This paper aims to integrate recent research on collective agency, corporate moral personhood, and corporate citizenship to answer the question of how corporations and corporate officers should respond to greater social expectations about the role of business in society. The central thesis advanced in this paper is twofold. First, the right answers to questions about corporate purpose and social responsibility depend on what the right conception of the firm is. Different conceptions of the firm will yield conflicting accounts (...) of corporate purpose and responsibilities. Second, a normative theory of the firm can serve as a moral framework to make trade-offs and adjudicate competing stakeholder demands when decisions cannot be redescribed as win–win situations. By integrating the literature on the ontological status of collectives, the morality of corporate agents, and the responsibilities of business, this paper contributes a unique approach to defining what a person is, what the firm is, and, consequently, who has responsibilities (and what sort of responsibilities) to whom. (shrink)

This paper offers a new concept of the firm that aims at balancing the corporate economic, social, and environmental responsibilities and goes beyond the stakeholder approach. It intends to provide a conceptual and operationalizable basis to fairly assess corporate conduct from both inside and outside the companies. To a large extent these different responsibilities may overlap and reinforce each other. However, if they conflict, they should be clearly evaluated for their own sake and in terms of wealth creation. (...) Only then can a balanced approach be realized. Section 1 briefly discusses some general aspects of the relationship between concepts and measurement. In Section 2, a concept of the firm is developed that is based on the notion of responsibility and balances economic, social and environmental responsibilities. According to these concepts, different ways of measuring corporate planning and performance are examined in Section 3, followed up by a summary and conclusions. (shrink)

This article proposes a theory of the firm based on the concept of common good provided by the Aristotelic-Thomistic and Catholic Social Thought traditions, with particular attention given to the concept of work. We argue that the incorporation of a concept of work, based on the A-T and CST traditions, provides a better understanding of the firm´s common good in terms of sociability, cooperation, personal fulfillment and friendship. In this manner, taking into account an A-T (...) and CST concept of work, we provide a better understanding of different aspects in which the common good can be achieved within the firm. (shrink)

The comic is one of the principal esthetic categories; it unites the multifaceted experience of the social mind as it assimilates and cognizes the world, particularly the social world, on the basis of axioms of common sense, or even of public opinion about these axioms. Boldly violating the laws of logic and the verisimilitude of images, of normal connections and notions, and playing upon these violations, the comic nonetheless remains firmly on the side of common sense. The comic is inexhaustible (...) in its nuances — from light merriment and entertainment to malicious ridicule and satire, from gross farce to subtle forms of irony and humor. (shrink)

This paper discusses and provides a tentative model of a firm for purposes of accounting. The paper first presents the neo-classical capital circulation model of the firm—a model that has been an integral part of Finnish business economics and accounting education for at least half a century. During the same period the stakeholder model has become an alternative model of the firm in Scandinavia. These models have represented two alternatives to define the firm in education. In (...) this paper we try to combine these two models to provide a more comprehensive picture of the firm, especially from the accounting education perspective. An earlier version of this model was presented in 1995 in a book edited by Juha Näsi. Stakeholders with business transactions were seen to be crucial to firms and were categorized as primary in the 1995 model. In addition to stakeholders, a number of stakeholder issues were illustrated in the stakeholder model serving accounting as an educational framework. In this paper the earlier model has been updated, taking into account the current globalization and other developments in the business world. (shrink)

Employee governance, which includes employee ownership and employee participation in decision making, is regarded by manyas morally preferable to control of corporations by shareholders. However, employee governance is rare in advanced market economies due to its relative inefficiency compared with shareholder governance. Given this inefficiency, should employee governance be given up as an impractical ideal? This article contends that the debate over this question is hampered by an inadequate conception of employee governance that fails to take into account the difference (...) between employees and shareholders. It offers a different, more adequate conception of employee governance that recognizes a sense in which employees currently have some ownership rights. The argument for this conception of employee governance is built on an expanded understanding of the ownership of a firm. The article also suggests new strategies for strengthening the role of employees in corporate governance. (shrink)

