There is no doubt that a negative perception of financial risk and a lack of credit risk management adversely impact business growth and business owners’ wellbeing. Past studies suggest that most Nigerian traders have poor risk perceptions and manage risk poorly. A business coaching program within rational-emotive behavior therapy framework was evaluated in order to determine its effects on financial risk perception and credit risk management among Nigerian traders. This study used an (...) open-label parallel randomized control design. This 8-weeks coaching program had 60 traders in the REBT-based business coaching group and 59 traders in the control group. The mixed-model repeated measures ANOVA was utilized for analysis of the study data. Results show that relative to a control group, traders’ financial risk perception [F = 637.29, p < 0.001, ω2 = 0.69] and credit risk management [F = 795.51, p < 0.001, ω2 = 0.80] significantly improved after participating in REBT-based business coaching program. This study shows that REBT-based business coaching program is integral to increasing financial risk perception and credit risk management among Nigerian traders. This study contributes to the advancement of business coaching program within the rational-emotive behavior therapy framework for market traders, and its application in similar situations. The study considered the benefits of business coaching program for market traders from a developing country, which is a rarely studied group. It is highly recommended that professionals study the relationship between REBT-based business coaching and economic decision-making within various organizational contexts. (shrink)

In recent years, scholars in the social sciences and humanities have turned their attention to how the rise of digital technologies is reshaping political life in contemporary society. Here, we analyze this issue by distinguishing between two classification technologies typical of pre-digital and digital eras that differently constitute the relationship between individuals and groups. In class-based systems, characteristic of the pre-digital era, one’s status as an individual is gained through membership in a group in which salient social identities (...) are shared in common with other group members. In attribute-based systems, characteristic of the digital era, one’s status as an individual is determined by virtue of possession of a set of attributes that need not be shared with others. We argue that differences between these two types of classification technologies have important implications for how persons attach (or fail to attach) to groups, and therefore what kinds of political mobilization are possible. We illustrate this argument by examining contention over the use of gender as a variable in the pricing of risk in insurance and credit – two markets in which individuals directly encounter class-based and attribute-based systems of classification, respectively. (shrink)

This study investigates the interaction between suppliers and fraudulent customer firms from the perspective of reputation damage and reputation recovery. Specifically, reputation damage from the regulatory penalty for corporate fraud induces the trust crisis and suppliers respond to fraudulent firms by reducing the trade credit supply. To repair a damaged reputation and rebuild the trust, fraudulent firms raise the ratio of prepayment to purchase volume when purchasing from small suppliers and increase the proportion of purchase from large (...) suppliers in the next year. Channel analysis shows that the declining trust is one of potential mechanisms to reduce the trade credit. Furthermore, the negative effect is more pronounced for fraudulent firms with non-related party suppliers, higher supplier concentration, less analyst coverage, and for fraudulent firms located in regions with less-developed financial environment. Additionally, supplier sanctions have a spillover effect on non-fraudulent customer firms in the same industry. The conclusions are robust to a series of checks, including PSM–DiD, firm and year fixed effect, the alternative measure for trade credit financing, the industry-year fixed effect and the consideration of the monetary policy and financial crisis. (shrink)

A growing body of research can be found in which roboticists are designing for reciprocity as a key construct for successful human–robot interaction (HRI). Given the centrality of reciprocity as a component for our moral lives (for moral development and maintaining the just society), this paper confronts the possibility of what things would look like if the benchmark to achieve perceived reciprocity were accomplished. Through an analysis of the value of reciprocity from the care ethics tradition the richness of (...) reciprocity as an inherent value is revealed: on the micro-level, as mutual care for immediate care givers, and on the macro-level, as foundational for a just society. Taking this understanding of reciprocity into consideration, it becomes clear that HRI cannot achieve this bidirectional value of reciprocity; a robot must deceive users into believing it is capable of reciprocating to humans or is deserving of reciprocation from humans. Moreover, on the macro-level, designing social robots for reciprocity threatens the ability and willingness to reciprocate to human care workers across society. Because of these concerns, I suggest re-thinking the goals of reciprocity in social robotics. Designing for reciprocity in social robotics should be dedicated to the design of robots to enhance the ability to mutually care for those that provide us with care, as opposed to designing for reciprocity between human and robot. (shrink)

Systemic financial risk is one of the most significant collective action problems facing societies. The Great Recession brought attention to a tragedy of the commons in capital markets, in which market participants, from the first-time homebuyer to Wall Street financiers, acted in ways beneficial to themselves individually, but which together caused substantial collective harm. Two kinds of risk are at play in complex chains of transactions in financial markets: ordinary market risk and systemic risk. (...) Two moral questions are relevant in such cases. First, from the standpoint of interactional morality, does a person have a moral duty to avoid risk of harm to others if their financial transactions contribute in some way, however small, to the loss or harm? This article identifies the conditions in which persons are morally responsible in such cases. Second, from the standpoint of institutional morality, how should society distribute the risk of harm associated with massively complex financial markets? This question is considered in the context of the home mortgage credit market. Luck egalitarianism, in particular a Dworkinian insurance scheme to allocate risks and resources relating to mortgage credit and private home ownership, offers substantial promise. (shrink)

An anonymous survey distributed to doctors in Poland revealed the troublesome relationship between physicians and pharmaceutical sale representatives in terms of the frequency of visits, the trust of physicians in information supplied by sales reps, gifts accepted, and the general influence of marketing strategies on physician decisions. Challenges remain, despite laws enacted to address the problem.

The interactions between genetic and environmental risk factors contribute to the aetiology of complex human diseases. Genome‐wide association studies (GWAS) have revealed that most of the genetic variants associated with complex diseases are located in the non‐coding part of the genome, preferentially within enhancers. Enhancers are distal cis‐regulatory elements composed of clusters of transcription factors binding sites that positively regulate the expression of their target genes. The generation of genome‐wide maps for histone marks (e.g., H3K27ac), chromatin accessibility and (...) transcription factor and coactivator (e.g., p300) binding profiles have enabled the identification of enhancers across many human cell types and tissues. Nonetheless, the functional and pathological consequences of the majority of disease‐associated genetic variants located within enhancers seem to be rather minor under normal conditions, thus questioning their medical relevance. Here we propose that, due to the prevalence of enhancer redundancy, the pathological effects of many disease‐associated non‐coding genetic variants might be preferentially (or even only) manifested under environmental stress. (shrink)

At the centenary of Frank H. Knight’s Risk, Uncertainty, and Profit (1921), we explore the continuing relevance of Knightian uncertainty to the theory and practice of entrepreneurship. There are three challenges facing such assessment. First, RUP is complex and difficult to interpret. The key but neglected element of RUP is that Knight’s account is not solely about risk and uncertainty as states of nature, but about how an agent’s beliefs about uncertain outcomes and confidence in those beliefs guide (...) their choices. Second, RUP is Knight’s only effort in this area. His subsequent career led elsewhere, so he did not engage with subsequent interpretations of this work. Third, much of the current literature emphasizes that decisions must be different under the two states of nature with a consequent misunderstanding of entrepreneurial agency. This paper addresses each challenge in sequence. First, we explicate Knight’s (1921) approach and explain why that approach is murky. Second, as a complement to Knight’s interpretation, we examine Frank P. Ramsey’s approach to subjective probabilities to help clarify Knight’s murky approach. What links Knight and Ramsey is a shared pragmatism about entrepreneurial agency under uncertainty that depends upon the beliefs about, and confidence in, their judgments of possible outcomes. This Knight-Ramsey approach does not require actor’s behaviors to be determined by the class of uncertain environment (whether risk, uncertainty, or ambiguity) they face. We focus on the response by the entrepreneur to the existence of uncertainty in all its forms. We argue that this reductive account provides a foundation to examine common problems in management, including managerial hubris, the interaction between entrepreneurs and venture capitalists, and the need for experimentation (such as prototyping and market research) in advance of new product and venture launches. Third, we critique current literature that favors epistemic purism about the ontology of risk and uncertainty and ignores Knight-Ramsey pragmatism in meeting uncertainty, such as using formal and informal institutions for uncertainty mitigation. Our account locates Frank Knight’s subtleties in entrepreneurial behavior firmly in the literature on entrepreneurial agency a century later. (shrink)

