Regulation must target the financial sector, which often funds and profits from environmentally unsustainable development. In an era of global financial markets, the financial sector has a crucial impact on the state of the environment. The long-standing movement for ethically and socially responsible investment (SRI) has recently begun to advocate environmental standards for financiers. While this movement is gaining more adherents, it has increasingly justified responsible financing as a path to be prosperous, rather than virtuous. This trend partly owes (...) to how financial institutions view their legal responsibilities. The business case motivations that now predominantly drive SRI are not sufficient to make the financial sector a means to sustainable development. Some modest legal reforms to improve the quality and extent of SRI have yet to make a tangible difference. A more ambitious strategy to promote SRI for environmental sustainability is possible, based on reforming the fiduciary duties of financial institutions. Such duties, tied to concrete performance standards, could make financiers invest in more ethically responsible ways. Other collateral reforms to financial markets, including improved corporate environmental reporting, are required to promote sustainability. (shrink)

Despite the increase in the acceptance of responsible investing in general, the global community is still witnessing unprecedented levels of practices that can only be categorized as “unsustainable”. It appears, then, that either the inroads made by the RI community have not kept up with the increase in unsustainable practices, or, that the RI process itself has been ineffective at producing meaningful change. The current study aims to investigate the practices used by pension plan sponsors to determine how they may (...) enable, or interfere with, the adoption of implementation of RI. We adopt Framing Theory, specifically the idea that particular frames find alignment when they resonate with their targets, by either bridging, extending, amplifying or transforming a domain. We extend research to include understudied practices by performing an analysis of 60 public pension funds in Canada. We find evidence of disconnect between the financial frame which dominates practices for compliance and evaluation, and the social frame of RI as a source of change. If the aim of RI is to produce long-term change, then a consideration of whether it aligns with extant practices is critical. We discover a variety of frame alignment tactics already employed in practice. We also find that, even within the dominant financial frame, opportunities for frame extension, amplification and transformation do exist, and examine how these are more possible depending on how the asset management structure is designed. (shrink)

The target article emphasizes the need to identify psychological mechanisms underlying grandparental investment, particularly in low-risk family contexts. We extend this approach by addressing the changing demands of balancing work and family in low-risk families. Taking a lifespan psychological perspective, we identify additional motivators and potential benefits of grandparental investment for grandparents themselves and for subsequent generations.

We examine whether and when socially oriented shareholder activists use firms’ corporate social performance (CSP) to identify them as attractive targets for their activism. We build on the research in social movements theory and stakeholder theory to theorize how firms’ engagement with primary and secondary stakeholders reflected in their technical and institutional CSP respectively allows socially oriented shareholder activists to identify targets. We develop a theoretical model by identifying corporate targets’ degree of (1) receptivity to and (2) need to comply (...) with activist demands as two key dimensions of their corporate opportunity structure that explains the variance in firms’ attractiveness as targets for activist demands. We show that a firm’s technical and institutional CSP independently affect the likelihood of activists targeting the firm. We also show that our model has greater explanatory power at firms with high resource slack and from activists not identifying as socially responsible investment funds. Analysis of CSP and shareholder proposals data of 992 U.S. public firms over an 8-year window of observation largely supports our theory. (shrink)

This study examines social issues shareholder resolutions filed at S&P 500 companies in 2007. These firms received 86% of all social issues resolutions filed. Findings indicate that green resolutions were the most common single type (30% of social issues resolutions), but nearly one third (32%) of resolutions contained non-traditional content. Firms were more likely to be targeted if they were large in size and demonstrated poor treatment of employees and customers. As might be expected, the primary sponsors of social (...) issues resolutions were socially responsible investment funds, religious groups, and pension funds. Surprisingly, over half (52%) of resolutions made it onto proxy ballots in 2007, while there was sufficient dialogue between the target companies and shareholder activists for filers to withdraw only 29% of the resolutions (although 41% of green resolutions were withdrawn). Resolution content and firm response differed by type of filer. (shrink)

The federal government is funding a sea change in health care by investing in interventions targeting social determinants of health, which are significant contributors to illness and health inequity. This funding power has encouraged states, professional and accreditation organizations, health care entities, and providers to focus heavily on social determinants. We examine how this shift in focus affects clinical practice in the fields of oncology and emergency medicine, and highlight potential areas of reform.

