In the aftermath of scandals such as those at Enron and WorldCom, there is a growing suspicion of the corporate world. For this reason it is more important than ever for firms to maintain a good reputation. In Building Reputational Capital, Kevin T. Jackson offers a practical guide to taking the high road--the only path that leads to lasting success. Based on extensive research and real-world experience, Building Reputational Capital reveals basic principles of integrity and fairness with (...) which firms can build an enduring reputation. More than image, a firm's reputation is a form of capital often neglected in the boardroom and overlooked in conventional analyses of financial statements. Speaking directly to the work experience of real people in practical business settings, Jackson couples each principle with straightforward actions that drive management systems, and he provides tested strategies--from downsizing techniques to e-commerce tips--that cultivate the hidden power of a good reputation. He outlines the advantages of a superior reputation, describes the vital role the firm's leader must play, offers ways to build and protect your reputation on the Internet, and shows how to rescue your reputation once disaster hits. Perhaps most important, he shows how to strike the right balance of virtues like authenticity, honesty, responsibility, and stewardship of the environment, employees, and the economy. Highlighted with real-life success stories--from giants like Hewlett-Packard to small firms like Thanksgiving Coffee Company, Building Reputational Capital offers a simple but effective guide for executives, managers, entrepreneurs, legal professionals, and corporate consultants. (shrink)

What are the consequences of the tendency for ubiquitous online reputation calculation to lead not to more precise expressions of reputation capital but, rather, to greater reputational instability? This article contrasts two conceptions of online reputation, which enact opposing attitudes about the relation between reputation and the calculable. According to an early online reputation paradigm – reputation capital – users strove to achieve high scores, performing the presumption that reputation could be (...) incrementally accumulated and consistently measured within relatively stable spheres of value. Yet, ubiquitous calculation led not to more precise measurements of reputation, but rather to the increasing volatility of online reputation. Thus, a second online reputation paradigm – reputation warfare – has become increasingly prevalent, in which strategic actors indirectly capitalize on systemic volatility produced by reputation’s ubiquitous online calculation. Steve Bannon’s 2016 Trump campaign strategy, which mobilized trolls, exemplifies the indirect optimization of online reputation, placing an option on reputational volatility. (shrink)

In the context of a crisis of confidence in executive leadership in corporate America, this paper examines the role of integrity as a mediator within strategic leadership and its impact on credibility in reputational capital. A tension can occur within strategic leadership between the elements of strategic planning and leadership vision. This tension can destroy the credibility of reputational capital unless strategic leadership is managed effectively. Integrity can be used as the glue providing for credible leadership vision amid (...) a strategic perspective oriented to competitive pressures, thereby enabling strategic leadership to contribute to a sustainable competitive advantage. A strategic leadership audit is presented as a tool by which strategic leadership and reputational capital can be managed. (shrink)

Technological developments and changes in communication systems in postmodern world have enhanced the organizations to improve their own communication infrastructures and to effectively use their internet sites. Like all other organizations, sport club institutions have considered the vital importance of investing in social media activities and creating their corporate reputation through their connections with their supporters. Thus, social media channels and public relations via social media have been the most essential tools of the organizations to build company image and (...) increase their corporate reputation among the stakeholder groups, particularly their supporters. Taking into account the suggested influence of effective use of social media on building corporate reputation, the current study examined the relationship between supporters’ social media usage frequency and their perceptions of corporate reputation. A cross-sectional research design has been applied in order to obtain data about the corporate reputation perception levels and social media usage frequencies of the supporters as well as the demographic characteristics of the participants. The sample group was composed of 782 participants and data obtained was examined by executing statistical analyses. The findings revealed that individuals’ social media usage frequency has positive effect on the perceived corporate reputation. In addition, demographic differences were observed in terms of the social media usage frequency and corporate reputation perception. Consequently, the results of the study were discussed in the light of the conceptual background and the previous empirical evidences. The managerial and conceptual implications of the study were evaluated and future directions were presented. (shrink)

Social capital has as its key element the value of social relationships to generate positive outcomes, both for the key parties involved and for wider society. Some authors have noted that social capital nevertheless has a dark side. There is a moral element to such a conceptualisation, yet there is scarce discussion of ethics within the social capital literature. In this paper ethical theory is applied to four traditions or approaches to economic social capital: neo-capitalism; network/ (...) class='Hi'>reputation; neo-Tocquevellian; and development. Each is considered in detail and subject to ethical analysis by the application of utilitarianism, Kantianism, justice and rights, and ethic of care. Accordingly, the assumption that social capital is either value-neutral or a force for good is critiqued, and a framework for understanding social capital from an ethics perspective is presented. (shrink)

We propose a construct, the Trust Triangle, that highlights three primary mechanisms that provide ex post accountability for opportunistic behavior and motivate ex ante trust in economic relationships. The mechanisms are a society’s legal and regulatory framework, market-based discipline and reputational capital, and culture, including individual ethics and social norms. The Trust Triangle provides a framework to conceptualize the relationships between trust, corporate accountability, legal liability, reputation, and culture. We use the Trust Triangle to summarize recent developments in (...) the empirical finance literature that examine how trust is formed and how trust, or its absence, affects financial markets, firm performance, and the incidence of financial fraud. To date, most studies examine only one leg of the Trust Triangle in isolation. The evidence, however, indicates that all three legs of the Trust Triangle have first-order effects on a wide range of financial outcomes and that they are interrelated. Attempts to model trust and trustworthiness that do not incorporate all three aspects of the Trust Triangle will therefore miss essential aspects of the basic economic problem of how counterparties overcome the risks of moral hazard, asymmetric information, and opportunism to engage in mutually beneficial exchange and production activities. We focus especially on culture-related mechanisms, a recently developed area in empirical finance research that has potential to influence the more established research on laws and reputation. (shrink)