Robot is definitely playing important role in human society. Low contact on machine standards is mostly on industrial robot while close contacts are in increasing demand in service robot, etc. The development of robotics with advanced hardware and artificial intelligence (AI) provide the possibility with human beings while close contacts raise many new issues on ethics and risks. For interaction, the related technique of perception, cognition and interaction are briefly introduced. For ethics, rules should be given for the (...) robot designers to include ethics for certain application while risks should be evaluated during the experiment test. To make efficient decision, safety design with AI technology should be put on agenda for roboticists. Except from the risks, ethics raise many challenges while most of them can be solved by developing technologies while some of the problems exist in human’s society which also raise the questions for the human beings. More broader vision should be taken from different social departments together to avoid the possible embarrassed issues. It’s time to welcome the world of robotics and related techniques will make life more efficient while human-robot coexistence society will come one day and law should be imposed on both. (shrink)

Nanotechnologies are technologies applied to a molecular level, which can be embedded in materials including human cells and atoms of mineral, chemical, or physical substrates. Nanotechnologies have been used in attempts to foster interactions between a multitude of products, production processes, and social actors. Just like bio, info, and cognitive science, nanotechnologies belong to the so-called converging technologies, which are expected to change main societal paths toward a more functional and coarser mesh. However, research, development, and di fusion of (...) converging technologies depends on the adaptability of existing economic structures and on the social acceptance of products and services augmented by nanotechnologies. Because of these characteristics, externalities and the risk of systemic divergences caused by potentially noncontrollable or unwanted interactions between sectors, actors, and environments may arise and disturb the e ficiency of the innovation process. Converging institutions, however, aim to manage these market imperfections and social risks in the long run. (shrink)

This Article explores the relationship between consumer credit markets and bankruptcy policy. In general, I argue that the causative relationships running between borrowing and bankruptcy compel a new strategy for policing the conduct of lenders and borrowers in modern consumer credit markets. The strategy must be sensitive to the role of the credit card in lending markets and must recognize that both issuers and cardholders are well placed to respond to the increased levels of spending (...) and indebtedness. In the latter parts of the Article, I recommend mandatory minimum payment requirements, a tax on distressed credit card debt, and the subordination of payments to credit card lenders in bankruptcy. I also argue that many aspects of the American bankruptcy system, as recently reformed, are overly protective of credit card issuers. (shrink)

In this paper we examine some of the economic and ethical consequences of different credit market regulations, including usury laws, complete prohibition of interest and providing ease to the borrower upon default. The references to these credit market regulations can be found in many religious and moral philosophy texts. We first examine the effectiveness of these regulations in deterring exploitative lending by developing a model that shows lending can be regulated through either act-based or harm-based regulations. (...) We show that act-based regulations which comprise usury laws and complete prohibition of interest deter lenders more than harm-based regulations which constitute bankruptcy laws. We then analyze that while the regulations may deter certain forms of lending behavior, they may also create certain externalities by contributing towards inequity and societal risk. We propose that a regulator’s choice of implementing credit market regulations maybe dependent on her ethical commitment towards growth and reduction of inequity. We suggest the usury laws are more ethical than bankruptcy laws; however, discouraging the use of debt contracts through prohibition of interest and encouraging the use of risk sharing contracts maybe the most ethical way to regulate the credit markets. (shrink)

Based on ethnographic fieldwork with panhandlers who provide services while asking for money, informal interviews with pedestrians who have interacted with them, and formal interviews with twenty people who regularly interact with panhandlers, this article unpacks the relationship between temporality and ambiguity of meaning in exchange. In line with previous research, I find that providing a service while asking for money allows panhandlers to manage stigma by recasting their relationship with pedestrians who give as a market exchange. More (...) surprisingly, I find that this kind of recasting makes giving less compelling for the pedestrians in fleeting encounters with panhandlers: they resist service provision in fleeting encounters with panhandlers on the grounds that the exchange is experienced as a coldly rational quid pro quo. In contrast, pedestrians who have long-term relationships with panhandlers experience the interaction as a gift exchange and the service as an expression of gratitude and subservience. The development of an open-ended temporal horizon and of a cycle of exchange, I argue, allows the service and the money given to operate as boundary objects, enabling panhandlers and pedestrians to attach different meanings to the exchange of money for services. This emergent ambiguity allows them to carry out interaction and exchange successfully. Contrary to models of interaction and everyday economic transactions that frame shared definitions of the situation as necessary for successful and repeated interactions, I find that ambiguity and polysemy may be productive and sustaining in interactions between participants from distinct social worlds. (shrink)

This research was carried out among 220 married women entrepreneurs in Ankara urban center to determine the interaction between the business and family lives. In this study, random sampling method has been used and women entrepreneurs have been taken to sphere of the research were interviewed. The effect of being an entrepreneur on the multiple roles (family, social, economical and individual) and the state of conflict between the entrepreneur role and other roles in family were examined. On (...) the other hand, the stress occurred from business and family life was emphasized. Research findings showed that the women thought that being entrepreneurs affect their roles in family life negatively, while positively affecting their roles in social, economical and individual life and they suffered from conflicts between the entrepreneur role and other roles in family and that the role of entrepreneur mostly conflicted with the roles of housewife, mother, and wife, respectively. It was found that the most important factors causing stress due to business and family life were insufficient demand in the market, excessive expectations of family members and physical fatigue. (shrink)

This study revisits the relation between corporate performance and corporate social responsibility in the context of a major shift in firms’ credit risk status. Relying on corporate credit rating as a performance indicator, we examine whether firms under the scrutiny of rating agencies trade-off CSR engagement for credit quality improvement. To explore whether firms adjust their CSR engagement after a focal rating change, we focus on the investment–speculative grade threshold because of its importance in accessing (...) the public debt market. We find that firms that lose the investment grade rating subsequently increase CSR engagement. We also uncover that improving CSR engagement helps firms restore their credit ratings ex post. Our findings support the view of CSR engagement as a valuable risk management strategy. (shrink)

This paper studies how the human capital embedded in rank-and-file employees affects firms’ stock price crash risk. Employing a unique setting in China where we measure human capital using employee information at the firm level, we show that human capital quality improves firms’ internal information environments, curbs bad-news hoarding and overinvestment, leading to lower stock price crash risk. The findings are robust to instrumental variable regressions. Our study highlights the internal informational role of human capital and sheds light (...) on its implications for capital markets and outside investors. Therefore, we contribute to the literature on the interaction between non-shareholding stakeholders and shareholders. (shrink)

We investigate the association between a wide range of community-level environmental, social, and governance (ESG) outcomes and the credit risk of U.S. municipal finance fixed-income securities. We develop a novel dataset of multiple ESG outcomes for U.S. counties and connect it to a 2001-2020 panel of municipal bonds issued within those counties. Overall, we find supportive evidence that collective increases in community-level ESG factors (i.e., ESG outcomes) are associated with reductions in credit risk for U.S. (...) municipal finance instruments over time. We theorize that these associations arise from variations in investor perceptions and manifested changes in fiscal health over time as a function of changing ESG outcomes. Post hoc analyses leveraging quasi-exogenous shocks to uncertainty, as well as connecting ESG outcomes to various measures of fiscal health at the county-year level, and credit ratings at the bond-year level, help validate this theory. Our research suggests that even socially agnostic investors should investigate the environmental and social performance of a municipality as part of their credit due diligence. (shrink)

For any market to work properly, certain key elements are necessary: competition, pricing, rules, clearly defined offers, and easy access to information. Without these components, there would be chaos. Orderly Fashion examines how order is maintained in the different interconnected consumer, producer, and credit markets of the global fashion industry. From retailers in Sweden and the United Kingdom to producers in India and Turkey, Patrik Aspers focuses on branded garment retailers--chains such as Gap, H&M, Old Navy, Topshop, and (...) Zara. Aspers investigates these retailers' interactions and competition in the consumer market for fashion garments, traces connections between producer and consumer markets, and demonstrates why market order is best understood through an analysis of its different forms of social construction. Emphasizing consumption rather than production, Aspers considers the larger retailers' roles as buyers in the production market of garments, and as potential objects of investment in financial markets. He shows how markets overlap and intertwine and he defines two types of markets--status markets and standard markets. In status markets, market order is related to the identities of the participating actors more than the quality of the goods, whereas in standard markets the opposite holds true. Looking at how identities, products, and values create the ordered economic markets of the global fashion business, Orderly Fashion has wide implications for all modern markets, regardless of industry. (shrink)

