This study comparatively examines the dividends behavior in state-controlled firms versus family-controlled firms. With the sample of large industrial firms listed on the Main Board of Hong Kong Stock Exchange, we investigate the dividends payment rates, stability of dividends payment, the effects of firm size, profitability and growth opportunity on likelihood to pay dividends, as well as the concentration of dividend in state-controlled versus family-controlled firms. Based on the findings, we derive some ethical implications of dividends policy regarding the (...) differences in business ethical behavior, corporate social responsibility, corporate governance, business sustainability, and shareholder activism in state-controlled versus family-controlled firms, as well as the improvement in these respects through cross-listing in Hong Kong. (shrink)

This Article investigates the determinants of dividend policy in firms with concentrated ownership structures. A review of the empirical literature shows that dividend payout ratios are lower in firms with controlling shareholders. We explain this finding as a consequence of the legal rules governing cash distributions, which leave the dividend decision in the hands of the firm insiders, and the lack of monitoring mechanisms for checking the power of controlling shareholders. The analysis of the empirical evidence on (...) dividend policy points to the existence of an unresolved agency conflict between controlling shareholders and outside investors. We conclude that controlling shareholders are currently using the dividend policy to expropriate minority shareholders. (shrink)

Hobbes thinks that people who submit to government can not only hope for, but actually experience, something they recognize as a good life. The good life involves the exercise of harmless liberty—activity that the sovereign should not prohibit. The exchange of harmless liberty in the commonwealth for ruthless self-protection in the state of nature is what might be called Hobbes's peace dividend: the liberty of ordinary citizens to buy, sell, choose, and practice a trade as a source of income, (...) and the liberty to keep some of the proceeds if the state does not need resources for public protection. (shrink)

Hobbes thinks that people who submit to government can not only hope for, but actually experience, something they recognize as a good life. The good life involves the exercise of harmless liberty—activity that the sovereign should not prohibit. The exchange of harmless liberty in the commonwealth for ruthless self-protection in the state of nature is what might be called Hobbes's peace dividend: the liberty of ordinary citizens to buy, sell, choose, and practice a trade as a source of income, (...) and the liberty to keep some of the proceeds if the state does not need resources for public protection. (shrink)

This article seeks to contribute to the literature on corporate governance with particular focus on state-owned enterprises (SOEs). We put our analysis into the context of Russian SOEs operating in an economy with a high level of the state presence, and investigate the relationship between board characteristics and the dividend policy of SOEs. Specifically, we add to the studies on corporate governance in emerging markets by consideration of professional attorneys, a special category of mandated directors and a unique feature (...) of boards of Russian SOEs. We analysed a panel of 1,226 firm-year observations for 2009-2012, the specific period of incremental innovations in SOEs' governance. Generally, our results support the agency theory and demonstrate that an increase in the proportion of independent directors and professional attorneys and an increase in the dividend payouts occur simultaneously, while the proportion of executives on the board is negatively related to the payout ratio. (shrink)

How do societies improve over time? This paper demonstrates one means through which the independent actions of individuals can produce country-level social change. We explain how institutional governance norms, specifically those surrounding rule of law, are transmitted to developing countries through migrants and their remittances. We develop and test an empirical model using a panel dataset of 49 developing countries from 2001-2010. Results suggest that migrants and their remittances matter, but their impact depends on where both reside abroad. Developing countries (...) that suffer a “brain drain” may in some cases be compensated with a social gain. (shrink)

This study analyzes the influence of behavioral foundation factors and corporate strategic behavior on the formulation of corporate dividend policy. We use the Logit model and the OLS model for estimating the empirical model. The year- and industry-fixed effects are controlled in the model. We consider the behavioral foundations in three dimensions-ambiguity aversions, risk aversion, and loss aversion. The results show firms with high ambiguity or high risk infrequently pay dividends but firms with loss-averse behavior tend to pay dividends. (...) This paper also provides evidence that a firms’ business strategy influences its corporate dividend policy. Aggressive firms inhibit the payout of dividends. In additional tests, we find the results remain unchanged in those firms with high corporate governance or high growth opportunities. (shrink)