In his political philosophy, John Rawls has a normative notion of reasonable behaviour expected of citizens in a pluralist society. We interpret the various strands of this idea and introduce them to the discourse on stakeholder dialogue in order to address two shortcomings in the latter. The first shortcoming is an unnoticed, artificial separation of words from actions which neglects the communicative power of action. Second, in its proposed new role of the firm, the discourse of political CSR appeared (...) to offer a promising synthesis of deliberation and action. However, the discourse has been criticized for its shortcoming in failing to provide a regulatory environment for corporation—stakeholder dialogue. Through our interpretation of Rawls’ notion of reasonableness in citizens, the article makes two important theoretical contributions to the debate on stakeholder dialogue. First, we transfer Rawls’ injunction in insisting that dialogues between business corporations and their weaker stakeholders must be understood as consisting of both verbal exchanges and actions. Second, we propose that the coercive power of government ought to provide a necessary context for stakeholder dialogue, and that by doing so, it can provide a way forward for the discourse of political CSR. We illustrate the usefulness of this contribution from Rawls in an analysis of BP’s behaviour towards thousands of victims following the Deepwater Horizon blowout in 2010. (shrink)

The article starts by arguing that seeing the firm as a mere nexus of contracts or as an abstract entity where different stakeholder interests concur is insufficient for a “humanistic business ethos”, which entails a complete view of the human being. It seems more appropriate to understand the firm as a human community, a concept which can be found in several sources, including managerial literature, business ethics scholars, and Catholic Social Teaching. In addition, there are also philosophical (...) grounds that support the idea of business as a human community. Extending this concept, and drawing from some Phenomenological-Personalist philosophers, we propose that the firm should be seen as a particular “community of persons” oriented to providing goods and services efficiently and profitably. Being a “community of persons” emphasizes both individuals and the whole, and makes explicit the uniqueness, conscience, free will, dignity, and openness to human flourishing. This requires appropriate communication about and participation in matters which affect people’s life, and makes it essential to cooperate for the common good of the business firm and the society. (shrink)

This paper discusses conventional and Islamic concepts of distributivejustice, and develops propositions for the establishment of firms deemed to bemoral firms from Islamic perspective. Generally, distributive justice impliesthat goods should be distributed among members of the community accordingto their standing in society. In the Islamic scenario, however, the positive andthe normative aspects work simultaneously. The management of a firm seeksnot only to earn profit in this world but also to get reward in the life-hereafter.Thus, it is duty of a (...) firm to serve the community and look after its shareholders,employees and consumers. This paper also postulates that in a cooperativecum-competitive environment, firms have the same responsibilities as othermembers of the society. Hence, it is the duty of the firm to maintain distributivejustice among its stakeholders. It is also suggested that in the framework of theShariʽah, if there are any imperfections in the market, it is the responsibilityof the state to remove them. This paper also discusses the social and moralresponsibilities of the firms which claim that their products are Shariʽahcompliant. (shrink)

In the Critique of the Power of Judgment, Kant diagnoses an antinomy of taste: either determinate concepts exhaust judgments of taste or they do not. That is to say, judgments of taste are either objective and public or subjective and private. On the objectivity thesis, aesthetic value is predicable of objects. But determining the concepts that would make a judgment of taste objective is a vexing matter. Who can say which concepts these would be? To what authority does one appeal? (...) On the subjectivity thesis, aesthetic value is not predicable of objects. But this threatens judgments of taste with a sort of relativism. Can we not firmly assert the aesthetic value of any object? Have we no authority to make criticisms of taste? Following John McDowell’s “Aesthetic Value, Objectivity and the Fabric of the World”, I will hold that aesthetic value is neither objective nor subjective, but rather intersubjective. But, contra McDowell, I will argue that the validity that intersubjective aesthetic value bestows on judgments of taste must assume an indeterminate absolute conception of reality, of the world as it is in itself. Only such a conceptual resource can in turn make intelligible the notion of a shared or common sense according to which a judgment of taste can be universally valid, that is, valid for all subjects. Finally, I will consider an objection to common sense in matters of taste. (shrink)

The place of money capital in the theory of the firm has remained a relatively neglected question in traditions of economic analysis. In this highly integrative work, issues in production, pricing, capital investment and financial theory are brought to new levels of interdependence. Developing a three-part argument, Money Capital in the Theory of the Firm deals successively with the theoretical issues and analytic motivation, the neoclassical tradition and postclassical perspectives. In doing so, it presents a self-contained foundation in (...) the basic structures of microeconomic analysis relating to optimize decision making in the firm and in the accounting concepts and statistical apparatus of probability theory relevant to the neoclassical aspects of the argument. Additionally, the book provides the essential mathematical development of such advanced topics as utility functions defined over stochastic arguments, the equilibrium theory of financial asset prices and yields, the cost of money capital, and investment decision criteria. This book makes an important contribution to the formation of new and analytically richer perspectives in the important area of economics it addresses. It will be of particular interest to those working in economic theory and microeconomics, and their advanced students. (shrink)