Green product innovation has been recognized as one of the key factors to achieve growth, environmental sustainability, and a better quality of life. Understanding green product innovation as a result of interaction between innovation and sustainability has become a strategic priority for theory and practice. This article investigates green product innovation by means of a multiple case study analysis of 12 small to medium size manufacturing companies based in Italy and Canada. First, we propose a conceptual framework that (...) presents three key environmental dimensions of green product innovation such as energy minimization, materials reduction, and pollution prevention as identified in the life cycle phases of products. Based on insights gained from in-depth interviews, we discuss firms' motivations to develop green products, environmental policies and targets for products, different dimensions of green product innovation, and challenges faced during developing and marketing of green products. Results from the study are then synthesized and integrated in a toolbox that sheds light on various aspects of green product innovation and provides solutions to challenges and risks that are faced by firms. Finally, implications for managers, academia and public policy makers are discussed. (shrink)

Interseções e interações entre mídia, religião e mercado: um objeto dinâmico e instigante (Intersections and interactions between media, religion and market: a dynamic object and thought-provoking) - DOI: 10.5752/P.2175-5841.2014v12n34p284 Editorial - Dossiê: Religião, Mercado e Mídia.

Despite sharing Catholic Social Teaching as their system of morals and both being confronted with marketisation pressures, working conditions at German and Belgian Catholic social service providers of elderly care differ. We argue that an interdisciplinary approach is needed to understand such differences, as interpretation of CST is mediated by local contexts. Working conditions result from interactions shaped by each country’s respective religious, legal and socio-economic contexts, providing players with different levels of discretion and power resources. In Belgium, working conditions (...) at Catholic elderly care providers tend to be better due to a strong Catholic trade union, encompassing labour market regulation and a universal legal system applying to all care providers. Moreover, there is strong interaction between these Catholic care providers and other Catholic institutions. By contrast, German CSSPs, operating as faith-based organisations with their own legal framework in a relatively liberalised and decentralised labour market, are able to use various flexibility practices which put pressure on working conditions. Using such practices is partially justified by the Catholic discourse on charity and altruism, stressing the particular nature of work in the Catholic care sector. Overall, the article demonstrates differences in the local application of CST. It also shows how transnational differences in working conditions at Catholic social service providers are the product of more than just local differences in the interpretation and application of CST principles, being shaped by interactions between a country’s specific religious, legal and socio-economic contexts. (shrink)

This paper explores the notion that business calls for an adversarial ethic, akin to that of sport. On this view, because of their competitive structure, both sport and business call for behaviours that are contrary to ‘ordinary morality’, and yet are ultimately justified because of the goods they facilitate. I develop three objections to this analogy. Firstly, there is an important qualitative difference between harms risked voluntarily and harms risked involuntarily. Secondly, the goods achieved by adversarial relationships in sport (...) go beyond the function of sport, i.e. to entertain audiences. Thirdly, the most plausible account of the athlete’s motivational development starts with their love of the sport, which can explain a commitment to the sporting ethics in a way that is not paralleled in business. I close by drawing attention to the ways in which an Aristotelian conception of business ethics may be able to accommodate these objections. (shrink)

It is of practical significance to introduce the Internet of Things technology into the financial service industry and find the driving factors and mechanisms of financial innovation to accelerate the promotion of financial innovation. This article starts from the perspective of banks and other supply chain financial institutions, takes mainstream trading products in the commodity trading market as the research object, uses the LA-VAR model, and fully considers the market price fluctuations and liquidity factors of supply chain financial (...) inventory products. It analyzes the theoretical basis of the continuous innovation of rural financial products. On the basis of analyzing the basic characteristics and types of rural financial product innovation, we explore the connotation of sustainable innovation of rural financial products, clarify the evaluation criteria, and lay a theoretical foundation for continuous dynamic evaluation. Based on technical innovation evaluation theoretical models such as Schumpeter’s innovation model, technical specifications-technological track model, and NR relationship model market, we analyze the innovation elements of rural financial products from the external and internal aspects of innovation and discuss the relationship between the factors. The interaction mechanism of rural financial products has established a dynamic mechanism model for the continuous innovation of rural financial products. A fuzzy comprehensive evaluation was made on the continuous innovation power of financial service industry products in a certain area. Using a combination of remote surveys and on-site visits, a questionnaire survey was conducted on financial service industry institutions in a certain region’s financial system. Each survey object was required to conduct 120 × 1067 index comparisons and use the data after processing the arithmetic average Matlab carries out the objective processing of programming. The results show that the LA-VAR model with liquidity indicators can measure the liquidity risk well and more comprehensively evaluate the risk of the inventory pledge financing model. According to the index weights determined by AHP, the development of the financial service industry will be promoted in a targeted manner from the internal construction of financial institutions and the optimization of the external innovation environment. (shrink)

At the present stage, it is becoming more and more important for large companies to maintain their own impeccable reputation. Western companies have been introducing and developing compliance systems for quite a long time, and now Russian companies are also concerned about the development of such systems. Compliance strengthens the company’s reputation, which gives it another competitive advantage in the market. The purpose of the article is to study trends and prospects for the development of compliance in Russia, the (...) problems of its implementation in Russian companies. The paper provides a theoretical analysis of the concept and essence of compliance in the activities of companies, the features and components of compliance systems. Compliance systems and the work of compliance services were studied on the example of 50 large companies that were surveyed in March 2020. It was determined that less than half of the companies have such services; the full independence of such services is not always fully ensured; the capabilities of these services to perform compliance functions are not fully used and the most popular area of compliance is anti-corruption compliance. Prospects for further research are related to the study of the development of compliance in Russia, including the introduction of advanced foreign experience in Russian companies. The applied value of the material lies in the systematisation of information on the trends in the development of compliance in Russia at the present stage. (shrink)

When scientists consider the interaction of science and value judgments, debates often occur. When public policy grows out of science, disagreements between scientists can become even more spirited. This paper examines the case of nutrition policy in the United States, which has been both at the interface between agriculture and medicine and the object of serious discord concerned with the strength and validity of the scientific evidence and the responsibility for action. The development of indirect intervention policies, (...) designed to educate and inform the public on diet and health, is traced as a practical demonstration of the effects of involvements of nutritional scientists of different disciplines and philosophic bents. Controversies centered mainly on the issues of diet and coronary heart disease and of diet and cancer in nutritional guidelines for Americans and the recommended dietary allowances. But the arguments turned on a complex web of values and interests as well as scientific questions. A remarkable turnaround by animal agriculture and its scientific support occurred, changing from a defensive, rightist stance to one that appears to recognize a moral responsibility to the public health. The convincing point was likely the changing market. Nutritional scientists, however, remained divided on the issue of whether a public health strategy keyed to public education should replace a strategy to identify persons of high risk and modify the risk by treatment. Our analysis suggests that the tension between libertarian and utilitarian social values of scientists is at least as important as disagreements relative to validity and strengths of the scientific evidence. (shrink)

This handbook represents the frontier of research into the economics of networks: how and why they form, how they influence behavior, how they help govern outcomes in an interactive world, and how they shape collective decision making, opinion formation, and diffusion dynamics. From a methodological perspective, the handbook devotes attention to theory, field experiments, laboratory experiments, and econometrics. Theoretical work in network formation, games played on networks, repeated games, and the interaction between linking and behavior are synthesized. A (...) number of chapters are devoted to studying social process mediated by networks. Topics here include opinion formation, diffusion of information, and disease, and learning. There are also chapters devoted to financial contagion and systemic risk. Next, the handbook includes a section that discusses communities more generally, with applications including social trust, favor exchange, and social collateral; the importance of communities for migration patterns; and the role that networks and communities play in the labor market. A prominent role of networks, from an economic perspective, is that they mediate trade. Several chapters cover bilateral trade in networks, strategic intermediation, and the role of networks in international trade. The authors also discuss the role of networks for organizations. One chapter discusses the role of networks for the performance of organizations, while two other chapters discuss managing networks of consumers and pricing in the presence of network-based spillovers. Finally, the chapter discusses the internet as a network with attention to the issue of net neutrality. (shrink)