Research on firm initial public offering (IPO) performance has primarily utilized an economics of information perspective, which assumes that publicly available information is incorporated into a stock’s price when it is issued. However, the valuation process associated with IPOs remains manifest with considerable uncertainty for the prospective investor. This study argues that corporate political activity undertaken prior to the firm’s IPO acts as a signal to investors, reducing the uncertainty the market places on the value of the firm’s equity. Utilizing (...) a sample of 180 IPOs, we show that the more a firm invests in corporate political activity prior to its IPO, the better its IPO performance. These findings provide evidence that corporate political activity acts as a nonmarket signal, influencing investor behavior by reducing the information asymmetries between investors and the target firm. (shrink)

In our study, we examine the association between hedge fund activism and a target firm’s corporate social responsibility (CSR) activities and whether activists can promote socially responsible investments while upholding shareholders’ interests. Using different matched samples, we find a strong positive association between the target firm’s CSR in the year before it is targeted by activists and its probability of being targeted by a hedge fund. Classifying hedge fund activists into socially and non-socially responsible funds based on their (...) objectives, we find that both give similar level of consideration to a firm’s CSR activities when initiating campaigns. Similar to DesJardine and Durand (DesJardine and Durand, Strategic Management Journal 41:1054–1082, 2020), we demonstrate that hedge funds have, on average, a negative impact on target firms’ CSR in the years following the initial investments. Complementary to DesJardine and Durand (DesJardine and Durand, Strategic Management Journal 41:1054–1082, 2020), we compare the two types of hedge funds and find an asymmetric effect of the hedge funds’ campaigns. Socially responsible hedge fund campaigns are associated with a large _increase_ in their target’s CSR, whereas non-socially responsible hedge funds _decrease_ this measure in their target. Finally, we find that target firms exhibit a long-term improvement in future stock returns and profitability. These findings provide evidence that certain types of activists, such as socially responsible funds, promote both _stakeholder_ and _shareholders’_ long-term interests. (shrink)

This essay examines the controversy over the attempt to establish rules governing global capital flows in the Multilateral Agreement on Investment (MAI), which became a target of “antiglobalization” activism. Making sense of the activists' concerns about the MAI requires understanding how the emergence of transnational standards in contemporary globalization constitutes an exercise in power. I develop the concept of “network power” to explain the way in which the rise of a single coordinating standard for global activity can be experienced (...) as coercive, as it eclipses alternative standards and abrogates the genuinely free choice among different conventions. Using a network‐power analysis, I reinterpret the controversy over the MAI as a concern about the processes by which neoliberal globalization is being brought about. (shrink)

Elite level sport lends itself to a highly competitive environment that encourages players to seek a competitive advantage in order to win. Since competition is an inherent condition that is also considered desirable in this setting, it may at first glance seem as if cooperation does not have any room in elite level sports. Sustainable cooperation can be mutually advantageous for players, but it only has a chance of coming into fruition if it is also in line with individual players' (...) self-interests. In order for morality and self-interests to align with one another, investment in the conditions is required. Alicia Bockel analyzes ways that players can invest in the conditions of sustainable cooperation for a mutual advantage despite a highly competitive sports environment. Contents Cooperation for Mutual Advantage Conditions of Cooperation Investment in the Conditions Target Groups Researchers, students, and teachers of sports ethics, economics, and business ethics. Practitioners and governing bodies in sports, athletes, and sport fans. The Author Dr. Alicia Bockel is a PhD graduate of HHL Leipzig Graduate School of Management, holds an MBA in Strategic Management from Sacred Heart University, and a B.A. in Religion and Psychology from Saint Leo University. (shrink)

This study intended to examine the effect of information technology (IT) investment and corporate governance mechanism on the performance of the Saudi telecommunication sector with mediating role of corporate social responsibility (CSR). A survey method was used to collect data from the targeted Saudi telecom firm. Results show that corporate governance practices, i.e., internal audit, internal audit committee, and internal board size, have a significant and positive relationship with firm performance. Furthermore, IT investment positively affects the performance (...) of Saudi telecommunication firms. Moreover, CSR mediates the relationship among internal audit, internal audit committee, internal board size, IT investment, and firm performance. This study contributes to the body of knowledge regarding IT investment, corporate governance mechanism, corporate social responsibilities, and firm performance of telecommunication firms in emerging markets. Furthermore, this study will help the top management of the telecom firms to improve corporate governance and IT investment, which will be beneficial to enhance firm performance. (shrink)

In the area of investment, responsibility may be expressed via four types of ethical concern: value-based ethics resulting in the exclusion of so-called "vicious" companies from the investment portfolio; fructification-oriented ethics with a view to long-term investment; consequence-based ethics aimed at initiating a behavioural change in the investment target; and ethics envisaged as a discriminating criterion in the search of the best financial performance. No single formula of responsible investment is available, and the "responsible" approach (...) necessarily implies the active involvement of a free acting subject striving to tackle fundamental ethical issues. The practice of responsible investment cannot be reduced to simply applying a particular legal rule or mathematical formula. (shrink)

This research applies the notion of sustainability (Barney, 1991; Braa, Monteiro, & Sahay, 2004) to the mechanisms used by socially responsible investment(SRI) firms with respect to their stakeholders (investors and target firms). A contrast is developed between US and UK SRI firms. It is noted that screens, while maintaining a strong investor base, are less sustainable from the perspective of the firms targeted by SRI funds, whereas advocacy has stronger elements of sustainability with respect to the relations with (...) corporations. (shrink)

This response outlines more reasons why we need the integrative framework of grandparental investments and intergenerational transfers that we advocated in the target article. We discusses obstacles that stand in the way of such a framework and of a better understanding of the effects of grandparenting in the developed world. We highlight new research directions that have emerged from the commentaries, and we end by discussing some of the things in our target article about which we may have been wrong.

