Banks face a dilemma in choosing between maximising profits and facilitating the sustainable use of resources within a carbon-constrained future. This study provides empirical evidence on this dilemma, investigating whether a bank loan announcement for a firm with high carbon risk conveys information to investors about the firm’s carbon risk exposure collected through a bank’s pre-loan screening and ongoing monitoring. We use a sample of 120 bank loan announcements for ASX-listed firms over the period 2009–2015. We measure high carbon risk (...) exposure based on whether firms meet the reporting threshold of the NGER scheme. We document positive and significant excess loan announcement returns for loan renewals for high carbon risk firms, but not for loan initiations. Further, we document a more significant loan announcement return for renewals with favourable term revisions. Finally, we find no evidence that the market differentiates between domestic and foreign lenders. Taken together, our results suggest that investors perceive that banks incorporate carbon risk considerations into their lending decisions. Our results highlight the value of banks as financial intermediaries given the information asymmetry surrounding firms’ carbon risk exposure, and more generally the need to extend modern banking theory to consider issues such as the impact of banks’ CSR reputation on lending decisions. (shrink)

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Name der Zeitschrift: Frühmittelalterliche Studien Jahrgang: 36 Heft: 2 Seiten: 357-366.

Porter and Kramer are very clear that shared value is not corporate social responsibility. Not only do they criticize the four principles on which CSR rests: moral obligation, sustainability, license to operate, and reputation, as ineffective and vague, they maintain that the only reason for companies to engage in sustainability projects is to decrease costs and thus increase profits, not because they have a corporate responsibility to help protect the environment the people who dwell in it. Because social problems cause (...) extra costs for companies and thus decrease profits, they say that companies should have strategies that might appear to be socially responsible, but are not because the intent is to improve profits. This paper will describe the current definitions and focus of CSR, explain shared value, and then propose ways that commitment to CSR can be made public by leaders and their businesses, such as using social license to operate, third-party assessors, and new business structures. (shrink)

Corporate social responsibility (CSR) is increasingly important in the global environment. Businesses that want to be socially responsible, but do not have the resources of multinational corporations, can partner with non-governmental (NGO), not-for-profit (NFP), and religious organizations to access information about the culture, customs, and needs of the people in areas where they wish to do business. Without such information, CSR projects can have unintended consequences that are not beneficial for the community. Suggesting that local farmers sell corn to ethanol (...) producers may increase the farmers' income but also increase the cost of a food staple to the community. Providing food aid may result in local farmers being unable to sell their crops for enough money to buy seed for the next harvest. Donating cheaper cinder blocks instead of adobe bricks may result in more available housing, but the housing may be unlivable in the summer heat. This paper presents a three-part model for businesses to follow to develop socially responsible projects. The first strategy is to use electronic sources of information about a country and area for background information. The second strategy is to gather on-the-ground information about important issues from the people who are already operating in a community as part of NGO, NFP and missionary initiatives. The third strategy is to develop scenarios that will help identify possible negative consequences of socially responsible projects so that the project implementation can be monitored for such consequences and interventions designed to decrease or counter the impact of negative consequences. (shrink)

A popular approach to defining fictive utterance says that, necessarily, it is intended to produce imagining. I shall argue that this is not falsified by the fact that some fictive utterances are intended to be believed, or are non-accidentally true. That this is so becomes apparent given a proper understanding of the relation of what one imagines to one's belief set. In light of this understanding, I shall then argue that being intended to produce imagining is sufficient for fictive utterance (...) as well. (shrink)

As philosophers of mind we seem to hold in common no very clear view about the relevance that work in psychology or the neurosciences may or may not have to our own favourite questions—even if we call the subject ‘philosophical psychology’. For example, in the literature we find articles on pain some of which do, some of which don't, rely more or less heavily on, for example, the work of Melzack and Wall; the puzzle cases used so extensively in discussions (...) of personal identity are drawn sometimes from the pleasant exercise of scientific fantasy, at times from surprising reports of scientific fact; and there are those who deny, as well as those who affirm, the importance of the discovery of rapid-eye-movement sleep to the philosophical treatment of dreaming. A general account of the relation between scientific, and philosophical, psychology is long overdue and of the first importance. Here I shall limit myself to just one area where the two seem to connect, discussing one type of neuropsychological research and its relevance to questions in the philosophy of mind and the philosophy of psychology. (shrink)

Anonymity is a form of nonidentifiability which I define as noncoordinatability of traits in a given respect. This definition broadens the concept, freeing it from its primary association with naming. I analyze different ways anonymity can be realized. I also discuss some ethical issues, such as privacy, accountability and other values which anonymity may serve or undermine. My theory can also conceptualize anonymity in information systems where, for example, privacy and accountability are at issue.

The Cognitive Classroom describes how cutting-edge and classic research findings from the fields of brain science and cognitive psychology may be applied to classroom teaching. Using the perspective and expertise of an educational researcher originally trained as a neuroscientist, research findings and theories are translated into practical strategies.

This book explores the scope and limits of the concept of personDS a vexed question in contemporary philosophy. The author begins by questioning the methodology of thought-experimentation, arguing that it engenders inconclusive and unconvincing results, and that truth is stranger than fiction. She then examines an assortment of real-life conditions, including infancy, insanity andx dementia, dissociated states, and split brains. The popular faith in continuity of consciousness, and the unity of the person is subjected to sustained criticism. The author concludes (...) with a look at different views of the person found in Homer, Aristotle, the post-Cartesians, and contemporary cognitive science. (shrink)

I am extremely grateful to all commentators for such patient, generous, and stimulating contributions. What follows are some thoughts to enrich the conversation, but these are by no means intended to be definitive answers to the worries they have raised.

This article describes a team-taught environmental studies course called Animal Metaphors. Focusing on animal metaphors in literature and film, the course emphasizes various cognitive and perceptual biases that lead humans to place ourselves above and beyond nature, making us more likely to engage in practices destructive to the environment. Whereas the first iteration of the course underscored various ways in which humans are less rational or moral than we imagine, the new iteration shifted more of the focus to what inspires (...) and motivates humans, gives us emotional resilience, and best creates conditions for mental well-being as we cooperate and collaborate. This seemed an appropriate tack to take in an age commonly referred to as the “Anthropocene.” We thus continued to examine our status as evolved animals while also calling more attention to spiritual or ecstatic experience, music, humor, and the uniquely human ability for shared intentionality. (shrink)

Scientists depend on complex computational systems that are often ineliminably opaque, to the detriment of our ability to give scientific explanations and detect artifacts. Some philosophers have s...