This paper argues that the notion of value has been overly simplified and narrowed to focus on economic returns. Stakeholder theory provides an appropriate lens for considering a more complex perspective of the value that stakeholders seek as well as new ways to measure it. We develop a four-factor perspective for defining value that includes, but extends beyond, the economic value stakeholders seek. To highlight its distinctiveness, we compare this perspective to three other popular performance perspectives. Recommendations are made regarding (...) performance measurement for both academic researchers and practitioners. The stakeholder perspective on value offered in this paper draws attention to those factors that are most closely associated with building more value for stakeholders, and in so doing, allows academics to better measure it and enhances managerial ability to create it. (shrink)

The stakeholder perspective has provided a rich forum for a variety of debates at the intersection of business and society. Scholars gathered for two consecutive years, first in North America, and then in Europe, to discuss the major issues surrounding what has come to be known as stakeholder theory, to attempt to find common ground, and to uncover areas in need of further inquiry. Those meetings led to a list of “tensions” and a call for papers for this special issue (...) to help address them. In this article, we introduce the resulting articles and provide some brief commentary on their importance. We end with a few of our own observations about the stakeholder perspective and stakeholder research. (shrink)

Stakeholder theory focuses on how more value is created if stakeholder relationships are governed by ethical principles such as integrity, respect, fairness, generosity and inclusiveness. However, it has not adequately addressed strategies that stakeholders perceive as harmful to their interests and how this perception can even lead some stakeholders to view the firm’s strategies as unethical. To fill the void, this paper directly addresses strategies that stakeholders perceive as harmful to their interests, or what we refer to as harmful stakeholder (...) strategies. Specifically, it identifies factors associated with stakeholder perceptions of harm that are likely to cause them to consider a strategy unethical, examines the negative implications for firms that pursue such strategies in terms of likely stakeholder responses and damage to stakeholder relationships, and provides theory to help explain how firms are likely to respond to stakeholder claims that a strategy is unethical, based on factors such as the strategic importance of the claim to the firm, how long the strategy has been in use, the costs of remediation, the risk of stakeholder mobilization or new regulation, and whether firms can reasonably rationalize their actions. Assessing harm allows a firm to make a more accurate estimate of the costs of a strategy and can assist managers in allocating resources intended to reduce or remediate harm. (shrink)

To commemorate 40 years since the founding of the Journal of Business Ethics, the editors in chief of the journal have invited the editors to provide commentaries on the future of business ethics. This essay comprises a selection of commentaries aimed at creating dialogue around the theme Business versus Ethics?. The authors of these commentaries seek to transcend the age-old separation fallacy :409–421, 1994) that juxtaposes business and ethics/society, posing a forced choice or trade off. Providing a contemporary take on (...) the classical question “if it’s legal is it ethical?”, David Hess explores the role of the law in promoting or hindering stakeholder-oriented purpose and governance structure. Jeffrey Harrison encourages scholars to move beyond the presupposition that businesses are either strategic or ethical and explore important questions at the intersection of strategy and ethics. The proposition that business models might be inherently ethical or inherently unethical in their design is developed by Sheila Killian, who examines business systems, their morality, and who they serve. However, the conundrum that entrepreneurs are either lauded for their self-belief and risk-taking, or loathed for their self-belief and risk-taking, is discussed by M. Tina Dacin and Julia Roloff using the metaphor of taboos and totems. These commentaries seek to explore positions that advocate multiplicity and tensions in which business ethics is not either/or but both. (shrink)

Recent perspectives on community investments suggest that they are opportunities for firms to create value for shareholders and other stakeholders. However, many corporate managers are still influenced by a widely held belief that such investments erode profits and are therefore unjustifiable from an agency perspective. In this paper, we refine and test theory regarding countervailing forces that influence community-based firm performance. We hypothesize that high levels of available slack will be associated with higher community-based performance, but that this relationship will (...) be moderated by three important governance variables: board independence, investment fund ownership, and CEO ownership. We find support for our hypotheses in longitudinal study of a large sample of U.S. corporations. (shrink)