Pogge’s proposal for a Global Resources Dividend (GRD) has been criticized because its likely effects would be less predictable than Pogge supposes and could even be counterproductive to the main aim of relieving poverty. The GRD might also achieve little with respect to its secondary aim of promoting environmental protection. This article traces the problems to Pogge’s inadequate conception of natural resources. It proposes instead to conceive of natural resources in terms of ‘ecological space’. Using this conception, redistributive principles (...) follow with a more definite logic from Pogge’s own supporting moral argument. The proposed alternative approach also promises a more direct contribution to Pogge’s secondary aim of resource conservation and environmental protection. I conclude that if any redistributive resource-based tax should be levied on nations, then there are at least four decisive reasons to favour levying a tax related to a nation’s per capita utilization of ecological space rather than the GRD. (shrink)

This paper considers what liberal philosopher Michael Sandel coins the ‘moral limits of markets’ in relation to the idea of paying people for data about their biometrics and emotions. With Sandel arguing that certain aspects of human life (such as our bodies and body parts) should be beyond monetisation and exchange, others argue that emerging technologies such as Personal Information Management Systems can enable a fairer, paid, data exchange between the individual and the organisation, even regarding highly personal data about (...) our bodies and emotions. With the field of data ethics rarely addressing questions of payment, this paper explores normative questions about data dividends. It does so by conducting a UK-wide, demographically representative online survey to quantitatively assess adults’ views on being paid for personal data about their biometrics and emotions via a Personal Information Management System, producing a data dividend, a premise which sees personal data through the prism of markets and property. The paper finds diverse attitudes based on socio-demographic characteristics, the type of personal data sold, and the type of organisation sold to. It argues that (a) Sandel’s argument regarding the moral limits of markets has value in protecting fundamental freedoms of those in society who are arguably least able to (such as the poor); but (b) that contexts of use, in particular, blur moral limits regarding fundamental freedoms and markets. (shrink)

European Journal of Philosophy, Volume 30, Issue 2, Page 488-502, June 2022.

We find that if all countries adopt the necessary uniform global carbon tax and then return the revenues to their citizens on an equal per capita basis, it will be possible to meet a 2 °C target while also increasing wellbeing, reducing inequality and alleviating poverty. These results indicate that it is possible for a society to implement strong climate action without compromising goals for equity and development.

최근 ‘모두의 몫을 모두에게’라는 구호로 집약되는 공유부 배당 기본 소득론이 한국에서 기본소득 찬성 진영의 대표적인 주장으로 받아들여지고 있다. 하지만 이에 대한 문제 제기가 기본소득 찬성 진영은 물론 반대 진영으로부터도 본격적으로 이뤄진 적은 없다. 이 연구는 공유부 배당 기본소득론의 철학적 정당화 방식과 논리 구조의 모순과 한계를 다양한 각도에서 짚어보고, 현실의 정책 구현 과정에서 나타날 수 있는 잠재적인 문제들을 살펴보는 것을 목적으로 한다. 이러한 비판적 검토는 전제와 결론이 사실상 같은 동어반복의 오류, 자연적 공유부 규정의 임의성, 인공적 공유부의 측정 불가능성, 빅데이터 공유부 규정의 (...) 난점, 공유부와 기본소득의 결합에 내적 필연성이 있는가의 문제, 그리고 시민권 개념의 확장에 기초한 공화주의 기본소득론의 정당화 논리 비판의 한계 등의 순서로 모두 여섯 가지 측면에서 이루어진다. 이러한 비판적 문제 제기는 기본소득에 대한 기존의 정당화 논의를 재평가하는 기회를 제공함으로써 기본소득 논의의 활성화에 기여할 것으로 기대된다. (shrink)

A uniform carbon tax with equal per capita dividends is usually advocated as a cost-effective way of reducing greenhouse gas (GHG) emissions without increasing, and in many cases even reducing, economic inequality, in particular because of the positive balance between the carbon taxes paid by the worse off and the carbon dividends they receive back. In this article, I argue that a uniform carbon tax reform is unjust regardless of how the revenue is used, because it does not discourage the (...) rich from indulging in wasteful emissions. This is at odds with a normative account of the distribution of the GHG budget that I define as emissions limitarianism, which is a climate derivative of economic limitarianism. Emissions limitarianism holds that, under low GHG budget conditions, emissions permits should not be used to achieve functionings that over-consume the GHG budget without producing significant welfare gains relative to the achievement of alternative functionings. Accordingly, I argue that a uniform carbon tax should be complemented by a limitarian carbon tax, which restricts the capabilities of the rich to achieve wasteful emission-generating functionings. The article adopts a methodological multi-level perspective on capabilities as a measure of welfare, distinguishing between basic, secondary and tertiary capabilities. (shrink)

