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 (...) class='Hi'>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)

This study provides evidence on the relationship between corporate social responsibility and firms’ credit ratings. We find that credit rating agencies tend to award relatively high ratings to firms with good social performance. This pattern is robust to controlling for key firm characteristics as well as endogeneity between CSR and credit ratings. We also find that CSR strengths and concerns influence credit ratings and that the individual components of CSR that relate to primary stakeholder management matter most (...) in explaining firms’ creditworthiness. Overall, our results suggest that CSR performance conveys important non-financial information that rating agencies are likely to use in their evaluation of firms’ creditworthiness, and that CSR investments—particularly those that extend beyond compliance behavior to reflect what is desired by society—can lead to lower financing costs resulting from higher credit ratings. (shrink)

The aim of this paper is to analyze whether a number of firm and industry characteristics, as well as media exposure, are potential determinants of corporate social responsibility (CSR) disclosure practices by Spanish listed firms. Empirical studies have shown that CSR disclosure activism varies across companies, industries, and time (Gray et al., Accounting, Auditing & Accountability Journal 8(2), 47–77, 1995; Journal of Business Finance & Accounting 28(3/4), 327–356, 2001; Hackston and Milne, Accounting, Auditing & Accountability Journal 9(1), 77–108, 1996; (...) Cormier and Magnan, Journal of International Financial Management and Accounting 1(2), 171–195, 2003; Cormier et al., European Accounting Review 14(1), 3–39, 2005), which is usually justified by reference to several theoretical constructs, such as the legitimacy, stakeholder, and agency theories. Our findings evidence that firms with higher CSR ratings present a statistically significant larger size and a higher media exposure, and belong to more environmentally sensitive industries, as compared to firms with lower CSR ratings. However, neither profitability nor leverage seem to explain differences in CSR disclosure practices between Spanish listed firms. The most influential variable for explaining firms’ variation in CSR ratings is media exposure, followed by size and industry. Therefore, it seems that the legitimacy theory, as captured by those variables related to public or social visibility, is the most relevant theory for explaining CSR disclosure practices of Spanish listed firms. (shrink)

This article explores the background to the conclusive drop in Irish fertility rates over the last two decades, from a total fertility rate of 3.55 in 1975 to 1.87 in 1995. This steep decline marks the end of Ireland's position as demographic outlier in Europe, which has proved a compelling topic of investigation for demographers. The decline also marks the end of a society which was characterized by an ideology of largely rural values which placed stringent restrictions on women in (...) order to secure a vision of society which saw the family as its cornerstone. The article analyses the collective impact of women's battles for personal autonomy which have brought about dramatic changes in public policies about contraception, abortion and divorce, changes which have consistently lagged behind these dramatic shifts in fertility. (shrink)

The main purpose of this paper is to better understand how sustainability rating agencies, through discourse, promote an “ideology of numbers” that ultimately aims to establish a regime of normalization governing social and environmental performance. Drawing on Thompson’s (Ideology and modern culture: Critical social theory in the era of mass communication, 1990 ) modes of operation of ideology, we examine the extent to which, and how, the ideology of numbers is reflected on websites and public documents published (...) by a range of sustainability rating agencies. Our analysis indicates that the ideology of numbers promotes a relatively narrow vision of corporate social and environmental responsibility. That is, it establishes some areas of visibility while leaving in the shadow certain aspects of the ways in which companies fulfill, or fail to meet, their social and environmental responsibilities. The ideology of numbers also exerts power by identifying those companies that are deemed to be worthy of inclusion, or not, in a supposedly socially responsible corporate elite. (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 article studies the idea of Corporate Social Performance (CSP) from a critical perspective using empirical elements derived from analysis of year 2000 ARESE data. ARESE is the French first mover social rating agency providing quantified data about the Social Performance of French companies. The paper starts out by reviewing leading CSP models and discussing problems inherent to the measurement of this construct before going on to present and analyse ARESE data - whose suitability for (...) existing models will be discussed. (shrink)

While a growing number of firms are being evaluated on environment, social and governance criteria by sustainability rating agencies, comparatively little is known about companies’ responses. Drawing on semi-structured interviews with companies operating in Italy, the present paper seeks to narrow this gap in current understanding by examining how firms react to ESG ratings, and the factors influencing their response. Unique to the literature, we show that firms may react very differently to being rated, with our analysis yielding (...) a fourfold typology of corporate responses. The typology captures conformity and resistance to ratings across two dimensions of firm behaviour. We furthermore show that corporate responses depend on managers’ beliefs regarding the material benefits of adjusting to and scoring well on ESG ratings and their alignment with corporate strategy. In doing so, we challenge the idea that organisational ratings homogenise organisations and draw attention to the agency underlying corporate responses. Our findings also contribute to debates about the impact of ESG ratings, calling into question claims about their positive influence on companies’ sustainability performance. We conclude by discussing the wider empirical, theoretical and ethical implications of our paper. (shrink)

