Extending the literature on social capital development in the community, this article examines the impact of diverse social interactions on the development of social trust in the workplace, and investigates whether their effects differ in individualistic and collectivistic cultures. Using survey data collected in Canada and China, the authors find that the diversity of one’s social interactions in the community is positively associated with one’s social trust in the workplace, and this relationship is not significantly different between the two cultures. (...) Diversity of one’s social interactions in the workplace is also positively associated with one’s social trust in the workplace, though only in collectivistic cultures. (shrink)

In this study, we examine the empirical association between corporate social responsibility and information asymmetry by investigating their simultaneous and endogenous effects. Employing an extensive U.S. sample, we find an inverse association between CSR engagement and the proxies of information asymmetry after controlling for various firm characteristics. The results hold using 2SLS considering the reverse side of information asymmetry influencing CSR activities. The results also hold after mitigating endogeneity based on the dynamic panel system generalized method of moment. Furthermore, the (...) CSR–information asymmetry relation is amplified in high-risk firms due to managers’ efforts to build a good reputation. Last, we find that CSR engagement is inversely associated with reputational risk measure and lower predicted value of reputational risk is positively associated with lower information asymmetry measures. We interpret these results as supporting the stakeholder theory-based, reputation-building explanation that considers CSR engagement as a vehicle to build and maintain firm reputation thereby enhancing the information environment. (shrink)

Background: The prevalence of sedentary behavior in adolescents has aroused social attention. The association between sedentary behavior and cognitive flexibility remains unclear, and it may vary depending on the type of sedentary behavior. This study aimed to investigate the associations between specific-type sedentary behaviors and cognitive flexibility in adolescents.Method: A total of 700 Chinese adolescents aged 10–15 years were recruited. The self-report questionnaire was used to assess total sedentary time, recreational screen-based sedentary time, and educational sedentary time. The More-odd shifting (...) task was used to assess cognitive flexibility.Results: The correlation analysis showed that recreational screen-based sedentary time was negatively correlated with cognitive flexibility, whereas educational sedentary time was positively correlated with cognitive flexibility. The regression analysis also further revealed that a significantly negative association between recreational screen-based sedentary time and cognitive flexibility, while a significantly positive association existed between educational sedentary time and cognitive flexibility.Conclusion: The findings shown that the association between recreational screen-based sedentary behavior and cognitive flexibility differs from educational sedentary behavior in adolescents, providing new ideas for a more comprehensive understanding of the association between sedentary behavior and cognitive flexibility in adolescents. (shrink)

In a society dominated by Confucian ethics, a spirit of Confucian public morality can be seen in the Confucian debate over publicness and privateness, but it is usually activated in circumstances of large ethical crisis. Confucian theory mainly uses ethical relationships to create self and social identities, causing problems of identification in the public life and hindering the expression of moral feelings and actions, thus revealing a weakness in public morality. This is a space that Confucianism has not yet been (...) able to cover, and also where it has room for growth. (shrink)

Workforce diversity has received increasing amounts of attention from academics and practitioners alike. In this article, we examine the empirical association between a firm’s workforce diversity and the degree of religiosity of the firm’s management by investigating their unidirectional and endogenous effects. Employing a large and extensive U.S. sample of firms from the years 1991–2010, we find a positive association between a measure of the firm’s commitment to diversity and the religiosity of the firm’s management after controlling for various firm (...) characteristics. In addition, after controlling for endogeneity with the dynamic panel generalized method of moment, we still find a positive association between the firm’s diversity and management’s religiosity. We interpret these results as supportive of the religious motivation explanation that views the firm as a human community and considers religion as a factor that influences managers to more positively embrace diversity. Our results, however, provide no support for the resource-constraint hypothesis that views the firm as a nexus of contracts and sees managers as aiming to maximize shareholder returns under resource constraints that force them to invest only in projects that have a positive net present value and reject diversity initiatives since these do not have a positive NPV. (shrink)

