Abstract:While a ubiquitous phenomenon, initial public offerings (IPOs) have received no attention in the ethics literature. We provide an overview of a series of potential conflicts of interest that pervade the IPO process. We also report the results of an empirical assessment of IPOs and those elements that may inform a substantive moral hazard faced by key players in the period prior to and just after an IPO.

Abstract:While a ubiquitous phenomenon, initial public offerings (IPOs) have received no attention in the ethics literature. We provide an overview of a series of potential conflicts of interest that pervade the IPO process. We also report the results of an empirical assessment of IPOs and those elements that may inform a substantive moral hazard faced by key players in the period prior to and just after an IPO.

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

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)

Chinese listed companies have a two-tier governance structure that comprises a supervisory board/committee and the board of directors. However, as there is no hierarchical relationship between them, the two boards are independent. This is different from the governance mechanism in Continental Europe in which the SB appoints the directors of the management board; in this sense, the Chinese two-tier governance structure is unique. We investigate the impact of governance characteristics and ownership structure on gender diversity of both the BoD and (...) the SB for a sample of 892 Chinese Initial Public Offerings floated in both the Shanghai and Shenzhen Stock Exchanges. We find that the average proportion of female directors and female SB members on the BoD and the SB are 10 and 22 %, respectively. Using both static and dynamic panel data methods, we find that there is no significant impact of board structure on gender diversity in China. However, we find a positive and significant relationship between SB size and gender diversity. We also find that the higher the state ownership, the lower the female representation on both boards. Finally, our findings show that there is a bi-directional relationship between financial performance and the proportion of female directors sitting on the BoD. (shrink)

Business Ethics, the Environment &Responsibility, EarlyView.

Sometimes, offering someone beneficial care is likely to thwart the similar or more serious medical needs of more people. For example, when acute shortage is strongly predicted to persist, providing the long period on scarce intensive care that a certain COVID‐19 patient needs is sometimes projected to block several future COVID‐19 patients from receiving the shorter periods on intensive care that they will need. Expected utility is typically higher if the former is denied intensive care. A tempting initial account (...) of such cases is that consequentialism supports denying care to that patient and nonconsequentialism supports providing that care. This paper argues that the consequentialist case is more complicated than it may initially seem and that nonconsequentialism sides more readily with denial of the beneficial treatment. It also shows that when denying it would directly enhance public health by a lot, either ethical approach would normally recommend denying it. Practical implications are discussed, including how to address conscientious objection to this shared recommendation. (shrink)

Some claim that “global health is public health” but most regard global health as a new field, rapidly emerging mostly at North American academic institutions . The term was first incorporated into University of California, San Francisco’s Institute for Global Health in 1999 and UCSF also inaugurated the first North American master of science in global health in 2009. Global health is commonly acknowledged to have historical precedents in tropical medicine and international health. All three fields are regarded as (...) having some overlapping and some distinctive features . One overlapping feature of all three is retaining traces of European and/or North American conquest, imperialism, and colonialism that create a legacy of ongoing ethical challenges for global health . One touted distinctive feature of global health is its .. (shrink)

Despite numerous initiatives and significant resource investment, violence remains a pervasive threat to public health. The burgeoning field of epigenetics may offer an exciting new possibility for violence prevention efforts by illuminating the mechanisms of gene-environment interactions. In particular, it may improve our ability to design more effective primary interventions, facilitate improved intervention tailoring, and better position communities to be active agents in their well-being. However, without attention to the distinction between awareness, self-efficacy, and agency, it risks encouraging (...) a false sense of individual accountability for violence, a perception that may perpetuate or increase existing inequities. Thus, embracing epigenetic insights in public health raises new opportunities but also new concerns. Ultimately, I argue public health should embrace epigenetics’ potential, but only with an equal commitment to state responsibility and systemic justice. (shrink)

This discussion offers a theoretical framework towards the discovery and amalgamation of conceptions within hard labor law and soft law initiatives which may spring from deliberately designed public-private initiatives as well as spontaneous market-driven responses. A case in defense of soft law is made for Malaysia on the basis of political realism. Agents of soft law initiatives are evaluated with a focus on public and private codes. I argue that for Malaysia, the stage is being set for divergent (...) regulatory approaches to labor, with differing consequences and outcomes. Some of these outcomes, as will be illustrated, may not be consciously designed but are likely to occur spontaneously. The focus of the discussion will be on the changing nature of labor norms in individual employment law, the advent of human rights reasoning and the interdependence of the organic forces in a particular jurisdiction that drive the labor agenda. The discussion concludes with an argument in praise of soft law as a viable agent for driving change in hard labor law, whilst maintaining its soft law character, thus contributing to the varieties of hybrid labor regulation. (shrink)

We investigate how a broker firm’s initial public offering affects its analysts’ fiduciary duty of providing independent and objective recommendations. We find that the analysts of newly listed broker firms issue more positively biased recommendations in the first 2 to 3 years after their employers’ IPO than before the IPO. The increase in the recommendation bias is greater among analysts of affiliated brokers and brokers that raise additional capital after their IPO than among other analysts. Newly listed broker (...) firms experience significant increases in revenue and trading commission, and the increases are positively related to recommendation bias, after controlling for many other factors. More importantly, recommendation bias decreases as newly listed broker firms season and as the importance of trading commission declines. This suggests that public exposure through a broker firm’s IPO does not enhance the integrity and professional conduct of its financial analysts. Rather, economic incentives make financial analysts more accepting of unethical behavior. The overall results imply that the public trading of financial gatekeepers compromises the ethical relationship between financial service professionals and society in general. (shrink)

