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)
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)
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)
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)
Objective: Theory and research suggest that the pursuit of personal goals that do not fit a person's affect-based implicit motives results in impaired emotional well-being, including increased symptoms of depression. The aim of this study was to evaluate an intervention designed to enhance motive-goal congruence and study its impact on well-being. Method: Seventy-four German students (mean age = 22.91, SD = 3.68; 64.9% female) without current psychopathology, randomly allocated to 3 groups: motivational feedback (FB; n = 25; participants learned about (...) the fit between their implicit motives and explicit goals), FB + congruence-enhancement training (CET; n = 22; participants also engaged in exercises to increase the fit between their implicit motives and goals), and a no-intervention control group (n = 27), were administered measures of implicit motives, personal goal commitments, happiness, depressive symptoms, and life satisfaction 3 weeks before (T1) and 6 weeks after (T2) treatment. Results: On two types of congruence measures derived from motive and goal assessments, treated participants showed increases in agentic (power and achievement) congruence, with improvements being most consistent in the FB+CET group. Treated participants also showed a trend-level depressive symptom reduction, but no changes on other well-being measures. Although increases in overall and agentic motivational congruence were associated with increases in affective well-being, treatment-based reduction of depressive symptoms was not mediated by treatment-based agentic congruence changes. Conclusion: These findings document that motivational congruence can be effectively enhanced, that changes in motivational congruence are associated with changes in affective well-being, and they suggest that individuals’ implicit motives should be considered when personal goals are discussed in the therapeutic process. (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)
Thema dieser Studie ist die Philosophie des Geistes bei Descartes, Malebranche, Spinoza und Leibniz. Es soll gezeigt werden, dass die Frage nach dem Wesen des Geistes bei diesen Autoren von vorneherein im Kontext einer erkenntnistheoretischen Problematik behandelt wird und erst dadurch ihr eigentümliches Profil erhält. Wie muss der menschliche Geist beschaffen sein, wenn sichere Erkenntnis möglich sein soll? Das ist die zentrale Frage, die im frühneuzeitlichen Rationalismus gestellt wird. Sie wird von den Autoren des klassischen Rationalismus in mehreren monumentalen Anläufen (...) beantwortet, indem der menschliche Geist als etwas beschrieben wird, das wesentlich auf Gott und seine Allwissenheit bezogen ist. In radikalisierender Anknüpfung an die scholastische Philosophie erweist sich die visio beatifica, die es dem endlichen Geist erlaubt, an Gottes Unendlichkeit teilzuhaben, als das zentrale epistemologische Paradigma, das von den genannten Autoren auf je unterschiedliche Weise ausbuchstabiert wird. So zeigt sich, dass die Philosophie des Geistes, weit davon entfernt, eine bloße Subdisziplin der Philosophie zu sein, für die rationalistischen Philosophen des 17. Jahrhunderts ins Zentrum der prima philosophia rückt - als die privilegierte Schnittstelle, an der sich Erkenntnistheorie, Religionsphilosophie und Subjektivitätstheorie treffen und wechselseitig artikulieren. (shrink)
Although much has been written globally about the key issues of corporate governance in REITs, there are not enough studies inspired by the systematic literature review method. This study reviews the literature on corporate governance in real estate investment trusts (REITs) published after 2004 and addresses three interrelated research questions. We examined 77 peer-reviewed journal articles using a systematic literature review approach. We found that there has been a rise in studies since 2010, with a brief decrease in 2015 and (...) 2017 before increasing again in 2016. Moreover, the vast majority of the studies were published in the areas of economics/econometrics/finance and business/management/accounting. In addition, most of the papers are single-country studies, and the minority are multi-country. The majority of the papers are focused on the USA and Asia. Similarly, the majority of these analyses concentrate on developed countries and ignore emerging and frontier markets.Keywordscorporate governance, real estate investment trusts, REITs, systematic literature review, SLR. (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)
A growing group of institutional investors use divestment strategically to deter misconducts that are harmful for the climate and society. Based on Kantian ethics, we propose that divestment represents investors’ universal and absolute moral commitment to socially responsible investing (SRI). Following categorical and hypothetical imperatives and reciprocity as a norm, we hypothesize how institutional investors’ commit to SRI through a divestment strategy against ethically reprehensible behaviour of banks, especially when these investors represent banks themselves. Using a hand-collected database of the (...) revelation dates of enforcement actions on banks, we find evidence that banks are less likely to divest equity holding on banks with misconduct (fined banks) than their non-bank institutional investors peers. Banks that commit to invest responsibly by signing for the Principles for Responsible Investment (PRI) are not significantly more likely to divest on fined banks stocks than non-signatory banks. Moreover, divestment of fined banks whose own legitimacy to operate is in question is not significantly different from non-fined banks divestment. We find that European banks are more inclined to sell their holdings permanently on fined banks than their United States peers. Therefore, bank’s moral commitment to SRI via divestments is influenced more by cultural and reciprocity norms than their moral commitment to participate in the PRI. (shrink)
How is the tension between conflict and deliberation resolved in shareholder engagement? We address this question by studying shareholder engagement as a deliberative process with three stages: establishing dialogue, solution development, and solution implementation. We theorize that two interactionist mechanisms, deliberative interaction and the voicing of disagreement, play different roles at different stages of the process. We test our hypotheses with a proprietary database of 169 environmental, social, and governance engagements with US public companies over 2007–12. We find that while (...) deliberative interaction does not help advance the engagement process, it positively moderates the effect of disagreement in the solution development stage. By contrast, in the solution implementation stage, deliberative interaction amplifies the negative effect of disagreement, thus hindering progress in the engagement. Our article contributes to shareholder engagement, deliberation theory, and interactionist organization theory by establishing that engagement effectiveness is an interactional achievement shaped by both deliberation and disagreement. (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.
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)
Ein sicheres Kriterium für den menschlichen Tod gibt es nicht. Die neu entfachte Diskussion über den Hirntod zeigt, dass allein aus einem medizinisch-naturwissenschaftlichen Verständnis heraus keine angemessene Bestimmung des Todes zu gewinnen ist. Die Beiträge des Bandes verdeutlichen: Um den Tod begrifflich angemessen zu fassen, muss die personale Dimension des menschlichen Lebens berücksichtigt werden.
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)
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)
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.
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)