The Oxford Handbook of the Economics of Networks represents the frontier of research into how and why networks they form, how they influence behavior, how they help govern outcomes in an interactive world, and how they shape collective decision making, opinion formation, and diffusion dynamics. From a methodological perspective, the contributors to this volume devote attention to theory, field experiments, laboratory experiments, and econometrics. Theoretical work in network formation, games played on networks, repeated games, and the interaction between (...) linking and behavior is synthesized. A number of chapters are devoted to studying social process mediated by networks. Topics here include opinion formation, diffusion of information and disease, and learning. There are also chapters devoted to financial contagion and systemic risk, motivated in part by the recent financial crises. Another section discusses communities, with applications including social trust, favor exchange, and social collateral; the importance of communities for migration patterns; and the role that networks and communities play in the labor market. A prominent role of networks, from an economic perspective, is that they mediate trade. Several chapters cover bilateral trade in networks, strategic intermediation, and the role of networks in international trade. Contributions discuss as well the role of networks for organizations. On the one hand, one chapter discusses the role of networks for the performance of organizations, while two other chapters discuss managing networks of consumers and pricing in the presence of network-based spillovers. Finally, the authors discuss the internet as a network with attention to the issue of net neutrality. (shrink)

In 2001 a highly infectious animal disease, foot and mouth disease, broke out in the UK and spread rapidly. In May, when the spread seemed to be slowing down, new disease hotspots appeared in previously little affected regions, such as North Yorkshire. New biosecurity rules were imposed. Based on a series of semi-structured interviews with stakeholders, this article shows that the biosecurity measures farmers implemented during the epidemic meant more than just reducing the risk of spreading FMD. For many, (...) cleansing and disinfecting became Foot and Mouth. Biosecurity actions became invested with symbolic values and, in particular, were ritualised as part of the symbolic spatial construction of an otherwise 'invisible' enemy. (shrink)

