La croissance de la taille des entreprises multinationales et de leur sphère d’influence, conjuguée à l’incapacité des États et des organisations transnationales à réguler leurs activités, a fait naître le besoin d’une nouvelle forme de régulation. Une première approche consiste en la structuration et l’organisation d’un mouve­ment citoyen. Toutefois, si certaines expériences ont été un succès , ce mode de régulation peut être détourné ou récupéré par ceux-là mêmes qu’il tente de réguler. Une deuxième approche suggère l’autorégulation des marchés économique (...) et financier. Cependant, les récentes crises financières découlant de comportements non éthiques montrent les limites d’une telle solution. L’objectif du présent article est de proposer un mode hybride de régulation reposant sur la coalition de mouvements sociaux et d’investisseurs responsables, dont les signataires des Principes pour l’investissement responsable, de l’Organisation des Nations Unies. L’efficacité de ce mode hybride de régulation est renforcée par l’évolution technologique et les réseaux sociaux. Ainsi, une dénonciation par des organismes non gouvernementaux appelant au boycottage porte atteinte à la réputation de l’entreprise ciblée, ternit son image et nuit à ses ventes. Si cette dénonciation est de plus appuyée par un investisseur responsable, cela peut provoquer une hausse de son coût de financement. Une coalition entre des « mouvements sociaux organisés » et « des investisseurs institutionnels » responsables, dont les signataires des Principes, peut être contraignante pour une entreprise ciblée, car elle a un effet non seulement sur son marché, sur ses ventes, mais aussi sur son accès aux capitaux. (shrink)

We study how messages on Twitter by large non-governmental organizations (NGOs), targeting companies from the S&P500, affect these companies’ stock prices. With a sample of 1,611 tweets between 2009 and 2017 by 18 large NGOs, we observe significant changes in the stock prices of the targeted firms. More specifically, NGO tweets stating a positive message about the environmental, social, or governance (ESG). Actions of the firm have a positive effect on stock prices, while negative tweets have a negative effect. Nevertheless, (...) we find that the presence of institutional owners hampers this effect: firms with high institutional ownership value positive tweets more negatively, and negative tweets more positively. These results support the idea that shareholders react significantly to NGO tweets but they react differently depending on their time horizon: for shareholders who have a more short-term horizon, typically institutional owners, the reaction diverges societal expectations about how firms should contribute to society. (shrink)

Based on the 2030 United Nations Agenda for Sustainable Development Goals (SDGs), it is urgent to effectively address the climate change’s urgency linked to all other 16 SDGs. This issue mainly reflects the progress made toward achieving the United Nation’s Sustainable Development Goals (SDGs), especially SDG 13 binding targets including improving education and public awareness-raising mechanisms for raising capacities of management, participation, mitigation, and adaptation strategies especially focusing on marginalized communities. The 2021 United Nations Climate Change Conference, also known as (...) the COP26 summit (UNFCCC), highlighted this importance by bringing 25,000 delegates from 200 countries together in order to enhance international ambition toward mitigating climate change as outlined in the Paris agreement. From the Kyoto Protocol to the recent 2021 COP26 International Summit and Paris Agreement, decision-makers continue to grapple... -/- . (shrink)

The purpose of this article is to examine empirically the impact of environmental certification on firm financial performance (FP). The main question is whether there is a "green premium" for certified firms, and, if so, for what kind of certification. We analyze the short-run and the long-run stock price performance using an event-study methodology on a sample of Canadian and U.S. firms. The results of short-run event abnormal returns indicate that forest certification does not have any significant impact on firm (...) FP regardless of the certification system carried out by firms. Unlike the short-run results, the long-run post-event abnormal returns suggest that forest certification has, on average, a negative impact on firm FP. However, the impact of forest certification on firm FP depends on who grants the certification, since only industry-led certification (Sustainable Forestry Initiative, Canadian Standards Association and ISO14001) are penalized by financial markets, whereas non-governmental organizations—led Forest Stewardship Council certification is not. (shrink)

We compare the traits of companies receiving social policy shareholder resolutions with those of a set of matching firms. We show that targeted firms tend to be much larger and riskier, less profitable and less socially performing than their counterparts. The five largest investors in firms receiving social proxies tend to hold a lower stake in those firms vis‐à‐vis the matching firms. Firms in both samples, however, are not statistically different in terms of percentages of shares held by institutional and (...) insider investors. We provide possible explanations for our results. (shrink)

The use of forward models is well established in cognitive and computational neuroscience. We compare and contrast two recent, but interestingly divergent, accounts of the place of forward models in the human cognitive architecture. On the Auxiliary Forward Model account, forward models are special-purpose prediction mechanisms implemented by additional circuitry distinct from core mechanisms of perception and action. On the Integral Forward Model account, forward models lie at the heart of all forms of perception and action. We compare these neighbouring (...) but importantly different visions and consider their implications for the cognitive sciences. We end by asking what kinds of empirical research might offer evidence favouring one or the other of these approaches. (shrink)

Global Identities in Transit: The Ethics and Politics of Representation in World Literatures and Cultures explores ways in which the impact of colonial and global conditions on individual and group identities is reflected in different cultures and represented in world literary texts.

