This paper argues that the notion of value has been overly simplified and narrowed to focus on economic returns. Stakeholder theory provides an appropriate lens for considering a more complex perspective of the value that stakeholders seek as well as new ways to measure it. We develop a four-factor perspective for defining value that includes, but extends beyond, the economic value stakeholders seek. To highlight its distinctiveness, we compare this perspective to three other popular performance perspectives. Recommendations are made regarding (...) performance measurement for both academic researchers and practitioners. The stakeholder perspective on value offered in this paper draws attention to those factors that are most closely associated with building more value for stakeholders, and in so doing, allows academics to better measure it and enhances managerial ability to create it. (shrink)

Stakeholder theory focuses on how more value is created if stakeholder relationships are governed by ethical principles such as integrity, respect, fairness, generosity and inclusiveness. However, it has not adequately addressed strategies that stakeholders perceive as harmful to their interests and how this perception can even lead some stakeholders to view the firm’s strategies as unethical. To fill the void, this paper directly addresses strategies that stakeholders perceive as harmful to their interests, or what we refer to as harmful stakeholder (...) strategies. Specifically, it identifies factors associated with stakeholder perceptions of harm that are likely to cause them to consider a strategy unethical, examines the negative implications for firms that pursue such strategies in terms of likely stakeholder responses and damage to stakeholder relationships, and provides theory to help explain how firms are likely to respond to stakeholder claims that a strategy is unethical, based on factors such as the strategic importance of the claim to the firm, how long the strategy has been in use, the costs of remediation, the risk of stakeholder mobilization or new regulation, and whether firms can reasonably rationalize their actions. Assessing harm allows a firm to make a more accurate estimate of the costs of a strategy and can assist managers in allocating resources intended to reduce or remediate harm. (shrink)

The stakeholder perspective has provided a rich forum for a variety of debates at the intersection of business and society. Scholars gathered for two consecutive years, first in North America, and then in Europe, to discuss the major issues surrounding what has come to be known as stakeholder theory, to attempt to find common ground, and to uncover areas in need of further inquiry. Those meetings led to a list of “tensions” and a call for papers for this special issue (...) to help address them. In this article, we introduce the resulting articles and provide some brief commentary on their importance. We end with a few of our own observations about the stakeholder perspective and stakeholder research. (shrink)

Recent perspectives on community investments suggest that they are opportunities for firms to create value for shareholders and other stakeholders. However, many corporate managers are still influenced by a widely held belief that such investments erode profits and are therefore unjustifiable from an agency perspective. In this paper, we refine and test theory regarding countervailing forces that influence community-based firm performance. We hypothesize that high levels of available slack will be associated with higher community-based performance, but that this relationship will (...) be moderated by three important governance variables: board independence, investment fund ownership, and CEO ownership. We find support for our hypotheses in longitudinal study of a large sample of U.S. corporations. (shrink)

Conventional agency theory typically focuses on a unidirectional problem, in which an agent behaves opportunistically against the interests of a principal. Yet, this conceptualization is too limited to fully describe all aspects of principal–agent relationships. This article presents a more comprehensive framework explaining a potential three-directional problem—that is, agents behave opportunistically against the interests of principals, principals behave opportunistically against the interests of agents, and relationships between agents and principals representing confluence of interests affect the interests of third-party stakeholders. The (...) article provides evidence of these problems, describes their unique characteristics, and outlines implications for society. It concludes with a discussion focusing on the implications of the proposed framework for purported governance solutions, the ongoing debate between shareholder and stakeholder views of the firm, and business practices. (shrink)

