This study investigates performance of portfolios composed of British socially responsible investments (SRI) stocks. Using the ‘Global-100 Most Sustainable Corporations in the World’ list (known also as ‘Global-100’) to select the SRI companies, we found that, in the period 2000–2010, the returns of the SRI portfolios were on average higher compared with the corresponding returns of the market indexes. The annual average difference in returns of the SRI portfolios (with dividends) was 5.26 % and 5.69 % relative to the (...) FTSE100 and FTSE4GOOD indexes (the total return versions), respectively, but the differences in returns in the whole period, in individual years and in other sub-periods were in most cases not statistically significant. Positive performance of SRI stocks in the whole sample is, however, evidenced by risk-adjusted measures such as the modified Sharpe ratio (MSR) and certainty equivalent (CEQ) returns, as well as by incorporating various levels of transaction costs. Furthermore, a simple trading strategy relying on selection of SRI stocks from the Global-100 list would beat the market indexes in the whole period 2000–2010, even after inclusion of various levels of transaction costs. We also estimated the Fama–French and Carhart multi-factor models and found that the returns of the SRI portfolios cannot be consistently explained by conventional factors other than the market factor. (shrink)

The increased scrutiny of investors regarding the non-financial aspects of corporate performance has placed portfolio managers in the position of having to weigh the benefits of ' holding the market' against the cost of having positions in companies that are subsequently found to have questionable business practices. The availability of stock indexes based on sustainability screening makes increasingly viable for institutional investors the transition to a portfolio based on a Socially Responsible Investment (SRI) benchmark at relatively low cost. The increasing (...) share of socially responsible investments may play a role in providing incentives towards a continuous upgrading of sustainability standards to the extent that their performance is not systematically inferior to that of the other funds. This article examines whether these incentives have been so far detectable with particular reference to the Dow Jones Sustainability Stoxx Index (DJSSI) that focuses on the European corporations with the highest CSR scores among those included in the Dow Jones Stoxx 600 Index. The aim of the article is twofold. First, we analyse the performance of the DJSSI over the period 2001-2006 compared to that of the Surrogate Complementary Index (SCI), a new benchmark that includes only the components of the DJ Stoxx 600 that do not belong to the ethical index to evaluate more correctly the size of possible divergent performances. Second, we perform an event study on the same data set to analyse whether the stock market evaluation reacts to the inclusion (deletion) in the DJSSI. In both cases, the results suggest that the evaluation of the CSR performance of a firm is a significant criterion for asset allocation activities. (shrink)

Daily returns of stock markets in 27 emerging markets in Asia, Africa, South America, and Eastern Europe from the early 1990s through 2006 are analyzed for the possible presence of nonlinear speculative bubbles. The absence of these is tested for by studying residuals of VAR-based fundamentals, using the Hamilton regime-switching model and the rescaled range analysis of Hurst. For the first test absence of bubbles is rejected for 24 countries (except Mexico, Sri Lanka, and Taiwan), and for the second it (...) is rejected for 26 (except Malaysia). BDS testing on residuals after ARCH effects are removed fails to reject further nonlinearity in the residual series for all countries. (shrink)

The foremost aim of this research was to forecast the performance of three stock market indices using the multilayer perceptron, recurrent neural network, and autoregressive integrated moving average on historical data. Moreover, we compared the extrapolative abilities of a hybrid of ARIMA with MLP and RNN models, which are called ARIMA-MLP and ARIMA-RNN. Because of the complicated and noisy nature of financial data, we combine novel machine-learning techniques such as MLP and RNN with ARIMA model to predict the three stock (...) market data. The data used in this study are taken from the Pakistan Stock Exchange, National Stock Exchange India, and Sri Lanka Stock Exchange. In the case of Pakistan, the findings show that the ARIMA-MLP and ARIMA-RNN beat the individual ARIMA, MLP, and RNN models in terms of accuracy. Similarly, in the case of Sri Lanka and India, the hybrid models show more robustness in terms of forecasting than individual ARIMA, MLP, and RNN models based on root-mean-square error and mean absolute error. Apart from this, ARIMA-MLP outperformed the ARIMA-RNN in the case of Pakistan and India, while in the context of Sri Lanka, ARIMA-RNN beat the ARIMA-MLP in forecasting. Our findings reveal that the hybrid models can be regarded as a suitable option for financial time-series forecasting. (shrink)