Research focusing on the relationship between measures of Corporate Social Responsibility and company financial performance has led to mixed results in the North American context. In addition, the ethical attitudes and approaches toward CSR investments of both companies and rating agencies are not necessarily the same in Europe and the United States. In this study, we use CSR ratings issued by a major European CSR ratings agency to examine in a bi-directional manner the relationships between CSR ratings (...) and financial performance in the European context. By bi-directional, we mean an examination of the relationship between prior CSR ratings and subsequent accounting and financial performance and reciprocally, the impact of accounting and financial performance of year N − 1 on CSR ratings of year N. Our principal findings are: the greater the market capitalization of a company, the higher the Vigeo rating, the higher the risk of the company, the lower the Vigeo rating, and the greater the stock market return of a company, the lower the Vigeo rating. Based on these findings, we propose a concept of “political visibility” pursuant to which enterprises of a greater size are exposed to greater pressure to conform to norms of socially acceptable behavior, a concept of “priorities” in which enterprises that have resolved their most urgent financial needs have a greater ability to invest in CSR, a concept of “rating downgrading” which reveals the sanctioning role of the rating agency from an ethical standpoint. (shrink)

Social and environmental ratings provided by social rating agencies are multidimensional. The first goal of our paper is to identify a small number of independent and relevant socially responsible (SR) dimensions reflecting a firms’ coherent posture toward social issues. We put forward that these dimensions are not exactly the same as the ESG ones (Environment, Social, and Governance). Using the six sub-ratings provided by the Vigeo rating agency, we perform a principal component analysis (...) and we highlight three main independent SR dimensions related to (1) business stakeholders (employees, customers, and suppliers), (2) societal stakeholders (environment and society), and (3) financial stakeholders (stockholders and debt holders). The second objective of our paper is to explore the link between stock returns and these three SR dimensions. Our most notable finding is that for each SR dimension, investors ask for an additional risk premium when they accept to hold non-socially responsible stocks. The cost of equity is thus lower for SR firms. The average premium over the period 2003–2010 is larger for the components “business stakeholders” and “financial stakeholders” than for the component “societal stakeholders.” The premium for this last component has only existed since the end of 2008. Since that time, environment and community involvement have become important risk factors strongly considered by investors. For the three dimensions, investors notably penalize large non-social firms and reward small social firms. (shrink)

Social enterprises in the microfinance industry need to adhere to both financial and social demands. Critics argue that there is a mission drift away from the social mission, and this has motivated the introduction of social rating agencies to strengthen the business ethics of microfinance institutions. Using a global dataset of 204 socially rated MFIs from 58 countries, we assess the factors that drive the social performance ratings of MFIs. Overall our results show that (...) social ratings of MFIs are significantly related to financial performance, greater outreach especially in rural areas, well-defined social objectives, staff commitment, service quality and an enhanced customer service. We observe that various rating agencies attach different importance to each of the social indicators. The public policy implication is that social rating agencies need to become more transparent, to reduce the information asymmetries between heterogenous socially motivated investors and the focal MFI. (shrink)

This study adopts a stakeholder theory framework to examine determinants of social reporting quality and empirically test the ability of the theory to explain disclosure quality in an emerging economy. Using a sample of 246 listed companies and a hand-collected dataset that included 2 years of data based on survey questions reflecting international disclosure trends, we apply an aggregate measure of quality with five facets to a variety of corporate social responsibility areas. The results support the application and (...) demonstrate that measures of stakeholder power, strategic posture, economic resources, firm size, and media visibility are related to social disclosure quality. This paper adds to the scarce evidence on social reporting in Taiwan and provides a useful method for evaluating disclosure quality. It also illustrates the impact of two dominant foreign stakeholder groups on social disclosures in Taiwan: organizational buyers in the global supply chain and listing and social rating agencies in international capital markets. (shrink)

The concept of sustainable and responsible (SR) investments expresses that every investment should be based on the SR investor’s code of ethics. To a large extent the allocation of SR investments to more sustainable companies and ethical practices is based on the environmental, social, and corporate governance (ESG) scores provided by rating agencies. However, a thorough investigation of ESG scores is a neglected topic in the literature. This paper uses Thomson Reuters ASSET4 ESG ratings to analyze the influence (...) of firm size, a company’s available resources for providing ESG data, and the availability of a company’s ESG data on the company’s sustainability performance. We find a significant positive correlation between the stated variables, which can be explained by organizational legitimacy. The results raise the question of whether the way the ESG score measures corporate sustainability gives an advantage to larger firms with more resources while not providing SR investors with the information needed to make decisions based on their beliefs. Due to our results, SR investors and scholars should reopen the discussion about: what sustainability rating agencies measure with ESG scores, what exactly needs to be measured, and if the sustainable finance community can reach their self-imposed objectives with this measurement. (shrink)