This study argues that actions taken during a crisis within the responsibility compass impacts reputation. The lens of responsible leadership was chosen from among the different foci of leadership scholarship because of its emphasis on relational and ethical dimensions. The focus of this study was the actions undertaken by the CEOs of United and Delta Airlines after the forceful removal of the passengers and its influence on the reputation capital as measured by the changes in the respective (...) share prices of the airlines. The overarching question was whether there was clear statistical evidence that linked the actions undertaken as part of the crisis management efforts and the reputation of the airlines. Findings from this study suggest that actions taken as part of responsible leadership compass explained the variations in the share prices. In the case of United Airlines almost 70% of the variations in the share prices could be explained by responsible leadership, whereas in the case Delta airlines only 50.6% of the variations in the share value could be predicted based on the role of leadership in crisis management. (shrink)

Using data from China’s public debt markets, we study the value of corporate reputation and how it interacts with legal and cultural forces to assure accountability. Exploring lawsuits that change corporate reputation, we find that firms involved in lawsuits experience a decrease in bond values and a tightening of borrowing terms. Using the heterogeneities in legal and social capital environments across Chinese provinces, we find the effects are more pronounced for private firms, firms headquartered in provinces with (...) low legal protections, and firms headquartered in provinces with high social capital. The results show that lawsuits that allege misconduct are associated with reputational penalties and that such penalties serve as substitutes for legal protections and as complements to cultural forces to provide ex post accountability and motivate ex ante trust. (shrink)

This paper aims to examine the credibility value of sustainability assurance and the type of assurance provider on cost of capital. A large sample of international companies from the period 2007–2014 was used to develop our models of analysis. We find a greater decrease in cost of capital for companies that publish and assure their social and environmental reports. Thus, voluntary sustainability disclosures decrease the cost of capital. However, companies also have the opportunity to reinforce this decrease (...) by providing an assurance statement, so increasing the credibility of corporate social responsibility information. In addition, the decrease in the cost of capital is significantly higher when such assurance is provided by a top-tier accountancy firm instead of by engineering or consultancy firms; this result supports also the reputational capital of accountancy firms. (shrink)

‘The loss of a stable state’ (Schon 1973 ) in organizational transformation can both be regarded as lamentable and inevitable. Transformation causes disruption and invasions of comfort zones to those affected by it, but it is nevertheless inevitable. The article maintains that while the loss of a stable state is inevitable in the stream of change confronting organizations today, points of stability and methods of dealing with instability are attainable through responsible management. The article postulates that steps taken by responsible (...) leadership in response to specific business crises will reduce the effects of instabilities brought about by such transformational situations and reassert a stable state more rapidly. Utilizing Weber’s ‘ideal type’ model format (Morrison 2006 ) with a specific example of international best practice of remedial steps taken by management in reaction to a specific crisis experienced by an organization, the article uses a qualitative historical case study analysis and quantitative time series research design to investigate South African firms which had recently faced crises impinging on their current corporate reputations. Findings suggest that both the number of remedial steps taken by companies and the speed in which they are implemented in conformance with the model are negatively associated with the size of the share price falls immediately post crises. The findings also suggest that larger share price appreciations over 6-month post-crises are associated with greater perceived corporate reputations and brand strengths. Tentative conclusions and possibilities for further research are briefly discussed. (shrink)

Reputation is often seen as central to the coordination of transactions in sharing economy platforms. Participants perform a double role regarding reputation management: while engaging in exchanges with other peers, they build their individual ‘reputation capital’ and simultaneously execute community oversight. In Couchsurfing (CS), a network often cited as paradigmatic of the sharing economy, there is, however, a clear bias for positive references. In the digital economy literature, participants’ friendly behaviour is understood as motivated by self-interest (...) and an incentive to maintain a positive reputation. Social research on reputation in CS attributes the bias to fear of retaliation, but also hints at norms of reciprocity leading travellers to require positive feedback for hospitality. This article analyses the lived experience of reputation management in CS and argues that participants seek to reconcile direct and general reciprocity. It proposes breaking these practices down into boundary-work and creative avoidance and argues these result in insufficient protection of inexperienced participants against problematic members. (shrink)

In this paper, we analyze the impact of interaction between corporate social responsibility (CSR) and corporate social capital on corporate competitiveadvantage in a transitional context. Using survey data of Chinese companies, we examine the theoretical relationship empirically. Results show that CSR has no direct association with corporate financial performance or organizational reputation. However, corporate social capital can very much magnify the impact of CSR in a transitional context. Specifically, the social responsibility of a firm with higher social (...) capital is more positively related to organizational reputation than that of a firm with lower social capital, and this expands the theory of CSR. We present the strategic implication that the interaction between CSR and social capital improves corporate sustainable advantage. (shrink)

This study aims to explore how CSR-related messages posted by CEOs on social media are beneficial in fostering social capital, which in turn impacts the FP and online reputation of the firm. The study also examines whether there is any difference in FP due to sharing of CSR-related messages by CEOs before and during the pandemic. Hierarchical regression is used to examine the influence of CEOs CSR related tweets on FP and online reputation. The study reveals that (...) by posting CSR-related messages on Twitter, CEOs can build social capital available on social media, which leads to better FP and online reputation. Findings also indicate that there is no statistically significant difference in FP and online reputation of the firm due to sharing of CSR-related messages by CEOs before and during the pandemic. Our research makes a significant addition to the empirical studies of CSR, social media and social capital theory. (shrink)