How are ownership relationships distributed in the geographical space? Is physical proximity a significant factor in investment decisions? What is the impact of the capital city? How can the structure of investment patterns characterize the attractiveness and development of economic regions? To explore these issues, we analyze the network of company ownership in Hungary and determine how are connections are distributed in geographical space. Based on the calculation of the internal and external linking probabilities, we propose several measures (...) to evaluate the attractiveness of towns and geographic regions. Community detection based on several null models indicates that modules of the network coincide with administrative regions, in which Budapest is the absolute centre, and where county centres function as hubs. Gravity model-based modularity analysis highlights that, besides the strong attraction of Budapest, geographical distance has a significant influence over the frequency of connections and the target nodes play the most significant role in link formation, which confirms that the analysis of the directed company-ownership network gives a good indication of regional attractiveness. (shrink)

Using the mainstreaming of socially responsible investing as our empirical context, we show that as the divestment movement in the late twentieth century got institutionalized by being incorporated as a business strategy into more mainstream financial instruments like mutual funds, the prior meanings and categorical definition of ethical investing became ambiguous due to fuzzy boundaries, duality of virtue inherent in the portfolio targets, and exercise of discretion by portfolio managers. We find that increased heterogeneity in standards led to greater ambiguity (...) about who belongs to a category, and fund managers adopted distinct measures-based, values-based and expertise-based approaches to resolve this ambiguity. One consequence of such ambiguity is that individual self-expression, self-consciousness and agency that are central in such movements become appropriated by discretionary and meaning-making work at the institutional level. (shrink)

This study aims to shed light on the relationship between individual and regional Christian religion and individual sustainable behaviors in an exploratory manner, with a special focus on sustainable consumption and investment decisions. To this end, we econometrically analyze online representative survey data that contains information on the self-reported importance of the consideration of ecological and social/ethical criteria in the context of a large variety of individual behaviors. The target group are financial decisions makers in German households, i.e., important (...) actors in the largest economy in Europe. Results of the econometric analysis suggest that Christian religion is positively related to a variety of ecological and social/ethical activities. Our findings empirically support explanations postulating a positive relationship between Christian religion and environmental behavior, such as the stewardship hypothesis, rather than opposite theories like White’s :1203–1207, 1967) dominion hypothesis. Particularly, we find that both individual and regional measures for Christian religion positively affect various behaviors emphasizing the importance of individual and contextual norms for individual behavior. Hence, we provide empirical evidence for the importance of Christian religion for another country than the USA, which is typically in the focus of similar studies. Our results can be used for targeted information campaigns by politicians to enhance sustainable behaviors or acceptance for related policy measures. (shrink)

Significant challenges confronting China include reducing carbon emissions, dealing with the resulting problems, and meeting various requirements for long-term economic growth. As a result, the shift in industrial structure best reflects how human society utilizes resources and impacts the environment. To meet China's 2050 net-zero emissions target, we look at how technological innovations, financial development, renewable energy investment, population age, and the economic complexity index all play a role in environmental sustainability in China. Analyzing short- and long-term relationships using (...) ARDL bounds testing, we used historical data spanning 1990–2018. According to the study's findings, the cointegration between CO2 emissions and their underlying factors was found. The deterioration of the environment directly results from financial development, increasing economic complexity, and population aging. Technical advancements, investments in renewable energy sources, and changes to the industrial structure all contribute to lower CO2 emissions. Granger causality results were also reliably obtained in this study. According to our findings in the fight against environmental problems, a key tool for meeting long-term sustainability goals is policy prescriptions that use technological innovations, renewable energy investment, and industrial structure. (shrink)

This research applies the notion of sustainability (Barney, 1991; Braa, Monteiro, & Sahay, 2004) to the mechanisms used by socially responsible investment(SRI) firms with respect to their stakeholders (investors and target firms). A contrast is developed between US and UK SRI firms. It is noted that screens, while maintaining a strong investor base, are less sustainable from the perspective of the firms targeted by SRI funds, whereas advocacy has stronger elements of sustainability with respect to the relations with (...) corporations. (shrink)

A large number of investigations have highlighted the importance of incorporating literary texts into English language teaching programs. Nevertheless, there are scarce studies on how short stories from L1 and L2 literature play a role in reconstructing learner identity in tertiary contexts. The present research study examines the identities of four non-native undergraduate students concerning aspirations for language investment or consumption. Data collection instruments were semi-structured interviews, open-ended questionnaires, and diary writings. The materials taught in the course consisted of (...) three translated Persian and four target fictions related to loyalty and justice. The researchers used qualitative content analysis to explore the language learners’ self-images of initial, story-based, and prospective learning stages. Nearly all the participants regarded language learning as language consumption for pleasure in different stages except for the future aspiration stage; they did not aspire for personal economic benefits. The findings may enlighten curriculum designers in EFL contexts to incorporate literary texts from the native and target cultures into language education materials to provide opportunities for learners to experience diverse identities and meet individual preferences. (shrink)