The critical environmental justice (CEJ) framework contends that inequalities are sustained through intersecting social categories, multi-scalarity, the perceived expendability of marginalized populations, and state-vested power. While this approach offers new pathways for environmental justice research, it overlooks the role of firms, suggesting a departure from long-standing political-economic theories, such as the treadmill of production (ToP), which elevate the importance of producers. In focusing on firms, we ask: how do firms operationalize diverse social forces to produce environmental injustice? What organizational logics (...) sustain these inequalities? To understand the firm-level dynamics shaping treadmill acceleration and environmental injustice, we utilize two concepts—social embeddedness and managerial authority—from economic sociology research on firms. The former refers to the social and non-economic factors that guide economic decision-making, whereas the latter refers to the power that reinforces worksite hierarchies. This theoretical paper argues that social embeddedness and managerial authority interact within firms to produce an organizational logic that sustains environmental injustice and ecological disorganization. We draw from historical and contemporary evidence on sugarcane plantations in Latin America and the Caribbean, with cases ranging from the colonial period to the present day. By bringing economic sociological concepts to bear on the CEJ and ToP frameworks, we advance debates on how firm-level dynamics shape environmental inequalities. (shrink)

This article contributes to the debate about the political role of the business firm. The article clarifies what is meant by the “political” role of the firm and how this political role relates to its economic role. To this end, the authors present an ordonomic concept of corporate citizenship and illustrate the concept by way of comparison with the Aristotelian idea of individual citizenship for the antique polis. According to our concept, companies take a political (...) role if they participate in rule-setting processes and rule-finding discourses. Though this political role of the corporation is in principle ambivalent, the authors conclude that in such processes of “new governance” the economic and political roles of the firm need not contradict each other but can follow the same win-win logic of individual self-perfection through cooperative social interactions. (shrink)

Dear IJFAB Readers,This tenth anniversary issue of IJFAB will be the last to appear under the Stony Brook masthead. In 2007, on the day of the blizzard that came to be known as the St. Patrick’s Day Snowstorm, the “protoeditorial board” met at Stony Brook Manhattan to begin creating IJFAB. We were guided in this endeavor by the late, great Anne Donchin, a cofounder of FAB as well as a beloved mentor and friend. As a philosopher, Anne held that concepts (...) imply practical commitments or creeds. She had a very clear idea of the creed of FAB, and she meant, through her gentle but firm guidance, to see that IJFAB adhered to it.1First, IJFAB was always to maintain an international or transnational perspective. Urgent... (shrink)

Stakeholder theory has become one of the most important developments in the field of business ethics. While this concept has evolved and gained prominence as a method of integrating ethics into the basic purposes and strategic objectives of the firm, the authors argue that stakeholder theory has retained certain “masculinist” assumptions from the wider business literature that limit its usefulness. The resources of feminist thought, specifically the work of Carol Gilligan, provide a means of reinterpreting the stakeholder (...) class='Hi'>concept in a way that overcomes many of the existing limitations. This reading provides a different understanding of the identity and meaning of the firm, specifically in terms of its relationship to stakeholder groups and what it means for a firm to succeed. The alternatives proposed also converge with recent trends in the wider management literature and provide practical guidance for firms which face a myriad of challenges in the increasingly complex and global marketplace. (shrink)

Recent years have seen the flowering of a new literature on the economic nature of firms marked by a concern with their internal organization and contractual characteristics. Related literatures on the principal-agent problem and the theory of financial markets have also contributed to a better understanding of firms as economic institutions. However, the place of the concept of the ownership of the firm is poorly developed in most of this literature, with many writers either ignoring the concept (...) entirely or arguing that it is of no importance. The purpose of the present article is to point out that the concept of ownership of firms is crucial to an understanding of internal governance issues. Most economists implicitly presume that firms must be ownable and saleable if they are to be operated efficiently, and recently this viewpoint has been made more explicit by writers such as Jensen and Fama and Williamson. Their point of view is to some degree at odds with views of the firm as a coalition, which frequently appear in the same literature, and even more fundamentally in conflict with conceptions of the firm as an association or polity within which greater or lesser degrees of democracy in governance may be pursued. The first purpose of this article is to show that the incompletely articulated position of the leading authors on the economics of organization is that the firm is a commodity and must be so for purposes of efficiency. (shrink)