Short-term traffic flow prediction is an effective means for intelligent transportation system to mitigate traffic congestion. However, traffic flow data with temporal features and periodic characteristics are vulnerable to weather effects, making short-term traffic flow prediction a challenging issue. However, the existing models do not consider the influence of weather changes on traffic flow, leading to poor performance under some extreme conditions. In view of the rich features of traffic data and the characteristic of being vulnerable to external weather conditions, (...) the prediction model based on traffic data has certain limitations, so it is necessary to conduct research studies on traffic flow prediction driven by both the traffic data and weather data. This paper proposes a combined framework of stacked autoencoder and radial basis function neural network to predict traffic flow, which can effectively capture the temporal correlation and periodicity of traffic flow data and disturbance of weather factors. Firstly, SAE is used to process the traffic flow data in multiple time slices to acquire a preliminary prediction. Then, RBF is used to capture the relation between weather disturbance and periodicity of traffic flow so as to gain another prediction. Finally, another RBF is used for the fusion of the above two predictions on decision level, obtaining a reconstructed prediction with higher accuracy. The effectiveness and robustness of the proposed model are verified by experiments. (shrink)

This paper sheds light on the incongruent findings concerning the relationship between family involvement and firms’ corporate social responsibility. While prior studies have mainly taken the perspective of families’ socioemotional wealth preservation, we approach this relationship from the perspective of behavioral agency theory, highlighting the important role played by CEOs’ family memberships. Specifically, we posit that family firms are more likely to invest in CSR when their CEOs are members of the controlling families. Furthermore, we examine how family firms can (...) employ long-term incentives to encourage non-family CEOs to act in the interests of the controlling families to preserve SEW and thus enhancing family firms’ CSR performance. We tested our hypotheses using hand-collected data of family firms included in the S&P 500 index, in the period of 2003–2010. The empirical findings support our hypotheses that family firms with family members as the CEOs have better CSR performance and family firms tend to provide a high level of long-term incentives to non-family than family CEOs. In addition, long-term incentives strongly motivate CEOs to improve firms’ CSR performance, regardless of their family memberships. (shrink)

The purpose of the startup approach is to find an appropriate course of action that adds value to the economy’s development. This study is aimed to determine the effect of the lean startup approach with mediating effect of business coaching to foster innovative work behavior in women entrepreneurs. Additionally, the study also examines the moderating effect of age on the lean startup approach and innovative work behavior. A quantitative approach was employed. The findings show that the relationship between the lean (...) startup approach and innovative work behavior is significant. Moreover, the findings also revealed a significant mediating effect of business coaching and moderating effect of age. This research encourages practitioners and scholars to deal with women entrepreneurship incubation initiatives in the lean startup methodology. Furthermore, this study also leads to a deeper understanding of women’s ideas for business exploration, growth, and implementation. The study contends that guidelines and directives are critical for creative entrepreneurial behavior. (shrink)

This study aimed to explore the linking mechanisms and conditional processes underlying the relationship between proactive behavior and work-family conflict. Considering the conservation of resources theory, we argue that workplace anxiety mediates the relationship between proactive behavior and work-family conflict. Furthermore, we suggest that immediate supervisor perspective taking and employee emotional intelligence moderate this proposed indirect effect. Two-wave, multisource lagged data were collected from 450 employees of seven domestic Chinese firms to examine the hypothesized moderated mediation model. Our findings support (...) the hypothesis that proactive behavior is positively related to work-family conflict and that workplace anxiety partially mediates this relationship. Immediate supervisor perspective taking moderates the positive association of proactive behavior with workplace anxiety and the indirect relationship between proactive behavior and work-family conflict through workplace anxiety. Emotional intelligence moderates the positive association of proactive behavior with workplace anxiety and the indirect relationship between proactive behavior and work-family conflict through workplace anxiety. The results deepen our theoretical understanding of the consequences of proactivity by demonstrating the positive associations between proactive behavior and work-family conflict. The current study also contributes to the literature by identifying workplace anxiety as a mediating mechanism explaining the relationship between proactivity and work-family conflict. Furthermore, supervisor perspective taking and employee emotional intelligence moderate the above mediating effect. (shrink)

The purpose of this research is to investigate the associations of internal and external support mechanisms with entrepreneurial success, in the context of China's entrepreneurial sector from network theory perspective. The role of digital technology, as a moderator, has also been analyzed. Data has been obtained from 500 entrepreneurs in Jiangsu, a province in China. All hypotheses were tested using structural equation modeling. It has been found that family support, business partner support, community support and external stakeholder relationships have positive (...) effects on entrepreneurial success. It has also been discovered that digital technology adoption strengthens the positive relationship between business partner support and entrepreneurial success. Theoretical and practical implications have been highlighted and future research suggestions have been provided. (shrink)

