version of egalitarianism. Furthermore, Cohen often offers luck egalitarian formulations of his own view outside of the exchange with Dworkin and uses luck egalitarianism as an independent yardstick for evaluating principles and distributions. (shrink)
Being able to state the principles which lie deepest in the foundations of mathematics by sentences in three variables is crucially important for a satisfactory equational rendering of set theories along the lines proposed by Alfred Tarski and Steven Givant in their monograph of 1987. The main achievement of this paper is the proof that the 'kernel' set theory whose postulates are extensionality. (E), and single-element adjunction and removal. (W) and (L), cannot be axiomatized by means of three-variable sentences. This (...) highlights a sharp edge to be crossed in order to attain an 'algebraization' of Set Theory. Indeed, one easily shows that the theory which results from the said kernel by addition of the null set axiom, (N), is in its entirety expressible in three variables. (shrink)