Product-harm crises can trigger product recalls or product discards, which is very likely to cause secondary pollution to the environment. Also, these crises may harm customers’ health and threaten firms’ survival. To foster low-carbon economy and green development in such complex systems, this paper studies the internal mechanism of the product crisis and its impact on the firm value. It proposes a two-stage model to avoid the endogeneity of product-harm crises. In the first stage, this paper assesses the effect (...) of firms’ leverage on their capacity to produce higher quality products. In the second stage, this paper conducts the impact of these crises on stock prices. Then, it depicts the financial effects of product-harm crises over time, and analyzes the differences of such effects based on brand equity. Results show that book leverage can positively impact firms’ capacity to produce high-quality products. In addition, the market’s response to product-harm crises is significant at 1% level, and with the increase in severity, the market reaction is more prominent. Furthermore, its negative effect is persistent for a firm experiencing a severe crisis. Luckily, brand equity can mitigate this negative impact. These findings provide some ways to improve product performance and firm value in the green context. (shrink)

The notion of creatio ex nihilo has become a doctrine firmly established in the three Abrahamic religions (i.e., Christianity, Judaism and Islam). Almost all groups of Islamic thinkers accept the truth of the createdness (creatio) of the universe, and that it is preceded by its “non-existence” (ex nihilo). However, there is a diversity of opinions as to whether the concept of creatio ex nihilo is compatible with alternative accounts of the origin of the physical world, and this diversity is (...) particularly marked between Islamic philosophers and kalam theologians (Mutakallimun). Three major factors, independently or together, play a fundamental role on how Islamic scholars deal with this very issue: (a) their views of the physical world; (b) their approaches to the divine attributes; and (c) their understandings of the teachings of their religion. The aim of this chapter is to investigate whether four different notions of creatio ex nihilo espoused by different Islamic thinkers are compatible with seven alternative accounts of the origins of the universe (five philosophical/theological doctrines – first level of compatibility; and two possible interpretations of a modern scientific theory – second level of compatibility). (shrink)

This article discusses the meanings of “creativity”—tvorchestvo—as we encounter it in Georges Florovsky’s thought, first and foremost in his magnum opus Ways of Russian Theology (1937). Tvorchestvo had by this time become a key concept in Russian pre-revolutionary and later émigré thought. It is associated above all with Nikolai Berdyaev’s philosophy, but it also plays an important role in Sergei Bulgakov’s philosophy of economy. In both cases, it stands for the human response to divine creation. Moreover, and somewhat less (...) famously, it was also an epistemological concept in the religious idealism of Vladimir Solovyov as well as in Russian neo-Kantianism (Fyodor Stepun), where it stood for the active, synthetic faculty of our minds. Florovsky, meanwhile, used it as a description of how we should relate to the patristic heritage, but also to history more generally: Our attitude should be “creative,” active, as well as both backward- and forward-looking. This “return to the Fathers” was a central component of Florovsky’s neopatristic program, but, interestingly, in order to conceptualize this return, Florovsky took over a concept from traditions that his own approach otherwise firmly criticized. By analyzing Florovsky’s use of tvorchestvo, this article addresses the broader question as to the differences and parallels between the neopatristic movement and the legacy of the Russian Renaissance (Silver Age). (shrink)

A normative criterion identifying the conditions for a desirable corporate reputation, “reputational optimality,” or “reputational bliss,” is described, and a case developed for its utility and reasonableness as a criterion to apply to real world phenomena. The paper discusses some behavioral patterns under alternative moral positions taken by observers and the firm, critiques some alternative moral principles, and considers some dynamics of moving toward, defending and maintaining, and breaching or breaking reputational bliss.

Bioethics has made a compelling case for the role of experience and empirical research in ethics. This may explain why the movement for empirical ethics has such a firm grounding in bioethics. However, the theoretical framework according to which empirical research contributes to ethics—and the specific role it can or should play—remains manifold and unclear. In this paper, we build from pragmatic theory stressing the importance of experience and outcomes in establishing the meaning of ethics concepts. We then propose (...) three methodological steps according to which the meaning of ethics concepts can be refined based on experience and empirical research: function identification, function enrichment, and function testing. These steps are explained and situated within the broader commitment of pragmatic ethics to a perspective of moral growth and human flourishing. We hope that this proposal will give specific direction to the bridging of theoretical and empirical research in ethics and thus support stronger actualization of ethics concepts. (shrink)

We reflect on the nature of corporate codes of conduct is this article. Based on John Austin’s speech act theory, four characteristics of a performative concept of corporate codes will be introduced: 1) the existential self-performative of the firm identity, 2) which is demanded by and responsive to their stakeholders; 3) Because corporate codes are structurally threatened by the possibility of failure, 4) embracing the code not only consists in actual corporate responsible behaviour in light of the code, (...) but in the incessant recapturing of the code in the struggle of firms against the possible incongruence between their ethical principles and their actual responsible behaviour. A performative concept of corporate codes helps to bridge classical dichotomies like individualist versus collectivist approaches of moral agency and restrictive versus empowering ethics, and opens a new perspective on the interaction between individual ethical behaviour and the corporate institutionalisation of codes. (shrink)