Objective: The aim of the current study was to investigate associations, unique and interactive, between mothers’ and children’s histories of childhood sexual abuse (CSA) and children’s psychiatric outcomes using an intergenerational perspective. Further, we were particularly interested in examining whether maternal reflective functioning about their own trauma (T-RF) was associated with lower likelihood of children’s abuse exposure (among children of CSA-exposed mothers). Method: One hundred and eleven children (Mage= 9.53 years; 43 sexual abuse victims) and their mothers (Mage= 37.99; 63 (...) sexual abuse victims) participated in this study. Mothers completed the Parent Development Interview (PDI), which yielded assessments of RF regarding their own experiences of abuse, and also reported on their children’s internalizing and externalizing symptoms. Results: Children of CSA-exposed mothers were more likely to have experienced CSA. A key result was that among CSA-exposed mothers, higher maternal T-RF regarding their own abuse was associated with lower likelihood of child CSA-exposure. Mothers’ and children’s CSA histories predicted children’s internalizing and externalizing symptoms, such that CSA exposure for mother or child was associated with greater symptomatology in children. Conclusions: The findings show that the presence of either maternal or child CSA is associated with more child psychological difficulties. Importantly in terms of identifying potential protective factors, maternal T-RF is associated with lower likelihood of CSA exposure in children of CSA-exposed mothers. We discuss these findings in the context of the need for treatments focusing on increasing Trauma - RF in mothers and children in the context of abuse to facilitate adaptation and reduce the intergenerational risk. (shrink)

What does it mean to ‘drop out’ of therapy? Many definitions of ‘dropout’ have been proposed, but the most widely accepted is the client ending treatment without agreement of their therapist. However, this is in some ways an external criterion that does not take into account the client’s experience of therapy, or reasons for ending it prematurely. This study aimed to identify whether there were more meaningful categories of dropout than the existing dropout definition, and to test whether this refined (...) categorisation of dropout was associated with clinical outcomes. This mixed-methods study used a subset of data from the IMPACT trial, which investigated psychological therapies for adolescent depression. Adolescents were randomly allocated to a treatment arm (Brief Psychosocial Intervention; Cognitive-Behavioural Therapy; Short-Term Psychoanalytic Psychotherapy). The sample for this study comprised 99 adolescents, aged 11-17 years. 32 were classified as having dropped out of treatment and participated in post-therapy qualitative interviews about their experiences of therapy. For 26 dropout cases, the therapist was also interviewed. 67 cases classified as having completed treatment were included to compare their outcomes to dropout cases. Interview data for dropout cases were analysed using ideal type analysis. Three types of dropout were constructed: ‘dissatisfied’ dropout, ‘got-what-they-needed’ dropout, and ‘troubled’ dropout. ‘Dissatisfied’ dropouts reported stopping therapy because they did not find it helpful. ‘Got-what-they-needed’ dropouts reported stopping therapy because they felt they had benefitted from therapy. ‘Troubled’ dropouts reported stopping therapy because of a lack of stability in their lives. The findings indicate the importance of including the perspective of clients in definitions of drop out, as otherwise there is a risk that the heterogeneity of 'dropout' cases may mask more meaningful distinctions. Clinicians should be aware of the range of issues experienced by adolescents in treatment that lead to disengagement. Our typology of dropout may provide a framework for clinical decision-making in managing different types of disengagement from treatment. (shrink)

This manuscript explores the argument for lower student-to-school counselor ratios in U.S. public education. Drawing upon a comprehensive historical review and existing research, we establish the integral role of school counselors and the notable benefits of reduced student-to-counselor ratios. Our analysis of national data exposes marked disparities across states and districts, with the most underfunded often serving higher percentages of low-income students and students of color. This situation raises significant ethical concerns, prompting a call for conscientious policy reform and (...) class='Hi'>targeted investment. Informed by emerging best practices, we propose recommendations for enhancing counselor staffing and ultimately student outcomes. This ethical argument underscores the need for proactive actions and provides a basis for future research to further delineate the impact of school counselor ratios on educational equity and student success. (shrink)

The Nike Foundation’s flagship corporate social responsibility campaign, ‘The Girl Effect’, has generated support for targeted investments in adolescent girls as the ‘key’ economic development in the global south. As a representational regime, the campaign is an example of an increasingly hegemonic discourse of global girl power via formal education. In an era of ‘sexualisation moral panic’ regarding representations of contemporary young female sexual subjectivities in the global north, this article considers ideological figurings of adolescent female sexual embodiment in (...) the global south through a discursive analysis of the campaign’s three most popular viral videos. (shrink)