The purpose of this research paper is to identify which types of corporate philanthropy (CP): cause-related marketing (CRM) or sponsorship, create higher moralcapital under two conditions: proactive or reactive (following a scandal). Results showed that CP created higher moral capital for a proactive company than for a reactive company. Both CRM and sponsorship were perceived as more sincere in the proactive company than the reactive company. However, CRM was seen as self-serving in the reactive company, but not the proactive (...) company. The study demonstrated that companies need to take into account the different types of CP, as it has an effect on their moral capital. Socially proactive firms should engage in both CRM and sponsorship philanthropy, as both types can generate high moral capital, which creates better company reputation. However, CP may not be the most effective or appropriate strategy for creating moral capital following negative publicity. (shrink)

As a scientific discipline and profession, law has been for centuries at the heart of social and political power of many Western societies. Professors of law, as influential representatives of the profession, are important powerbrokers between academia, politics and the corporate world. Their influence is based on scientific reputation, institutional mandates inside and outside academia or privileged network connections with people in powerful positions. In this study, based on a full sample of all Swiss law professors in the years (...) 1957, 1980 and 2000, we contrast two theories of the distribution of power among law professors: Bourdieu’s thesis on the trade-off between scientific reputation and -academic institutional power vs. the thesis of an opposition between a group of established incumbents and socio-demographically marginal challengers who try to gain access to the profession. We show that among Swiss law professors the endowment with scientific capital is not opposed to the possession of institutional power within academia. Our findings reveal rather an opposition between a challenging group of professors devoid of resources and an incumbent fraction with a high amount of scientific, institutional and social capital alike. In the conclusion we discuss a series of explanations of this specific power structure, including the specific status scientific reputation and social capital can have for law professors. (shrink)

ABSTRACT The financial crisis is, in part, an embarrassment for economic theory. Economists tended to think that severe business cycles had been conquered; that free markets require no regulations to constrain self‐interest; and that large, established companies could be trusted to monitor their own behavior so as to preserve their reputational capital. These three beliefs have proved to be inaccurate. On the other hand, economists justifiably believe that as a process of creative destruction, capitalism requires institutions that allow for (...) innovation and the reallocation of resources toward firms that have successfully innovated. This suggests that we should not condemn wholesale even the financial innovations that played a role in the crisis, which have been remarkably productive and will continue to be, given the right regulations. Nor should economists hesitate to say that political reactions to the crisis that hamper such innovation and reallocation may do far more harm than good. (shrink)

Prior research suggests that the media plays an important information intermediary role in capital markets. We investigate the role of the media in influencing firms’ engagement in corporate social responsibility activities. Using a large sample of 4396 unique firms from 42 countries over the period 2003–2012, we find strong evidence that firms engage in more CSR activities if located in countries where the media has more freedom. This relation is robust to using various proxies for media freedom, an alternative (...) source of CSR data, and to applying the instrumental variables approach to address endogeneity. In additional analyses, we find that the positive relation between media freedom and CSR engagement is stronger for better governed firms and for larger firms. Since the media have the ability to impact reputational capital, we conclude that media freedom affects firms’ incentives to engage in costly CSR activities. (shrink)

Over the last decade, managers have increasingly emphasised the creation of tangible measures of intangible organisational properties. Many major corporations now include measures for intellectual capital, knowledge capital, reputational capital, and other such intangible assets on their financial ledgers. Counter to the rubric that ‘If it doesn’t get measured, it doesn’t get done,’ we argue that some intangibles are truly intangible, and attempts to apply tangible measures to them creates undue organisational stress and harms the underlying asset. (...) Instead, managers may better foster the growth of intangible assets by placing less emphasis on outcome measurement and more emphasis on the process. Using New York University’s Office of Community Service as a case study, we illustrate how a Zen approach can augment tangible measures to create a truly ‘balanced’ organisational strategy. American firms have widely adopted the strict measurement practices of Japanese firms, but few have adopted the Eastern practice of Zen. A Zen approach fosters trust and provides flexibility that allows organisations to better achieve success in the long run. (shrink)

Over the last decade, managers have increasingly emphasised the creation of tangible measures of intangible organisational properties. Many major corporations now include measures for intellectual capital, knowledge capital, reputational capital, and other such intangible assets on their financial ledgers. Counter to the rubric that ‘If it doesn’t get measured, it doesn’t get done,’ we argue that some intangibles are truly intangible, and attempts to apply tangible measures to them creates undue organisational stress and harms the underlying asset. (...) Instead, managers may better foster the growth of intangible assets by placing less emphasis on outcome measurement and more emphasis on the process. Using New York University’s Office of Community Service as a case study, we illustrate how a Zen approach can augment tangible measures to create a truly ‘balanced’ organisational strategy. American firms have widely adopted the strict measurement practices of Japanese firms, but few have adopted the Eastern practice of Zen. A Zen approach fosters trust and provides flexibility that allows organisations to better achieve success in the long run. (shrink)

There is a growing literature on corporate social responsibility, but few have focused on the implications of business groups for CSR. We examine the antecedents and outcomes of CSR behaviors of group firms in Korea. We find that group affiliation is associated with higher CSR overall and for its major societal and environmental components. However, the ownership disparity between cash flow and control by controlling inside shareholders is associated with lower CSR, consistent with opportunistic rent expropriation theory. We further find (...) that CSR initiatives can impact group firms positively in the event of bad events, consistent with insurance theory. This motive for CSR as a means of enhancing reputation capital to buffer the bad events is pronounced for group firms because of group-wide dissemination of negative reputational externality. (shrink)