Socially Responsible Investment (SRI) indices play a major role in the stock markets. A connection between doing good and doing well in business is implied. Leading indices, such as the Domini Social Index and others, exemplify the movement toward investing in socially responsible corporations. However, the question remains: Does the ratings-based methodology for assessing corporate social responsibility (CSR) provide an incentive to firms excluded from SRI indices to invest in CSR? Not in its current format. The ratings-based methodology employed by (...) SRI indices in their selection processes excludes many corporations by creating limited-membership lists. This received ratings-based structure is yet to offer an incentive for most of the excluded corporations to invest in improving their levels of CSR. We, therefore, ask under what circumstances a ratings-based method for assessing CSR could provide an incentive to firms excluded from SRI indices to invest in CSR. In this article, we attempt to offer a theoretical reply to this question. We show that when all firms are publicly ranked according to SRI index parameters, such indices can indeed create a market incentive for increased investment by firms in improving their performance in the area of social responsibility. We further show that this incentive tapers off as the amount of investment required exceeds a certain point or if the amount of payback on that investment fails to reach a certain threshold. (shrink)

>With assets of over US$1.0 trillion and growing, public pension funds in the United States have become a major force in the private sector through their holding of equity positions in large publicly traded corporations. More recently, these funds have been expanding their investment strategy by considering a corporations long-term risks on issues such as environmental protection, sustainability, and good corporate citizenship, and how these factors impact a companys long-term performance. Conventional wisdom argues that the fiduciary responsibility of the pension (...) funds trustees must be solely focused on their beneficiaries and, therefore, their investment criteria must be based strictly on narrowly defined financial measures. It is also asserted that well-established financial measurements of corporate performance already include long-term risk assessment through discounted present value of future flow of earnings. Consequently, all other criteria are contrary to the best interest of the pension funds beneficiaries. In this paper, we assert that, contrary to conventional wisdom, pension funds, and for that matter other mutual funds, must be concerned with the long-term survival and growth of corporations. These measures are generally referred to socially responsible investing (SRI) and when applied to corporations, it is termed socially responsible corporate conduct (SRCC). We demonstrate that current measurement of future risk assessment invariably understates, and quite often completely overlooks, these long-term risks because of the inherent bias towards short-run on the part of financial intermediaries whose compensation depends greatly on short-term results. Furthermore, there is ample evidence to suggest that these intermediaries have been engaging in self-serving practices and thus failing in their duties to serve their clients, i.e. pension funds, best interests. Because of their large holdings in the total market as well as individual companies, these funds cannot easily divest from poorly performing companies without destabilizing the companies stock and overall markets. Hence, they must opt for a strategy of emphasizing investment criteria that encourage companies to take into account long-term aspects of their operations in terms of their impact on environment, sustainability, and community welfare, to name a few. We argue that an exclusionary, and even a primary, focus on short-term financial criteria is no longer a viable option. It also calls for the pension funds to encourage greater transparency and accountability of the entire corporate sector through improved corporate governance. Thus socially responsible investing practices are not merely discretionary and desirable activities; they are a necessary imperative, which both the corporations and public pension funds, and other large institutional holders, will ignore at serious peril to themselves. Finally, the paper considers some of the recent developments where corporations have been responding to these challenges and how their actions might be strengthened through greater disclosure and transparency of corporate activities. It also makes recommendations for the pension funds to support further research in creating new measurement standards that further refine the concept of socially responsible investing as a necessary ingredient of long-term corporate survival and growth in the context of a changing economic, environmental and socio-political dynamic. (shrink)

This paper reviews the development of socially responsible investment (SRI) in the Spanish financial market. The year, 1997 saw the appearance in Spain of the first SRI mutual fund, but it was not until late 1999, that major Spanish fund managers offered SRI mutual funds on the retail market. The development of SRI in the Spanish financial market has not experienced the high levels of development seen in other European countries, such as France or Italy, where interest in SRI began (...) during the same period. This paper presents an analysis of the impact of SRI mutual funds managed by Spanish fund managers comparing the evolution of managed assets and number of investors. We also analyse the investment strategies adopted by these funds, which mainly use negative screening criteria and the participation of non-governmental organisations as institutional investors. An analysis of the take up of socially responsible investment in the Spanish financial market shows majors deficits in this process. This is due to Spanish investors having limited sensitivity to social issues and knowledge of SRI, and a lack of development of SRI investment strategies, such as engagement or shareholder activism by fund managers. Furthermore, the take-up of SRI mutual funds in the Spanish financial market coincided with a fall in the stock market at the beginning of the 21st Century. We conclude with an analysis of the relationship between SRI and Corporate Social Responsibility (CSR). (shrink)