Climate change's impact on investor behavior is a scantly investigated area in finance. This paper examines the performance of socially responsible exchange trade funds (ETFs) concerning conventional ETFs, in response to climate change events. We proxy climate change signals with a list of natural disaster events that NASA scientists relate to climate change. We contribute to existing literature, by using a very extensive information set of ETF strategies, not influenced by rating agencies' subjective evaluation policies, and covering almost 90% (...) of the universe of worldwide sustainability thematic-oriented ETFs. This sample allows us to identify the socially responsible investment behavior in response to unpredictable climate change shocks. Our identification strategy accounts for endogeneity concerns and relies on two-stage least square (2SLS) approach finding that responsible investors react to climate change events by purchasing socially responsible investments. The relationship between climate change signals and return of investment in themes linked to the development of sustainability is positive. Interestingly enough, the sign of this relationship is different, when we disentangle the empirical results according to the asset type, confirming that investors shift their investments from equity funds to bond funds when market sentiment worsens. Our results indicate that policymakers should increase the support of firms adopting environmentally conscious business practices, while managers should boost a sustainable business strategy. (shrink)

Why does trust collapse in times of crisis? And when, instead, does it become a driver of growth, generating value? This book offers an analysis of the dynamics of trust through a sociological interpretation of the thought of John Maynard Keynes, the first economist to understand the full extent of the confidence-lever. In the context of the 2007 crisis and following recession, the innovative concept of Economy of Trust explains how trust spontaneously replaces the weakened institutional system of quality assurance (...) and control and generates value. Indeed, the deficiency of such a system has become the ideal breeding ground for the growth of the Nominal Economy: the economy that distorts the perception of reality as it widens economic and social disparities, unbalances relationships between risk and wealth in the global society and dissolves the bonds of responsibility. In this way, trust is channeled towards strong "new powers", such as hedge funds companies, rating agencies and investment banks. Within this context, only targeted policies of Economy of Trust can funnel the 'store of value' effect generated by trust towards positive intents of building social capital. (shrink)

In the last 20 years, amid extensive social and economic reforms, China’s social structure and community life have changed considerably. A large number of social workers are needed to provide many more social services to community residents. The central government has issued many policies to rapidly develop human service organizations and increase the number of social workers. Thus, by the end of 2019, the number of social workers has reached more than 1.5 million in (...) China. At the same time, local governments have issued many policies to promote an increase in the number of social workers. According to statistics from the Chengdu Civil Affairs Bureau, from 2010 to 2021, the number of social workers in Chengdu City increased, remarkably, from 553 to 17,622. Although the number of social workers has increased rapidly, some problems still exist. According to a survey by the Chengdu Social Workers Association, the turnover rate of social workers has reached approximately 20% in Chengdu City in 2018. Therefore, we aim to determine what influences social workers’ job burnout. Through regression analysis and mediation effect tests, we found the following: First, when controlling for gender, age, education, and workday, social support of social workers had a significant negative impact on job burnout. Second, the mindfulness of social workers had a significant negative impact on job burnout. Third, the mindfulness of social workers played a mediating role between social support and job burnout. The mediating effect was −0.116. Fourth, among the three dimensions of social support, mindfulness played a partially mediating role in family support and other support. The mediating effect between other support, which is the support from leaders and colleagues, and job burnout was the strongest, with a mediating effect of −0.109. In other words, the support provided by agency leaders and colleagues can maximize the level of mindfulness of social workers, thereby reducing social workers’ job burnout most effectively. We can thus reduce social workers’ job burnout by improving their level of mindfulness and the social support for them in China. (shrink)

Over the past decade, sustainable finance has been a topic of burgeoning significance for investors, and ESG ratings have become commonly used to implement ESG investment strategies in practice. Strikingly, it is widely documented in both academic literature and investment practices that ESG ratings of a given firm can be extremely different across rating providers. However, despite the disagreement in ESG ratings being subject to a lot of criticism, only few studies have examined the sources and determinants of (...) class='Hi'>rating divergence. This study examines whether quantitative ESG disclosure is conducive to rating convergence among agencies. Based on ESG rating data of Chinese A-share listed companies, the author finds that greater quantitative ESG disclosure, especially disclosure on environmental and social pillars, results in greater divergence of ESG ratings. When employing a difference-in-differences design with a quasi-experiment of disclosure guidance introduced by Hong Kong Exchange, the results show that if ESG disclosure is standardized and comparable, more numerical information reduces agencies' rating disagreement instead. Further analyses show that the lack of agreement is related to a low rating in the future. The author also finds that the effect of quantified ESG disclosure on rating divergence is more pronounced when firms are single businesses rather than diversified businesses with poor ESG performance rather than good ESG performance. The results are robust to alternative measures of ESG rating divergence, alternative sample, two-way clustering, and additional control variables. Taken together, the results indicate that quantitative ESG disclosure degenerates rating disagreement. (shrink)