Agrifood scholars have long investigated the relationship between farm size and a wide variety of social and ecological outcomes. Yet neither this scholarship nor the extensive research on farmworkers has addressed the relationship between farm size and job quality for hired workers. Moreover, although this question has not been systematically investigated, many advocates, popular food writers, and documentaries appear to have the answer—portraying precarious work as common on large farms and nonexistent on small farms. In this paper, we take on (...) this question by describing and explaining the relationship between farm size and job quality for hired farm workers. To do so, we draw on data from two independently conducted, mixed-methods case studies—organic fruit and vegetable production in California, and dairy farming in Wisconsin—each of which offers a different set of insights into the farm size-job quality relationship. In both cases, larger farms fared better than or no worse than their smaller-scale counterparts for most job quality metrics investigated, though many of the advantages of working on large farms accrue disproportionately to white, U.S.-born workers. We explain that these patterns stem from economies of scale, industrialization, firm size itself, the dominant class identities and aspirations of farmers and their peers, as well as farmers’ and immigrant workers’ fears of immigration enforcement. (shrink)

Do firms respond to changes in economic growth by altering their corporate social responsibility programs? If they do respond, are their responses simply neglect of areas associated with corporate social performance or do they also cut back on positive programs such as profit sharing, public/private housing programs, or charitable contributions? In this paper, we argue that because CSP-related actions and programs tend to be discretionary, they are likely to receive less attention during tough economic times, a result of cost-cutting efforts. (...) However, the various CSP performance areas vary in terms of their resource requirements and their influence on financial performance, which suggests that firms may respond differently depending on area. Consequently, in addition to examining CSP concerns separately from positive actions and programs, we also examine the influence of economic growth across the five areas of diversity, employee relations, the environment, product quality/safety, and the community. Based on data from 837 firms over 15 years, our results suggest that firms neglect some areas associated with CSP during economic downturns, resulting in increased concerns about community and employee relations, product safety/quality, and the environment. However, this relationship does not apply to positive actions and programs. Instead, firms tend to increase their positive CSP programs in areas such as diversity, employee relations, and the environment during periods of slow economic growth and reduce them when the economy picks up. We offer potential explanations for our findings and discuss their importance to research on CSP. (shrink)

A Treatise of Human Nature was published between 1739 and 1740. Book I, entitled Of the Understanding, contains Hume's epistemology, i.e., his account of the manner in which we acquire knowledge in general, its justification (to the extent that he thought it could be justified), and its limits. Book II, entitled Of the Passions, expounds most of what could be called Hume's philosophy of psychology in general, and his moral psychology (including discussions of the problem of the freedom of the (...) will and the rationality of action) in particular. Book III, entitled Of Morals, is also divided into three parts. Part II of Book III, entitled Of justice and injustice, is the subject of the present volume. In it Hume attempts to give an empiricist theory of justice. He rejects the view, approximated to in varying degrees by Cumberland, Cudworth, Locke, Clarke, Wollaston, and Butler, that justice is something natural and part of the nature of things, and that its edicts are eternal and immutable, and discernible by reason. Hume maintains, on the contrary, as did Hobbes and Mandeville, that justice is a matter of observing rules or conventions which are of human invention, and that, in consequence, our acquiring a knowledge of justice is an empirical affair of ascertaining what these rules or conventions are. (shrink)

I use the case of pesticide drift to discuss the neoliberal shift in agrifood activism and its implications for public health and social justice. I argue that the benefits of this shift have been achieved at the cost of privileging certain bodies and spaces over others and absolving the state of its responsibility to ensure the conditions of social justice. I use this critical intervention as a means of introducing several opportunities for strengthening agrifood research and advocacy. First, I call (...) for increased critical attention to production agriculture and the regulatory arena. Second, I call for increased attention to ‘social justice’ within the food system, emphasizing the need to rekindle research on the immigrant farm labor force. (shrink)

PREFATORY NOTE T may be well at the outset to say clearly what is the aim of the present volume. The title is Ancient Art and Ritual, but the reader will ...