Is corporate social responsibility a tool for strategic positioning? While CSR is sometimes used as part of a differentiation strategy, this article analyzes which specific CSR strategies arise in response to competitive pressures. The results suggest that competitive pressures lead firms to increase their positive social actions without necessarily decreasing their social weaknesses. This positive impact varies with specific dimensions of CSR and industry specificities: Competition improves social performance toward core stakeholders to a greater extent than social performance toward peripheral (...) stakeholders. This effect is more pronounced in B2C industries than in other industries. Competition leads firms in “dirty” industries to ignore environmental initiatives. (shrink)

For a long time, academic institutes stigmatized activism and dissociated it from academic practice. It was looked down upon and considered to be disruptive and western institutes continued silencing critical thinking and practice, and encouraged what they named 'critical distance'. These practices of exclusion must push us, city inhabitants, to ask: what is the point of excluding activism from academic practice? How can we bridge between theory and activism? How can we decenter city planning? If cities belong to the people, (...) why are public authorities trying to erase the public's print in the urban realm? Who gets to speak and why? In our group as the ‘Radicals’, we discussed the gap between urban theory and practice, while encouraging the audience to reflect on how urban concepts adopt multiple definitions within different geographies and communities. (shrink)

This paper examines the impact of the recent financial crisis on the relation between a firm’s risk and social performance using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis period compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger (...) with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm’s risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment. (shrink)

This paper investigates the corporate social responsibility (CSR) structures of U.S. listed firms. We find evidence of a general tendency towards CSR specialization with almost three-quarters (73.91%) of these firms focusing on a single CSR dimension. The degree of specialization varies across industries and the single CSR dimension focused on also varies for industries with similar degrees of specialization. We find that firms with higher exposures to CSR concerns, international activities, larger size, and higher financial slack tend to diversify across (...) multiple CSR dimensions. More importantly, we find evidence that diversified CSR structures positively affect a firm’s value relative to a control group before and during the 2008 financial crisis. Our findings have important implications for corporate and portfolio managers, investors, and policy makers. (shrink)

Making Things Up By BennettKarenOxford University Press, 2018. xii + 260 pp.

This paper argues that at least one of the following propositions is true: (1) the human species is very likely to go extinct before reaching a “posthuman” stage; (2) any posthuman civilization is extremely unlikely to run a significant number of simulations of their evolutionary history (or variations thereof); (3) we are almost certainly living in a computer simulation. It follows that the belief that there is a significant chance that we will one day become posthumans who run ancestor-simulations is (...) false, unless we are currently living in a simulation. A number of other consequences of this result are also discussed. (shrink)

Hybrid metaethical theories attempt to incorporate essential elements of expressivism and cognitivism, and thereby to accrue the benefits of both. Hybrid theories are often defended in part by appeals to slurs and other pejoratives, which have both expressive and cognitivist features. This paper takes far more seriously the analogy between pejoratives and moral predicates. It explains how pejoratives work, identifies the features that allow pejoratives to do that work, and models a theory of moral predicates on those features. The result (...) is an expressivist theory that, among other advantages, is immune to embedding difficulties and avoids an overlooked difficulty concerning attitude ascriptions that is lethal to most other hybrid theories. (shrink)

In the eleventh of his Antiquarian Letters, Gotthold Ephraim Lessing discusses a phrase from Lucian's description of the painting by Zeuxis called A Family of Centaurs: ‘at the top of the painting a centaur is leaning down as if from an observation point, smiling’. ‘This as if from an observation point, Lessing notes, obviously implies that Lucian himself was uncertain whether this figure was positioned further back, or was at the same time on higher ground. We need to recognize the (...) logic of ancient bas-reliefs where figures further to the back look over those at the front, not because they are actually positioned above them but because they are meant to appear as if standing behind.'1 · 1. The passage is in George Lessing, Briefe, antiquarischen Inhalts, p. 81. Panofsky's discussion does not note that the original text of Lucian makes clear that what is described is a copy of the original painting. This means that some of the issues of misunderstanding situated by Lessing and Panofsky in Lucian's court may in principle be attributable to the copyist. This makes no difference to the conceptual thrust of Panofsky's case.—Trans. (shrink)

Despite the overuse of the word in movies, political speeches, and news reports, "evil" is generally seen as either flagrant rhetoric or else an outdated concept: a medieval holdover with no bearing on our complex everyday reality. In _A Philosophy of Evil_, however, acclaimed philosopher Lars Svendsen argues that evil remains a concrete moral problem: that we're all its victims, and all guilty of committing evil acts. "It's normal to be evil," he writes -- the problem is, we have lost (...) the vocabulary to talk about it. Taking up this problem -- how do we speak about evil? -- _A Philosophy of Evil_ treats evil as an ordinary aspect of contemporary life, with implications that are moral, practical, and above all, political. Because, as Svendsen says, "Evil should neither be justified nor explained away -- evil must be fought.". (shrink)