We introduce values for rooted-tree and sink-tree digraph games axiomatically and provide their explicit formula representation. These values may be considered as natural extensions of the lower equivalent and upper equivalent solutions for line-graph games studied in van den Brink et al. (Econ Theory 33:349–349, 2007). We study the distribution of Harsanyi dividends. We show that the problem of sharing a river with a delta or with multiple sources among different agents located at different levels along the riverbed can be (...) embedded into the framework of a rooted-tree or sink-tree digraph game correspondingly. (shrink)

I examine how reforming our international tax regime could be an important vehicle by which we can begin to realize global justice. For instance, eliminating tax havens, tax evasion, and transfer pricing schemes are all important to ensure accountability and to support democracies. I argue that the proposals concerning taxation reform are likely to be more effective in tackling global poverty than Thomas Pogge's global resources dividend because they target some of the central issues more effectively. I also discuss (...) many particular proposals for global taxes that have already been floated and implementation prospects and successes. (shrink)

Two of the greatest challenges facing humanity are environmental degradation and the persistence of poverty. Both can be met by instituting a Global Resources Dividend (GRD) that would slow pollution and natural-resource depletion while collecting funds to avert poverty worldwide. Unlike Hillel Steiner's Global Fund, which is presented as a fully just regime governing the use of planetary resources, the GRD is meant as merely a modest but widely acceptable and therefore realistic step toward justice. Paula Casal has set (...) forth various ways in which this step might be improved upon. Solid counter-arguments can be given to her criticisms and suggestions. But to specify the best (effective and realizable) design of an appropriate global institutional mechanism with some confidence, economists, political scientists, jurists, environmental scientists, and activists would need to be drawn in to help think through the immense empirical and political complexities posed by this urgent task. (shrink)

Populations in developed societies are rapidly aging: fertility rates are at all-time lows while life expectancy creeps ever higher. This is triggering a social crisis in which shrinking youth populations are required to pay for the care and retirements of an aging majority. Some people argue that by investing in the right kinds of lifespan extension technology – the kind that extends the healthy and productive phases of life – we can avoid this crisis (thereby securing a ‘longevity dividend’). (...) This chapter argues that this longevity dividend is unlikely to be paid if lifespan extension coincides with rampant technological unemployment. This does not mean that we should not pursue lifespan extension, but it does mean that the argument in its favor needs to rest on other grounds. After articulating these grounds, the chapter proceeds to consider the implications this has for our vision of the extended life, postwork utopia. It argues that this vision may need to be reconceived and suggests that one plausible reconception involves prioritizing the role of games in the well-lived life. (shrink)

The exploitation of human by human is a globally pervasive phenomenon. Slavery, serfdom, and the patriarchy are part of its lineage. Guest and sex workers, commercial surrogacy, precarious labour contracts, sweatshops, and markets in blood, vaccines or human organs, are some contemporary manifestations of exploitation. What makes these exploitative transactions unjust? And is capitalism inherently exploitative? This book offers answers to these two questions. In response to the first question, it argues that exploitation is a form of domination, self-enrichment through (...) the domination of others. On the domination view, exploitation complaints are not, fundamentally, about harm, coercion or unfairness. Rather, they are about who serves whom and why. Exploitation, in a word, is a dividend of servitude: the dividend the powerful extract from the servitude of the vulnerable. In response to the second question, the book argues that this servitude is inherent to capitalist relations between consenting adults; capital just is monetary title to control over the labour capacity of others. It follows that capitalism, the mode of production where capital predominates, is an inherently unjust social structure. (shrink)