Accounting educators are in the midst of creating new opportunities for students to enhance their abilities to recognize ethical dilemmas, establish criteria by which to make ethical decisions, and establish support mechanisms and strategies to facilitate their ethical decision-making. CPA firms, professional organizations and state boards of accountancy are co-operating to increase requirements for ethics education for candidates taking the CPA exam. The current situation is confusing and sub-optimal regarding the use of precious learning time in college programs. A new (...) dialogue between the three stakeholders, creative learning approaches, and additional resources can lead to a more consistent and optimal learning paradigm regarding the ethics education of accountants. Research evaluating the effectiveness of various approaches is needed to effectively apply limited resources in an area critical to the reputation capital of the accounting profession. (shrink)

Accounting educators are in the midst of creating new opportunities for students to enhance their abilities to recognize ethical dilemmas, establish criteria by which to make ethical decisions, and establish support mechanisms and strategies to facilitate their ethical decision-making. CPA firms, professional organizations and state boards of accountancy are co-operating to increase requirements for ethics education for candidates taking the CPA exam. The current situation is confusing and sub-optimal regarding the use of precious learning time in college programs. A new (...) dialogue between the three stakeholders, creative learning approaches, and additional resources can lead to a more consistent and optimal learning paradigm regarding the ethics education of accountants. Research evaluating the effectiveness of various approaches is needed to effectively apply limited resources in an area critical to the reputation capital of the accounting profession. (shrink)

Although legitimacy theory provides strong arguments that environmental, social and governance disclosure and performance can help mitigate firm-specific risks, this relationship has been repeatedly challenged by conceptual arguments, such as ‘transparency fallacy’ or ‘impression management’, and mixed empirical evidence. Therefore, we investigate this relationship in the revelatory case of initial public offerings, which represent the first sale of common stock to the wider public. IPOs are characterised by strong information asymmetry between firm insiders and society, while at the same time (...) suffering from uncertainty in firm legitimacy, culminating in amplified financial risks for both issuers and investors in aftermarket trading. Using data from the United States, we demonstrate that voluntary ESG disclosure reduces idiosyncratic volatility and downside tail risk and higher ESG ratings have lower associated firm-specific volatility and downside tail risk during the first year of trading in the aftermarket. We provide theoretical arguments for the relationships observed, suggesting that companies striving for ESG performance and communicating their efforts signal their compliance with sustainability-related norms, thus acquiring and upholding a societal license to operate. ESG performance and disclosure help companies build their reputation capital with investors after going public. We also report that ESG disclosure is a more consistent proxy for ex-ante uncertainty as an indicator of aftermarket risk, thereby replacing some of the more conventional measures, such as firm age, offered in the existing literature. (shrink)

The authors propose the integrity capacity construct with its four dimensions (process, judgment, development and system dimensions) as a framework for analyzing and resolving behavioral, moral and legal complexity in business ethics' issues at the individual and collective levels. They claim that moral progress in business comes about through the increase in stakeholders who regularly handle moral complexity by demonstrating process, judgment, developmental and system integrity capacity domestically and globally.

According to information asymmetry theory and stakeholder theory, this article explores the impact and mechanism of environmental, social, and governance information disclosure on the company’s future stock price crash risk based on the A-share listed companies from 2010 to 2019. We find that ESG information disclosure significantly reduces the company’s future stock price crash risk. This conclusion remains robust after a series of robustness tests, such as PSM-DID. The heterogeneity analysis shows that the negative relationship between ESG disclosure and stock (...) price crash risk is more significant in state-owned enterprises, companies with higher agency costs, and when companies in the bull market. The mechanism is that companies choose to disclose ESG information to alleviate information asymmetry problems and enhance corporate reputation capital, thus reducing the future stock price crash risk. This article shows that strengthening ESG construction will help improve the efficiency of China’s resource allocation and promote the capital market development. (shrink)

In recent years, firms have greatly increased the amount of resources allocated to activities classified as Corporate Social Responsibility (CSR). While an increase in CSR expenditure may be consistent with firm value maximization if it is a response to changes in stakeholders' preferences, we argue that a firm's insiders (managers and large blockholders) may seek to overinvest in CSR for their private benefit to the extent that doing so improves their reputations as good global citizens and has a "warm-glow" effect. (...) We test this hypothesis by investigating the relation between firms' CSR ratings and their ownership and capital structures. Employing a unique data set that categorizes the largest 3000 U. S. corporations as either socially responsible (SR) or socially irresponsible (SI), we find that on average, insiders' ownership and leverage are negatively related to the firm's social rating, while institutional ownership is uncorrelated with it. Assuming that higher CSR ratings is associated with higher CSR expenditure level, these results support our hypothesis that insiders induce firms to over-invest in CSR when they bear little of the cost of doing so. (shrink)

Hayek's reputation has gone through a remarkable cycle. An eminent exponent of the Austrian theory of business cycles in the 1930s, he was worsted in the controversy over Keynes' _Treatise on Money_. Following this defeat, Hayek retreated into capital theory, an esoteric branch of economics in which few economists then took an active interest. He gave up economics altogether after the war and turned to psychology, political philosophy, philosophy of law and the history of ideas. However, in 1974 (...) he won the Nobel Prize and returned to mainstream economics as a leading critic of Keynesianism and an advocate of free banking as the answer to inflation. Today Hayek reigns supreme as the kind of moral philosopher and political economist that economics has not seen since Adam Smith. Also forthcoming in this series is _Paul A. Samuelson, 2nd Series_. (shrink)