This paper presents an integrated approach to plan smooth path for robots docking in unknown environments with obstacles. To determine the smooth collision-free path in obstacle environment, a tree structure with heuristic expanding strategy is designed as the foundation of path planning in this approach. The tree employs 3D Dubins curves as its branches and foundation for path feasibility evaluation. For the efficiency of the tree expanding in obstacle environment, intermediate nodes and collision-free branches are determined inspired by the elastic (...) band theory. A feasible path is chosen as the shortest series of branches that connects to the docking station after the sufficient expansion of the tree. Simulation results are presented to show the validity and feasibility of the proposed approach. (shrink)

《一代直聲百年盡瘁：梁簌溟鄉村建設運動研究》系統梳理了20世紀30年代梁漱溟主持的山東鄉村建設實驗的相關內容，以及不同時期相關實踐者和學者對其鄉村建設實驗進行的各種討論和爭議，試圖全方位挖掘梁漱溟鄉建 思想與實踐的深層學術價值和現實借鑒意義，冀望對今天的農村現代化建設和農村改革，尤其是“三農”問題的解決和優化提供有益的借鑒。.

本書是由崔大華生前撰寫的53篇文章、6篇專著序言以及20篇在三聯書店出版的《讀書》雜誌上隨筆文章彙集而成，凝結了他一生的主要研究成果。綜觀這些文章的內容，其對中國歷史哲學問題的研究有許多真知灼見，在中 國傳統文化道德衰退的今天，其對中國傳統哲學的認識有著很好的借鑒意義。比如，儒道對印度佛教和西方基督教滲入中國的影響，傳統倫理道德對當代人類行為的借鑒，莊子思想對中國文學的發展等。.

The issue of management’s relations to the environment has received a significant amount of attention in the literature on corporate social responsibility. Yet the influence of religion on managers’ environmental decisions has until now remained unexamined despite its known importance. In this article, we examine the empirical association between religion—primarily Christianity—and the environmental practices a firm’s management undertakes by investigating their OLS, principal component, simultaneous, and endogenous effects. Employing a large and extensive U.S. sample, we find a negative association between (...) the environmental practices initiated by a firm’s managers and the religiosity of the surrounding community, after controlling for various firm and demographic characteristics. In addition, after mitigating endogeneity with the dynamic system generalized method of moment, we still find an inverse association between religiosity and environmental-friendly decisions of management. We interpret these results as providing some support for the “dominion hypothesis” that claims Christian beliefs discourage environmental concern, but not for the “stewardship hypothesis” that implies that Christianity encourages people to “exercise a responsible stewardship over nature.” Nevertheless, additional analysis shows Christian groups differ significantly in how each influences managers’ environmental decisions. (shrink)

ABSTRACT:We examine whether religion influences company decisions related to corporate community involvement. Employing a large US sample, we show that the CCI initiatives of a company are positively associated with the level of Christian religiosity present in the region within which that company’s headquarters is located. This association persists even after we control for a wide range of firm characteristics and after we subject our results to several econometric tests. These results support our religious morality hypothesis which holds that companies (...) headquartered in regions with higher levels of Christian religiosity will engage in more CCI initiatives. We also find that while Catholic and mainline Protestant religiosity have a positive influence on firms’ CCI initiatives, evangelical Protestant religiosity does not. This supports our differentiated responses hypothesis which holds that institutional differences among religious groups will produce different effects on companies’ CCI. This hypothesis is based on institutional theory. (shrink)

The World Bank recently noted: “Social license to operate has traditionally referred to the conduct of firms with regard to the impact on local communities and the environment, but the definition has expanded in recent years to include issues related to worker and human rights”. In this paper, we examine a factor that can influence the kind of work conditions that can facilitate or obstruct a firm’s attempts to achieve the social license to operate. Specifically, we examine the empirical association (...) between a company’s employee practices and the religiosity of its local community by investigating their fixed and endogenous effects. Using a large and extensive U.S. sample, we find a positive association between the “employee friendly” practices of a firm and the religiosity of the local community after controlling for several firm characteristics. In addition, after mitigating endogeneity with the dynamic panel system generalized method of moment and after employing several other econometric tests, we still find a robust positive association between the religiosity of the local community and employee-friendly practices. Since recent research has shown that the firm’s treatment of its stakeholders is a key to achieving an SLO, and since employees constitute a highly significant stakeholder group, we interpret our results as supporting the view that religion is an important influence on the kinds of employee practices that can increase the likelihood that a firm will acquire the SLO. (shrink)