The existence and importance of supervenience principles for identity across times and worlds have been noted, but insufficient attention has been paid to their precise nature. Such attention is repaid with philosophical dividends. The issues in the formulation of the supervenience principles are two. The first involves the relevant variety of supervenience: that variety is global, but there are in fact two versions of global supervenience that must be distinguished. The second involves the subject matter: the names “identity over time” (...) and “identity across worlds” are misnomers, for in neither case is identity at issue. The philosophical dividends then follow. Nathan Salmon’s argument that identity over time needs no “grounds” in matters of qualitative fact can be answered, as can an argument offered by many, that coincident objects would require objectionably ungrounded differences in identities across times and worlds. (shrink)

Firms use algorithms to make important business decisions. To date, the algorithmic accountability literature has elided a fundamentally empirical question important to business ethics and management: Under what circumstances, if any, are algorithmic decision-making systems considered legitimate? The present study begins to answer this question. Using factorial vignette survey methodology, we explore the impact of decision importance, governance, outcomes, and data inputs on perceptions of the legitimacy of algorithmic decisions made by firms. We find that many of the procedural governance (...) mechanisms in practice today, such as notices and impact statements, do not lead to algorithmic decisions being perceived as more legitimate in general, and, consistent with legitimacy theory, that algorithmic decisions with good outcomes are perceived as more legitimate than bad outcomes. Yet, robust governance, such as offering an appeal process, can create a legitimacy dividend for decisions with bad outcomes. However, when arbitrary or morally dubious factors are used to make decisions, most legitimacy dividends are erased. In other words, companies cannot overcome the legitimacy penalty of using arbitrary or morally dubious factors, such as race or the day of the week, with a good outcome or an appeal process for individuals. These findings add new perspectives to both the literature on legitimacy and policy discussions on algorithmic decision-making in firms. (shrink)

This article examines the reproduction of gendered workplace inequalities through in-depth interviews with female-to-male transsexuals. Many FTMs enter the workforce as women and then transition to become men, an experience that can provide them with an “outsider-within” perspective on the “patriarchal dividend”—the advantages men in general gain from the subordination of women. Many of the respondents in this article find themselves, as men, receiving more authority, reward, and respect in the workplace than they received as women, even when they (...) remain in the same jobs. The author argues that their experiences can make the underpinnings of gendered workplace disparities visible and help illuminate how structural disadvantages for women are reproduced in workplace interactions. As tall, white FTMs see more advantages than short FTMs and FTMs of color, these experiences also illustrate how men's gender advantages at work vary with characteristics such as race/ethnicity and body structure. (shrink)

This article is devoted to analysing the ethical commitments underlying research methodology on “brain drain” and leading participants in the public debate to deny the human right of emigration for skilled persons. Here, we identify five such commitments : to consequentialism, prioritarianism and nationalism, we add sedentarism and elitism. Based on this analysis, we argue that even though the emigration of the most talented would be a loss for the country of origin, this loss is not sufficient to require that (...) migrants themselves compensate it – either by tax payments (e.g. Bhagwati’s tax proposal) or by not exercising their right to emigrate. Moreover, to interpret public investment in education as the source of migrants’ further obligations to their country is to view education rather as a source of dividends than an access to opportunity that present generations owe to futures ones. (shrink)

Children bring intuitive arithmetic knowledge to the classroom before formal instruction in mathematics begins. For example, children can use their number sense to add, subtract, compare ratios, and even perform scaling operations that increase or decrease a set of dots by a factor of 2 or 4. However, it is currently unknown whether children can engage in a true division operation before formal mathematical instruction. Here we examined the ability of 6- to 9-year-old children and college students to perform symbolic (...) and non-symbolic approximate division. Subjects were presented with non-symbolic or symbolic dividends ranging from 32 to 185, and non-symbolic divisors ranging from 2 to 8. Subjects compared their imagined quotient to a visible target quantity. Both children and adults were successful at the approximate division tasks in both dots and numeral formats. This was true even among the subset of children that could not recognize the division symbol or solve simple division equations, suggesting intuitive division ability precedes formal division instruction. For both children and adults, the ability to divide non-symbolically mediated the relation between Approximate Number System acuity and symbolic math performance, suggesting that the ability to calculate non-symbolically may be a mechanism of the relation between ANS acuity and symbolic math. Our findings highlight the intuitive arithmetic abilities children possess before formal math instruction. (shrink)