Definitions and distinctions -- Classification -- Of the ends of punishment -- Cases unmeet for punishment -- Expense of punishment -- Measure of punishment -- Of the properties to be given to a lot of punishment -- Of analogy between crimes and punishment -- Of retaliation -- Popularity -- Simple afflictive punishments -- Of complex afflictive punishments -- Of restrictive punishments--territorial confinement -- Imprisonment -- Imprisonment--fees -- Imprisonment examined -- General scheme of imprisonment -- Of other species of territorial confinement--quasi-imprisonment--relegation--banishment (...) -- Of simply restrictive punishments -- Of active or laborious punishment -- Capital punishment -- Capital punishment examined -- Punishment analyzed -- Of the punishments belonging to the moral sanction -- Forfeiture of reputation -- Of pecuniary forfeitures -- Forfeiture of condition -- Forfeiture of the protection of the law -- Naturally extravasting punishment--rules concerning it -- Punishment apparently, but not really, mis-seated--civil responsibility -- Mis-seated punishment, varieties of -- Vicarious punishment -- Transitive punishment -- Disadvantages of this mode of punishment -- Collective punishment -- Random punishment -- Cause of the frequency of mis-seated punishment -- Inconveniences of complex punishments -- Of transportation -- Panopticon penitentiary -- Felony -- Of præmunire -- Outlawry -- Excommunication -- Choice of punishment--latitude to be allowed to the judges -- Of subsidiary punishments -- Of surety for good conduct -- Defeazance of punishment. (shrink)

Kojin Karatani wrote the essays in _History and Repetition_ during a time of radical historical change, triggered by the collapse of the Cold War and the death of the Showa emperor in 1989. Reading Karl Marx in an original way, Karatani developed a theory of history based on the repetitive cycle of crises attending the expansion and transformation of capital. His work led to a rigorous analysis of political, economic, and literary forms of representation that recast historical events as (...) a series of repeated forms forged in the transitional moments of global capitalism. _History and Repetition_ cemented Karatani's reputation as one of Japan's premier thinkers, capable of traversing the fields of philosophy, political economy, history, and literature in his work. The first complete translation of _History and Repetition_ into English, undertaken with the cooperation of Karatani himself, this volume opens with his innovative reading of _The Eighteenth Brumaire of Louis Bonaparte_, tracing Marx's early theoretical formulation of the state. Karatani follows with a study of violent crises as they recur after major transitions of power, developing his theory of historical repetition and introducing a groundbreaking interpretation of fascism (in both Europe and Japan) as the spectral return of the absolutist monarch in the midst of a crisis of representative democracy. For Karatani, fascism represents the most violent materialization of the repetitive mechanism of history. Yet he also seeks out singularities that operate outside the brutal inevitability of historical repetition, whether represented in literature or, more precisely, in the process of literature's demise. Closely reading the works of Oe Kenzaburo, Mishima Yukio, Nakagami Kenji, and Murakami Haruki, Karatani compares the recurrent and universal with the singular and unrepeatable, while advancing a compelling theory of the decline of modern literature. Merging theoretical arguments with a concrete analysis of cultural and intellectual history, Karatani's essays encapsulate a brilliant, multidisciplinary perspective on world history. (shrink)

The mystery does not always end when the crime has been solved. Indeed, the most insolvable problems of crime and punishment are not so much who committed the crime, but how to see that justice is done. Now, in this illuminating volume, one of America's great legal thinkers, Norval Morris, addresses some of the most perplexing and controversial questions of justice in a highly singular fashion--by examining them in fictional form, in what he calls "parables of the law." The protagonist (...) of these stories, the figure who must see that justice is done, is Eric Blair, a name familiar to most readers: it's the real name of George Orwell. In fact, Morris has set his tales in the time and place of Orwell's famous essay, "Shooting an Elephant," in Moulmein, Burma, in the 1920s. What might seem a curious strategy at first glance--borrowing Orwell's persona to narrate these tales--is actually a brilliant stroke. For in Eric Blair we have an ideal narrator to highlight the complexities of justice: an untrained police lieutenant and junior magistrate, uncertain of judgement--and all the more likely to anguish over judgement, and to examine every facet of a case before deciding. And in 1920s Moulmein we have a neutral time and space in which to consider--free of our own political, religious, or social prejudices--a set of contemporary legal and moral questions that rarely find so calm an arena. And these stories certainly address some highly charged issues--capital punishment, insanity as a murder defense, the "battered wife syndrome" as a murder defense, child custody, "parental neglect" due to religious conviction--to name a few. In each tale, Norval Morris excels at placing Blair at the center of a controversy that has no easy answer, and that he and he alone must decide. In the title story, for instance, a retarded boy, whose only understanding of sex comes from the brothel in which he works, accidentally murders a young girl while raping her, his only defense being "Please sir, I paid her." Blair can see that the boy doesn't realize that he has committed a crime, but both the Burmese and the European community of Moulmein demand the boy's execution. Does capital punishment make sense in such an instance? Does it ever make sense? To broaden our understanding of these intricate cases, Morris concludes each story with a perceptive and often provocative commentary on each issue. After "Brothel Boy," for instance, Morris points out that no reputable study has ever shown capital punishment to be an effective deterrent to future murders, and more surprisingly, that paroled murderers commit proportionately fewer homicides than paroled felons who used a firearm in the commission of their crime. Norval Morris is one of America's foremost experts on crime and punishment, and the stories collected here represent the culmination of a lifetime of thought on the major criminal law debates of our time. A reader of these tales will come away with a deeper understanding of these debates and with a profound respect for the intricacies of justice and the complexity of the law. (shrink)