This paper proposes a distinctive kind of agency that can vindicate the agency of members of marginalised groups while accommodating the autonomy-undermining influences of oppression. Socially-embedded agency—the locus of which is in the exercise of our ability to negotiate between different social features—is compatible with, and can explain, various phenomena, including double-consciousness and white fragility. Moreover, although socially-embedded agency is neither necessary nor sufficient for autonomy, exercising it is practically necessary for autonomy, at least for (...) members of marginalised groups in our non-ideal world. (shrink)

In his “Games and the Art of Agency,” C. Thi Nguyen makes an intriguing and very plausible suggestion: games, or at any rate a great many of them, are artworks whose medium is, roughly, how one goes about doing what one does. In assigning an objective, laying down the constraints under which it has to be achieved, and specifying the terrain on which it will be played out, a game sculpts the decision-making processes of its players, the ways they (...) see their environment and option space, their motivations, and much else. Thus our by now quite extensive repertoire of games constitutes a library of agency. This library allows us to try on different modes of agency before deciding which is best for us—for a given type of occasion, or generally. It can help educate us into unfamiliar forms of agency, by providing the sort of controlled exercises that allow beginners the practice they need, which is to say that games are exercise and preparation for autonomous agency. And it promises to broaden and enrich our philosophical treatments of the topic, in part by serving as a testbed for competing theories of practical rationality; if we want to get a realistic sense of what it would be like to decide what to do, in the way that one or another theory of practical deliberation says, we can experiment with it in an appropriately designed game. (shrink)

This study supports the idea that fields form around issues, and describes the roles of various stakeholders in the structuring, shaping, and legitimating of the emerging field of Corporate Social Responsibility (CSR). A model of the institutional history of the CSR field is outlined, of which a key stage is the appearance of CSR rating agencies as the significant players and Institutional Entrepreneurs of the field. We show to which extent the creation and further development of CSR (...) class='Hi'>rating agencies, and the activism of other significant stakeholders of the field (typically portrayed as “standard setters” and “regulatory agents”), contribute to the institutionalization of CSR. With this in mind, among various stakeholders that legitimate the field of CSR, we present the efforts of global and local stakeholders such as the European Union, the United Nations, the International Organization for Standardization, and governments and their interactions. We suggest that the different paths of CSR development and institutionalization in France and in the United States depend on the nature of local and global stakeholders’ involvement in this process and their interactions. (shrink)

ABSTRACT By means of the high ratings that they awarded to subprime mortgage‐backed bonds, the three major rating agencies—Moody's, Standard & Poor's, and Fitch—played a central role in the current financial crisis. Without these ratings, it is doubtful that subprime mortgages would have been issued in such huge amounts, since a major reason for the subprime lending boom was investor demand for high‐rated bonds—much of it generated by regulations that made such bonds mandatory for large institutional investors. And it (...) is even less likely that such bonds would have become concentrated on the balance sheets of the banks, for which they were rewarded by capital regulations that tilted toward high‐rated securities. Why, then, were the agencies excessively optimistic in their ratings of subprime mortgage‐backed securities? A combination of their fee structure, the complexity of the bonds that they were rating, insufficient historical data, some carelessness, and market pressures proved to be a potent brew. This combination was enabled, however, by seven decades of financial regulation that, beginning in the 1930s, had conferred the force of law upon these agencies' judgments about the creditworthiness of bonds and that, since 1975, had protected the three agencies from competition. (shrink)

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)

Interest in credit ratings agencies and their role in financial markets is at an all-time high. Concerns about a lack of transparency concerning process, conflicts of interest, and limited competition are frequently discussed by politicians, regulators and other commentators. These issues we term the credit ratings agency trinity of solicitude. We shed some light on this trinity by considering the unique relationship that exists between corporate borrowers and the CRAs they engage to rate their securities. The exchange relationships literature (...) is used to create a model where commitment plays a central role. Technical qualities, relationship qualities and dependence are theorised as antecedents of commitment, which is described by two constructs of affective commitment and calculative commitment. The issuer’s intention to remain with the CRA, their loyalty, is the consequence of commitment. The model is operationalized by means of a survey questionnaire administered to issuers of corporate debt in the United Kingdom. As expected, perceptions of the quality of the relationship and affective commitment play an important role in CRA-issuer relations. However, contrary to expectations, the technical quality of the rating and issuer dependence on the CRA play little role in determining commitment and continuance. The implications of these findings are discussed along with areas for future research. (shrink)