ABSTRACT:Despite extensive research on organizational virtue, our understanding about factors that promote virtue within organizations remains unclear. Drawing on upper echelon theory, we examine the relationship between five top management team characteristics and organizational virtue orientation —the integrated set of values and beliefs that support ethical traits and virtuous behaviors of an organization. Specifically, we utilize prospectuses of initial public offering firms and 10-K post-IPO filings to explore how TMT composition with respect to member age, tenure, education, functional (...) background, and gender influences OVO. Additionally, we examine the moderating effects of organizational size, and argue that the more expansive structures and processes associated with larger organizations diminish the main relationships. Our findings, using two sources of data, are consistent, but somewhat mixed in their support for our hypotheses. Overall, TMT characteristics do appear to influence OVO, but in more complex and counterintuitive ways than initially expected. (shrink)

Knowledge of human uses of animals is an important, but understudied, aspect of how humans treat animals. We developed a measure of one kind of knowledge of human uses of animals – knowledge of factory farming. Studies 1 (N = 270) and 2 (N = 270) tested an initial battery of objective, true or false statements about factory farming using Item Response Theory. Studies 3 (N = 241) and 4 (N = 278) provided evidence that responses to a 10-item (...) Knowledge of Factory Farming Scale predicted a reduction in consumption of animal products (rs = −.17- −.27) and approval of political actions aimed at factory farming (rs = .2 – .24). Path models from Studies 3 and 4 suggested that different kinds of knowledge uniquely predicted different outcomes. The Knowledge of Factory Farming scale was a unique predictor of approval of political actions concerning factory farmed animals but not animal consumption. Knowledge of Animals Used as Food predicted animal consumption but not political actions concerning farmed animals. These results highlight that different kinds of knowledge can be relevant for different animal related outcomes. (shrink)

While other theorists have turned to Arendt’s analysis of statelessness and superfluity to consider questions of immigration, “illegality,” and the status of noncitizens, this essay argues that Arendt’s account of labor and her nonconsequentialist account of action offer a richer optic for considering the undocumented in the United States. To explore this claim, this essay constructs an alternate account of the nationwide demonstrations for immigrant rights that occurred in 2006. Rather than defining “success” in terms of replicability or immediate (...) legislative results, the author’s analysis of the 2006 protests emphasizes the significance of noncitizens laying claim to the public realm. Considering Michael Warner’s concept of counterpublics, the author argues that the demonstrations can be best understood as a moment of initiation and an inaugural performance of the political. Rereading Arendt’s notion of animal laborans, the essay concludes by exploring the limitations of noncitizens invoking labor as a way to gain civic standing. (shrink)

What happens when the scientific tradition of openness clashes with potential societal risks? The work of American toxic-exposure epidemiologists can attract media coverage and lead the public to change health practices, initiate lawsuits, or take other steps a study’s authors might consider unwarranted. This paper, reporting data from 61 semi-structured interviews with U.S. toxic-exposure epidemiologists, examines whether such possibilities shaped epidemiologists’ selection of journals for potentially sensitive papers. Respondents manifested strong support for the norm of scientific openness, but a (...) significant minority had or would/might, given the right circumstances, publish sensitive data in less visible journals, so as to prevent unwanted media or public attention. Often, even those advocating such limited “burial” upheld openness, claiming that less visible publication allowed them to avoid totally withholding the data from publication. However, 15% of the sample had or would, for the most sensitive types of data, withhold publication altogether. Rather than respondents explaining their actions in terms of an expected split between “pure science” and “social advocacy” models, even those publishing in the more visible journals often described their actions in terms of their “responsibility”. Several practical limitations (particularly involving broader access to scientific literature via the Internet) of the strategy of burial are discussed, and some recommendations are offered for scientists, the media, and the public. (shrink)