The study of social, ethical, and political issues from a naturalistic perspective has been pervasive in social sciences and the humanities in the last decades. This articulation of empirical research with philosophical and normative reflection is increasingly getting attention in academic circles and the public spheres, given the prevalence of urgent needs and challenges that society is facing on a global scale. The contemporary world is full of challenges or what some philosophers have called ‘existential risks’ to humanity. Nuclear wars, (...) natural and/or engineered pandemics, climate change, global totalitarianism, and emergent technologies, are some of the challenges mentioned by many authors devoted to the study of long-term potential risks for the survival of the human species. However, while there are many reasons to be a pessimist about the future of humanity, there is also a lot of ink wasted in showing that the world today is far better than we had in the past and also that there have been many instances of social and moral progress in the last centuries. Some authors have even claimed that “we have made more progress over the last 100 years than in the first 100,000”. According to ‘our world in data’, some of the most relevant advances of humanity in the last centuries have to do with the reduction of poverty and/or inequality, better health and security, the decline of violence and war, and the development of democracy and institutional mechanisms to guarantee individual freedom and rights. Yet, there is a more concrete concern that our world faces nowadays, and requires a particularly detailed analysis. In a few words, the advance in information and communication technologies, the huge volume of people migration because of prevalent instances of global inequality, and the reality of an interconnected world that just mirrors an extensive history of massive human intergroup relations open the question about the feasibility of social and moral progress in the contexts of diverse, multicultural, and unequal societies. This makes it crucial to reflect not only on whether human societies may keep advancing on a path of social progress, but how this can be achieved by addressing the challenges of inequality and potential intergroup conflict. This concern closely relates to the further consolidation of democratic values and the achievement of a more generalized consideration of the equal moral value of human individuals far from group, ethnic, or collective distinctions. This vision of progress follows the moral convictions that have been considered right and worthy to be pursued by most ethical theories explored by philosophers and social scientists so far. This work aims to contribute to the study of the mechanisms and feasibility of social and moral progress grounded on the precept of human equality and is guided by the idea that social and moral progress in a plural world requires the accomplishment of a more democratic and tolerant society. These forms of progress have already been defined by philosophers Allen Buchanan and Russel Powell as inclusivist forms of moral progress. According to these authors, inclusivist moral progress is featured by the transformation of moral judgments, motivations, and norms guided by the rejection of “group-based restrictions on moral standing and moral status” (2018). The work of Buchanan and Powell is fundamental for the argumentation developed in this work since they have pioneered a more complex debate in the field of evolutionary social sciences and philosophical anthropology. In brief, these authors have inquired how human nature, conceptualized by the advances in evolutionary thinking and the empirical sciences, is related to our moral convictions and the possibilities that we have to establish certain forms of social and moral progress. The work of Buchanan and Powell contributes to the debate on moral progress by incorporating empirically-informed concepts and arguments. With this objective in mind, they develop their discussion around a generalized tension between exclusivist and inclusivist forms of moral progress. This tension revolves around the question of whether and to what extent human moral concerns, motivations, and norms, are limited or bounded by social identities, group thinking, or collective values. This question is at the center of this work. In other words, I aim to answer whether and to what extent the nature of our social and moral cognition hinders or enables the development of inclusivist forms of morality and moral progress. As I mentioned so far, the distinction between exclusivist and inclusivist forms of morality has a practical implication and facilitates the reflection on the mechanisms and feasibility of concrete forms of progress based on the precept of human equality, which is the road to progress that we should follow according to most ethical theories. The distinction between exclusivist and inclusivist morality is not used here as a form of summarizing highly divergent descriptive approaches to morality, but as a way to address the practical implications of morality research, particularly around the question of the feasibility of social forms of progress based on the precept of equality and tolerance. My objective then has less to do with offering a conceptualization of human morality or with the proposition of a new ethical perspective. Instead, I aim to identify, from an empirically informed perspective, what enables the achievement of egalitarian forms of social progress, to subsequently offer a normative reflection about what we should do if we want to accomplish such inclusivist forms of progress. This task is of great relevance, having in mind that some theoretical proposals on the matter have claimed that human prosocial behavior and morality are constrained by exclusivist fixed tendencies as a product of our evolutionary history. According to these views, human morality is a group-centered cognitive and behavioral expression that has severe limits in its scope and extent, which hinders in the end the emergence of inclusivist forms of moral concerns and behaviors. These claims align with the philosophical intuition about the ‘dissociation of empathy’, or the fact that human individuals tend to express empathy and sympathy preferably for members of their group whereas their empathic and moral concern and recognition for outgroup individuals tend to be reduced or eliminated in real-life social interactions. Multiple theorists have expressed, however, that these assumptions are wrong for empirical and philosophical reasons, which results in a serious challenge to the conception of human morality as exclusivist by nature. Furthermore, simple intuition and practical experience constantly show us that human individuals can develop and endorse a broad spectrum of moral considerations and adopt an arguably inclusivist stance concerning the kind of persons or agents that deserve moral concern. Moreover, and adopting a historical perspective, the expansion of cultural and commercial exchanges, the consolidation of democracy, the development of welfare states, or the emergence of institutions based on the concept of universal human rights, have partially driven human progress based on the impartial concern for the well-being of persons. These historical instances of cultural evolution and institutional design have shown that it is feasible to promote behaviors and attitudes grounded in impersonal prosocial and inclusivist principles. This optimistic perspective, however, still begs the question of the exact relationship between social, cultural, and historical contexts, and the emergence of certain behavioral expressions of inclusivist morality. This is crucial since a great number of human individuals around the world still do not make part of these instances of social progress, and some authors have suggested that such instances of social and moral progress are particularly favored by the contexts of the WEIRD world, that is the world of Western, Educated, Industrialized, Rich, and Democratic societies. Some of these approaches consider moral inclusivity a ‘luxury good’ and follow the ‘dependency thesis’ according to which the expression of moral inclusivity depends on the presence of very concrete material conditions that trigger inclusivist and impersonal prosocial tendencies that human beings are not able to express in threatening contexts without physical security. This thesis is problematic for various reasons and has led to incomplete explanations about the enabling and causal factors of inclusivist moral progress, as well as unsatisfactory suggestions about what we should do to foster the accomplishment of more generalized instances of progress based on inclusivist concerns. In an attempt to contribute to this debate, the main objective of this thesis is to offer an alternative proposal about the nature of human morality and a more detailed reflection on what we should do if we want to further accomplish such instances of progress. More precisely, this work adopts a particular developmental and constructivist vision of human morality to answer the question of how feasible it is to reach generalized forms of social progress based on the precepts of moral inclusivity. Furthermore, it offers some ideas about what are the most adequate and favorable conditions to foster such progress both at the individual and the collective level. At this point, a preliminary clarification of some starting points is necessary. In the first place, and contrary to what other authors have proposed when debating moral progress from an empirically-based approach, my perspective adopts a radical developmental and constructivist perspective, following particularly the conceptual and empirical ideas of the social-domain theory in moral psychology. From this perspective, morality is a domain of normative and social knowledge that develops and emerges in human interactions. Moral concerns, judgments, and norms are not only the result of the expression of innate adaptive intuitions, nor the product of social conformity and a simple process of mirroring the normativity that communities have established to organize their social life. Human individuals, instead, construct moral concerns and judgments during their situated interactions. More specifically, the constructivist tradition claims that we need to research how moral concerns, judgments, and reasons emerge in social interactions and how human beings construct the content of their moral knowledge in the first place. Based on these ideas, morality is defined here as the result of a constructive process through which human individuals, by the means of constant interactions on a background of mutual respect and recognition, develop evaluative concerns about how we ought to treat others, and how to ‘care’ and ‘respect’ others’ well-being, needs, and vulnerabilities. This developmental-constructivist theory of human psychology contributes to an alternative understanding of the origins of moral variability and informs a very particular normative stance about the most desirable contexts needed for the urgent accomplishment of inclusivist forms of morality in contemporary societies. This is so given that the very same definition of morality adopted presupposes the feature of inclusivity. The main objective of this work is then to argue, based on a developmental perspective, what are the most favorable conditions to foster the development of moral inclusivity and what we should do to accomplish concrete instances of moral progress that truly help us to overcome our most urgent moral challenges. The whole thesis is organized as follows. In part I, I show how received visions about human social evolution have informed conceptions of morality as an adaptive function evolved to solve the challenges of cooperative life. Based on these assumptions, some theories argue that human morality is limited by the boundaries of group thinking, and always obeys the mandates of collective interests and the will of the majority. However, this conception has problematic implications from a normative and ethical perspective. The aim of Chapter 1 is to present this introductory debate in detail. In chapter 2, I consider a relevant amount of scientific evidence that helps to consolidate a more optimistic and inclusivist perspective about the starting conditions of human prosocial behavior. Later, I will summarize some ideas offered to explain the possible evolutionary mechanisms that led to the consolidation of these inclusivist capacities. However, I will also show how evolutionary theories that share the same adaptationist foundations but initially seem relevant to explain the feasibility of moral inclusivity, result incomplete when considering the complexity of moral behavior and its ethical implications. Part II is devoted to presenting a developmental alternative to the adaptationist versions around the starting conditions of morality. In this section, I first summarize the epistemological, conceptual, and empirical basis of a constructivist perspective already proposed by several authors in the last decades. This is the goal of chapter 3. More precisely, I adopt the conceptualization of morality established by the social-domain theory school and clarify its conception of the situated development of moral concerns, motivations, and norms. All these ideas are essential for my argumentation on the feasibility of inclusivist moral progress offered later. Chapter 4 provides a more detailed idea of constructivist thinking about moral development, by analyzing one particular dimension: the development of moral concerns for fairness and the sense of justice in distributive dilemmas. In Part III, I assume a constructivist perspective on morality to contribute to the philosophy of moral progress. In particular, I discuss the implications of such a perspective for the conceptualization of human moral nature and discuss what are the most favorable conditions for moral inclusivity to emerge. Answering that question is of enormous relevance since favoring the transition of human societies towards more inclusivist forms of moral concern and behavior supposes a more generalized accomplishment of our most urgent moral convictions. Previous developmental or culturally-sensible attempts to explore this issue are already on the market. As mentioned before, most authors have approached the topic by situating the cultural evolution and development of (inclusivist) moral progress in the WEIRD world. For instance, some of these authors claim that very concrete material conditions (mostly present in the Western World) have been necessary for triggering inclusivist and impersonal prosocial tendencies that human beings are not able to express in threatening contexts without physical security. Despite their interest in explaining inclusivist morality and the feasibility of inclusivist forms of progress following a naturalistic and culturally situated approach, these theories are problematic for two main reasons. In the first place, most of the authors that explain moral progress tend to focus exclusively on the consolidation of liberal values in the Western world and the underlying adoption of laws, social-epistemic practices, and public narratives about tolerance and inclusivity, as unequivocal signs of inclusivist morality. Nevertheless, there is an enormous distance between the institutional and public support of inclusivist moral values or the construction of public images of tolerance and inclusivity, and the real materialization of impersonal moralities in situated social interactions. Secondly, the variability of human moral behavior is far bigger than most of the theories in moral psychology and moral progress tend to assume. Accordingly, inclusivist and exclusivist forms of morality may develop simultaneously in similar or divergent geographical and socio-ecological environments, including those with harsh conditions such as competition for scarce resources, potential intergroup conflict, and risks of disease transmission. In addition, harsh environmental conditions are usually present in almost all societies around the globe, and the presence of socio-ecological conditions such as physical security and prosperity, predominant in highly resourced populations, do not prevent the existence of exclusivist moral tendencies. My model explores a different perspective on the relationships between cultural, institutional, and historical factors, and the situated development of human morality. This supposes a clear distinction from previous approaches to the matter since it offers a different view on what we should do to pursue further instances of inclusivist social progress. In the fifth chapter, I first analyze the proposals of some defenders of the ‘dependency’ theory. The attention is focused on the ‘Evolutionary Developmental Model’ proposed by Buchanan and Powell (2018). Based on a critique of this approach, I will argue that to explain the evolution and development of human morality in its multiple manifestations, it is essential to put focus on social interactions. This also involves a different perspective on human-environment relations that in line with a constructivist worldview makes an innovative contribution to the philosophy of moral behavior and moral progress. Later, in the sixth chapter, I will define my alternative relational view of inclusivist morality and I will offer my view on how to establish favorable conditions that make inclusivist morality possible. Complementing the constructivist approach, my conception is based on the essential role of equality and individuality and on how moral inclusivity is favored if moral concerns do not develop driven by the accomplishment of group-centered, binding, and communitarian concerns and values. In brief, my relational model suggests that the accomplishment of moral inclusivity not only depends on the overall achievement of certain levels of physical security or economic prosperity. Instead, its development is favored by transforming the interactional contexts in which moral concerns towards autonomy and individuality emerge. In arguing so, I will need to start with a critique of contemporary situated and embodied approaches in ethics. Then, I will show how societies guided by the accomplishment of group-centered values of power, dominance, and relational inequality tend to express exclusivist moral behaviors, while individualistic societies tend to be more inclusivist. Starting from this diagnosis, my final attempt is then to reflect on which are the best conditions for the moral valuation of individuality to emerge and what we should do to promote the accomplishment of moral inclusivity at the societal level. (shrink)

This study examines the relationship between corporate social responsibility, a central ethical concern, and firm total risk, a central business concern, using a large US dataset spanning 1991 to 2015. It includes considerations for the recent financial crisis to establish whether firm engagement in specific CSR dimensions decrease or increase firm risk. The findings demonstrate the impact of CSR engagement is different, depending on the specific CSR dimension in question, and the relationship between each of the (...) seven CSR dimensions and total risk is time varying. Our empirical evidence suggests that firms should prioritize different CSR dimensions as an integral part of their CSR strategies and strategic management and change the priority in different market conditions. (shrink)