The emergence of environmental governance practices raises a fundamental question as to whether they are substantive or symbolic. Toward that end, we analyze the relationship between a firm’s environmental governance and its environmental management as reflected in its ultimate outcome, environmental performance. We posit that substantive practices would bring changes in organizations, most notably in terms of improved environmental performance, whereas symbolic practices would portray organizations as environmentally committed without making meaningful changes to their operations. Focusing on a sample of (...) environmentally sensitive firms, results are consistent with environmental governance mechanisms being predominantly part of a symbolic approach to manage stakeholder perceptions on environmental management, having little substantial impact on organizations. Statistical analyses show mostly that there is no relation between environmental governance mechanisms and environmental performance, measured in terms of regulatory compliance, pollution prevention, and environmental capital expenditures. However, there is some indication that environmental incentives are associated with pollution prevention. Interviews with corporate directors shed further light on these results by underlining that environmental governance mechanisms are employed at the board level to protect the organization from reputational and/or regulatory harm, but are not necessarily intended to proactively improve environmental performance. (shrink)

This volume of The Writings and Speeches of Edmund Burke continues the story of Edmund Burke, the Rockingham party in British politics, and the American crisis. By 1774 Burke was already recognized as a master of parliamentary debate and an accomplished writer. By 1780, however, his reputation was to have risen substantially. Probably the most important single reason was his Speech on Conciliation with America, which was presented to the House of Commons in March 1775, published, and circulated to (...) a wide audience on both sides of the Atlantic. In that speech, Burke used the full force of his intellect and eloquence to set out the Rockinghams' first comprehensive plan for achieving lasting peace in the Empire. The public commendation he received helped him to gain recognition for offerings such as his second conciliation proposal in November 1775, and his Letter to the Sheriffs of Bristol in 1777. It also gave him some of the confidence he needed to announce the Whig party's historic conversion to a moderate reform programme in his celebrated speeches on economical reform in 1779 and 1780. Numerous writings and speeches in this volume are transcriptions of previously unpublished manuscripts from the collections at Sheffield and Northampton. These allow the reader new insights into the workings of Burke's mind not just in relation to the major political issues, but also to a multitude of engaging subjects such as education, capital punishment, religious dissent, and the return of the Rockingham Whigs to government power. (shrink)

We seek insights into potential benefits for firms adopting strategies to improve business sustainability in a carbon-constrained future. We investigate whether lenders incorporate a firm’s exposure to carbon-related risk into lending decisions through the cost of financing, and if so, importantly whether firms can mitigate the penalty by demonstrating an awareness of their carbon risks. We use a sample of 255 firm-year observations from eight industries over the period 2009–2013. We measure carbon-related risk exposure as the firm’s historical carbon emissions (...) and our primary measure of carbon risk awareness is based on the firm’s willingness to respond to the Carbon Disclosure Project survey. We document a positive association between cost of debt and carbon risk for firms failing to respond to the CDP. Further, this association is economically meaningful, with a one standard deviation increase in carbon risk mapping into between a 38 and 62 basis point increase in the cost of debt. Equally, we find that this penalty is effectively negated for firms exhibiting carbon risk awareness. Our results are robust when we consider alternate measures of carbon awareness—disclosure through alternative medium to the CDP and firms’ annual cash investment in new capital assets using “cleaner” technology. Our results highlight not only the importance of carbon awareness as a business strategy for polluting firms, but also its importance to lenders exposed to their clients’ default and reputational risk. The debt market appears to incorporate historical carbon emissions and forward-looking indicators of carbon performance. (shrink)

We highlight how Corporate Social Responsibility can be strategically used against the negative perception from earnings management. Using international data, we analyse the effect of CSR and EM on the cost of capital and corporate reputation. Results confirm that CSR strategy is positively valued by investors and other stakeholders. Contrary to EM, CSR has a positive effect on corporate reputation and lowers the cost of capital. In addition, we also find that the favourable effect of CSR (...) on cost of capital is consistently more intense in firms that show signs of EM indicating that the market does not identify when CSR practices are used as a strategy to mask EM. We also demonstrate how institutional factors influence the above relationship. (shrink)

This paper shows how John R. Commons’ analysis of a firm’s goodwill value gives analytical support to Professor Amartya Sen’s contention (BEQ, 1993) that business ethics makes economic sense. A firm’s market value consists of the value of both tangible and intangible capital, including the goodwill value of ongoing customer relations. If a firm is to defend its goodwill value, it needs to have the protection of the courts and to pursue ethical practices. The courts defend fair competition by (...) giving protection from unethical competitors while the firm defends its reputation with honest dealings.By implication, firms which depend on ongoing customer relations will tend to engage in more ethical business practices than firms which do not. Even a firm which makes a mistake that compromises its product’s safety may reduce the loss of goodwill value over time by admitting the mistake early rather than hiding it.Also by implication, the transition from a command socialist economy to a market economy cannot be made instantaneously since trust, reputation, and these ongoing customer relations-key institutions of market economics-cannot be generated instantaneously. (shrink)