Over the past few decades, public anxiety about how people interact with science has spawned cycles of discourse across a wide range of media, public and private initiatives, and substantial research endeavors. National and international STEM (science, technology, engineering, and math) education initiatives and research have addressed how students interact with science and pursue careers in STEM fields. Researchers concerned with adult interaction with science have focused on factors that influence how citizens gather and interpret scientific knowledge and (...) form positions on scientific issues, applications, and/or policy in a politicized democratic milieu. Building from research on how the public interacts with science in and outside of formal education, this study focuses on attitudes toward science among students in 4th, 7th, and 10th grades and their parents. Little research to date has paired the STEM experiences of adults with their children. We find that the extent to which parents are positively oriented toward science significantly shapes their children’s attitudes toward science. Furthermore, between 7th and 10th grades, students with parents holding positive orientations toward science are more likely to sustain positive attitudes toward science. Since the foundation for most adults’ interactions with science develops in the K-12 environment, we demonstrate that the foundation, as expressed in adulthood, may directly affect the ways the next generation of students interacts with science. We offer insights into the importance of developing student learning into the social scientific research on public understanding of science and how important scientific issues of today interplay with society. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Publics, Counterpublics, and the Promise of DemocracyMelanie Loehwing and Jeff MotterTheories of publics and counterpublics remain as contested as the issues, identities, and politics they serve. Across the disciplinary spectrum, scholars turn to publics and counterpublics to help elucidate problems of inclusion and exclusion, projects of social justice, and the waning promise of democratic politics. Such work often enters the scholarly conversation at the points of contestation famously introduced (...) by Jürgen Habermas and Nancy Fraser: publics or counterpublics? While Fraser's influence in rhetorical studies usefully prompts us to think about challenges to dominant discourse, the particular sense in which democracy undergirds projects about publics lingers as a question in need of exploration and clarification. Many take Fraser's intervention as a corrective to the politically insufficient Habermasian theory found in The Structural Transformation of the Public Sphere (1991). We argue, however, for a return to the original point of theoretical contention in an effort to specify the different normative commitments of the two perspectives and reevaluate the role each envisions for rhetoric as a potentially democratic praxis.Many critics concur with Fraser in describing the normative commitments of the Habermasian theory of the public sphere as idealized or exclusionary, and as such, "the problem is not only that Habermas idealizes the bourgeois public sphere but also that he fails to examine other, nonliberal, [End Page 220] nonbourgeois, competing public spheres. Or rather, it is precisely because he fails to examine these other public spheres that he ends up idealizing the bourgeois public sphere" (Fraser 1997, 74). However, this position relies on a reading of Habermas that focuses on the particular historical examples he investigates, rather than the democratic potential he extends from such historical practices, however deficient critics may judge them to be. Nevertheless, the intervention initiated by Fraser and elaborated by rhetorical scholars compels us to consider in what ways advancing a normative justification of democracy grounded in specific historical practices asks markedly different questions than pursuing a realist project of scrutinizing "actually existing" political formations.Further, the role of rhetoric in rejuvenated democratic politics stands as an important component of public and counterpublic sphere scholarship, though little work beyond that of Robert Asen and Daniel Brouwer has been done to articulate the senses of rhetoric embraced by the two perspectives, or their compatibility with contemporary understandings of rhetoric as social praxis that constitutes the communities, ideologies, and citizenship of those it serves (Asen 2003; Asen and Brouwer 2003; Asen 2004; Brouwer 2006). It is our contention that while Fraser's vein of counterpublic scholarship asks how existing and future publics can be treated democratically, Habermasian public sphere theory inquires into the means by which publics create democracy, and this essay represents a first attempt at delineating the implications of adopting one perspective over the other.To do so, we begin by discussing Habermas's initial assessment of the shifts in political culture that lead to the reconstitution of publicity and authority in the bourgeois public sphere, as well as Fraser's critique of the Habermasian vision of the public sphere and the subsequent development of counterpublic scholarship. A comparison between the two allows us to consider what kind of function each imagines rhetoric to serve in the creation and maintenance of democratic culture. Moreover, the juxtaposition of these two theoretical perspectives prompts us to specify precisely what we refer to when we speak of rhetorical democracy and its relationship to public spheres, and we offer in the final section a preliminary discussion of how the specific problematic of publics and counterpublics sheds light on the broadly relevant theme of the intersections between democratic politics and rhetorical culture.Before proceeding, however, we want to note the long and troubled relationship scholars of rhetoric have had with Habermas's work. Given his sociological training and identifications with social scientific [End Page 221] disciplines, as well as his stated goal of extending the Enlightenment project (Habermas 1990), it should not come as much of a surprise that many rhetoricians find little reason to comb his vast writings for resources (though for notable exceptions to this tendency, see Goodnight 1992; Farrell 1993; Goodnight and Hingstman 1997; Hauser 1999... (shrink)

To improve the quality and efficiency of research, groups within the scientific community seek to exploit the value of data sharing. Funders, institutions, and specialist organizations are developing and implementing strategies to encourage or mandate data sharing within and across disciplines, with varying degrees of success. Academic journals in ecology and evolution have adopted several types of public data archiving policies requiring authors to make data underlying scholarly manuscripts freely available. The effort to increase data sharing in the sciences (...) is one part of a broader “data revolution” that has prompted discussion about a paradigm shift in scientific research. Yet anecdotes from the community and studies evaluating data availability suggest that these policies have not obtained the desired effects, both in terms of quantity and quality of available datasets. We conducted a qualitative, interview-based study with journal editorial staff and other stakeholders in the academic publishing process to examine how journals enforce data archiving policies. We specifically sought to establish who editors and other stakeholders perceive as responsible for ensuring data completeness and quality in the peer review process. Our analysis revealed little consensus with regard to how data archiving policies should be enforced and who should hold authors accountable for dataset submissions. Themes in interviewee responses included hopefulness that reviewers would take the initiative to review datasets and trust in authors to ensure the completeness and quality of their datasets. We highlight problematic aspects of these thematic responses and offer potential starting points for improvement of the public data archiving process. (shrink)

Scholars and international organizations engaged in institutional reconstruction converge in recognizing political corruption as a cause or a consequence of conflicts. Anticorruption is thus generally considered a centrepiece of institutional reconstruction programmes. A common approach to anticorruption within this context aims primarily to counter the negative political, social, and economic effects of political corruption, or implement legal anticorruption standards and punitive measures. We offer a normative critical discussion of this approach, particularly when it is initiated and sustained by external (...) entities. We recast the focus from an outward to an inward perspective on institutional action and failure centred on the institutional interactions between officeholders. In so doing, we offer the normative tools to reconceptualize anticorruption in terms of an institutional ethics of ‘office accountability’ that draws on an institution’s internal resources of self-correction as per the officeholders’ interrelated work. (shrink)

The public/private dichotomy has long been the object of considerable attention for feminists. We argue that, by focusing their attention on a divide which has declined in importance, feminists may fail to keep up with the current means by which sexual inequalities are perpetuated. Furthermore, by concentrating on this divide feminists risk reproducing such dichotomous thinking in their own work, discursively perpetuating that which they had initially hoped to displace. We begin by surveying feminist critiques of the public/private (...) dichotomy, consider recent moves to go beyond critique, yet suggest that the dichotomy continues to be a framing concern within feminist work. We then survey the way in which space has been understood within geography, and consider the implications of adopting a relational conception of space for analysis of public and private in political theory. We offer a broader framework for examining the ways in which sexual inequalities are reproduced in contemporary society. We therefore open up the possibility that over time inequalities may be mediated to a greater or lesser degree by spatial divisions. This places a further pressure on the assumption that the public/private divide, or some variation thereof, must be at the heart of feminist theorizing. (shrink)