Agrifood scholars have long investigated the relationship between farm size and a wide variety of social and ecological outcomes. Yet neither this scholarship nor the extensive research on farmworkers has addressed the relationship between farm size and job quality for hired workers. Moreover, although this question has not been systematically investigated, many advocates, popular food writers, and documentaries appear to have the answer—portraying precarious work as common on large farms and nonexistent on small farms. In this paper, we take on (...) this question by describing and explaining the relationship between farm size and job quality for hired farm workers. To do so, we draw on data from two independently conducted, mixed-methods case studies—organic fruit and vegetable production in California, and dairy farming in Wisconsin—each of which offers a different set of insights into the farm size-job quality relationship. In both cases, larger farms fared better than or no worse than their smaller-scale counterparts for most job quality metrics investigated, though many of the advantages of working on large farms accrue disproportionately to white, U.S.-born workers. We explain that these patterns stem from economies of scale, industrialization, firm size itself, the dominant class identities and aspirations of farmers and their peers, as well as farmers’ and immigrant workers’ fears of immigration enforcement. (shrink)

Do firms respond to changes in economic growth by altering their corporate social responsibility programs? If they do respond, are their responses simply neglect of areas associated with corporate social performance or do they also cut back on positive programs such as profit sharing, public/private housing programs, or charitable contributions? In this paper, we argue that because CSP-related actions and programs tend to be discretionary, they are likely to receive less attention during tough economic times, a result of cost-cutting efforts. (...) However, the various CSP performance areas vary in terms of their resource requirements and their influence on financial performance, which suggests that firms may respond differently depending on area. Consequently, in addition to examining CSP concerns separately from positive actions and programs, we also examine the influence of economic growth across the five areas of diversity, employee relations, the environment, product quality/safety, and the community. Based on data from 837 firms over 15 years, our results suggest that firms neglect some areas associated with CSP during economic downturns, resulting in increased concerns about community and employee relations, product safety/quality, and the environment. However, this relationship does not apply to positive actions and programs. Instead, firms tend to increase their positive CSP programs in areas such as diversity, employee relations, and the environment during periods of slow economic growth and reduce them when the economy picks up. We offer potential explanations for our findings and discuss their importance to research on CSP. (shrink)

Conventional agency theory typically focuses on a unidirectional problem, in which an agent behaves opportunistically against the interests of a principal. Yet, this conceptualization is too limited to fully describe all aspects of principal–agent relationships. This article presents a more comprehensive framework explaining a potential three-directional problem—that is, agents behave opportunistically against the interests of principals, principals behave opportunistically against the interests of agents, and relationships between agents and principals representing confluence of interests affect the interests of third-party stakeholders. The (...) article provides evidence of these problems, describes their unique characteristics, and outlines implications for society. It concludes with a discussion focusing on the implications of the proposed framework for purported governance solutions, the ongoing debate between shareholder and stakeholder views of the firm, and business practices. (shrink)

Empirical research is largely supportive of the assertion of instrumental stakeholder theory that a positive relationship exists between “managing for stakeholders” and firm performance. However, despite considerable debate on the subject, the amount of variation across firm investments in stakeholders (stakeholder management performance) has not been adequately investigated. We address this gap using a sample of more than eighteen thousand firm-level observations over ten years. We find evidence to support an inverted U–shaped relationship between variation in stakeholder management performance and (...) Tobin’sq, suggesting that firms that have some imbalance in their stakeholder management, but not too much, perform best. We discuss the implications of our study for instrumental stakeholder theory and managerial practice. (shrink)

PREFATORY NOTE T may be well at the outset to say clearly what is the aim of the present volume. The title is Ancient Art and Ritual, but the reader will ...

Gallant hero of romantic film, who has just killed his equally gallant antagonist in a duel: ‘Was I wrong, father?’ Father : ‘You were both wrong; and you were both right, too.’ David Hume, speaking of moral sceptics, once said ‘And as reasoning is not the source, whence either disputant derives his tenets; it is in vain to expect, that any logic, which speaks not to the affections, will ever engage him to embrace sounder opinions‘. I am guilty of an (...) inconsistency of some kind in quoting the above passage from Hume with approval for, though everything Hume wrote ought to be quoted with approval, it is inconsistent to approve of advice, and then immediately to disregard it. I am also guilty of an inconsistency of another kind. Once upon a time I myself defended a version of moral scepticism, but I can say in mitigation of this deplorable act that my tongue was partly in my cheek at the time, which is where one's tongue should be on the occasion of addressing the Joint Session of the Mind Association and the Aristotelian Society. (shrink)