California has focused on health equity in the state’s COVID-19 reopening plan. The Blueprint for a Safer Economy assigns each of California’s 58 counties into 1 of 4 tiers based on 2 metrics: test positivity rate and adjusted case rate. To advance to the next less-restrictive tier, counties must meet that tier’s test positivity and adjusted case rate thresholds. In addition, counties must have a plan for targeted investments within disadvantaged communities, and counties with more than 106 000 residents (...) must meet an equity metric. California's explicit incorporation of health equity into its reopening plan underscores the interrelated fate of its residents during the COVID-19 pandemic and creates incentives for action. This article evaluates the benefits and challenges of this novel health equity focus, and outlines recommendations for other US states to address disparities in their reopening plans. (shrink)

This target article presents an integrated evolutionary model of the development of attachment and human reproductive strategies. It is argued that sex differences in attachment emerge in middle childhood, have adaptive significance in both children and adults, and are part of sex-specific life history strategies. Early psychosocial stress and insecure attachment act as cues of environmental risk, and tend to switch development towards reproductive strategies favoring current reproduction and higher mating effort. However, due to sex differences in life history trade-offs (...) between mating and parenting, insecure males tend to adopt avoidant strategies, whereas insecure females tend to adopt anxious/ambivalent strategies, which maximize investment from kin and mates. Females are expected to shift to avoidant patterns when environmental risk is more severe. Avoidant and ambivalent attachment patterns also have different adaptive values for boys and girls, in the context of same-sex competition in the peer group: in particular, the competitive and aggressive traits related to avoidant attachment can be favored as a status-seeking strategy for males. Finally, adrenarche is proposed as the endocrine mechanism underlying the reorganization of attachment in middle childhood, and the implications for the relationship between attachment and sexual development are explored. Sex differences in the development of attachment can be fruitfully integrated within the broader framework of adaptive plasticity in life history strategies, thus contributing to a coherent evolutionary theory of human development. (shrink)

Behaviour change via monetary investments is a way to fighting climate change. Prior research has investigated the role of climate-change investments using a Collective-Risk-Social-Dilemma game, where players have to collectively reach a target by contributing to a climate fund; failing which they lose their investments with a probability. However, little is known on how variability in the availability of information about players’ investments influences investment decisions in CRSD. In an experiment involving CRSD, 480 participants were randomly assigned to different (...) conditions that differed in the availability of investment information among players. Half of the players possessed a higher starting endowment compared to other players. Results revealed that investments against climate change were higher when investment information was available to all players compared to when this information was available only to a few players or to no one. Similarly, investments were higher among rich players compared to poor players when information was available among all players compared to when it was available only to a few players or to no one. Again, the average investment was significantly greater compared to the Nash investment when investment information was available to all players compared to when this information was available only to a few players or to no one. We highlight some implications of our laboratory experiment for human decision-making against climate change. (shrink)

This target article presents an integrated evolutionary model of the development of attachment and human reproductive strategies. It is argued that sex differences in attachment emerge in middle childhood, have adaptive significance in both children and adults, and are part of sex-specific life history strategies. Early psychosocial stress and insecure attachment act as cues of environmental risk, and tend to switch development towards reproductive strategies favoring current reproduction and higher mating effort. However, due to sex differences in life history trade-offs (...) between mating and parenting, insecure males tend to adopt avoidant strategies, whereas insecure females tend to adopt anxious/ambivalent strategies, which maximize investment from kin and mates. Females are expected to shift to avoidant patterns when environmental risk is more severe. Avoidant and ambivalent attachment patterns also have different adaptive values for boys and girls, in the context of same-sex competition in the peer group: in particular, the competitive and aggressive traits related to avoidant attachment can be favored as a status-seeking strategy for males. Finally, adrenarche is proposed as the endocrine mechanism underlying the reorganization of attachment in middle childhood, and the implications for the relationship between attachment and sexual development are explored. Sex differences in the development of attachment can be fruitfully integrated within the broader framework of adaptive plasticity in life history strategies, thus contributing to a coherent evolutionary theory of human development. (shrink)

We sometimes strive to achieve difficult goals when our evidence suggests that success is unlikely – not just because it will require strength of will, but because we are targets of prejudice and discrimination or because success will require unusual ability. Optimism about one’s prospects can be useful for persevering in these cases. That said, excessive optimism can be dangerous; when our evidence is unfavourable, we should be at most agnostic about whether we will succeed. This paper explores the nature (...) and rational significance of agnostic practical commitments. Most importantly, the rationality of striving against the odds can depend on investing in a plan for failure: a plan B. I aim to make headway on an account of what backup plans are, how they are related to primary plans, and whether the standard norms of plan rationality apply to our agnostic commitments. (shrink)

Decades of public investment in molecular technologies and data integration techniques have fueled promises of precision medicine (PM) as a novel, targeted, and data-driven approach that takes into...