This paper shows how John R. Commons’ analysis of a firm’s goodwill value gives analytical support to Professor Amartya Sen’s contention (BEQ, 1993) that business ethics makes economic sense. A firm’s market value consists of the value of both tangible and intangible capital, including the goodwill value of ongoing customer relations. If a firm is to defend its goodwill value, it needs to have the protection of the courts and to pursue ethical practices. The courts defend fair competition by (...) giving protection from unethical competitors while the firm defends its reputation with honest dealings.By implication, firms which depend on ongoing customer relations will tend to engage in more ethical business practices than firms which do not. Even a firm which makes a mistake that compromises its product’s safety may reduce the loss of goodwill value over time by admitting the mistake early rather than hiding it.Also by implication, the transition from a command socialist economy to a market economy cannot be made instantaneously since trust, reputation, and these ongoing customer relations-key institutions of market economics-cannot be generated instantaneously. (shrink)

For the Byzantine Empire, at the end of the first quarter of the 11thcentury, a new period starts, which in the historiography opinion is generalized as the period of the rule of bureaucratic aristocracy of the capital city. This covers the period 1025-1081, which was characterized by disintegration in the state system and failures in the field of internal and foreign politics. The political crisis at its beginning did not appear clearly, because bureaucratic aristocracy came to power following the (...) thriving period that Byzantine Empire had experienced until then, known as the golden age of the empire. After a calm developmental beginning, the period commenced to be characterized by some developments of decentralizing character. Heirs of the then Byzantine Emperor, Basil II. could not resist enough the separatist movements of feudal and military leaders. Despite these trends towards weakening and separatism, Empire reached that thanks to Komnena dynasty to successfully withstand the challenges that were created by Seljuk Turks and Norman Crusaders. It partially reclaimed its former reputation to continue with the political existence for some more centuries. In these developments, the Byzantine Emperors were supported or often were objected by the non-Byzantine feudal elements that in various cases came from Albania, Bulgaria, Rasha and Zeta. (shrink)

This article offers a case study on the social role of a charismatic shaykh, Abū Bakr al-Mawṣilī (d. 797/1394), in fourteenth-century Damascus and Jerusalem, and on the way he established his saintly reputation and accumulated cultural capital. Based mainly on a to-date unstudied manuscript written by the shaykh’s grandson, it analyzes how the shaykh managed to pass this capital on to his offspring and how they formalized, institutionalized, and consolidated his ṭarīqa into a stable social organization, with (...) the Mawṣilī household at its center, which, although never spreading outside of Greater Syria, continued to flourish locally for centuries. (shrink)

The most striking advances in the knowledge of human anatomy and physiology that the world had ever known—or was to know until the seventeenth century A.D.—took place in Hellenistic Alexandria. The city was founded in 331 B.C. by Alexander the Great. After the tatter's death in 323 B.C. and the subsequent dissolution of his empire, it became the capital of one of his generals, Ptolemy, son of Lagus, who established the Ptolemaic dynasty there. The first Ptolemy, subsequently named Soter (...) , and his son Ptolemy Philadelphus , became immensely enriched by their exploitation of Egypt and raised the city to a position of great wealth and magnificence. Anxious to enhance both their own reputation and the prestige of the kingdom, they sought to rival the cultural and scientific achievements not only of other Hellenistic rulers but even of Athens herself. Their patronage of the arts and sciences, coupled with their establishment of the Museum , together with the Library, made the city the centre of Hellenistic culture. Philosophers, mathematicians, astronomers, artists, poets and physicians were all encouraged to come and work there. (shrink)

SummaryThis paper explores the interactions between scientific travel, politics, instrument making and the epistemology of scientific instruments in Napoleon's Europe. In the early 1800s, the German astronomer Franz Xaver von Zach toured Italy and Southern France with instruments made by G. Reichenbach in his newly-established Bavarian workshop. I argue that von Zach acted as a broker for German technology and science and that travel, personal contacts and direct demonstrations were crucial in establishing Reichenbach's reputation and in conquering new markets. (...) The rise of German instrument making highlights the complexity of the scientific relationship between the centre and the peripheries in Napoleon's empire, and reveals the existence of diverging views on the role of instruments and of their makers. In von Zach's view, Reichenbach's instruments could not penetrate the French market because Parisian astronomers focused on mathematical astronomy and, for both political and epistemological reasons, dismissed instruments and material innovations from the peripheries. The German astronomer and his Italian colleagues, on the contrary, regarded Reichenbach's technical achievements as outstanding contributions to astronomy, and considered the political and cultural hegemony of the capital as a hindrance to the advancement of science. (shrink)

Organizational virtue orientation (OVO), an organizational-level construct, refers to the integrated set of beliefs and values that support ethical character traits and virtuous behaviors. To advance the study of organizational virtue, we examine OVO in firms making their initial public offerings (IPOs), with respect to key external stakeholders that serve as financial intermediaries (i.e., venture capital firms and underwriting banks). Drawing on stakeholder and resource dependence theories, we argue that mutual interdependencies occur between financial intermediaries and IPO firms such (...) that venture capital firms’ ownership levels and underwriter reputation are positively associated with the selection of more virtuous IPO firms. We also argue for the moderating relationship of IPO firm age on these main relationships; since IPO firms have more history and information availability, less importance will be placed on OVO in the selection process. In support of our hypotheses, the results of this study suggest the organizational virtue of IPO firms influences the selection decisions of financial intermediaries by reflecting positively on these key stakeholders to improve legitimacy and reputation. (shrink)