Short-term performance increases that are sometimes observed after CEO successions may be evidence of self-interested behavior. New CEOs may cut allocations to long-term investment areas such as research and development (R&D), capital equipment and pension funds in an effort to drive up short-term profits and secure their positions. However, such actions have unfavorable consequences for some stakeholders. This study provides evidence that both R&D and pension funding are reduced subsequent to a succession, even after accounting for industry trends. The expected (...) short-term profitability increases are also observed.A major implication of these results is that boards of directors and other interested parties should carefully monitor the actions of new CEOs with regard to their treatment of R&D and pension funding if they would like to prevent such actions from occurring. This study also highlights the need to investigate other potential self-interested behaviors of new CEOs. (shrink)

Gallant hero of romantic film, who has just killed his equally gallant antagonist in a duel: ‘Was I wrong, father?’ Father : ‘You were both wrong; and you were both right, too.’ David Hume, speaking of moral sceptics, once said ‘And as reasoning is not the source, whence either disputant derives his tenets; it is in vain to expect, that any logic, which speaks not to the affections, will ever engage him to embrace sounder opinions‘. I am guilty of an (...) inconsistency of some kind in quoting the above passage from Hume with approval for, though everything Hume wrote ought to be quoted with approval, it is inconsistent to approve of advice, and then immediately to disregard it. I am also guilty of an inconsistency of another kind. Once upon a time I myself defended a version of moral scepticism, but I can say in mitigation of this deplorable act that my tongue was partly in my cheek at the time, which is where one's tongue should be on the occasion of addressing the Joint Session of the Mind Association and the Aristotelian Society. (shrink)

Gallant hero of romantic film, who has just killed his equally gallant antagonist in a duel: ‘Was I wrong, father?’ Father : ‘You were both wrong; and you were both right, too.’ David Hume, speaking of moral sceptics, once said ‘And as reasoning is not the source, whence either disputant derives his tenets; it is in vain to expect, that any logic, which speaks not to the affections, will ever engage him to embrace sounder opinions‘. I am guilty of an (...) inconsistency of some kind in quoting the above passage from Hume with approval for, though everything Hume wrote ought to be quoted with approval, it is inconsistent to approve of advice, and then immediately to disregard it. I am also guilty of an inconsistency of another kind. Once upon a time I myself defended a version of moral scepticism, but I can say in mitigation of this deplorable act that my tongue was partly in my cheek at the time, which is where one's tongue should be on the occasion of addressing the Joint Session of the Mind Association and the Aristotelian Society. (shrink)

Recent studies show that returning global health trainees often report having felt inadequately prepared to deal with ethical dilemmas they encountered during outreach clinical work. While global health training guidelines emphasize the importance of developing ethical and cultural competencies before embarking on fieldwork, their practical implementation is often lacking and consists mainly of recommendations regarding professional behavior and discussions of case studies. Evidence suggests that one of the most effective ways to teach certain skills in global health, including ethical and (...) cultural competencies, is through service learning. This approach combines community service with experiential learning. Unfortunately, this approach to global health ethics training is often unattainable due to a lack of supervision and resources available at host locations. This often means that trainees enter global health initiatives unprepared to deal with ethical dilemmas, which has the potential for adverse consequences for patients and host institutions, thus contributing to growing concerns about exploitation and “medical tourism.” From an educational perspective, exposure alone to such ethical dilemmas does not contribute to learning, due to lack of proper guidance. We propose that the tension between the benefits of service learning on the one hand and the respect for patients’ rights and well-being on the other could be resolved by the application of a simulation-based approach to global health ethics education. (shrink)

Published in 1999, this text offers a comprehensive treatment of the Philosophy of Religion. Its overall conclusions are that, though there is no reason to suppose there is a God, doing something that is not quite believing in god, who, as some mystics think - neither exists nor does not exist, may be valuable for some people.

These essays offer a fascinating and lively synopsis of the work of some of the most important thinkers in Britain today. The authors represent a wide cross-section of BritainÕs current philosophical spectrum, resulting in a stimulating intellectual profile of the leaders of a community which dominated Western philosophy for much of the twentieth century. What makes a man or woman a philosopher? What are the new directions being pursued by British philosophy today? How do philosophers see their own development, and (...) what are the roots of their distinctive contributions? What are the major problems which preoccupy British philosophers today? The distinguished philosophers who have contributed to this book address these questions as well as other topics of interest. All have provided brief 'intellectual autobiographies,' including sketches of their individual concerns and how those concerns have developed throughout their careers. (shrink)