The relationship between knowledge, belief, and ethics is an inaugural theme in philosophy; more recently, under the title “ethics of belief” philosophers have worked to develop the appropriate methodology for studying the nexus of epistemology, ethics, and psychology. The title “ethics of belief” comes from a 19th-century paper written by British philosopher and mathematician W.K. Clifford. Clifford argues that we are morally responsible for our beliefs because each belief that we form creates the cognitive circumstances for related beliefs to follow, (...) and we inevitably influence each other through those beliefs. This study argues that recent cognitive research supports Cliffordian insights regarding patterns of belief formation and social influence. From the confirmation offered by such research, it follows that informational accuracy holds serious ethical significance in public discourse. Although scientific and epistemological matters are not always thought to be linked to normative morality, this study builds on Clifford's initial insights to show their linkage is fundamental to inquiry itself. In turn, Clifford's ethical and epistemic outline can inform a framework grounded in “public reason” under which seemingly opposed science communication strategies are philosophically united. With public discourse on climate change as the key example, empirically informed and grounded strategies for science communication in the public sphere are considered. (shrink)

Universal health coverage is often implemented within countries through several national insurance schemes that collectively cover their populations. Yet the extent of services and benefits available can vary substantially between different schemes. This paper argues that these variations in coverage comprise tiering and then reviews different accounts of health and social justice that consider whether and when a tiered health system is fair. Using these accounts, it shows that the fairness of tiering can be determined by assessing whether differences in (...) coverage mean enrolees under some national insurance schemes do not achieve sufficient health or normal functioning and/or feel inferior relative to those belonging to other national insurance schemes. The paper further contends that these determinations of fairness should involve the people covered by different insurance schemes. Key universal health coverage questions to involve the public in answering are: Do the sum of differences between the schemes in your country generate feelings of unequal moral worth and/or mean enrolees struggle to achieve sufficient health or normal functioning? Which specific differences between health insurance schemes generate the greatest feelings of unequal moral worth in individuals? Which specific differences generate the greatest barriers to individuals achieving sufficient health or normal functioning? Rather than identifying which services to extend coverage to first, answering these questions will identify which disparities in services and benefits are the most morally urgent to address. Finally, some initial thoughts are offered on who from the public should be involved in making these decisions and how they might be involved as a matter of justice. (shrink)

COVID-19 continues to dominate 2020 and is likely to be a feature of our lives for some time to come. Given this, how should health systems respond ethically to the persistent challenges of responding to the ongoing impact of the pandemic? Relatedly, what ethical values should underpin the resetting of health services after the initial wave, knowing that local spikes and further waves now seem inevitable? In this editorial, we outline some of the ethical challenges confronting those running health (...) services as they try to resume non-COVID-related services, and the downstream ethical implications these have for healthcare professionals’ day-to-day decision making. This is a phase of recovery, resumption and renewal; a form of reset for health services.1 This reset phase will define the ‘new normal' for healthcare delivery, and it offers an opportunity to reimagine and change services for the better. There are difficulties, however, healthcare systems are already weakened by austerity and the first wave of COVID-19 and remain under stress as the pandemic continues. The reset period is operating alongside, rather than at the end, of the pandemic and this creates difficult ethical choices. ### Balancing the greater good with individual care Pandemics—and public health emergencies more generally—reinforce approaches to ethics that emphasise or derive from the interests of communities, rather than those grounded in the claims of the autonomous individual. The response has been to draw on more public health focused ethics, ‘if demand outstrips the ability to deliver to existing standards, more strictly utilitarian considerations will have to be applied, and decisions about how to meet the individual's need will give way to decisions about how to maximise overall benefit’.2 Alongside this, effective …. (shrink)

This timely book offers revealing insights into the changing role of China in world governance as exemplified by the Silk Road Initiative, the People's Republic's first published major initiative for external affairs. Focusing on various aspects of the Silk Road Initiative, particularly those that are largely neglected in current discussions, including culture and philosophy, finance and investment, environmental protection and social responsibility, judiciary and lawyers, the authors explore a wide range of contexts in which China's role as an emerging power (...) in international relations and international law is examined. In the current era of ever-increasing populism, protectionism and challenges to globalization, the authors explore the Chinese philosophy underpinning Chinese norms of regional and international development. Bearing in mind the political and economic uncertainties hampering the establishment of such norms, the authors offer crucial insights into how the Silk Road Initiative could or should be developed and regulated. Given its depth of coverage, the book is an indispensable read for anyone interested in the Initiative and its social-legal implications. (shrink)

BackgroundThe boundaries between health-related research and practice have become blurred as initiatives traditionally considered to be practice increasingly use the same methodology as research. Further, the application of different ethical requirements based on this distinction raises concerns because many initiatives commonly labelled as “non-research” are associated with risks to patients, participants, and other stakeholders, yet may not be subject to any ethical oversight. Accordingly, we sought to develop a tool to facilitate the systematic identification of risks to human participants and (...) determination of risk level across a broad range of projects and health-related contexts. This paper describes the development of the Public Health Ontario Risk Screening Tool.MethodDevelopment of the PHO Risk Screening Tool included: preparation of a draft risk tool ; expert appraisal; internal stakeholder validation; external validation; pilot testing and evalution of the draft tool; and revision after 1 year of testing.ResultsA risk screening tool was generated consisting of 20 items organized into five risk domains: Sensitivity; Participant Selection, Recruitment and Consent; Data/Sample Collection; Identifiability and Privacy Risk; and Commercial Interests. The PHO Risk Screening Tool is an electronic tool, designed to identify potential project-associated risks to participants and communities and to determine what level of ethics review is required, if any. The tool features an easy to use checklist format that generates a risk score associated with a suggested level of ethics review once all items have been completed. The final score is based on a threshold approach to ensure that the final score represents the highest level of risk identified in any of the domains of the tool.ConclusionsThe PHO Risk Screening Tool offers a practical solution to the problem of how to maintain accountability and appropriate risk oversight that transcends the boundaries of research and practice. We hope that the PHO Risk Screening Tool will prove useful in minimizing the problems of over and under protection across a wide range of disciplines and jurisdictions. (shrink)