This study examined the influence of the executive board of directors’ gender diversity on the financial performance of listed companies on the Bucharest Stock Exchange, for the period 2011 to 2019. The analysis of the composition and different characteristics of the board and the executive directors proved to be effective tools for corporate governance in countries with an emerging capital market. Therefore, a disclosure index on directors’ characteristics was used to moderate the interaction between gender diversity and (...) financial performance, based on the theoretical framework provided by upper echelon theory. The study contributes to the enrichment of the literature both by using the composite indicator built by applying the multiway PCA method on panel data to express financial performance and by designing the ten EGLS panel models involving five financial indicators and two proxies for gender diversity. The results showed that there is a positive impact of the proportion of women on the executive board of directors on financial performance, measured through the composite index, ROA, ROE, and SOL. A statistically significant impact of gender diversity on financial performance was found only for SOL, in the case of the Blau index. Also, using the random-effects model to perform the panel data analysis, the results showed that a higher executive board size can be associated with better financial performance measured through the composite index, ROA, ROE, and EPS. Practical implications are significant for the board of executives’ composition, the complexity of the relationship with the board, and reshaping governance practices. (shrink)

Well-intended natural resource policies that ignore the complexity of socio-ecological systems too often threaten local values and opportunities for sustainable development. Upland areas throughout Indonesia provide examples of complex socio-ecological systems experiencing rapid socio-economic and environmental transformations in response to interactions between development policies and local agendas. Broad natural resource policies influence socio-ecological systems in different ways. In some cases, there are converging national and local goals, while in others the goals of national policy conflict with local aspirations. This (...) study identifies how broadscale policies could respond to the unique characteristics of upland areas to optimise development outcomes and avoid unintended risks for people and the landscape. The theory of reflexive modernity is utilised to illustrate how two national policies, the Community Forestry initiative and the Irrigation Reservoir program, largely discount the complexity of local values in the uplands of Pagar Alam, Indonesia. We identify local farmer aspirations through an analysis of development narratives and relate how they are impacted upon by the two policies. Our findings indicate that dominant development goals and associated sustainability pathways diverge in a range of ways from local farmer values and aspirations. We suggest that policymakers take more consideration of four interacting elements, namely: local ecological traits; local values and institutions; the multiple development pathways; and exogenous market drivers that affect local development, to promote sustainability and increase the likelihood of achieving all desired policy outcomes. (shrink)

This paper explores the role of ideology in attempts to influence public policy and in business representation in the EU–China solar panel anti-dumping dispute. It exposes the dynamics of international activity by emerging-economy multinationals, in this case from China, and their interactions in a developed-country context. Theoretically, the study also sheds light on the recent notion of ‘liability of origin’, in addition to the traditional concept of ‘liability of foreignness’ explored in international business research, in relation to firms’ market (...) and political strategies and their institutional embeddedness in home and host countries. Through a qualitative analysis of primary and secondary materials and interview data with key protagonists, we provide a detailed evolution of the case, the key actors involved and their positions, arguments and strategies. This illustrates the complexities involved in the interaction between markets and ideologies in the midst of debates regarding different forms of subsidy regimes for renewable energy, free trade versus protectionist tendencies by governments, and the economic and sustainability objectives of firms and societies. The case shows how relative newcomers to the EU market responded to overcome a direct threat to their business and became, with support from their home government, active participants in the public debate through interactions with local commercial partners and non-governmental organisations. Firms adopted relatively sophisticated strategies to reduce their liabilities vis-à-vis host-country institutions and local stakeholders, including collective action, to increase their legitimacy and reputation, and counter ideologically based attacks. We also discuss implications and limitations. (shrink)

For most of human history, economic systems were personal in nature--people normally interacted with people they knew personally and knew well. Today's modern market economies are impersonal--people normally interact with people they do not know personally. The historical movement from personal to impersonal systems was necessary for societies to develop the specialization of labor needed for modern production technologies. That is, the high standards of living in the developed world are due to these impersonal systems. However, the ethical systems (...) theologians apply to modern market systems were developed for personal societies and are often inappropriate for impersonal societies. In this article, we develop the differences between personal and impersonal systems, examine the writings of a number of theologians who are very critical of market economies, and attempt to show how a different ethical approach is needed. (shrink)

Value analysis establishes a way to practice functional analysis which enables to think all matter as sets of functions. The study of the correlations between the phases of activation of these functions leads to consider the aggregation of correlated activation functions as an attractor in a configuration space. This point of view allows figuring out general behaviors reducing the conceptual gap between microeconomics and macroeconomics. Then, based on a characterization of complex adaptive systems in terms of functional attractors, (...) the theory links together value and physical magnitudes, like work or energy and action. The evolution of these systems is studied from the viewpoints of learning or of voluntary and involuntary interactions with others described in the ultimate way by the strategies, or operators, of which they make use. Three kinds of uncertainties are emphasized among which the uncertainty between the structure and the business outlook of a system is recreated through an analogy between physics and economics. The rationality of the complex functional systems economics is based on value and on market or environment awareness. Equilibria establish potential of agents or players whose profiles are built through the equivalence between a time-dependent payoff at equilibrium and the regular value of the corresponding attractor. The law of supply and demand is naturally founded on unbiased profiles of agents and can be a means of uncertainty reduction and of growth. Freedoms are opportunities to grow, when they result in confidence, and to bear risks in decision-making through an innovative process. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:BOOK REVIEWS 519 The Church: Learning and Teaching. By LADISLAS ORSY, S.J. Wilmington, Delaware: Michael Glazier, Inc., 1987. Pp. 172. $14.95. This work develops (and repeats) some of the ideas in Orsy's ar· ticle, "Magisterium: Assent and Dissent," TS 48 (1987), 473-497. One of the most neuralgic issues in the Church today is the relation· ship between the magisterium and theologians. This extended essay, notable for its irenic (...) tone, broadens the topic to a consideration of the whole church in its activity of learning and teaching. Its stated purpose is to " clarify some of the foundational concepts and to present a framework in which the interplay between the teaching authority and the whole community can be understood." In the heat of debate when lines are drawn, and each side is in danger of becoming myopic because of the intensity of focus on a given issue, each risks losing sight of the larger dialogic relationship between God and human person. To its credit, this essay counteracts this risk by describing the pattern of encounter between God and the human person. Orsy reminds us that the church in its teaching and learning responds to a mystery which always eludes absolute order and clarity even through both occur under the guidance of the Spirit. Within this dialogic interplay, the function of the episcopate is to witness to the word that God has spoken, a word always predominantly ineffable, while the task of the theologians is to penetrate into the meaning of the word through systematic theological reflection. In the three remaining chapters, Orsy discusses teaching authority, assent and dissent, and Catholic universities and academic freedom. He calls for a new hermeneutic for the interpretation of encyclicals in order to differentiate between statements of doctrine universally held, opinions of theological schools, and statements that may later be found to he erroneous. He points out the ambiguities associated with the term "ordinary magisterium," citing texts where it is the equivalent of "non-infallible," and others where it simply refers rto the manner in which a doctrine is taught. Departing from Dulles' suggestion for a dual magisterium, Orsy sketches the problems associated with the concept of a magisterium of theologians. He then cautions us against an over-simplification of the difference between fallible and non-infallible teaching which fails to account for the organic unity of Christian doctrine. As there is a dialogic interaction between God's word and human response, so is there an interplay between the bishops' witness to the truth in the Spirit and the recognition of this truth on the part of the people of God who then surrender in an act of faith. The exact nature of this obsequium fidei, however, is problematic. Orsy's identification 5!l0 BOOK REVIEWS of obsequium as a seminal locution in Lumen Gentium circumvents the dispute as to whether it means "respect" or "submission." Orsy attempts to defuse much of the emotional charge associated with the term " dissent " by noting that it is a much stronger dialectical term than such European expressions as opinion difjerent or anderer Meinung. He cautions that " to state simply that dissent from non-infallibly held doctrine is legitimate, is simplistic and incorrect " since one must note the relationship of the non-infallible doctrine to the infallible core. He concludes,that the best climate for a healthy relationship between theologians and bishops is mutual trust, a reasonable margin for honest mistakes, a recognition of limits on the part of theologians with a corresponding resolution never to call a final truth what is in reality a hypothesis. Orsy notes that history witnesses to the perils of theologians being subject to correction by their peers only. He points out that theologians should perhaps return to the practice of investigating questions rather than defending theses. The dangers associated with dissent include the possibility of the propositional dissent of a theologian becoming a feeder to a deeper attitudinal dissent in others or in some other way threatening the peace or unity of the church. It is difficult to see how anyone can take issue with such a balanced approach to this sensitive topic. In order to indicate how a university can... (shrink)