Across the management, social science, and business ethics literatures, and in much of the philosophy literature, trust is characterized as a disposition to act given epistemic states—beliefs and/or expectations about others and about the risks involved. This characterization of trust is best thought of as epistemological because epistemic states distinguish trust from other dispositions. The epistemological characterization of trust is the amoral one referred to in the title of this paper, and we argue that this characterization is conceptually inadequate. We (...) outline and defend an alternative conception of trust as a moral phenomenon: when A trusts B to do something, A invites B to acknowledge and accept an obligation; when B accepts the invitation, B takes on an obligation; in that way trust creates an obligation. We conclude with an application, drawing out the difference between the epistemological conception of trust and our own in the context of Ghoshal et al.'s (Sloan Management Review 40:9—20, 1995, Academy of Management Learning & Education 4:75—91, 2005) critique of transaction cost theories of the firm. (shrink)

This article adopts what Frederick Schauer calls a ‘non-essentialist’ approach to understanding the nature of law, which can be contrasted with the widely practised method of ‘conceptual analysis’. Instead of seeking a set of necessary conditions for the existence of law in all possible worlds, non-essentialism reflects upon pervasive features of actual legal systems. The article focuses on constitutional and administrative law and contrasts modern standard accounts of public law with HLA Hart’s highly influential threefold list of ‘necessary’ types of (...) public ‘secondary rules’: rules of recognition, change and adjudication. The argument is that non-essentialist methodology not only yields a rich descriptive account of certain fundamental characteristics of modern legal systems but also provides theoretically significant insights into how law is conceived in many contemporary societies. Because the resulting account is firmly rooted in actual social and legal practices, it provides a more fine-grained and less abstract theory of those practices than is offered by Hart’s approach, based as it is on hypothetical stories about how law ‘might have developed’. (shrink)

The lack of consensus in stating what Corporate Social Responsibility (CSR) exactly means has led some people to argue that the concept is too vague to offer guidance, while others suggest forgetting about theorising and instead focusing entirely on the development of practical applications such as codes of conduct, standards and reporting initiatives. This article argues that the discussion on CSR as a whole has reached this impasse because it ignores two major underlying problems. First, the fact that CSR (...) is an ideological notion: the definition and use of ‘CSR’ depends on the moral and practical views of the people and organisations involved. Secondly, the debate on CSR lacks a thorough discussion about the nature and role of the firm, the main actor when it comes to accepting and implementing CSR. After explaining our standpoint, this article winds up with the implications of this reframing for the CSR debate, for the efforts to define it and for the efforts to apply it. (shrink)

Ethicist assumptions about the causes and solutions of environmental problems are widely held within environmental philosophy. It is typically assumed that an important cause of problems are the attitudes towards the natural environment held by individuals and that problems can be solved by getting people to adopt a more ethical orientation towards the environment. This article analyses and criticises these claims. Both the highly mediated nature of the relationship between individuals and the natural environment and the pervasive pressure on firms (...) in market economies to reduce their costs provide reasons to question the ethicist assumptions. (shrink)

The lack of consensus in stating what Corporate Social Responsibility (CSR) exactly means has led some people to argue that the concept is too vague to offer guidance, while others suggest forgetting about theorising and instead focusing entirely on the development of practical applications such as codes of conduct, standards and reporting initiatives. This article argues that the discussion on CSR as a whole has reached this impasse because it ignores two major underlying problems. First, the fact that CSR (...) is an ideological notion: the definition and use of ‘CSR’ depends on the moral and practical views of the people and organisations involved. Secondly, the debate on CSR lacks a thorough discussion about the nature and role of the firm, the main actor when it comes to accepting and implementing CSR. After explaining our standpoint, this article winds up with the implications of this reframing for the CSR debate, for the efforts to define it and for the efforts to apply it. (shrink)

Traditionally, the fiduciary duty of loyalty is implicated where corporate directors have conflicts of interest. In a major new decision, Stone v. Ritter, the Delaware Supreme Court determined that directors may also be disloyal when they act in bad faith. As a consequence, directors may be disloyal even when they have no conflicts of interest, and even when they intend to benefit their corporation. This Article reconciles this expanded fiduciary obligation with existing concepts of loyalty. The new loyalty is not (...) incoherent. Courts have adopted a recognizable understanding of loyal behavior - being “true” - that exists in other social spheres. Under this conception, loyal directors must not only act in the best interests of their corporation and its shareholders, they must also be honest with shareholders and comply with positive law. This Article then offers insights into the function of these expanded fiduciary duties. Although the new loyalty duties pose risks, there are good reasons to think they will provide net benefits. Following the recent Lyondell decision, it appears that the Stone case and its progeny will not result in significant revisions to the business judgment rule. However, the recent change in a director’s loyalty obligation may substantially lower information costs, giving better guidance to directors and simplifying coordination. In addition, the new conception of loyalty can also serve an important expressive function, enabling a more efficient level of trust among corporate actors, investors, and those who transact with the firm. (shrink)