Abstract. In this article we developed scientific and applied foundations of commercialization of the nature-resource potential of anthropogenic objects, on the example of exhausted mines. It is determined that the category of “anthropogenic object” can be considered in a narrow-applied sense, as specific anthropogenic objects to ensure the target needs, and in a broad theoretical sense, meaning everything that is created and changed by human influence, that is the objects of both artificial and natural origin. It was determined that problems (...) of commercialization of the natural-resource potential of anthropogenic objects are most often considered by researchers for specific objects, without having complex methodological coverage from the point of view of combining environmental, technical, economic and managerial components. When studying the substantiation of the scientific base, the authors confirmed the feasibility of the commercialization of natural-resource potential of anthropogenic objects on the example of a number of theoretical scientific studies in reclamation, reconstruction, recreation, remediation, restoration of biological productivity and economic value of land disturbed by economic activity. The considered examples of exhausted mines in the 21st century in the USA, Canada, Germany, Romania, and Poland indicate a wide range of opportunities for their commercialization. The study of the potential for commercialization of exhausted mines in the post-Soviet countries testified to the underused reserves for the commercialization of their nature-resource potential and their high potential for further development. The authors proposed the identification of anthropogenic objects on the basic livelihood spheres of society. There were identified the main system (natural, biological, technical, economic, social, managerial) and structural (subjects, trends, threats, risks, problems, challenges) factors of diagnosing the state of an anthropogenic object. A set of measures has been developed for commercialization of an anthropogenic object in functional and production activities, product policy, financial and investment spheres, pricing and sales policies, promotion, management and determination of property rights. Recommendations were provided on optimizing the management decision-making process based on a set of positivistic development principles, methods, and management functions. The study allows international organizations, state and local authorities, territorial communities, owners and potential investors to see new opportunities and make mutually beneficial decisions on the rational use of the nature-resource potential of anthropogenic objects. (shrink)

Discourse is central in promoting – or hindering – social change. This paper discusses the ethical-political dilemmas that academics face in developing progressive discourses on social welfare in the hegemonic crisis of neoliberalism. A central dilemma concerns the (implicit or explicit) target of their discourse. Speaking to elites reproduces dominant values and interests, reinforcing central elements of neoliberalism such as economisation and de-politicisation. Moreover, this approach remains technocratic (i.e. academics act as experts), thereby failing to address citizens’ distrust towards ‘scientific (...) evidence’ that characterises the hegemonic crisis of neoliberalism. A possible alternative is to work together with civil society and marginalised groups for promoting an oppositional discourse. In this way scholars may contribute to the democratisation of the public sphere but may fail to influence the content of policies, remaining trapped in marginal political positions. The paper illustrates this tension focusing on ‘social investment’. This discourse – which is today the most important framework for welfare reform among academics – emphasises the economic benefits of social policy for promoting alternatives to welfare retrenchment. Building on a research project aimed at re-thinking social investment from Sen's capability perspective, the paper discusses the conditions for developing a post-neoliberal discourse on social welfare. (shrink)

William Simkulet has recently criticised Colgrove et al’s defence against what they have called inconsistency arguments—arguments that claim opponents of abortion (OAs) act in ways inconsistent with their underlying beliefs about human fetuses (eg, that human fetuses are persons at conception). Colgrove et al presented three objections to inconsistency arguments, which Simkulet argues are unconvincing. Further, he maintains that OAs who hold that the fetus is a person at conception fail to act on important issues such as the plight of (...) frozen embryos, poverty and spontaneous abortion. Thus, they are morally negligent. In response, we argue that Simkulet has targeted a very narrow group of OAs, and so his criticisms are inapplicable to most OAs. We then explain why his responses to each of Colgrove et al’s objections do not succeed, even for this restricted group. Finally, we note that Simkulet fails to provide evidence for his claims regarding OAs’ supposed failures to act, and we show that OAs veritably do invest resources into these important issues. We conclude that Colgrove et al’s reasons for rejecting inconsistency arguments (en masse) remain intact. (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)

As Socially Responsible Investment (SRI) enters the mainstream of professional and institutional investment practice, some perplexities arise. Some SRI market participants are well schooled in finance but are hesitative as to how to apply non-financial criteria in the management of portfolios. Governments too are giving SRI more attention and, in some countries, are discussion whether and how to regulate the SRI market. Advocacy groups are targeting SRI projects through media campaigns using political discourse. Many of the pertinent questions (...) that come with these perplexities are of the philosophical or ethical type and concern legitimisation, demarcation of responsibilities, interpretation of norms and policy formulation. The inclusion of non-financial criteria into investment decision-making leads to a 'puzzle in SRI' for which this article offers a solution. The puzzle arises when the day-to-day implementation of an SRIpolicy coincides with the process of administering justice. Three questions make up that puzzle: (1) what should an investor do when allegations arise about a corporation, (2) what should an investor do when a corporation is brought before a court, (3) what should an investor do when a corporation is found guilty by a court. This article argues, by distinguishing between the rationality of the investor and that of the judge, that allegations, court cases or court verdicts should not be reasons to disinvest from a corporation. This article offers examples from investor practice and points out in which way allegations, court cases and court verdicts make sense for investor behaviour. (shrink)