The fascination with brain research is widespread, and school teachers are no exception. This growing interest, usually noticed by the increased supply of short-term training or books on how to turn the brain more efficient, leads us to think about their basic training and outreach resources available. Little is known about what the official Initial Teacher Training offers concerning the brain literature and if it meets scientific standards. Also, what are the science communication materials that teachers can access to (...) learn about the developing brain remain undiscussed. First, we examined the ITT courses taught in Portuguese Higher Education, both in public and private institutions, to identify the syllabus with updated neuroscientific knowledge. Second, we searched for the neuroscience-related books published in the last 6 years through the National Library of Portugal database. Thirty ITT courses and 35 outreach publications were reviewed through a rapid review methodology. Our results showed an absence of curricular units indicating in their programs that brain research, and its relationship with learning, would be taught in a representative and updated way. In contrast, the number of brain-related books for educators increased in Portugal, corroborating the demand for this field of study by these professionals. Based on the literature that shows how misunderstandings about the brain have increased in school contexts, our discussion recognizes that science outreach could be a way to increase the scientific literacy of school teachers with the research community working more in this direction, but, since a previous problem seems to be unsolved, there is an urgent need for specialized attention to the development of training curricula for future kindergarten and elementary school teachers. (shrink)

Corporate social responsibility (CSR) disclosure is becoming increasingly important in practice, yet knowledge about the antecedents of such CSR initiatives is limited. Drawing on faultline theories, we expect that the compositional attributes of top management teams, such as the level of heterogeneity, influence their decisions about CSR disclosure and reporting. Data and a sample from Chinese publicly traded companies are used to examine our hypotheses. Our results demonstrate that a top management team's faultline strength is negatively related to CSR disclosure (...) decisions and CSR report quality. We contribute to the literature about CSR disclosure by offering specific insights, through a micro-level analysis, about how to compose and structure top management teams to advance CSR in emerging economies such as China. Practical implications for managers and policymakers are also discussed. (shrink)

Over the past 3 years, the authors have pursued unique cross-college collaboration. They have hosted a National Endowment for the Humanities (NEH)–funded Humanities Gaming Institute and team-taught a cross-listed course that brought together students from the humanities and computer science. Currently, they are overseeing the development of an NEH-supported social history game called Desperate Fishwives. In the process, the authors have realized that “game” is not the most appropriate designator for the kind of projects they are pursuing. Instead, they propose (...) critical interactives, a term that suggests projects that mobilize ludic methods in order to engage participants in socially and politically sensitive, indeed controversial, subject matter. Their most recent project, Ghosts of the Horseshoe, offers an initial look at how critical interactives are particularly apt at raising awareness about the relations among institutional policy, broader public policy, and the ways that people negotiate the public history of a particular place. (shrink)

Since its publication in 1960, Hans Blumenberg′s first book, Paradigmatic Instances towards a Metaphorology, has remained both an esoteric pamphlet for the initiated and a riddled challenge for the many. It offers an answer to the methodological problems left by Husserl′s diagnosis of the Crisis of European Sciences and Heidegger′s ‘History of Being’. Blumenberg′s project of a historically reflected phenomenology introduces the Aristotelian paleonym of ‘metaphor’ as a systematic instrument in the archeological investigation and analysis of philosophy′s coming to conceive (...) of itself in self-reflective conceptual thought. (shrink)

The paper offers a political-philosophical analysis of the state and publics in the age of technoscience to propose three distinct categories of publics: scientific-citizen publics constituted by civil society, quasi-publics that initiate another kind of engagement through the activation of ‘political society,’ and non-publics cast outside these spheres of engagement. This re-categorization is possible when the central role of the state in its citizens’ engagement with technoscience is put upfront and the non-Western empirical contexts are taken seriously by Science, Technology (...) and Policy (STP) studies. The paper argues that in most of the world the state maintains a political contract with technoscience to form a functional coupling as the state-technoscience duo, which shapes public engagement with science through different functional modalities of government. Civil society is the sphere of legitimate engagement and participation in technoscientific issues for the scientific-citizen publics. The quasi-publics choose to be in the shady zone of political society establishing a paralegal relationship with the state-technoscience duo, while the non-publics come into being due to conditions of extra-legality created by the duo. The non-publics are implicated in the political community paradoxically as an excluded category who cannot be included in deliberation because of their status as being expelled from political community in a ‘state of exception.’ The paper proposes that the scientific-citizen publics are mobilized in contrast to the quasi-publics and with reference to the non-publics, helping STP studies to identify the ‘missing masses’ of technoscience. (shrink)

Buzz marketing has emerged as a popular, viable adjunct to traditional marketing communication, yet has received little critical scrutiny from an ethical perspective. This investigation represents an initial excursion into the public mind regarding the acceptability of buzz marketing techniques. One hundred thirty-one participants evaluated scenarios descriptive of actual live buzz campaigns varying in degree of transparency and deception. More negative perceptions were associated with deceptive approaches than overt ones, and participants were less accepting of peer-to-peer campaigns than (...) performance-to-peer campaigns. Respondents classified as moral idealists evaluated live buzz campaigns more negatively than moral relativists. The author discusses the implications of these findings for connected marketing strategies and public policy and offers recommendations for connected marketing practitioners. (shrink)