The author draws on the policy analysis literature to delineate the linkage between conceptualization of risk and the formulation and proposed solution of risk-related policy problems. Two concepts of risk are identified: a concept of risk as a physically given attribute of hazardous technologies and a concept of risk as a socially constructed attribute. The argument is advanced that the social construction of risk provides a firm, theoretical basis for the design of policy. The discussion links the (...) perception, manage ment, and communication of risk to the more fundamental issue of the nature and role of science and technology. (shrink)

The belief in heaven's mandate (tianming 天命) in earlier documents referred to divine‐ethical sanctions of political rulers. It later developed multiple implications such as an individual's destiny or fate and became one of the most fundamental concepts in Chinese intellectual and cultural history. In modern times, this concept has received long‐lasting attention in the field of Chinese philosophy, and almost all major scholars have more or less been involved in discussions and debates, especially on the topic of the classical (...) Confucian conception of heaven's mandate. Their discussions on this topic have largely focused on two major controversies: (i) whether early Confucians view heaven's mandate as prescriptive ethical command or descriptive amoral fate, and (ii) whether their attitude toward heaven's mandate is voluntarist or fatalistic. While this scholarship has been fruitful and insightful, it has continued for almost a century with certain variants. Therefore, it is time to address this topic with new approaches and hermeneutic horizons. In this essay, I propose a new approach and horizon to viewing the classical Confucian conception of heaven's mandate as their reflections on individual existence and self‐realization under the constraints of mandate or destiny. I examine the texts associated with Confucius and Mencius such as the Analects and the Mencius, as well as some recently unearthed texts, to suggest that early Confucians accommodate individual initiative and self‐determination of life choices through their conceptualization of heaven's mandate. To them, the vocabulary of heaven's mandate empowers individuals, especially through situating their places in society and the cosmos. By knowing and standing firmly on one's mandate or destiny, the individual not only realizes the value of their existence but also goes beyond the ultimate destiny of death. This fresh reading of heaven's mandate is grounded in the context of the development of Confucian ideas in the early period and presents an optimistic vision of Confucian humanism. (shrink)

The concept of sustainable and responsible (SR) investments expresses that every investment should be based on the SR investor’s code of ethics. To a large extent the allocation of SR investments to more sustainable companies and ethical practices is based on the environmental, social, and corporate governance (ESG) scores provided by rating agencies. However, a thorough investigation of ESG scores is a neglected topic in the literature. This paper uses Thomson Reuters ASSET4 ESG ratings to analyze the influence of (...) firm size, a company’s available resources for providing ESG data, and the availability of a company’s ESG data on the company’s sustainability performance. We find a significant positive correlation between the stated variables, which can be explained by organizational legitimacy. The results raise the question of whether the way the ESG score measures corporate sustainability gives an advantage to larger firms with more resources while not providing SR investors with the information needed to make decisions based on their beliefs. Due to our results, SR investors and scholars should reopen the discussion about: what sustainability rating agencies measure with ESG scores, what exactly needs to be measured, and if the sustainable finance community can reach their self-imposed objectives with this measurement. (shrink)

The right of Australian Indigenous groups to own traditional lands has been a contentious issue in the recent history of Australia. Indeed, Aborigines and Torres Strait Islanders did not consider themselves as full citizens in the country they had inhabited for millennia until the late 1960s, and then only after a long campaign and a national referendum (1967) in favour of changes to the Australian Constitution to remove restrictions on the services available to Indigenous Australians. The concept of terra (...) nullius, misapplied to Australia, was strong in the popular imagination among the descendants of settlers or recent migrants and was not definitively put to rest until the Mabo decision (1992), which also established a firm precedent for the recognition of native title.This path to equality was fraught and made lengthy by the fact that the worldviews of the Indigenous Australians (i.e. Aborigines and Torres Strait Islanders) and the European (mainly British and Irish) settlers were so different, at least at a superficial level, this being the level at which prejudice is typically manifested. One area where this fact is particularly evident is in the area of the conceptualisation of property and especially the notion of land “ownership” and “use”.In this paper, we will focus on these terms, examining the linguistic evidence of some of the Australian languages spoken traditionally by Indigenous Australians as one means (the only one in many cases) of gaining an insight into their worldview, comparing it with that underlying the English language.We will show that the conceptualisations manifested in the two languages are contrasting but not irreconcilable, and indeed the ability of both groups of speakers (or their descendants in the case of many endangered Australian languages) to reach agreement and come to develop an understanding of the other’s perspective is reason for celebration for all Australians. (shrink)