Introduction. Higher education plays a particularly important role in the development of a country. The goal of the article is to describe the development of concepts about education in general and higher education in particular to explain the role of education in social life. Humboldt sees higher education as a process toward freedom and the search for true truth. Humboldt's philosophy of higher education is an indispensable requirement in the context of people struggling to escape the influence of the state (...) and church forces. The purpose is to find out the content and principles of higher education, especially meaningful suggestions for building an autonomous education in Vietnam today. Materials and Methods. The article uses materialist dialectic to analyze Humboldt's philosophy of higher education. In addition, the article also uses methods of analysis, synthesis, comparison and contrast to clarify views on education in the history of human thought from ancient, medieval, modern and modern times, from which to draw the basic contents and principles in the philosophy of higher education of Humboldt. Results and Discussion. Humboldt is the founder of the University of Berlin - known as the mother of modern universities. It is a new university model based on the philosophy of upholding freedom in learning and teaching, upholding the scientific spirit to seek and discover the truth, and at the same time, combining teaching with scientific research. His liberal education philosophy has contributed to affirming the strength and position of universities. He criticized state intervention in university institutions. Based on the anthropological foundation of emphasizing human diversity, Humboldt's higher education philosophy is truly liberating when it comes to bold views. Humboldt believes that a university is a pure place of science and research, so it is not influenced by any outside force, even from the state. A university is where academic freedom, scientific freedom and other autonomy are guaranteed so that the institution can run smoothly. Universities must have unity between research and teaching. However, Humboldt's philosophy of higher education still contains many issues that need to be considered thoroughly. Specifically, the promotion of internal self-determination requires financial autonomy while the state's investment capital in universities is still quite large; Calling for education to be privatized is still inadequate. The elitist spirit in the Humboldt model is no longer fully relevant in the context of a market economy that tends to lead to the pursuit of targets, which are often related to quality. Practical significance. Humboldt's liberal philosophy of higher education has a strong influence, dominates and becomes a reality in many countries with advanced education. For Vietnam, Humboldt's higher education philosophy is a meaningful suggestion to build an autonomous education under the country's socio-historical conditions. (shrink)

As Socially Responsible Investment (SRI) enters the mainstream of professional and institutional investment practice, some perplexities arise. Some SRI market participants are well schooled in finance but are hesitative as to how to apply non-financial criteria in the management of portfolios. Governments too are giving SRI more attention and, in some countries, are discussion whether and how to regulate the SRI market. Advocacy groups are targeting SRI projects through media campaigns using political discourse. Many of the pertinent questions (...) that come with these perplexities are of the philosophical or ethical type and concern legitimisation, demarcation of responsibilities, interpretation of norms and policy formulation. The inclusion of non-financial criteria into investment decision-making leads to a ‹puzzle in SRI’ for which this article offers a solution. The puzzle arises when the day-to-day implementation of an SRI-policy coincides with the process of administering justice. Three questions make up that puzzle: (1) what should an␣investor do when allegations arise about a corporation, (2) what should an investor do when a corporation is brought before a court, (3) what should an investor do when a corporation is found guilty by a court. This article argues, by distinguishing between the rationality of the investor and that of the judge, that allegations, court cases or court verdicts should not be reasons to disinvest from a corporation. This article offers examples from investor practice and points out in which way allegations, court cases and court verdicts make sense for investor behaviour. (shrink)

Conflict can profoundly affect individuals and their groups. Oftentimes, conflict involves a clash between one side seeking change and increased gains through victory and the other side defending the status quo and protecting against loss and defeat. However, theory and empirical research largely neglected these conflicts between attackers and defenders, and the strategic, social, and psychological consequences of attack and defense remain poorly understood. To fill this void, we model (1) the clashing of attack and defense as games of strategy (...) and reveal that (2) attack benefits from mismatching its target's level of defense, whereas defense benefits from matching the attacker's competitiveness. This suggests that (3) attack recruits neuroendocrine pathways underlying behavioral activation and overconfidence, whereas defense invokes neural networks for behavioral inhibition, vigilant scanning, and hostile attributions; and that (4) people invest less in attack than defense, and attack often fails. Finally, we propose that (5) in intergroup conflict, out-group attack needs institutional arrangements that motivate and coordinate collective action, whereas in-group defense benefits from endogenously emerging in-group identification. We discuss how games of attack and defense may have shaped human capacities for prosociality and aggression, and how third parties can regulate such conflicts and reduce their waste. (shrink)

We study behind-the-scenes investor activism promoting environmental, social, and governance improvements by means of a proprietary dataset of a large international, socially responsible activist fund. We examine the activist’s target selection, forms of engagement, impact on ESG performance, drivers of success, and effects on the targets’ operations and value creation. Target firms are typically large and visible, perform well, and have high liquidity and low ESG performance. Engagement induces ESG rating adjustments: firms with poor ex ante ESG ratings experience a (...) ratings increase after complying with the activist’s demands, whereas firms with high ex ante ESG ratings experience a ratings decrease following the revelation of their ESG problems. Activism that is focused on environmental and social issues is more likely to succeed if targets are ESG-sensitive. Successful engagements boost targets’ sales. Risk-adjusted excess stock returns of successful engagements outperform those of unsuccessful engagements by 2.7%. Results are especially strong for firms with low ex ante ESG scores. Specifically, targeted firms in the lowest ex ante ESG quartile outperform matched peers by 7.5% in the year after the end of the engagement. Our results thus suggest that the activism regarding corporate social responsibility generally improves ESG practices and corporate sales and is profitable to the activist. Taken together, we provide direct evidence that ethical investing and strong financial performance, both from the activist’s and the targeted firm’s perspective, can go hand-in-hand together. (shrink)