Contemporary transnational migration has given rise to a new ideology and semiotics of the foreign body – one that draws on the cognitive field of the primitive, marked, and abjected body. This foreign body is carefully differentiated from both the sphere of the local/national, and the “expatriate” professional who by virtue of economic and cultural capital is desired and assimilated into the local sphere. An aspiring cosmopolitan and global city-state like Singapore shows this semiotic differentiation to quite a marked (...) degree, in the policies and discourses of barely-tolerated and abjected foreign workers whose racially-marked bodies are highlighted by typologies of violence, disease, sexuality, and mob assemblies. The semiotics of the foreign body in Singapore is also evident in other racial-cultural fissures elsewhere, including in countries with multicultural reputations such as Australia, and countries like the U.S., U.K. and France that are struggling to cope with large migrant communities of Middle-Eastern and South Asian peoples. (shrink)

Journalism and Science: the Importance of Marx’s Practice of Journalism for his Critique of Political Economy. Already in his lifetime, Marx earned himself a reputation, even fame, as a leading financial and economic journalist. From 1850 to 1868, he wrote nearly a hundred newspaper articles dealing with all sorts of economic and financial topics. His work as an economic journalist is closely related to his ongoing work on the “critique of political economy”: A lot of the material he collected (...) and studied for his articles was used for his economic manuscripts as well. Many of the topics mentioned but not systematically treated in his many (unfinished) manuscripts pertaining to CAPITAL have been analyzed in his newspaper articles. Some of them are brilliant little essays on crises, on financial markets, on the capitalist world economy. The close links between Marx’ journalism and his work on the critique of political economy are exemplified with respect to several topics: the impact of factory legislation, world market, world trade and colonialism (imperialism), monetary theory and monetary politics (bank legislation), the theory and history of crises and cycles and – last but not least – public finance (and its critique). (shrink)

Summary The article examines unofficial imperial nicknames, sobriquets and appellatives, from Octavian Augustus to Julian the Apostate, in the light of traditions of Roman political humour, and argues that in the political field during the Principate there were two co-existing competing modes of emperors’ naming: along with an official one, politically loyal, formalised and institutionally legitimised, there existed another – unofficial, sometimes oppositional and even hostile towards individual emperors, frequently licentious, humorously coloured and, in this regard, deeply rooted in Roman (...) Republican traditions of political humour. Many of the known imperial nicknames and appellatives belong to a specific kind of folklore and express popular public opinion. They survived for us because of ancient authors’ interest in using such material for their literary and ideological intentions, particularly to express better the individual characteristics of the historical personages. But, for the very same purposes, Greek and Roman writers could invent some names and sobriquets, following special rhetorical and moralising principles, or mere love of ridicule. All in all, most imperial nicknames, both authentic and made-up, reveal a rather good quality of humour and mockery constructed by expressive linguistic devices and various rhetorical tropes. An apt derisive nickname marked anti-values, mocked the ruler’s badness and could vilify his reputation to the extreme, stigmatise his personality, or else become a widely-used quasi-cognomen. Many nicknames and appellatives were of ephemeral, ad hoc nature, their sense and effect largely dependent on the particular context; but, taken as a whole, they demonstrate the possible scope of and common trends in naming practice. The political system of the Principate and its very atmosphere of hypocrisy did promote double meaning and double thinking reflected in the double system of the rulers’ nomenclature. Imperial nicknames were a counter-hegemonic transcript and a weapon in the struggle for symbolic capital. All the efforts which many emperors took to control their nomina were ultimately powerless against the strength of the inevitable humorous counter-naming by the ruled. (shrink)

The government debt portfolio is usually the largest financial portfolio in the country. It often contains complex and risky financial structures and can generate significant risk to the state budget and the country’s financial stability. Therefore, governments are required to have sound risk management and sound public debt structures to limit exposure to market risk, debt financing or rolling risk, liquidity risk, credit, settlement and operational risk. In recent years, the debt market crises have highlighted the importance of sound public (...) debt management practices and related risks, and the need for an effective and well-developed domestic capital market. This may reduce the vulnerability of the economy to adverse economic and financial shocks. However, it is also important for the government to maintain a macroeconomic policy that ensures sound fiscal and monetary management. The aim of the research is to present the theoretical and practical aspects of extremely important issues such as public debt management and to indicate the most important implications for the financial stability of the country on the example of the Polish economy. The study uses a research method based on literature studies in the field of macroeconomics, economic policy and finance, as well as statistical analysis of the studied phenomenon. Results of research indicate that effective public debt management can reduce the economy’s vulnerability to financial threats, contribute to the financial stability of the country, maintain debt stability and protect the government’s reputation among investors. (shrink)

This paper explores the interactions between scientific travel, politics, instrument making and the epistemology of scientific instruments in Napoleon's Europe. In the early 1800s, the German astronomer Franz Xaver von Zach toured Italy and Southern France with instruments made by G. Reichenbach in his newly-established Bavarian workshop. I argue that von Zach acted as a broker for German technology and science and that travel, personal contacts and direct demonstrations were crucial in establishing Reichenbach's reputation and in conquering new markets. (...) The rise of German instrument making highlights the complexity of the scientific relationship between the centre and the peripheries in Napoleon's empire, and reveals the existence of diverging views on the role of instruments and of their makers. In von Zach's view, Reichenbach's instruments could not penetrate the French market because Parisian astronomers focused on mathematical astronomy and, for both political and epistemological reasons, dismissed instruments and material innovations from the peripheries. The German astronomer and his Italian colleagues, on the contrary, regarded Reichenbach's technical achievements as outstanding contributions to astronomy, and considered the political and cultural hegemony of the capital as a hindrance to the advancement of science. (shrink)