The purpose of this paper is to investigate the legitimacy-building processes of Social Rating Organizations (SRO) and the role of objects in these processes. SROs have played a key role in the development of SRI in Europe by providing social and environmental rating to financial investors. However, little is known about the processes through which they have acquired their legitimacy, i.e. their ‘right-to-rate’ corporations. We provide here an in-depth empirical analysis of the legitimacy-building process of two (...) European SROs and demonstrate the role played by objects in these processes of legitimacy construction. (shrink)

The paper presents some ethical aspects of the credit rating agencies (CRAs) market in the light of the latest economic crisis of 2008. A historical background is also shown and how the CRA market emerged. It is emphasised how the functioning of CRAs contributed to the outbreak of the crisis and what were the consequences of over- or underestimated rating grades. The downgrading of a country has a significant influence on the deterioration of the economic condition. Simultaneously, it (...) afflicts the citizens, who have to pay for it e.g. with higher tax rates. It is believed that overestimated ratings lead to a speculative bubble, which ends up with the crisis. The paper indicates the problems connected with the way that CRAs operate and how they relate to business ethics. The fact that those institutions are profitprofile entities, which earn their income from clients, whose financial instruments are assessed, may bring about a conflict of interests. Moreover, it is outlined how the governmental policies of countries left CRAs without any particular control, which in the end was a significant factor, too. Finally, some potential solutions are discussed, and how the approach of CRA managers should change in order to prevent the market from similar situations in the future. (shrink)

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, (...) however, that the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (shrink)

This study describes social workers' attitudes and behaviors in relation to different types of nonsexual multiple role relationships, views about the National Association of Social Workers Code of Ethics section on nonsexual multiple role relationships, and formal education on multiple role relationships. A relatively high proportion of the sample of members of the NASW chapter in New York City rated each of 18 types of nonsexual multiple role relationships as ethical, particularly when qualified as "under some conditions." Many (...) respondents had engaged in nonsexual multiple role relationships with subordinates, although less often with current clients and students than with former clients, supervisees, and employees. Education on nonsexual multiple role relationships appears to be inadequate. Although most endorsed the NASW Code of Ethics section on multiple role relationships, a substantial proportion reported confusion about the interpretation of the wording. The adoption of operationally defined guidelines on multiple role relationships by agencies and the provision of safe and supportive environments that encourage open discussion and attention to this issue in supervision may help to minimize inappropriate behaviors. (shrink)

This paper investigates how Food Security is enacted in a southern region of Italy, characterized by high rates of mafias-related activity, arguing for the inclusion in the research of socio-cultural features and power relationships to explain how Alternative Food Networks can facilitate individual empowerment and community resilience. In fact, while FS entails legality and social justice, AFNs are intended as ‘instrumental value’ to reach the ‘terminal value’ of FS within an urban community in Sicily, as well as the space (...) where citizens can act their individual and collective political food choices. Building on the social psychology literature and on ecologic-psychopolitical models :214–231, 2008), we discuss the case of Addiopizzo, a citizen project promoting the legality of their AFNs through the rejection of the payment of the pizzo in the local food chain. The aim is to problematize the extent to which FS is able to re-localize ‘legal’ food in the market. This was done by reconnecting citizens to their space and territory in a socio-cultural context at risk where agro-food producers, retailers and consumers are not free to fully enact their citizenship agency because of a widespread illegal structure. The research findings show that Addiopizzo project enables citizens to act their social power: agro-food producers and retailers by subscribing to formal requirements based on values that reject racket; consumers by purchasing Addiopizzo labelled products; individuals and groups by participating further open-to-the-public activities that promote everyday politically oriented behaviour. The citizen empowerment and community resilience can be exerted within AFNs as they are interconnected paths of reflexivity and social learning within social adaptation. The paper concludes by advocating the role of urban communities as a pivotal agent to maintain positive social adaptations, where AFNs work as a socio-cultural synthesis of traditional and alternative producer–consumer ways of interaction, which are embodied in the FS value. (shrink)

This article examines how well the Kinder, Lydenberg, Domini Research & Analytics ratings measure past corporate social performance and predict future corporate social performance in Diversity and Governance categories. The results show that the KLD ratings effectively measure and predict social performance in both categories. The results also suggest that the KLD ratings may identify differences in the quality of management and firm which can affect future social performance and is not entirely explained by past (...) class='Hi'>social performance. The findings of this study lend some support for empirical studies relying on the KLD ratings to operationalize corporate social performance. The findings suggest that users of the ratings need to have a clear understanding of what information they are seeking from the KLD ratings in order to maximize the utility of these ratings. (shrink)