Although no scholarly consensus exists on the issue, the claim that a substantive reconfiguration of the Internet has occurred in the beginning of the 2000s has settled firmly in public common sense. The label tentatively chosen for the new turn in the medium’s evolution is Web 2.0. The developments constituting this turn have been contemplated from different perspectives in technical and business publications (O’Reilly 2005), in treatises on convergence or participatory culture (Jenkins 2006; Jenkins et al. 2009), and could be (...) usefully interrogated by means of political economy concepts such as the social factory and free labor (Terranova 2004). Marked, or rather symbolically constructed, by these discursive pickets lies a field of practice that the members of the participatory culture, the produsers (Bruns 2008) of open journalism, blogs, social networking sites and other characteristic Web 2.0 applications inhabit and animate with their everyday thought, decision making and action. This paper undertakes a theoretical exploration of the user practices emerging and consolidating around the new technological and organizational models making up Web 2.0. It is informed by a qualitative study of bloggers and Facebook users conducted through focus group methodology, although the concrete empirical data are not presented here. Rather, the analysis employs the concept of technologies of the self by Foucault (1988) as a heuristic device in order to situate Web 2.0 use, first, in a long history of culturally evolved forms of self-constitution and, second, in a complex matrix of relationships with other types of technologies, namely, those of production, sign systems and power. This conceptual choice, we argue, furnishes a study of Web 2.0 use, which holds in balance its liberatory potential and its susceptibility to new forms of domination, rationalization and commodification. (shrink)

I argue for an egalitarian conception of market exchange that places the idea of equal power at the center of a procedural evaluation of markets. I explain the fundamental concept of equal power in markets and show that the egalitarian conception gives us a remedial basis for society shaping markets so that they allow a significant place for worker participation in firms. I use the phrase “worker participation” to mean that workers participate in the authoritative direction of the (...) class='Hi'>firm. This can include collective bargaining and worker management to introduce the kind of flexibility that is desirable in regulating market economies. Worker participation is a remedy to the presence of rigidities in markets that strongly favor authoritarian firms and that follow from and maintain unequal power in markets. The argument differs from the traditional argument that draws a parallel between state and firm, and so does not entail a general requirement of worker participation. It allows for some degree of participation of owners of capital also in the governance of firms. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Journal of the History of Philosophy 39.3 (2001) 445-446 [Access article in PDF] G. Felicitas Munzel. Kant's Conception of Moral Character: The "Critical" Link of Morality, Anthropology, and Reflective Judgment. Chicago: University of Chicago Press, 1999. Pp. xxii + 378. Cloth, $53.00. Paper, $24.00. Given the recent trend in Kant scholarship to seek a kinder, more caring philosopher behind the familiar rules and imperatives, a study focusing on the (...) place of "character" in Kant's thought is a timely contribution to a growing body of work. Indeed, G. Felicitas Munzel intends to go where no Kantian has gone before and show not only that Kant has a conception of character, but that it is "rich" (1) and "unique in the history of philosophy" (5). Considering his "corpus as a whole" (6), she sets out to demonstrate the "systematic importance" of the concept for Kant's thought (1) and reveal "a richer sense of familiar notions of his moral philosophy than is generally appreciated" (11).From the outset, however, high hopes prove hard to sustain. In Chapter 1, Munzel's exegetical efforts to link "character" with Denkungsart ("conduct of thought") and Gesinnung ("comportment of mind"), either delineate only familiar elements of Kant's thought or attribute to him views which philosopher and non-philosopher alike could hardly deny: in Kant's "rich" conception, character involves clear thinking and perfection, and is an "accomplished state" (67) presupposing sound reasoning and the capacity to think. In what becomes the dominant theme of the study, Munzel concludes that, for Kant, character is an activity in which the objective moral law is realized in subjects acting on maxims and from firm principles.In Chapter 2 the reader is subsequently led across a familiar terrain of causality, desire, and feeling, to learn that Kant is disinclined to inclination, but very much inclined to reason (71-2); and that character has a foot in both the empirical and intelligible orders of causality (74). The same goes for desire (95ff.) and aesthetic capacity (126ff.), where the "moral form" of character represents the union of reason and nature. A [End Page 445] similar story continues in Chapter 3 where Munzel considers Kant's view of religion and hopes to cast "new light" (142) upon and foster "fresh appreciation" (182) for "radical evil." Again, the reader spots comforting landmarks along the way and emerges into a world unchanged: for Kant, Munzel concludes, human conflict is a manifestation of evil with its roots in human nature; virtue involves progress or advance; and a well-established character brings inner and outer peace to human life (134-6).In the remainder of the book Munzel turns to the "structure and cultivation of character." Chapter 4 focuses on orientation, reflective principles, conscience, and discourse where, rambling through the Kantian landscape, one learns that common sense is a source of principles (198ff); maxims should be steadfastly adopted (208-9); and that morally upright persons should know their duty (210), tell the truth (246), and develop their capacities to the full (249). By this stage, that "character must be made subjectively rational" (252) has become a mantra, but lest the point remain unclear, Munzel expounds a metaphor (from Mendelssohn's Morgenstunden) of a traveler on life's journey, in order to emphasize that moral character involves being rational, competent, and accountable for one's actions (191ff.).In the final chapter, pedagogy becomes the main focus. It is a practice, Munzel contends, which determines the conditions under which character is formed (260). Mixed in the appropriate fashion, its elements combine to make "cultivation of moral judgment" the "essence of moral character" (259). Again, Munzel connects character to well-known Kantian doctrines, linking pedagogy to self-mastery (292) and a community of civic-minded citizens (258) in which the good of one promotes the well-being of all (288). In the world according to Kant, reason "grafts" virtue onto the stuff of nature to create an organic unity as—in Munzel's favorite metaphor (see 335-45... (shrink)