Inspired by Shalev’s model of loss aversion, we investigate the effect of loss aversion on a bimatrix game where the payoffs in the bimatrix game are characterized by triangular fuzzy variables. First, we define three solution concepts of credibilistic loss aversion Nash equilibria, and their existence theorems are presented. Then, three sufficient and necessary conditions are given to find the credibilistic loss aversion Nash equilibria. Moreover, the relationship among the three credibilistic loss aversion Nash equilibria is discussed in detail. Finally, (...) for2×2bimatix game with triangular fuzzy payoffs, we investigate the effect of loss aversion coefficients and confidence levels on the three credibilistic loss aversion Nash equilibria. It is found that an increase of loss aversion levels of a player leads to a decrease of his/her own payoff. We also find that the equilibrium utilities of players are decreasing as their own confidence levels when players employ the optimistic value criterion. (shrink)

Previous studies have found Forsyth’s Ethical Position Questionnaire (EPQ) to vary between countries, but none has made a systematic evaluation of its psychometric properties across consumers from many countries. Using confirmatory factor analysis and multi-group LISREL analysis, this paper explores the factor structure of the EPQ and the measurement equivalence in five societies: Austria, Britain, Brunei, Hong Kong and USA. The results suggest that the modified scale, measuring idealism and relativism, was applicable in all five societies. Equivalence was found across (...) Britain, Brunei and USA, but the original scale cannot be used validly. (shrink)

Previous studies have found Forsyth’s Ethical Position Questionnaire (EPQ) to vary between countries, but none has made a systematic evaluation of its psychometric properties across consumers from many countries. Using confirmatory factor analysis and multi-group LISREL analysis, this paper explores the factor structure of the EPQ and the measurement equivalence in five societies: Austria, Britain, Brunei, Hong Kong and USA. The results suggest that the modified scale, measuring idealism and relativism, was applicable in all five societies. Equivalence was found across (...) Britain, Brunei and USA, but the original scale cannot be used validly. (shrink)

Resumo: A China promove ativamente a prosperidade comum e resolve a contradição do desequilíbrio do desenvolvimento. A capitalização tornou-se o pano de fundo da prosperidade comum. Como entender as mudanças na conotação da prosperidade comum e seus fatores de influência, no contexto da capitalização, tornou-se o tema deste artigo. Acredita-se que o desequilíbrio entre ativos e renda do trabalho e a nova forma de geração de valor são as razões pelas quais a prosperidade comum é difícil de alcançar. A fim (...) de provar a racionalidade dessa conclusão, este artigo examina a questão da capitalização a partir da perspectiva crítica da economia política marxista e toma o caso de capitalização da China como um exemplo para explorar os desafios práticos e os desafios ideológicos enfrentados pela prosperidade comum. Este texto analisa uma nova forma de fetichismo - a essência do fetichismo financeiro introduz o conceito de valor narrativo e revela a distorção e a erosão do valor do fetichismo financeiro sobre os valores das pessoas e o mistério do valor narrativo. (shrink)

The Confucian idea of “ ming 命 (destiny)” holds that in the course and culmination of human life, there exists some objective certainty that is both transcendent and beyond human control. This is a concept of ultimate concern at the transcendental theoretical level in Confucianism. During its historical development, Confucianism has constantly offered humanist interpretations of the idea of “destiny”, thinking that the transcendence of “destiny” lies inherently within the qi endowment and virtues of human beings, that the certainty of (...) “destiny” is in essence contingency at the beginning of life and linear irreversibility towards its end, and that to live in light of ethics and physical rules — having a “commitment to human affairs” — means putting “destiny” into practice. As all these facts show, the Confucian ultimate concern regarding human life is full of rational awareness. (shrink)

This study chooses Chinese athletes as the research object and constructs the overall network of its social support network and discussion network. From the micro-, meso-, and macrolevels of the social network structure, the structure and characteristics of the athlete’s overall social network are analyzed. Through research, we found that there is embeddedness, that is, the relevance, between society support networks, between society discussion networks, and between society support networks and society discussion networks. At the same time, in the athletes’ (...) social support network and social discussion network, some athletes have no contact with other players; they have no “power” in the group as well, so it is difficult to obtain network resources. We also found that there are small-world characteristics in the social network of Chinese professional athletes. The above findings will provide a deeper understanding of the peculiarities of athlete groups and have certain practical significance for improving athletes’ daily training and life management conditions. (shrink)