Concern for the rapidly growing scale and intensity of the human exploitation of the environment, in particular the alienation of natural ecosystems, but also resource exhaustion, pollution, and congestion, leads one to wonder about the short time. horizons allowed for in decision making. Time preference is dictated by the rate of interest, allowing in practice a horizon often not exceeding several decades. I argue that this is unsatisfactory. Some minimal social rate of discount should not be enforced. Instead, it (...) is more feasible to set absolute environmental standards, thereby introducing quantity constraints on our decision making, within which time preference can be permitted to find its own level. This acknowledges that the myopia of human vision may not be a flaw but rather a biological design which has served us weIl in evolution. It may, therefore, be better to change the rules by introducing self-imposed collective constraints than to try to change the shortsightedness of people in their day-to-day grass-roots decision making. (shrink)

The social rate of discount--that is, the way decision makers today evaluate future consequences of collective activity--raises difficult issues of intergenerational justice. When benefits are discounted at the present rate the United States government requires, serious efforts to promote public health over the long term will fail cost-benefit tests. No consensus exists among theorists to establish fair rates; philosophers support discounting with economic arguments that economists reject, while economists no less paradoxically support the concept using philosophical arguments that philosophers (...) disavow. A new emphasis on the role of consumers' and citizens' time preferences, however, will keep open rather than close debates on the social discount rate. (shrink)

Concern for the rapidly growing scale and intensity of the human exploitation of the environment, in particular the alienation of natural ecosystems, but also resource exhaustion, pollution, and congestion, leads one to wonder about the short time. horizons allowed for in decision making. Time preference is dictated by the rate of interest, allowing in practice a horizon often not exceeding several decades. I argue that this is unsatisfactory. Some minimal social rate of discount should not be enforced. Instead, it (...) is more feasible to set absolute environmental standards, thereby introducing quantity constraints on our decision making, within which time preference can be permitted to find its own level. This acknowledges that the myopia of human vision may not be a flaw but rather a biological design which has served us weIl in evolution. It may, therefore, be better to change the rules by introducing self-imposed collective constraints than to try to change the shortsightedness of people in their day-to-day grass-roots decision making. (shrink)

This paper investigates the state of the art with respect to sustainability reporting, its linkages with the corporations, internal measurement and monitoring systems and their combined impact on the quality of contemporary sustainability benchmarks, developed by SRI analysts and so-called rating and screening agencies. This research originated from the EU-funded research initiative to create a new generation management framework for corporate sustainability and responsibility (CS-R). The aim of it is to develop a coherent set of assessment -, measurement - (...) and monitoring tools. The sustainability benchmark tool should align the interests of corporations implementing CS-R and various organizations supporting SRI, such as fund managers, analysts and screening agencies. This paper show the essentials features of an actual sustainability benchmark which is currently under construction. This approach will have significance impact on the further development of SRI and CS-R practices, as well as support the development of sustainability reporting standards. (shrink)

This paper investigates the state of the art with respect to sustainability reporting, its linkages with the corporations, internal measurement and monitoring systems and their combined impact on the quality of contemporary sustainability benchmarks, developed by SRI analysts and so-called rating and screening agencies. This research originated from the EU-funded research initiative to create a new generation management framework for corporate sustainability and responsibility (CS-R). The aim of it is to develop a coherent set of assessment –, measurement – (...) and monitoring tools. The sustainability benchmark tool should align the interests of corporations implementing CS-R and various organizations supporting SRI, such as fund managers, analysts and screening agencies. This paper show the essentials features of an actual sustainability benchmark which is currently under construction. This approach will have significance impact on the further development of SRI and CS-R practices, as well as support the development of sustainability reporting standards. (shrink)

This article reviews empirical research of corporate social performance using Kinder, Lydenberg, Domini social ratings data through 2011. The review synthesizes 100 empirical studies, noting consistencies and inconsistencies among studies examining similar constructs. Notable consistencies were that, although accounting measures of financial performance were a positive outcome of CSP, the same was not often true of stock returns. Also, demographics of top management teams increased CSP strengths, but did not reduce concerns, whereas organizational decentralization reduced CSP concerns. Notable (...) inconsistencies were that CEO demographics were not as often related to CSP as were TMT demographics, indicating that managerial discretion may be an important mitigating factor shaping managerial effects on CSP. Also, although CSP for some organizations seemed influenced by institutional pressures, other organizations appeared to be less influenced, perhaps suggesting that some organizations are more able than others to resist institutional pressures. Future research should attempt to probe observed consistencies and inconsistencies, and to test the boundaries of observed relationships, toward a disciplined program of middle-range theory development. (shrink)

Questo saggio offre un ritratto pragmatista del sé e dunque una descrizione che parte dalla premessa per cui il sé è anzitutto un attore sociale incarnato, situato, che possiede la capacità di un’effettiva autocritica. Così, oltre a evidenziare il ruolo dell’azione, l’autore sottolinea anche quello della socialità e della riflessività. A differenza di molti ritratti abbozzati da altri autori pragmatisti, quello presente cerca di rendere una più completa giustizia alla dimensione «interiore» della soggettività umana, soprattutto attraverso la costruzione dell’interiorità come (...) riflessività (il rapporto del sé con se stesso). (shrink)