Socially responsible investment (SRI) – sometimes termed “ethical investment” – refers to the practice of integrating social, environmental, or ethical criteria into financial investment decisions. Whereas conventional investment focuses upon financial risk and return from stocks and bonds, SRI includes other goals or constraints. It is the nature of the source, and not just the size, of the financial return that is of concern in SRI. This article introduces the principal investment strategies generally pursued under SRI, and then focuses (...) specifically on the ethical dimension – that is, whether current SRI practices constitute an ethically justified, perhaps even ethically superior, way of investing. (shrink)

Socially responsible investment (SRI) has become a major intervention in global investment practices that responds to the power of institutional investors to affect corporate practice. While SRI grew out of the decisions made by churches to curtail investment in so-called “sin stocks” (companies which profited from alcohol, tobacco and gambling), little work has been done to explain why such a dramatic difference in investment strategy would occur or how it ought to impact the investment decisions of individual Christians and (...) their faith communities. This paper explores how social institutions with a religious character determine how to balance the risk of inflicting harm on those institutions with responsibility for transforming the economic order through making investment decisions. Using data collected from shareholder proposals in corporate proxy filings and interviews with investment managers, we develop a typology of theologically grounded approaches to risk and responsibility. (shrink)

The importance of communicating corporate social responsibility (CSR) not only to socially responsible investors but also to the mainstream of the financial community is gaining importance in a more competitive capital market environment. This article looks at how equity analysts at the German stock exchange in Frankfurt – individuals who are not particularly involved in socially responsible investment (SRI) research – perceive economic, legal, ethical and philanthropic responsibility strategies. The evidence obtained in our interviews suggests that responsibility issues are increasingly (...) becoming part of mainstream investment analysis. However, for them to play a larger part in the future, investor relations personnel must frame responsibility strategies in a way that is more consistent with the financial community's perspective. In particular, the impact of CSR measures on strategic development, competitive anticipation and creating trust with stakeholders are key in leveraging CSR in financial communications. (shrink)

With a meta-analysis of 85 studies and 190 experiments, the authors test the relationship between socially responsible investing and financial performance to determine whether including corporate social responsibility and ethical concerns in portfolio management is more profitable than conventional investment policies. The study also analyses the influence of researcher methodologies with respect to several dimensions of SRI on the effects identified. The results indicate that the consideration of corporate social responsibility in stock market portfolios is neither a weakness nor a (...) strength compared with conventional investments; the heterogeneous results in prior studies largely reflect the SRI dimensions under study. (shrink)

The importance of communicating corporate social responsibility (CSR) not only to socially responsible investors but also to the mainstream of the financial community is gaining importance in a more competitive capital market environment. This article looks at how equity analysts at the German stock exchange in Frankfurt – individuals who are not particularly involved in socially responsible investment (SRI) research – perceive economic, legal, ethical and philanthropic responsibility strategies. The evidence obtained in our interviews suggests that responsibility issues are increasingly (...) becoming part of mainstream investment analysis. However, for them to play a larger part in the future, investor relations personnel must frame responsibility strategies in a way that is more consistent with the financial community's perspective. In particular, the impact of CSR measures on strategic development, competitive anticipation and creating trust with stakeholders are key in leveraging CSR in financial communications. (shrink)

We examine how social diversity and inclusiveness on corporate boards affect corporate performance and monitoring in Sri Lanka, a country subject to decades of polarization, civil war, and even genocide. Barely more than a decade after the civil war, we find that board social diversity on the basis of ethnicity, religion, language, gender, and nationality of the board members is positively related to corporate performance, both in terms of stock market performance and accounting returns, and to corporate financial stability. The (...) main positive effects of social diversity derive from ethno-linguistic inclusiveness. The results are confirmed by an instrumental variable approach that addresses endogeneity issues. We find no evidence that inter-personal and moral conflicts or communication problems among board members negatively affect firm performance. (shrink)