BackgroundUp-to-date information about the trends of age-related hearing loss and how this varies between countries is essential to plan for an adequate health-system response. Therefore, this study aimed to assess the research hotpots and trends in ARHL and to provide the basis and direction for future research.Materials and methodsThe Web of Science Core Collection database was searched and screened according to the inclusion criteria during 2002–2021. Bibliometric analyses were conducted by CiteSpace software and VOSviewer software.ResultsThe query identified 1,496 publications, which (...) showed a growth trend of this filed. These publications were from 62 countries, the United States of America showed its tremendous impact on this field in publication outputs, total citations, and international collaborations, China following in second. The Journal of Hearing Research was the most productive journal. Weijia Kong published the most papers, and the most productive institution was Washington University. The keyword “presbycusis” ranked first in research frontiers and appeared earlier, and the keywords “age-related hearing loss,” “risk,” “dementia,” “auditory cortex,” “association,” and “decline” began to appear in recent years.ConclusionThe annual number of publications has grown rapidly in the past two decades and will continue to grow. Epidemiological investigation and laboratory research are lasting hot spots, besides future research will focus on the association between ARHL and cognitive decline, dementia, and Alzheimer’s disease. (shrink)

ObjectiveTo explore the effect of modified constraint-induced movement therapy on upper limbs residual dysfunction for infancy with the sequelas of unilateral brachial plexus injury.MethodsSingle blind randomized controlled trial of mCIMT vs. standard care. An enrolling 31 infants with a uBPI exhibiting residual dysfunction of the affected upper limb for over 6 months was conducted. And functional outcomes pertaining to the affected upper limb were assessed via AMS, GRES, RHS, and MSS at 0, 3, and 6 months after treatment.ResultsNo differences were (...) found in baseline AMS, MSS, GRES, or RHS between the control and mCIMT groups [F = 0.062, P = 0.086; F = 0.483, P = 0.499; F = 0.272, P = 0.610; Z = −0.336, P = 7.373]. At the 3- and 6-month follow-up time points, AMS, MSS, and GRES scores were significantly improved over baseline in both groups [mCIMT: F = 183.750, 128.614, 110.085, P < 0.05; Control: F = 204.007, 75.246, 51.070, P < 0.05]. No significant differences were found between two treatment groups at the 3-month follow-up time point [F = 0.565, P = 0.465; F = 0.228, P = 0.641; F = 0.713, P = 0.413; Z = −0.666, P = 0.505]. However, at the 6-month follow-up time point, AMS and MSS scores were significantly improved in the mCIMT group relative to the control group [F = 8.077, P = 0.013; F = 18.692, P = 0.001].ConclusionmCIMT may benefit the rehabilitation of residual upper limb dysfunction associated with a uBPI in infants.Clinical Trial Registration[www.chictr.org.cn], identifier [ChiCTR1900022119]. (shrink)

Pay equity is not only a manifestation of social behavior but also a reflection of gender attitude. In view of the close interactions between pay equity, gender attitude and cultural value, it is necessary to examine the social-psychological connotations behind the pay equity concept and to seek its theoretical basis and support at the philosophical level. By examining the main ideas in Chinese philosophy, this paper claims that traditional Chinese culture contains rich connotations related to the pay equity concept and (...) the pursuit of gender equality. These ideas can not only shape implicit nondiscriminatory gender attitudes but also inhibit the male superiority and intergroup prejudice through the self-regulation mechanism. The collision between traditional ideological insights and the modern pluralistic society will certainly promote the renewal of gender equity and concomitant changes in social attitude and employment behavior. (shrink)

The Iowa Gambling Task (IGT) simulates uncertain gains and losses in real life situations and thus is a good measure of uncertain decision making. The role of working memory (WM) in IGT performance still remains unclear. The present study aimed to examine the effect of WM on IGT performance. Three groups of participants matched on gender ratio were randomly assigned to no WM load, low WM load, and high WM load conditions. Initially the three groups did not show significant difference (...) in WM capacity. They finished a modified version of IGT and then their implicit learning effect and explicit cognition on IGT were assessed. Results indicated a linear increasing trend of IGT performance among high WM load, low WM load and no WM load groups; participants in the no WM load and low WM load groups revealed implicit learning effect, while participants in the high WM load group did not; all participants showed explicit cognition on IGT to the same level. These results suggested that participants in the high WM load group showed good explicit cognition to IGT but showed poor performance. This pattern is similar to frontal patients. Further studies should be conducted to explore this issue. (shrink)