The popularity of ‘food sovereignty’ to cover a range of positions, interventions, and struggles within the food system is testament, above all, to the term’s adaptability. Food sovereignty is centrally, though not exclusively, about groups of people making their own decisions about the food system—it is a way of talking about a theoretically-informed food systems practice. Since people are different, we should expect decisions about food sovereignty to be different in different contexts, albeit consonant with a core set of principles. (...) In this paper we look at the analytical points of friction in applying ideas of food sovereignty within the context of Indigenous struggles in North America. This, we argue, helps to clarify one of the central themes in food sovereignty: that it is a continuation of anti-colonial struggles, even in post-colonial contexts. Such an examination has dividends both for scholars of food sovereignty and for those of Indigenous politics: by helping to problematize notions of food sovereignty and postcoloniality, but also by posing pointed questions around gender for Indigenous struggles. (shrink)

InWorld Poverty and Human Rights, Thomas Pogge presents a range of attractive policy proposals—limiting the international resource and borrowing privileges, decentralizing sovereignty, and introducing a “global resources dividend”—aimed at remedying the poverty and suffering generated by the global economic order. These proposals could be motivated as a response topositive dutiesto assist the global poor, or they could be justified onconsequentialistgrounds as likely to promote collective welfare. Perhaps they could even be justified onvirtue-theoreticgrounds as proposals that a just or benevolent (...) person would endorse. But Pogge presents them as a response to the violation ofnegative duties; this makes the need for such remedial policies especially morally urgent—on a par with the obligations of killers to take measures to stop killing.In this essay, I focus on the claim that responsibility for world poverty should be conceived in terms of a violation of negative duties. I follow Pogge in distinguishing two questions (p. 134): What kind of duties (positive or purely negative?) would we be subject to in a just global society where everyone fulfilled their duty and there was no significant risk of injustice? And what kind of duties (positive or purely negative?) do we face given that our global society falls short of the just society?I tackle these questions in reverse order below. I argue, in contrast to Pogge, that positive duties are relevant to our answers to both questions. (shrink)

De 1683 a 1694, Antoine Arnauld et Nicolas Malebranche, anciens amis et pretres que leur interet pour Descartes, leur reverence pour Augustin et leur commune inquietude face au libertinage semblaient pourtant destiner a s'entendre, polemiquerent violemment. En insistant sur l'aspect philosophique de ces debats, cet ouvrage propose la premiere interpretation d'ensemble de cette celebre confrontation. Y a-t-il de serieuses raisons philosophiques au desaccord entre Arnauld et Malebranche? Leur determination permet-elle d'eclairer certains aspects du malebranchisme? Existe-t-il une philosophie d'Antoine Arnauld et (...) peut-on en preciser les contenus? Ces trois questions centrales conduisent au point de fuite de ce travail: l'impuissance theologique du cartesianisme est-elle congenitale, ou bien peut-on tirer des dividendes theologiques de la philosophie cartesienne sans en faire jouer les structures et en modifier les concepts fondamentaux? (shrink)

Background:Policemen all over the world are tasked with the heavy work of maintaining social security. With the imbalance in mentality brought about by high population density and social transformation, the work of the Chinese police is particularly hard. As the window of demographic dividend is closing and the number of newborns is insufficient, China has started to adjust its established fertility policy to encourage a family to have two children. However, the results have not met the expectations of the (...) policy adjustment. It is generally believed that factors such as high work pressure, high parenting costs, and low levels of happiness may be the main reasons for low fertility intentions. Studying this typical population of police officers may explore the relationship between work stress, happiness, and reproductive concerns, and provide evidence of Chinese sample.Objectives:To explore the relations between job burnout, subjective well-being, and generativity concern in Chinese police officers.Methods:The study used a cross-sectional survey to collect data from 494 police officers from H city in China. The participants completed the Maslach Burnout Inventory (MBI), the Family Adaptability and Cohesion Scale (FACESII), the Loyola Generativity Scale (LGS), and the Satisfaction with life scale (SWLS). Moderated mediation effect models assessed the association between job burnout, subjective well-being, and generativity concern.Results:Job burnout had a significant negative predictive effect on both subjective well-being and generativity concern, and subjective well-being played a mediating role between job burnout and generativity concern. In addition, family intimacy and adaptability had a significant negative moderating effect between subjective well-being and generativity concern. In a conclusion, there is a moderated mediating effect between job burnout and generativity concern.Conclusion:Subjective well-being played a mediating role between job burnout and generativity concern. (shrink)