Socially responsible investment in France is based on a “best in class” approach as opposed to the “exclusion” approaches used in other countries such as the United States or United Kingdom, where the rejection of sin stocks has been dominant historically. The objective of this research note is to examine whether the French SRI market, by focusing more on financial rather than on ethical considerations, compared with other countries such as the United States, the United Kingdom, or even Sweden, (...) may lead to a form of “mainstreaming” of SRI processes. The authors explore several convergent mechanisms. First, the authors analyze the importance of the mainstreaming issue in the history of SRI as well as in the contemporaneous debate in the academic literature on the links between financial and extrafinancial performance. Second, the authors review the role played by ethical finance laws adopted in France in the early 2000s in the development of the SRI market. Finally, the authors discuss the results of a survey of French SRI analysts working both for large institutional investors and asset managers in France in 2009. (shrink)

To date, research into socially responsible investment (SRI), and in particular the socially responsible investment funds industry, has focused on whether investing in SRI assets has any differential impact on investor returns. Prior findings generally suggest that, on a risk-adjusted basis, there is no difference in performance between SRI and conventional funds. This result has led to questions about whether SRI funds are really any different from conventional funds. This paper examines whether the portfolio allocation across industry sectors and the (...) stock-picking ability of SRI managers are different when compared to conventional fund managers. The study finds that SRI funds exhibit different industry betas consistent with different portfolio positions, but that these differences vary from year to year. It is also found that there is little difference in stock-picking ability between the two groups of fund managers. (shrink)

Socially Responsible Investment indices play a major role in the stock markets. A connection between doing good and doing well in business is implied. Leading indices, such as the Domini Social Index and others, exemplify the movement toward investing in socially responsible corporations. However, the question remains: Does the ratings-based methodology for assessing corporate social responsibility provide an incentive to firms excluded from SRI indices to invest in CSR? Not in its current format. The ratings-based methodology employed by SRI indices (...) in their selection processes excludes many corporations by creating limited-membership lists. This received ratings-based structure is yet to offer an incentive for most of the excluded corporations to invest in improving their levels of CSR. We, therefore, ask under what circumstances a ratings-based method for assessing CSR could provide an incentive to firms excluded from SRI indices to invest in CSR. In this article, we attempt to offer a theoretical reply to this question. We show that when all firms are publicly ranked according to SRI index parameters, such indices can indeed create a market incentive for increased investment by firms in improving their performance in the area of social responsibility. We further show that this incentive tapers off as the amount of investment required exceeds a certain point or if the amount of payback on that investment fails to reach a certain threshold. (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)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Martin Luther and Buddhism: The Aesthetics of SufferingPaul O. IngramMartin Luther and Buddhism: The Aesthetics of Suffering. By Paul S. Chung. Eugene, OR: Wipf and Stock Publishers, 2002. 434 pp.As a member of the Lutheran community (Evangelical Lutheran Church in America), I am struck by the fact that Lutheran theologians—referred to as "teaching theologians" when employed by Lutheran seminaries—seem little interested in religious pluralism in general and interreligious (...) dialogue in particular. There are important exceptions, of course, one being Donald Luck of Trinity Lutheran Seminary in Ohio. And the most intense and coherent dialogue between Christians and Muslims now taking place in the United States is located at Luther Seminary in St. Paul, Minnesota. But by and large, Lutheran theology seems unengaged with the realities of religious pluralism. Rather than dialogue, "missionology" is the focus of most Lutheran theological encounter with the world religions, which means that most Lutheran conversation with religious pluralism is best characterized as monologue.It's different for most Lutherans sitting in the pews of local congregations. Most lay persons understand that they must live their faith contextualized by their religiously plural neighborhoods. Lutheran laity are interested the religious practices and worldviews of their neighbors because they are in contact with their neighbors everyday. They desire to meet and know the religious "other" not as "other," but as fellow human beings seeking to live in community. My distinct impression, gained [End Page 235] from teaching adult education courses in local congregations (mostly Lutheran and other mainline denominations), is that Christian lay people are usually miles ahead of their pastors, denominational leaders, and teaching theologians in their encounter with the realities of religious pluralism and their desire for dialogue. For these reasons, Paul S. Chung's book, Martin Luther and Buddhism, is important, and I hope it will be the beginning of specifically Lutheran dialogue with the Buddhist tradition. Again, as a Lutheran, I can only say, "It's about time."Chung's goal is twofold: (1) engaging in critical dialogue with the theology of Martin Luther, and (2) Asian pluralistic theology of religions. Specifically, the author, himself a Korean Lutheran pastor and theologian, places Luther's theology of the Cross in dialogue with Buddhist understanding of suffering (duh.kha). His thesis is that what Christianity and Buddhism have in common is their understanding of suffering, albeit each tradition having different approaches and "solutions" to universal suffering. Accordingly, rereading Luther's theology of the Cross in dialogue with Buddhism's take on suffering, its causes, and its resolution is the center of Chung's hermeneutical approach to Luther.Surely, Chung is on the right track. Buddhism's focus on the experience of universal suffering and its resolution is one of its defining features. Chung's reason for placing Luther's theology of the Cross in dialogue with Buddhism lies mainly in the fact that Luther focused on the suffering of God on the cross incarnated in the suffering of the historical Jesus, which he placed in direct contrast to the "theology of glory" of medieval scholastic theology. Chung's claim is that Luther's understanding of divine suffering is a "liberation theology" that needs be contextualized by contemporary struggle for social, economic, ecological, and women's liberation from systemic structures of injustice. Because justice issues are not religion-specific, Luther's theology of the Cross in socially engaged dialogue with Buddhism should be a source of liberation for both Christians and Buddhists.Chung's work stands in a long line of Asian Christians seeking to translate Christian teachings and practices into the religious traditions foundational to Asian cultures, in Chung's case Korean Buddhism and, to some degree, Confucianism. One immediately thinks of Aloysius Pieris's dialogue with Buddhism in Sri Lanka, Seiichi Yagi and Masaaki Honda's appropriation of Mahayana doctrines in their attempts to relate Christian faith to Japanese cultural experience, or Raimundo Panikkar's interpretation of Christian faith through the lenses of Hinduism and Buddhism. All ofthese theologians note that Anglo-European intellectual and cultural traditions are not easily translatable into Asian cultural experience. Because Western forms of Christian tradition are foreign to Asian cultural values... (shrink)