This study examines the influence of Christian religion on corporate decisions related to human rights in the United States. Specifically, it examines the empirical association between a company's human rights practices and the Christian religiosity in its local community, as well as individual CEO religiosity in the United States, both of which have not been tested in prior studies. Employing a large sample from the United States, we find a congruent association between the “human rights friendly” practices of a company (...) and the Christian religiosity of the local community. This novel finding is robust to a diverse set of tests. In addition, we find that the association between Christian religiosity in the United States and human rights is more significant in reducing human rights concerns, than it improves human rights strengths. This study interprets these results as upholding the religious morality hypothesis, namely, that companies located in areas with higher religiosity are likely to engage in more human rights-friendly practices, and the United States. Christians consider religion as an influencing factor that encourages managers to embrace human rights. Furthermore, this study finds that individual religious managers tend toward more human rights-friendly practices, supporting our religious manager hypothesis. (shrink)

An interesting phenomenon called “hidden opportunity cost of time effect” was detected in intertemporal choices. The majority of our participants preferred the smaller but sooner (SS) option to the larger but later (LL) option if opportunity cost was explicit. However, a higher proportion of participants preferred the LL to SS option if opportunity cost was hidden. This shift violates the invariance principle and opens a new way to encourage future-oriented behavior. By simply mentioning the ‘obvious’ opportunity cost of alternatives, decision (...) makers can be more informed in prioritizing their long-term goals rather than short-term goals. (shrink)

Understanding the neural basis of schizophrenia (SZ) is important for shedding light on the neurobiological mechanisms underlying this mental disorder. Structural and functional alterations in the anterior cingulate cortex (ACC), dorsolateral prefrontal cortex (DLPFC), hippocampus, and medial prefrontal cortex (MPFC) have been implicated in the neurobiology of SZ. However, the effective connectivity among them in SZ remains unclear. The current study investigated how neuronal pathways involving these regions were affected in first-episode SZ using functional magnetic resonance imaging (fMRI). Forty-nine patients (...) with a first-episode of psychosis and diagnosis of SZ—according to the Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition, Text Revision—were studied. Fifty healthy controls (HCs) were included for comparison. All subjects underwent resting state fMRI. We used spectral dynamic causal modeling (DCM) to estimate directed connections among the bilateral ACC, DLPFC, hippocampus, and MPFC. We characterized the differences using Bayesian parameter averaging (BPA) in addition to classical inference (t-test). In addition to common effective connectivity in these two groups, HCs displayed widespread significant connections predominantly involved in ACC not detected in SZ patients, but SZ showed few connections. Based on BPA results, SZ patients exhibited anterior cingulate cortico-prefrontal-hippocampal hyperconnectivity, as well as ACC-related and hippocampal-dorsolateral prefrontal-medial prefrontal hypoconnectivity. In summary, spectral DCM revealed the pattern of effective connectivity involving ACC in patients with first-episode SZ. This study provides a potential link between SZ and dysfunction of ACC, creating an ideal situation to associate mechanisms behind SZ with aberrant connectivity among these cognition and emotion-related regions. (shrink)

This study examines the impact of corporate social responsibility activities on insider trading. While opponents of insider trading claim that the buying or selling of a security by insiders who have access to non-public information is illegal, proponents argue that insider trading improves economic efficiency and fairness when corporate insiders buy and sell stock in their own companies. Based on extensive U.S. data of insider trading and CSR engagement, we find that both the number of insider transactions and the volume (...) of insider trading are positively associated with CSR activities.We also find that legal insider transactions are positively related to CSR engagement even after controlling for potential endogeneitybias and various firm characteristics. Furthermore, our evidence suggests that firms perceive adjustment to CSR dimension of product as being efficient, while adjustment to diversity and environmental CSR as being inefficient. Our results of bad and illegal insider trading proxies are consistent with the interpretation that firms with high CSR ratings do not attempt to engage in unethical or bad insider trading in a significant fashion. Combined together, we consider our empirical evidence supportive of the fairness and efficiency explanation, but not the unfairness and inefficiency hypothesis. (shrink)