Alternative food networks are emerging in opposition to industrial food systems, but are criticized as being exclusive, since customers’ ability to patronize these market spaces is premised upon their ability to pay higher prices for what are considered the healthiest, freshest foods. In response, there is growing interest in widening the demographic profile given access to these alternative foods. This research asks: what barriers do alternative food businesses face in providing access and inclusion for low income consumers? Surveys and interviews (...) with 45 alternative food businesses in British Columbia, Canada uncovered five key barriers. The findings indicate that the barriers are symptomatic of structural issues in the Canadian food and social welfare systems. Although opportunities exist for business operators to widen access for low income shoppers, these alone cannot meaningfully ameliorate food-access inequality. Rather, these barriers underscore issues of income-disparity, poverty, and food-access inequality more broadly, and require structural and societal change to rectify. (shrink)

The technological revolution and appropriation of internet tools began to reshape the material basis of society and the urban space in collaborative, grassroots, leaderless, and participatory actions. The protest squares’ representation on Television screens and mainstream media has been broad. Various health, governmental, societal, and urban challenges have marked the advent of the Covid-19 virus. Inequalities have become more salient as poor people and minorities are more affected by the virus. Social distancing makes the typical forms of protest impossible (...) to carry out. Under social distancing, some state-led policies took advantage of social media to focus on the Covid-19 pandemic to silence social and political activities, censor criticism, and control the press. However, during the pandemic era, the movements for social justice have been particularly active, focusing on defending workers’ rights, mutual aid and solidarity, monitoring policymakers, and popular education. These progressive movements combined concrete practices and experiences to confront the reactionary, capitalist, and governmental actors that sought to shape and envision the world. Through different case studies of protest movements during the pandemic in Europe, the UK, and Asia, this paper argues that at the time of rising racial, social, and economic inequalities, the social activities adapted to the circumstances determined by the social distancing and the impossibility of people gathering in physical spaces. Subsequently, the people in different countries had various individual and collective responses to the support of health workers, systemic inequalities, loss of jobs, and other societal and financial challenges imposed by the governments. It means that, rather than disappearing, the social movements have adapted to the unexpected situations during the pandemic outbreak. The pandemic broke the new digital global wave of protests in this sense. (shrink)

Music as a narrative drama is an intriguing idea, which has captured explicit music theoretical attention since the nineteenth century. Investigations into narrative characters or personae has evolved into a sub-field--musical agency. In this book, Palfy contends that music has the potential to engage us in social processes and that those processes can be experienced as a social interaction with a musical agent. She explores the overlap between the psychological processes in which we participate in order to (...) understand and engage with people, and those we engage in when we listen to music. Thinking of musical agency as a form of social process is quite different from existing theoretical frameworks for agency. It implies that we come to musical analysis by way of intuition--that our ideas are already partially formed based on our experience of the piece (and what it makes us feel or how it makes us sense it as any other) when we choose to analyze and interpret it. Palfy's focus on social processes is a very effective way to pinpoint when and why it is that our attention is captured and engaged by musical agents. (shrink)

An analysis of Steve Fuller’s social epistemology and epistemic agency.

Addressing ESG issues has become a point of interest for investors, shareholders, and governments as a risk management concern, while for firms it has become an emerging part of competitive strategy. In this study, a database from an independent ratings agency is used to examine, longitudinally, how Australian Securities Exchange (ASX) 300 firms are responding to ESG issues. Following institutional theory predictions, ASX300 firms are improving ESG performance over the 2002–2009 timeframe. Furthermore, over this timeframe, performance on the governance (...) dimension improved at a greater rate than environmental or social performance, as predicted. Lastly, high impact industries are predicted to demonstrate overall improved ESG performance relative to medium or low impact industries over the timeframe, but this hypothesis was not confirmed. Results are discussed along with implications and future research directions. (shrink)

Corporate Social Responsibility (CSR) has been traditionally framed within business ethics as a discourse attempting to identify certain moral responsibilities of corporations (as well as get these corporations to fulfill their responsibilities). This theory has often been normatively grounded in the idea that a corporation is (or ought to be treated as) a moral agent. I argue that it is a mistake to think of (or treat) corporations as moral agents, and that CSR’s impotency is a direct result of (...) this mistake. I then outline a distinction between business ethics and business politics, arguing that CSR might be better framed as a political goal – one which might be able to take better advantage of the resources of corporate governance and a renewed (albeit shifted) focus on agency theory. (shrink)