This paper uses two techniques to build a socially responsible portfolio of U.S. equities and examines prospective performance using publicly available data. The first technique eliminates stocks from consideration using categorical exclusions with a restrictive Environment, Social and Governance screen. The paper shows that stocks surviving the screen have a significantly higher average projected Value Line alpha and are more likely to have a Morningstar 5-star rating. Using categorical exclusions, however, introduces a sector bias in that the ESG (...) screen is more likely to restrict stocks from the manufacturing sector than the service sector. The second technique does not introduce a sector bias because it uses a best-in-class optimization approach in place of screening. The paper introduces a linear programming model called Data Envelopment Analysis to the application of SRI portfolio development to find the best financially and socially performing companies within each industry sector. When compared to a categorical exclusions portfolio, a DEA portfolio is rated significantly higher by Morningstar and Value Line. Depending on the specific needs of a socially responsible investor, the DEA technique could be a better tool in developing a financially and socially balanced equity portfolio. (shrink)

Ethical investment (also known as social investment, socially responsible investment [SRI], or sustainable investment) typically refers to the practice of integrating putatively ethical, social, or environmental considerations into a financial investment process – for instance, a pension fund's process of deciding what stocks or bonds to buy or sell. Whereas conventional or mainstream investment focuses solely upon financial risk and return, ethical investment thus also includes various nonfinancial goals or constraints in typical investment decisions. This type of investment has (...) grown to be a well-established feature of many stock markets in the past two decades or so. A recurring point of debate, however, is to what extent this phenomenon indeed constitutes a more ethical alternative to conventional types of financial behavior. (shrink)

Correspondence with a disciple revealing an altogether unknown facet of Sri Aurobindo's personality: his great sense of humour.

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)

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.

The Life Divine explores for the Modern mind the great streams of Indian metaphysical thought, reconciling the truths behind each and from this synthesis ...

The seminal treatise and guide to Ashtanga yoga by the master of this increasingly popular discipline There is a yoga boom in America, and Sri K. Pattabhi Jois is at the heart of it. One of the great yoga figures of our time, Jois brought Ashtanga yoga to the West a quarter of a century ago and has been the driving force behind its worldwide dissemination. Based on flowing, energetic movement, Ashtanga and the many forms of vinyasa yoga that grow (...) directly out of it--have become the most widespread and influential styles of practice in the United States today. Mala means "garland" in Sanskrit, and Yoga Mala--a "garland of yoga practice"--is Jois's distillation of Ashtanga. He first outlines the ethical principles and philosophy underlying the discipline and explains its important terms and concepts. Next he guides the reader through Ashtanga's versions of the Sun Salutation and its subsequent sequence of forty-two asanas, or poses, precisely describing how to execute each position and what benefits each provides. Brought into English by Eddie Stern, a student of Jois's for twelve years and director of the Patanjali Yoga Shala in New York City, Yoga Mala will be an indispensable handbook for students and teachers of yoga for years to come. (shrink)

