In the last two decades, there has been a pronounced growth of CSR rating agencies that assess corporations based on their social and environmental performance. This article investigates the impact of CSR ratings on the behavior of individual corporations. To what extent do corporations adjust their behavior based on how they rank? Our primary finding is that being dropped from a CSR ranking appears to do little to encourage firms to acknowledge and address problems related to their social and environmental (...) performance. Specific rankings appear not to have a widespread effect of influencing firms to acknowledge negative CSR events and publicly present plans and actions to address them. Whether firms are well or poorly ranked, they appear to focus on and publicly discuss their “positive” CSR activities. We discuss the wider significance of these results as well as the overall significance of CSR rankings for a global economy. (shrink)

St. Amand could count among his many feats the extraordinary achievement of social equilibrium. “The way he was in the midst of the rich and the poor,” his hagiographer marveled, “the poor saw him as a poor man, and the rich treated him as their better.” On a résumé of miracles performed and peoples converted, this accomplishment was no less impressive. Bishops in the post-Roman kingdoms of Gaul/Francia maintained an ongoing balancing act between seeking social and political distinction, on the (...) one hand, and fulfilling their obligation to defend the poor, on the other. Their authority increasingly depended upon both, even as it engendered a tension between elitism and inclusivity. To study bishops' choice of company is therefore to highlight the difficulty inherent in an ambitious pastoral and political positioning. Linked to the subject of the episcopal entourage, and to the issue of episcopal authority and its representation more generally, was a change in the culture of Merovingian government, for bishops were becoming more and more valuable to a monarchy that confronted new standards of responsibility toward its subjects. (shrink)

Among the literary arts of the Middle Ages, the creation of texts within strict parameters held a fascination for many poets. Acrostic poems, tricky meters, frequent rhyme, and other limitations often spurred those who sought expression in words.

During the short span of a few months in 2008, 14 trillion dollars of highly rated bonds fell into junk status, surprising the global financial system and accelerating an economic decline. The result was the worst fracture of the US financial system since the Great Depression. Credit rating agencies (CRAs) in particular have come under intense scrutiny as a result of this latest disaster, both domestically and internationally, including many congressional inquiries and government investigations. Most of the public and scholarly (...) discussions about CRAs focus on reforming the financial system so that the crisis of the magnitude of the 2008 disaster will not happen again. An important overtone of industry criticisms includes a sense of ethical impropriety on the part of CRAs and ethical uncertainty about the institutional mechanisms that are currently in place. Rarely, however, are the ethics of the industry the explicit subject of analysis. In this article, we discuss the lessons from the policy debates and recent legislation to develop an account of the ethics of the CRA industry. (shrink)