William Simkulet has recently criticised Colgrove et al ’s defence against what they have called inconsistency arguments—arguments that claim opponents of abortion act in ways inconsistent with their underlying beliefs about human fetuses. Colgrove et al presented three objections to inconsistency arguments, which Simkulet argues are unconvincing. Further, he maintains that OAs who hold that the fetus is a person at conception fail to act on important issues such as the plight of frozen embryos, poverty and spontaneous abortion. Thus, they (...) are morally negligent. In response, we argue that Simkulet has targeted a very narrow group of OAs, and so his criticisms are inapplicable to most OAs. We then explain why his responses to each of Colgrove et al’s objections do not succeed, even for this restricted group. Finally, we note that Simkulet fails to provide evidence for his claims regarding OAs’ supposed failures to act, and we show that OAs veritably do invest resources into these important issues. We conclude that Colgrove et al ’s reasons for rejecting inconsistency arguments remain intact. (shrink)

Companies are expected to monitor sustainable behaviour to help improve performance, enhance reputation and increase chances of survival. This paper examines the relationship between sustainability committees and independent external assurance on the inclusion of sustainability-related targets in CEO compensation contracts. Using a sample of UK FTSE350 companies for 2011–2015 and controlling for governance and firm characteristics, we find both board-level sustainability committees and sustainability reporting assurance have a positive and significant association with the inclusion of sustainability terms in compensation contracts. (...) However, there is no joint impact between the voluntary use of independent external assurance and the role of sustainability committees on CEO compensation contracts. Sustainability-related terms in compensation contracts are more likely to be included, and higher compensation is likely to be paid, when assurance is provided by a Big4 firm and when a company operates in a sustainability-sensitive industry. Our findings highlight the potential of assured sustainability reports in assessing CEO performance in sustainability-related tasks, especially when sustainability metrics are included in CEO compensation contracts. Overall, our results suggest companies that invest in voluntary assurance are more likely to monitor management’s behaviour and be concerned about the achievement of sustainability goals. (shrink)

This article argues that the quiet politics of informal business-state interaction explains the political determinants of growth regimes. Building on the business power literature within the study of comparative capitalism, it shows that the noisy politics of elections often leads to changes of government but rarely to fundamental changes in the growth regime. Rather, growth models can be traced to the interactions and interests of dominant corporations within a country and its policymaking elites. The argument is developed through a comparative (...) case study research design, using the case of foreign direct investment–led growth in Ireland and Hungary. FDI-led growth regimes are a universe of cases that rely on state-led industrial and enterprise policies targeting the capital investment of foreign-owned multinational firms. Despite periods of noisy electoral politics challenging basic tenets of the FDI-led growth model in both Hungary and Ireland, the continuity of FDI-oriented growth is traced to the corporate politics of business-state elite deals. (shrink)

Investor-state-dispute-settlement is an arbitration mechanism to settle disputes between foreign investors and host-states. Seemingly a technical issue in private international law, ISDS procedures have recently become a matter of public concern and the target of political resistance, due to the power they grant to foreign investors in matters of public policies in the countries they invest in. This article examines the practice of ISDS through the lenses of liberal-statist theories of international justice, which value self-determination. It argues that the investor-state (...) arbitration system illustrates how liberal-statist theories of international distributive justice ought to care about relative socioeconomic disadvantage, contra the sufficiency principle that they typically defend. The sufficiency principle draws on a questionable conception of the freedom that self-determination consists in. (shrink)

Silvia Castellazzi shows how companies can implement their corporate responsibility and support employability and access to training in an incentive-compatible manner. The study provides insights into unrealized cooperation and disincentives which prevent companies from investing in a shared pool of employable and skilled people. The research draws on the theoretical framework of the economic ethics and on in-depth interviews with key stakeholders in two European countries. Findings show that incentives for investments in training are selective and might reinforce path-dependencies and (...) exclusion, while not supporting cooperation and productive competition. The study also shows the value of conceptualizing employability as a social rather than a psychological contract to facilitate investments and the implementation of corporate responsibility. Contents Trends and Conflicts in Employability and Provision of Training Incentives Structures and Stakeholders' Strategies A Social Contract for Employability Target Groups Researchers in business ethics, employee relations, further education and training HR and training managers; CSR managers The Author Silvia Castellazzi works as account manager in the corporate education division of MIP Graduate School of Business (Politecnico di Milano). Her research interests and activities are focused on professional and executive education, corporate responsibility and decision-making, the future of work and new forms of work organization. (shrink)