I trace a brief history of philosophical discussion of the concept WOMAN and identify two key points at which, I argue, things went badly wrong. The first was where when it was agreed that the concept WOMAN must identify a social not biological kind. The second was where it was decided that the concept WOMAN faced a legitimate challenge of being insufficiently “inclusive”, understood in a certain way. I’ll argue that both of these moves are only intelligible, if at all, (...) in the context of an anti-naturalist picture drawn from either post-structuralism or radical feminism. They become incoherent when adopted by methodological naturalists, who – especially when concerned to track oppression and discrimination – have no good reason to deny that WOMAN refers to a pre-given, biological kind. (shrink)

This book contains 82 questions and answers on the inner life, talks on reincarnation and the soul's evolution, sin, science, individuality, morality, inner peace, God's plan, and the universality of religion.

What is fiction? It permeates contemporary life: via novels we read, stories we tell, box-sets we watch, and as philosophers, thought experiments we use. Many think it should be characterised in terms of a relation to the imagination. In this essay, I’ll consider prominent expressions of this view, as well as rejections of it. Before this, I’ll introduce two methodological approaches that it’s helpful to distinguish.

This paper seeks to provide a renewed meaning to the idea of truth by enclosing it within Gandhi’s rhetorical use of the term religion. The religion that he seeks to present to us as Hinduism is absurd on all fronts, it is argued here. It is through such absurdity that he infuses notions of validity and obeyance on his own terms to take us to profuse criticisms of not only colonial but civilizational modernity as well. Further a newer meaning is (...) given to Hinduism in a rather unexpected manner even in the context of the Indian national movement. The point about political conservatism, the element of exoticism and God takes us to adventures around truth by a thinker-activist speaking as a colonial subject. (shrink)

On Ki Ageng Suryomentaram and his thoughts on Javanese philosophy.

Purpose The purpose of this paper is to examine the factors that influence the intention of students to pirate academic e-books by integrating three main theories: ethics theory, deterrence theory, and the theory of planned behavior. The study also examines the moderating role of past piracy behavior on the relationship between the factors in the previously mentioned theories and students’ piracy intention. Design/methodology/approach The data were collected using a convenience sample of 662 university students. Based on their past behaviors, the (...) students were grouped into “no piracy” and “piracy” groups. Findings The result shows that the piracy intention of both the no-piracy and piracy groups has a similar influence based on the moral obligation in ethics theory. The factors in the deterrence theory, which includes fear of legal consequences and perceived likelihood of punishment, have no significant impact on the attitudes of the two groups toward piracy. While the intention of the no-piracy group is not influenced by other internal factors, such as self-efficacy, or by external factors, such as subjective norms and facilitating conditions, the behavioral intention of the piracy group is significantly influenced by these three factors. Research limitations/implications This study only focuses on piracy attitude and behavior in the context of e-books. Practical implications In Indonesia, the insignificant impact of factors from deterrence theory indicates weak law enforcement to combat digital piracy. Thus, it is imperative that law enforcement, especially regarding piracy, should be enhanced. Social implications The significant role of ethics in the attitudes toward piracy indicates that morality serves as a moral compass to fight piracy behavior. The strong impact of subjective norms, especially in the piracy group, suggests that families should raise children and educate youth with beliefs that align with the concepts of morality. Originality/value The study integrates three theories that are most often used in piracy behavior studies: ethics theory, deterrence theory, and theory of planned behavior. In addition, the study provides empirical evidence on the moderating role of past experience in piracy behavior. (shrink)

On Ki Ageng Suryamentaram and his thoughts on Javanese philosophy and ethics.

Here is a book with poses, breathing exercises and meditations for the pregnant woman. Photos enhance clear and easy instructions for the poses. Attention to safety, mental, physical and emotional benefits of the poses, and variations are discussed very thoroughly. It is in clear and simple language. A safe and natural way to prepare for a wonderful birth experience. The book could also serve as a reference for midwives. The authors follow-up with their detailed three part course of yogic and (...) breathing exercises for women- before, during and after pregnancy. It is a complete self help book for parents, especially mothers to be and covers both the practical as well as the emotional aspects of conception, pregnancy and childbirth. (shrink)