The main claim of the paper is that there are irreducibly social agents that intentionally perform social actions. It argues, first, that there are social attitudes ascribable to social agents and not to the individuals involved. Second, that social agents, not only individual agents, are capable of what Weber called “subjectively understandable action.” And, third, that although action (if not merely mental) presumes an agent’s moving her body in various ways, actions do not consist of (...) such movements, and hence not only individual persons but social groups are genuine agents. We should be pluralists about individuation, rejecting both individualism and collectivism by granting that social agency is neither more nor less ultimate, well-founded, or basic than non-social agency. (shrink)

The socially responsible investment industry (SRI) is slowly changing from a screening, avoidance paradigm to a comprehensive paradigm that seeks to affect corporate behavior. Credible rating systems are a key component of this sea change. Reliable and recognizable social and environmental metrics are critical to this progress. The Total Social Impact (TSI) rating approach is a new social metric scheme based on a comprehensive rating of stakeholder issues. This paper describes the evolution of SRI (...) ratings and the role that TSI hopes to play in affecting business behavior by promoting principled business leadership. (shrink)

The instrumental benefits of firm’s CSR activities are contingent upon the stakeholders’ awareness and favorable attribution. While social media creates an important momentum for firms to cultivate favorable awareness by establishing a powerful framework of stakeholder relationships, the opportunities are not distributed evenly for all firms. In this paper, we investigate the impact of CSR credentials on the effectiveness of social media as a stakeholder-relationship management platform. The analysis of Fortune 500 companies in the Twitter sphere reveals that (...) a higher CSR rating is a strong indicator of an earlier adoption, a faster establishment of online presence, a higher responsiveness to the firm’s identity, and a stronger virality of the messages. Incidentally, the higher CSIR rating is also found to be associated with the stronger virality. Our findings also suggest that socially responsible firms can harvest proactive stakeholders’ participation without investing more resources. As the first study that conceptualizes the social media as a proponent of CSR, this paper contends that “being socially responsible” makes more practical sense for firms with the rise of social media. (shrink)

There are relatively few empirical studies on the impacts of corporate social responsibility policies and programs. This article addresses the research gap by analyzing the incidence of, and the conditions that affect, decoupling among CSR policies, implementation of CSR programs, and CSR impacts for various environmental and social issues. Complete decoupling is a condition of full divergence among policies, programs, and impacts amounting to purely ceremonial CSR. Using ratings from a sustainability rating agency on a sample (...) of about 1,000 large companies in 24 countries, the authors find empirical evidence not supporting a conclusion of complete decoupling. The empirical evidence suggests four levels of nondivergence in the sample. First, for most CSR issues examined, CSR policies of high quality do have relatively strong effects on CSR implementation. Second, CSR programs of high quality do have relatively strong effects on CSR impacts. Third, for most CSR issues, even low-quality CSR policies enforce the incidence and quality of programs in comparison with having no policy at all. Fourth, weak programs have more impact on the realization of CSR goals than having no program at all. The authors also find that the quality of CSR reporting and locating the responsibility for CSR at the board level reduce decoupling by strengthening the quality of CSR programs. (shrink)

According to Heidegger's Being and Time, social relations are constitutive of the core features of human agency. On this view, which I call a ‘strong conception’ of sociality, the core features of human agency cannot obtain in an individual subject independently of social relations to others. I explain the strong conception of sociality captured by Heidegger's underdeveloped notion of ‘being-with’ by reconstructing Heidegger's critique of the ‘weak conception’ of sociality characteristic of Kant's theory of agency. (...) According to a weak conception, sociality is a mere aggregation of individual subjects and the core features of human agency are built into each individual mind. The weak conception of sociality remains today widely taken for granted. I show that Christine Korsgaard, one of the most creative contemporary appropriators of Kant, operates with a weak conception of sociality and that this produces a problematic explanatory deficiency in her view: she is unable to explain the peculiar motivational efficacy of shared social norms. Heidegger's view is tailor made to explain this phenomenon. I end by sketching how Heidegger provides a social explanation of a major systematic concern animating Korsgaard, the concern with the importance of individual autonomy and answerability in human life. (shrink)

The following is a chapter of a book and I should say something at the outset about the content of the book. The topic is Hegel’s “social theory of agency,” and that topic, given how the problem of agency is usually understood, raises the immediate question of why anyone would think that “sociality” would have anything at all to do with the “problem of agency.” That problem is understood in a number of ways; most generally – (...) what distinguishes naturally occurring events from actions (if anything)? (Sometimes the question is: what, if anything, distinguishes responsible human doings from what animals do?) The most prominent approach has it that actions are things done intentionally by individuals, purposely, for a purpose. This is sometimes said to mean: acting from or on or because of an intention, although as we shall see this nominalization can be quite misleading. Or, of the many possible descriptions of some occurrence, it is an action is there is a true description which is intentional. This is often taken to mean simply that if you ask a person why he is doing something he can express this intention to explain himself, most often in the form of a reason. He does not (except in extraordinary circumstances) describe why he is acting in the way he might describe what caused his.. (shrink)