As the gap between the need for and supply of human organs continues to widen, the aim of securing additional sources of these “gifts of the body” has become a seemingly overriding moral imperative, one that could—and some argue, should—override the widespread ban on organ markets. As a medical practice, organ transplantation entails the inherent risk that one human being, a donor, will become little more than a means to the end of healing for another human being and (...) that he or she will come to have a purely instrumental value. With the establishment of organ markets, not only will the harms of instrumentalization be a reality—the ends of medicine will be further compromised and confused. (shrink)

Again and again utopian hopes are connected with the life sciences (no hunger, health for everyone; life without diseases, longevity), but simultaneously serious research shows uncertain, incoherent, and ambivalent results. It is unrealistic to expect that these uncertainties will disappear. We start by providing a not exhaustive list of five different types of uncertainties end-users of nutrigenomics have to cope with without being able to perceive them as risks and to subject them to risk-analysis. First, genes connected with the (...) human body or nutrients can have different functions in interaction with their environment (for instance, one nutrient can be healthy for the heart, but can also be a high risk in relation to cancer). Secondly, uncertainties are formed by risk analyses. Will it be possible to calculate a certain risk of getting a certain condition with a certain lifestyle? Will it be difficult to separate the genetic component and the lifestyle component? How high will these risks be? How will these risks be handled by the actors? In the case of personal genotyping, it is unclear how frequent an adverse polymorphism will occur. Will every individual have a certain vulnerability to a certain disease or will it only be applicable to a small group of the population or particular populations? Thirdly, dietary advices are subject to uncertainties and still to be developed professional standards: some will have adverse outcomes, some will not delay the disease, and some will assume uncertain associations between nutrients, lifestyle, and genetic vulnerabilities. Fourth, with regard to the usefulness of tests it is uncertain to what extent risks indications about obesity and diabetes and other vulnerabilities really influence people to live healthier and therefore will help to prevent these conditions. Fifth, it is uncertain how and what nutrigenomics products will be developed and used. Will it be possible to develop more effectively health improving products? Or is this too difficult and will nutrigenomics continue to be used in not always justified health claims as a commercial and marketing tool? Present-day ethics and theories of responsibilities presuppose that uncertainties will disappear and concentrate on what seems to be fixed and stable in science. We develop provisional thoughts that assume that the dynamic of science to produce uncertainties and dilemmas is endemic, and we stress the need for consumers to institutionalize value searching, exploring, and deliberating devices in the health and food sector to find out the most important uncertainties and correspondingly socially desirable research priorities. (shrink)

Willingness to take risk is one of the most important aspects of personal financial decisions, especially those regarding investments. Recent studies show that one’s perception of time, specifically the individual level of Present Hedonistic and Future Time Perspectives (TPs), influence risky financial choices. This was demonstrated for both, Time Perspective treated as an individual trait and for experimentally induced Time Perspectives. However, on occasion, people might find themselves under the joint influence of both, chronic and situational Time Perspectives and (...) little is known about interactions between them. The paper focuses on the interplay between chronic and induced levels of Future and Present Hedonistic TPs in explaining people’s propensity to take investment risks. An experimental study using a Polish national random-quota sample was conducted. The results showed that situationally induced Future TP lowered the preferred level of portfolio riskiness while situationally induced Present Hedonistic TPs resulted in exactly the opposite effect, and that the higher level of chronic Present Hedonistic TP was linked to higher investment risk preferences. The role of the chronic Present Hedonistic TP was moderated by the situationally induced Future (approaching significance) and Present Hedonistic TPs. The induction of these TPs resulted in reduction of the propensity to take investment risks. The study adds to the literature on psychological factors influencing the propensity to take financial risk. The results are also important for researchers who experimentally manipulate variables that might be also considered as chronic traits. They indicate that whether the manipulation is congruent with one’s natural tendencies may have a differential impact on subsequent measures. (shrink)

Medical practitioners owe much of the significant progress made in the diagnosis and treatment of disease to industrial research. Hence, co-operation between providers of medical services, most notably medical practitioners, and the pharmaceutical industry is in the best interest of patients. Yet, empirical evidence shows how well-directed influence exerted by the pharmaceutical industry impacts physicians’ decision-making. Profit-motivated inducement by the pharmaceutical industry may expose patients to considerable risks. Against what many think to be based on overwhelming evidence, Joao Calinas-Correia (...) takes the view that the criticism levelled at the pharmaceutical industry as well as the call for transparency in the relationships between physicians and the industry are exaggerated. In his polemic he praises “Big Pharma” as a success and espouses the view that the undesired consequences of its activities are allegedly inherent in the underlying market environment shaped by politics. Moreover, he believes that the proposals made to control and eliminate such undesired effects will lead to mediocrity. Astonishingly, his polemic reaches out to contest the appropriateness of setting rules at all—even if being set by a democratic process. Calinas-Correia’s assertions are based on the wrong premises. They fail to recognize that today individual civil rights and liberties often enough do not have to be defended against encroachments by governmental authorities. Rather, it is incumbent on the state to create rules designed to defend the individual against infringements by overly powerful non-governmental institutions, in our case the medical-industrial complex. Given the power exercised by physicians and the special nature of their role in public health, clear-cut rules have to be enacted and implemented with respect to their relationship to Big Pharma. (shrink)

Building on earlier work on the relationship between corporate social performance (CSP) and a firm’s financial performance, this integrative empirical study supports the theoretical argument that the higher a firm’s CSP the lower its financial risk. Specifically, the relationship between CSP and risk appears to be one of reciprocal causality, because prior CSP is negatively related to subsequent financial risk, and prior financial risk is negatively related to subsequent CSP. Additionally, CSP is more strongly (...) correlated with measures of market risk than measures of accounting risk. Of all CSP measures, reputation for social responsibility appears to be the most important one in terms of its risk implications. (shrink)

Service and personal care robots are starting to cross the threshold into the wilderness of everyday life, where they are supposed to interact with inexperienced lay users in a changing environment. In order to function as intended, robots must become independent entities that monitor themselves and improve their own behaviours based on learning outcomes in practice. This poses a great challenge to robotics, which we are calling the “autonomy-safety-paradox” (ASP). The integration of robot applications into society requires the reconciliation of (...) two conflicting aspects: increasing machine autonomy and ensuring safety in end-use. As the level of robot autonomy grows, the risk of accidents will increase, and it will become more and more difficult to identify who is responsible for any damage incurred. However, emphasizing safety impairs the autonomous functioning of the robot. This problem implies the need for a broadened concept of product safety. Our comparative study shows that the institutional framing of the ASP as well as concrete solutions to this problem differs between Europe and Japan in two respects: (1) the understanding of robot agency and (2) the concept of “appropriate” user–robot interaction. (shrink)

The global corporate scandals such as Enron, Worldcom and Global Crossing have raised fundamental issues of business ethics as well as economic, social and anthropological questions concerning the nature of business competition and global capitalism. The purpose of this conceptual paper is to introduce the concept of "welfare exchange" to the existing notions of economic, social and anthropological notions of business and exchange in markets and society in the 21st century. Global competition and business success in the 21st century continue (...) to raise the nature of economic value and the interaction among diverse actors in international markets, institutions and society. We believe that the nature of such exchange between consumers and organizations, which can also be termed social marketing, need to increasingly take into account a welfare and ethical component. In this paper, we introduce our concept of welfare exchange to emphasize the importance of such welfare and ethical issues in the global business environment of the 21st century. (shrink)