BackgroundPrevention of mother to child transmission of HIV remains a key public health priority in most developing countries. The provider Initiated Opt – Out Prenatal HIV Screening Approach, recommended by the World Health Organization lately has been adopted and translated into policy in most Sub – Saharan African countries. To better ascertain the ethical reasons for or against the use of this approach, we carried out a literature review of the ethics literature.MethodsPapers published in English and French Languages between (...) 1990 and 2015 from the following data bases were searched: Pubmed, Cochrane literature, Embase, Cinhal, Web of Science and Google Scholar. After screening from 302 identified relevant articles, 21 articles were retained for the critical review.DiscussionMost authors considered this approach ethically justifiable due to its potential benefits to the mother, foetus and society. The breaching of respect for autonomy was considered acceptable on the grounds of libertarian paternalism. Most authors considered the Opt - Out approach to be less stigmatizing than the Opt - In. The main arguments against the Opt - Out approach were: non respect of patient autonomy, informed consent becoming a meaningless concept and the HIV test becoming compulsory, risk of losing trust in health care providers, neglect of social and psychological implications of doing an HIV test, risk of aggravation of stigma if all tested patients are not properly cared for and neglect of sociocultural peculiarities.ConclusionsThe Opt – Out approach could be counterproductive in case gender sensitive issues within the various sociocultural representations are neglected, and actions to offer holistic care to all women who shall potentially test positive for HIV were not effectively ascertained. The Provider Initiated Opt – Out Prenatal HIV Screening option remains ethically acceptable, but deserves caution, active monitoring and evaluation within the translation of this approach into to practice. (shrink)

Interest in and initiation of farm-to-school (FTS) programs have increased in recent years, spurred on by converging public concerns about child obesity trends and risks associated with industrialization and distancing in the modern food system. A civic agriculture framework that more specifically considers civic engagement and problem solving offers insights about variations in the development and prospects for FTS programs. Drawing on comparative case studies of two emerging FTS initiatives in Pennsylvania—one in a rural setting and one in an (...) urban setting—this article examines the role of internal and external “champions” in launching FTS programs and fostering civic engagement. Farm-to-school community stakeholders across the two cases framed FTS in broadly similar terms of (1) redressing poor food environments; (2) improving student nutrition, health and well-being; and (3) revitalizing rural community through support of local agriculture. However, specific concerns and emphases differed across the rural and urban cases, illustrating the significance of local context for such programs. The article concludes by discussing the importance of frame bridging and frame extension as strategies for expanding the FTS movement, and also ensuring programs that correspond to the specific circumstances and possibilities of their social and geographic settings. (shrink)

In this article, we explore the institutional negotiation of public engagement in matters of science and technology. We take the example of the Science in Society dialogue program initiated by the UK’s Royal Society, but set this case within the wider experience of the public engagement activities of a range of charities, corporations, governmental departments, and scientific institutions. The novelty of the analysis lies in the linking of an account of the dialogue event and its outcomes to the (...) values, practices, and imperatives—the institutional rationality—of the commissioning organization. We argue that the often tacit institutional construction of scientific citizenship is a critical, and relatively undeveloped, element of analysis—one that offers considerable insight into the practice and democratic implications of engaging publics in science and science policy. We also present evidence indicating that over time the expanding ‘‘capacities’’ associated with dialogue can act in subtle ways to enroll other elements of institutional architectures into more reflexive modes of thinking and acting. In the concluding section of the article, we consider the ways in which research and practice could engage more squarely with facets of institutional context and culture. (shrink)

Among multiple legal challenges to the Patient Protection and Affordable Care Act (PPACA) is the premise that PPACA's “individual mandate” (requiring all individuals to obtain health insurance by 2014 or face civil penalties) is inviolate of Congress' interstate commerce powers because Congress lacks the power to regulate commercial “inactivity.” Several courts initially considering this argument have rejected it, but federal district courts in Virginia and Florida have concurred, leading to numerous appeals and prospective review of the United States Supreme Court. (...) Despite creative arguments, the dispositive constitutional question is not whether Congress' interstate commerce power extends to commercial inactivity. Rather, it is whether Congress may regulate individual decisions with significant economic ramifications in the interests of protecting and promoting the public's health. This article offers a counter-interpretation of the scope of Congress' interstate commerce power to regulate in furtherance of the public's health. (shrink)

The article proceeds from the concept of understanding local government in Russia as a projection of the potestar (pre-state) organization of public life, which transforms under the dominance of methods of state organization of public life, but retains its influence as the essential core of political and social interaction between people. The existing complex «state-municipal» mechanism for exercising power at the local level largely determines the forms and nature of political actors’ interaction at the regional level. State authorities, (...) which are focused on the totality of their own administrative influences, have not yet succeeded in fully integrating local self-government into the general public space of responsibility for powers, since local power is unbuilt initially on the principles of autogenesis, autochthony and autonomy. The current situation contributes to the archaicism of a part of social relations. For some time now, to work in the multidimensional reality of society, the authorities have begun to need analytical models to understand what is happening. As an explanatory theoretical basis for the modes of existence of local authorities developed and described by the author in the current stage of development of Russian statehood, a modal methodology is used, supplemented by the results of constructing model-oriented political ontologies, which reflect the aggregates of the layers and actors of the municipal sphere of sociopolitical reality at the regional level that are actually and actively present in the Russian society. The author is interested in searching the patterns that operate in the environment created and cultivated by the organizational and activity efforts of state structures against the background of sociocultural and other characteristics inherent in the regions. Possible working models for the needs of public administration arising from the modes offered by the author are still under development, since the reform of constitutional rules proposed by the country’s leadership raises the question of new forms of organizing the continuum of coexistence and interaction of local and state authorities in Russia. The article outlines the main research lines that indicate a number of features and reference points of the author’s approach in understanding the relationship between local government and municipal government, which may serve as an occasion for a new circle of discussions of specialists interested in the prospects for the development of political potential in the Russian municipal environment. (shrink)