: Presented here is a comparative analysis of spatiotemporal concepts in the thought of Nishida and Dogen, arguing that both thinkers articulate fundamental notions about being and self/subject through them. It starts with an analysis of the notions of 'world' (sekai) and 'place' (basho) as well as time and order in Nishida's work, which is followed by an effort to elucidate his philosophical position by comparing his views to those of Dogen and by demonstrating their similarity in several important aspects, (...) thus showing that Nishida's philosophy, regardless of its debt to Western influence, is firmly embedded in the tradition of Asian thought. (shrink)

The question of justice in Western philosophy finds its humble beginnings in the interplay of life and death. I am referring here to Plato’s Apology. The Apology is not only a text tracing the fate of the great philosopher Socrates by recounting his final speech before the judges of Athens, but it is also a text that, on a more subtle level, announces the advent of a promising justice that is birthed from death, or, to be more precise, from a (...) specific kind of death. Socrates, here, develops a justice that does not surge from the defence of one’s determination as a singular accused, or from the reconciliation of the criminal singularity into the ethical social body through pardon or punishment, but which rather derives from a negation, a radical annihilation of the category of pure singularity. Socrates does not defend himself as an accused who is determinately and definitively singular, but rather affirms the fact that, in some sense, there is no such singular to be defended, that he is not even one (οὐδείς), less than one, nothing. It is, precisely, in this affirmation of a negative, in this opening of a chasm, that a radically other conception of justice and its relation to the singular is subtly proposed. By pushing the singular to the margins of its possibility, by challenging, bending, pushing the question of the singular and its defence to its outmost limit, Socrates redeploys justice not as a remedying balance, but as the abysmal economy of the bottomless question, a fall into the void, in which life, death, the singular and justice co-incide to burst all definitive determination, substantial opposition and the possibility of establishing a firm ground for any such categories to hold as such. In gradually shedding off the substantial presuppositions of his singularity (knowledge, self-relation and relation to others), he unleashes a modality of the singular which deploys a kind of justice, a wholly other justice, which has shaken the tradition ever since, and, as this article will seek to show, reverberates again in what Jacques Derrida called deconstruction. (shrink)

ABSTRACT:We develop the concept of stakeholder salience to account for stakeholders who should matter to the firm, even when managers do not perceive them as important. While managers are responsible for attributing salience to stakeholders, they can overlook or ignore stakeholder importance because of market frictions that affect managerial perceptions or induce opportunism. When this happens, corporate financial and social performance can suffer. Thus, we propose that the perceptions of organizational and societal stakeholders should also codetermine the salience (...) of the focal stakeholder to the firm. We also propose that stakeholder dialogue can reduce the impacts that market frictions can have on managerial perceptions of stakeholder interests that should matter to the firm. Finally, we discuss how the refined conceptualization of stakeholder salience might have better predictive validity, be more normative, and make instrumental and normative stakeholder theory more convergent. (shrink)