In line with the current trend toward sustainability and CSR, organizations are pressured to assume extended responsibility. However, taking such a responsibility requires serious and challenging efforts as it appears to involve a wider range of issues and increased need for close interaction between actors along commodity chains. Using a qualitative case study approach, the present article focuses on Swedish public and private procurement organizations with attention paid to textiles and chemical risks. It focuses on two crucial aspects (...) of buyers’ relationships with suppliers in their efforts to advance environmental responsibility-taking—monitoring and trust—as well as how they intersect. The aim is to demonstrate, both theoretically and empirically, the limits and possibilities of monitoring and trust for developing extended upstream responsibility. The article demonstrates the problems with, on one hand, simple ritualistic monitoring and, on the other, simple trust, and explores potentially constructive pathways to extended upstream responsibility at the intersection of monitoring and trust. In connection with the findings, the article argues that theories on responsible and sustainable supply chain management must also take the enormous variety of organizations into account: not only large, private, transnational companies, which the literature has until now been preoccupied with. (shrink)

Medical practitioners owe much of the significant progress made in the diagnosis and treatment of disease to industrial research. Hence, co-operation between providers of medical services, most notably medical practitioners, and the pharmaceutical industry is in the best interest of patients. Yet, empirical evidence shows how well-directed influence exerted by the pharmaceutical industry impacts physicians’ decision-making. Profit-motivated inducement by the pharmaceutical industry may expose patients to considerable risks. Against what many think to be based on overwhelming evidence, Joao Calinas-Correia (...) takes the view that the criticism levelled at the pharmaceutical industry as well as the call for transparency in the relationships between physicians and the industry are exaggerated. In his polemic he praises “Big Pharma” as a success and espouses the view that the undesired consequences of its activities are allegedly inherent in the underlying market environment shaped by politics. Moreover, he believes that the proposals made to control and eliminate such undesired effects will lead to mediocrity. Astonishingly, his polemic reaches out to contest the appropriateness of setting rules at all—even if being set by a democratic process. Calinas-Correia’s assertions are based on the wrong premises. They fail to recognize that today individual civil rights and liberties often enough do not have to be defended against encroachments by governmental authorities. Rather, it is incumbent on the state to create rules designed to defend the individual against infringements by overly powerful non-governmental institutions, in our case the medical-industrial complex. Given the power exercised by physicians and the special nature of their role in public health, clear-cut rules have to be enacted and implemented with respect to their relationship to Big Pharma. (shrink)

With “consumer demand” credited with driving major changes in the food industry related to food quality, safety, environmental, and social concerns, the contemporary politics of food has become characterized by a variety of attempts to redefine food consumption as an expression of citizenship that speaks of collective rights and responsibilities. Neoliberal political orthodoxy constructs such citizenship in terms of the ability of individuals to monitor and regulate their own behavior as entrepreneurs and as consumers. By contrast, many proponents of alternative (...) food networks promote the idea that food citizenship is expressed through participation in social arrangements based on solidarity and coordinated action rather than on contractual and commoditized relationships between so-called “producers” and “consumers.” This paper thus focuses its analysis on the strategies used to mobilize people as consumers of particular products and the ways, in turn, in which people use their consumption choices as expressions of social agency or citizenship. In particular, the paper examines how the marketing, pricing, and distribution of foods interact with food standards to enable and constrain specific expressions of food citizenship. It is argued that narrow and stereotypical constructions of the “ethical consumer” help to limit the access of particular people and environmental values, such as biodiversity, to the ethical marketplace. (shrink)

In this paper we consider the importance of trust, in the context of economic institutions, and specifically with respect to questions about market mechanisms and the role of social interactions. We review recent advances in institutional economics closely tied to developments in philosophy of mind and cognitive science, involving extended and enactive cognition. We argue that the analysis of different conceptions of institutional mind extension, in Denzau and North’s shared mental models, Clark’s extended mind, and a more enactive approach (...) that emphasizes the importance of social interaction and personal relationships, can benefit from Kathrine Hawley’s distinction between reliability and trust. Institutional arrangements based solely on the reliability of impersonal mechanisms can lead to a variety of social pathologies and, at the extreme, a form of cognitive atrophy, all of which can undermine the sustainability of institutions. Even if trust comes with risks and some degree of unpredictability, it turns out to be a necessary glue-like ingredient in the constitution of social institutions. (shrink)

The current study sought to assess the mediating role of green market orientation dimensions in the relationship between social risk and new product performance among European Multinational Enterprises (EMNEs). We also assessed the moderating role of entrepreneurial orientation in the relationship between green market orientation and new product performance. The study was based on primary data gathered from 317 EMNEs in Ghana. After various validity and reliability checks, ordinary least squares (OLS) analysis was performed to (...) estimate the various relationships hypothesized in the study. The study finds that social risk has a negative effect on the success of EMNEs' new products. This negative effect is however nullified by the positive mediating effects of strategic green market orientation, tactical green market orientation and internal green market orientation. Entrepreneurial orientation also played a significant moderating effect in the relationship between green market orientation dimensions and EMNEs' new product performance. Based on this, theoretical and managerial contributions were made. (shrink)

In the half decade following the 2007 financial crisis, the reform of global financial governance was driven by two separate policy debates: one on the substantive content of regulations, the other on the organizational architecture of their governance. The separation of the two debates among policymakers has been mirrored in academia, where postcrisis analyses of financial governance have remained detached from reinvigorated discussions about the nature of financial markets. We argue that this separation is deeply flawed. Presenting an analysis of (...) interactions between standards for banking, credit rating, accounting, and derivatives trading, this article demonstrates why the appropriateness of the organizational architecture of global financial governance is necessarily contingent upon one’s understanding of how financial markets work. In particular, if financial markets are not anchored to external “economic fundamentals” but instead exhibit reflexivity, then the reciprocal interactions between different regulatory arenas demand considerably more organizational coordination than presently exists. (shrink)

Vivemos, hoje, sob a hegemonia do paradigma tecnocêntrico, mercadológico e midiático. A Tecnociência, o Mercado e a Mídia se constituem em autênticos horizontes no interior dos quais se desvelam todos os âmbitos da experiência humana. Isso posto, o que o ser humano e a religião se tornam nessa nova situação epocal? A Tecnociência tornou-se horizonte de compreensão do ser humano em relação ao mundo e si próprio. Não apenas nossos estilos de vida, nosso modo de trabalhar e viver, são condicionados (...) pela técnica, mas também nossa identidade mais profunda é dada pela diferença técnica. Somos ainda vítimas da “absolutização do Mercado”: uma autêntica mercantilização da vida e, portanto, também da cultura e da religião. O mercado vai se impondo como único cenário de nossa trama civilizacional atual. Nossos fluxos vitais e também os valores e símbolos culturais e religiosos se tornam mercadoria de consumo e de descarte. Em tal contexto, a religião corre o risco de ser acometida por um duplo reducionismo. Esse tem sido o preço que a religião decidiu pagar em troca do direito de cidadania em um mundo dominado pela Tecnociência, pelo Mercado e pela Mídia. Palavras-Chave : Tecnociência. Mercado. Mídia. Religião. Mercantilização da vida. Absolutização do Mercado.We live, today, under the hegemony of a techno-centric, market-based and mediatic paradigm. Techno-science, the Market and the Mass Media are authentic horizons, in the interior of which are uncovered all of the scopes of the human experience. Having said that, what does human kind and religion become in this new era? Techno-science has become a horizon of comprehension of man regarding the world and of himself. Not only our lifestyles and our way of life and work are conditioned by technology, but also our deeper identity is lost by the technical difference. We are still victims of the “absolutization of the market”: an authentic mercantilization of life and, therefore, culture and religion. The market presents itself as the only setting of our present civilization’s story line. Our vital fluctuations, as well as the values and religious and cultural symbols become merchandise to consume and discard. In such a context, religion runs the risk of being attacked by a double reductionism. This has been the price that religion decided to pay in exchange for the right of citizenship in a world dominated by techno-science, by the market and by the Mass Media. Keywords : Techno-science. Market. Mass Media. Religion. Mercantilization of life. Absolutization of the market. (shrink)