In this review essay Stanton Wortham explores how philosophy of education should both turn inward, engaging with concepts and arguments developed in academic philosophy, and outward, encouraging educational publics to apply philosophical approaches to educational policy and practice. He develops his account with reference to two recent ambitious projects: The Oxford Handbook of Philosophy of Education, edited by Harvey Siegel, and the two-volume yearbook of the National Society for the Study of Education (NSSE), titled Why Do We Educate? edited by (...) Gary Fenstermacher (series editor), David Coulter and John Wiens (volume 1), and Mark Smylie (volume 2). These two projects initially appear to be opposed, with the Handbook emphasizing elite philosophy and the Yearbook emphasizing public engagement. Wortham argues that each project is in fact more complex, and that they are in some respects complementary. He concludes by making a case against a simple hierarchy of basic and applied knowledge and calling for a more heterogeneous philosophy of education. (shrink)

While most people may initially agree that justice is fairness, as an evangelical Protestant I argue that, for many religious comprehensive doctrines, the Rawlsean model does not possess the resources necessary to sustain tolerance in moral decision making. The weakness of Rawls's model centers on the reasonable priority of convictions that arise from private comprehensive doctrines. To attain a free and pluralistic society, people need resources sufficient to provide reasons to tolerate actions that are otherwise intolerable. In addition to arguing (...) for the deficiency of the Rawlsean political model, I sketch out a preliminary model of ambassadorship that offers religious communities, and in particular Protestant evangelicals, the necessary resources to engage the broader society tolerantly while maintaining their religious convictions. As a citizen of the church and a member of another kingdom, Christians serve as ambassadors to those who are not of the heavenly kingdom. I take this model to be more ambitious than that of a sojourner who lives in the land but is isolated as much as possible from society, while more modest than that of reconstructionists who seek to implement their own sacred law on all others. (shrink)

Nanotechnology not only offers the promise of new enhancements to existing materials but also allows for the development of new materials and devices. The potential applications of nanotechnology range from medicine to agriculture to health and environmental science and beyond. Nanotechnology is growing at such a rate that Lux Research in 2007 estimated that nanotechnology will be incorporated into 15% of global manufactured goods by 2014. The U.S. National Nanotechnology Initiative defines nanotechnology as the following: “ Research and technology development (...) involving structures with at least one dimension in the range of 1-100 nanometers, frequently with atomic/molecular precision; Creating and using structures, devices, and systems that have unique properties and functions because of their nanoscale dimensions; The ability to control or manipulate on the atomic scale.” Nanomedicine and its subcategories of nanotherapeutics and in vivo nanodiagnostics incorporate nanoscale materials with unique properties that can enable new or improved treatments and diagnostics for many diseases and disorders. (shrink)

We examine initial public offering (IPO) holdings in the mutual funds of four large investment banks and five large non-investment banks during the period 1997 through 2002. Investment banks hold IPOs with different characteristics than IPOs held by noninvestment banks, and they also tend to hold IPOs in different types of funds than non-investment banks. We classify holdings as to whether the IPO lies outside or inside the fund's objective. Investment banks hold IPOs outside the fund objective in (...) 27% of the fund/IPO pairs while non-investment banks hold outside their objective in just 5.4% of fund/IPO pairs. We see significant differences in IPO underpricing for both groups as well. For example, when non-investment banks hold IPOs outside a large capitalization fund objective, they select IPOs with 52% higher underpricing as measured by first-day returns. (shrink)

Issues of social justice underlie the clamour for greater gender balance in top-management. The present study reveals that pursuit of such social justice is also value-enhancing in relation to the longer-run performance of initial public offerings stocks, especially where female board members are unencumbered by family-connection with other directors. This study examines the economic benefits of board gender diversity for state- and privately controlled firms in the Hong Kong IPO market. Gender board diversity is much less common in (...) state-run IPO firms. Within the subset of privately controlled IPO firms, distinction exists between entities that accommodate family-connected board officers and those that do not. Specifically, this study focuses on family-ties between board members. This issue allows for finer-grained assessment of family influence on firm performance. Stronger post-listing stock, return-on-assets and sales-on-assets performance arise in privately controlled firms without family-connected board members and in state-run entities. Gender diversity thus serves as a positive, but only when female director presence is untrammelled by family associations between directors. However, there is little evidence of a link between female board representation and IPO underpricing. Relative to state-backed issuers, privately controlled firm boards accommodate more women, younger officers and a broader mix of nationalities, but appear more-inclined to unify CEO and chair positions. Board duality, the fraction of independent directors and directors’ age and nationality exhibit little relation with initial and aftermarket stock returns. In prescriptive terms, minority investors gain from the inclusion of female directors, especially when IPO firm directors are unencumbered by family-affiliation with other board members. Results therefore add to the clarion of calls for greater female board presence. (shrink)