Thomas Pogge's Global Resources Dividend relies on a flat tax on the use of natural resources to fund the eradication of world poverty. Hillel Steiner's Global Fund taxes the full rental value of owned natural resources and distributes the proceeds equally. The paper compares the Dividend and the Fund and defends the Global Share, a novel proposal that taxes either use or ownership, does so (when possible) progressively, and distributes the revenue according to a prioritarian rather than a (...) sufficientarian or egalitarian principle. (shrink)

Central to Holmes Rolston’s Environmental Ethics is the theoretical quest of most enviromnental philosophers for a defensible concept of intrinsic value for nonhuman natural entities and nature as a whole. Rolston’s theory is similar to Paul Taylor’s in rooting intrinsic value in conation, but dissimilar in assigning value bonuses to consciousness and self-consciousness and value dividends to organic wholes andelemental nature. I argue that such a theory of intrinsic value flies in the face of the subject/object and fact/value dichotomies of (...) the metaphysical foundations of modem science—a problem Rolston never directly confronts. The modern scientific world view is obsolete. A post-modem scientific world view provides for a range of potential values in nature actualizable upon interaction with consciousness. The bestthat a modem scientific world view can provide are subject-generated—though not necessarily subject-centered—values in nature. (shrink)

The Durban Platform for Enhanced Action was adopted at the 2011 United Nations Framework Convention on Climate Change Conference (UNFCCC) in South Africa and one of the key achievements of the 2011 UN Conference was the agreement on and the launch of the Green Climate Fund. As the international community prepares for the 2012 UNFCC talks to start in Qatar in November-December 2012, the past history of global environmental and climate change financing issues as well as the role of finance (...) and investment in addressing global climate change will be examined in this article using the Green Climate Fund as a case study. While it is hard to be optimistic about the current international geo-political context and the policy success of the Durban Platform for Enhanced Action, the Green Climate Fund does represent a real opportunity to move forward on global climate governance and bring real economic and technological dividends to the developing world. (shrink)

Les prémisses d'une emprise technologique, dont on retrouve les premières traces dans l'Antiquité, ont, avec la grande industrialisation du XVIIIe siècle, renforcé une tendance systémique, dominatrice et exploitante sur les personnes, les sociétés et la nature. Au contraire de la voie essentiellement épanouissante que l'on était en droit d'attendre de cette source prodigieuse de connaissances et de moyens. Cette forme étouffante qu'est la technologie, devenue principale source de toutes les décisions, se saisit à la fois des pays industriellement évolués, quel (...) que soit le régime politique, tout comme des pays en voie de développement, à l'exemple de ceux d'Afrique. Une réalité que dénonce Herbert Marcuse, dont les écrits permettent de dévoiler tout l'artifice et la brutalité de cette société technicienne auréolée d'un capitalisme qui refuse de faire sa mue, confortée qu'elle est, dans les dividendes qu'elle ne cesse d'engranger, peu importe les chemins empruntés. Face au danger de la catastrophe constante vers lequel nous conduit ce système technologique, la stratégie de la lutte et les fruits qui pourraient résulter d'un changement de cap, sous la direction de la Théorie Critique marcusienne, sont exposés dans cet ouvrage. (shrink)

Central to Holmes Rolston’s Environmental Ethics is the theoretical quest of most enviromnental philosophers for a defensible concept of intrinsic value for nonhuman natural entities and nature as a whole. Rolston’s theory is similar to Paul Taylor’s in rooting intrinsic value in conation, but dissimilar in assigning value bonuses to consciousness and self-consciousness and value dividends to organic wholes andelemental nature. I argue that such a theory of intrinsic value flies in the face of the subject/object and fact/value dichotomies of (...) the metaphysical foundations of modem science—a problem Rolston never directly confronts. The modern scientific world view is obsolete. A post-modem scientific world view provides for a range of potential values in nature actualizable upon interaction with consciousness. The bestthat a modem scientific world view can provide are subject-generated—though not necessarily subject-centered—values in nature. (shrink)