For stakeholders, such as investors and lenders, to appropriately assess a company's financial performance, the reported accounting earnings must closely reflect the economic reality of the organization's financial activity throughout the reporting period. The degree to which reported earnings capture economic reality is called earnings quality. Managers have an ethical obligation to report high quality earnings to interested stakeholders in a timely matter. Accounting research has identified conditions within an organization, such as management compensation contracts and pending litigation that can (...) impact earnings quality. We extend this line of research by exploring whether another characteristic of an organization, gender diversity in senior management, influences the quality of reported earnings. Companies with more women in senior management are found to be more profitable and have higher stock returns after initial public offerings than those with fewer women in the management ranks. Our findings suggest that the improved bottom line for companies with more women senior executives is not produced through the management of earnings or lower quality earnings. Instead, earnings quality is positively associated with gender diversity in senior management. (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)

This study examines how the reference-point effect and sunk-cost fallacy interact with stakeholder theory and influence how investors evaluate corporate social performance. We propose that ex-ante (pre-IPO) corporate social performance influences ex-post (post-IPO) perceived riskiness and that this relationship is U-shaped. We also evaluate how CEO duality and company age moderate this U-shaped relationship. Using young and newly public entrepreneurial firms in China, and focusing on stock returns in the secondary market, empirical results and robustness tests provide strong support (...) for our hypotheses. (shrink)

Based on the assumption that the long-term value of a venture capital satisfies the algebraic Brownian motion, we develop a continuous-time exit model of venture capital under different exit modes, namely, initial public offering and mergers and acquisitions. The employee incentive problem is analyzed jointly with the exit decision of the firm in terms of the exit timing and the exit mode. Further, the problem of capital exit is considered from two perspectives, namely, optimal venture capital and social (...) welfare maximization, and the differences between these exit decisions are compared. Our model predicts that the timing of an IPO, the purpose of which is to maximize the utility of the capitalists, lags behind the exit timing, whose purpose is to maximize social welfare. Using a numerical analysis, this paper also proves that increasing the production efficiency, lowering the interest rates, and improving risk management can make the exit decision of venture capitalists converge with that of maximizing social welfare. (shrink)

Black and Gilson have argued that “venture capital can flourish especially – and perhaps only – if the venture capitalist can exit from a successful portfolio company through an initial public offering, which requires an active stock market.” But nothing in the Black and Gilson analysis requires that the exit option be a domestic capital market. In this article, I use the phenomenon of Israeli hi-tech companies going public on the Nasdaq as a case study to explore (...) the connection between a venture capital industry and domestic capital markets in a world of global capital and product markets. (shrink)

Social capital can serve as informal governance in weak investor-protection regimes. Using hand-collected data on entrepreneurs’ political connections and firm ownership, we construct several original measures of social capital and examine their effect on the performance of entrepreneurial firms in China after their initial public offerings. Political connections or a high percentage of external investors tend to enhance firm performance, but intragroup related-party transactions commonly lead to performance decline. These forms of social capital have a strong influence on (...) the performance of Chinese firms, whereas formal governance variables such as board size or board independence have little effect. Although social capital may serve as an informal governance mechanism and effectively substitute for formal governance mechanisms in an emerging market, this role of social capital raises several ethical concerns, notably the development of rent-seeking and crony capitalism. (shrink)

This study questions the assumption that firms always prioritize economic stakeholders over social stakeholders. An examination of 468 Chinese private firms reveals three important conditions driving firms to prioritize social stakeholders over economic stakeholders. First, the percentage of family ownership increases the likelihood of social stakeholder priority up to a point, after which further increase in the percentage of family ownership decreases the likelihood of social stakeholder priority. Firms planning initial public offerings and smaller firms are more likely (...) to prioritize social stakeholders. The findings reveal important exceptions and nuances in stakeholder management strategies. (shrink)

This study examines the influence of underwriter–auditor relationship on pre-initial public offering earnings management. Using a sample of Chinese to-be-listed firms, we find that a close UAR, as reflected in repeated collaborations between an underwriter and an audit firm in IPOs, is positively associated with pre-IPO earnings management. This association is more pronounced for firms with politically connected auditors/underwriters, firms with less reputable auditors/underwriters, firms located in provinces with weak legal environment, firms to-be-listed on boards with lax listing (...) requirements, and firms whose auditors are with low industry specialization, and legal liability exposures. We provide further evidence that UAR is associated with greater likelihood of irregular activities in post-IPO period and poorer post-IPO financial performance. To the extent that we control for alternative explanations and potential endogeneity, our results suggest that the collusion incentive is likely to drive repeated collaborations between underwriters and auditors in the Chinese IPO market. Our findings provide interesting implications for auditors, investors, and regulators seeking to understand the Chinese IPO market. (shrink)

Large mining projects can generate highly inequitable outcomes, with affected communities bearing the burden of social and environmental costs while economic benefits accrue largely to domestic and foreign metropolitan centres. This raises important ethical and social justice issues, as does the finite nature of mineral resources, which can mean that current generations enjoy the benefits of mining while future generations bear the costs of environmental and social impacts that can continue long after mining ends. During recent decades two broad approaches, (...) voluntary industry initiatives and government regulation, have been employed in attempts to achieve a more equitable distribution of mining’s positive and negative effects. Both have serious drawbacks. Industry initiatives are ultimately voluntary and may be abandoned in tough economic times; they can be highly variable across companies and projects; and they suffer from serious compliance issues. Public regulation can be inflexible, is subject to industry capture, and in many major mineral producing nations a ‘retreat from regulation’ is reducing its relevance. This article considers whether, and under what conditions, a third and emergent instrument, community development agreements, can help overcome the shortcomings associated with industry initiatives and public regulation. It argues that CDAs have considerable potential in this regard, but that communities can encounter significant practical challenges in their negotiation and implementation. In addition, disparities in negotiation power between communities and project developers can result in inequitable agreements, indicating a continued need for government involvement to create a more level ‘negotiation terrain’. (shrink)