Short-term performance increases that are sometimes observed after CEO successions may be evidence of self-interested behavior. New CEOs may cut allocations to long-term investment areas such as research and development (R&D), capital equipment and pension funds in an effort to drive up short-term profits and secure their positions. However, such actions have unfavorable consequences for some stakeholders. This study provides evidence that both R&D and pension funding are reduced subsequent to a succession, even after accounting for industry trends. The expected (...) short-term profitability increases are also observed.A major implication of these results is that boards of directors and other interested parties should carefully monitor the actions of new CEOs with regard to their treatment of R&D and pension funding if they would like to prevent such actions from occurring. This study also highlights the need to investigate other potential self-interested behaviors of new CEOs. (shrink)

This paper argues that professionals who make boundary-related decisions should be guided by relationship-based practice. In our roles as service users and professionals, drawing from our lived experiences of professional relationships, we argue we need to move away from distance-based practice. This includes understanding the boundary stories and narratives that exist for all of us – including the people we support, other professionals, as well as the organisations and systems within which we work. When we are dealing with professional boundary (...) issues, we should centre relationship-building skills that are central to many other aspects of our work. Skills that foster relationships at all levels – between professionals, service users, and services – need to be revalued. Our final recommendation is to create, develop, and foster safer spaces within and outside of organisations, as well as inter-professionally, for the discussion and exploration of boundary-related issues and practice. We are interested in hearing from those with experiences of being marginalised by boundaries so that they can inform a reshaping of our collective ideas around boundary related practices. To foster relationship-based practices in organisations, we have outlined several recommendations here; however, we recognize that these do not go far enough, and that collective action is needed to inform systemic change. (shrink)

We carry out a systematic study of decidability for theories of real vector spaces, inner product spaces, and Hilbert spaces and of normed spaces, Banach spaces and metric spaces, all formalized using a 2-sorted first-order language. The theories for list turn out to be decidable while the theories for list are not even arithmetical: the theory of 2-dimensional Banach spaces, for example, has the same many-one degree as the set of truths of second-order arithmetic.We find that the purely universal and (...) purely existential fragments of the theory of normed spaces are decidable, as is the ∀∃ fragment of the theory of metric spaces. These results are sharp of their type: reductions of Hilbertʼs 10th problem show that the ∃∀ fragments for metric and normed spaces and the ∀∃ fragment for normed spaces are all undecidable. (shrink)

Professor Körner's Experience and Conduct , like many other notable entities, is divided into three parts. Part I contains accounts of what Körner calls factual and constructive logic, some remarks on the logic of maxims and their consistency and adequacy, a chapter on probabilistic thinking, and another on preference theory. Part II contains chapters on the logic of action, on attitudes, upon the distinction between regulative and evaluative standards of conduct, on morality, justice, welfare, prudence, legality, and what Körner calls (...) ‘idealizations’. Part III, on the epistemology and metaphysics of practical thinking, contains chapters on rationality, evidence, moral pluralism and a final chapter on moral guidance. The amount of guidance one gets from this last chapter is, as one might expect, small. (shrink)

In this paper we examine to what extent the lengths of the links in an animated articulated figure can be changed without the viewer being aware of the change. This is investigated in terms of a framework that emphasizes the role of attention in visual perception. We conducted a set of five experiments to establish bounds for the sen-sitivity to changes in length as a function of several parameters and the amount of attention available. We found that while length changes (...) of 3% can be perceived when the relevant links are given full attention, changes of over 20% can go unnoticed when attention is not focused in this way. These results provide general guidelines for algorithms that produce or process character motion data and also bring to light some of the potential gains that stand to be achieved with attention-based algorithms. (shrink)

Recent studies show that returning global health trainees often report having felt inadequately prepared to deal with ethical dilemmas they encountered during outreach clinical work. While global health training guidelines emphasize the importance of developing ethical and cultural competencies before embarking on fieldwork, their practical implementation is often lacking and consists mainly of recommendations regarding professional behavior and discussions of case studies. Evidence suggests that one of the most effective ways to teach certain skills in global health, including ethical and (...) cultural competencies, is through service learning. This approach combines community service with experiential learning. Unfortunately, this approach to global health ethics training is often unattainable due to a lack of supervision and resources available at host locations. This often means that trainees enter global health initiatives unprepared to deal with ethical dilemmas, which has the potential for adverse consequences for patients and host institutions, thus contributing to growing concerns about exploitation and “medical tourism.” From an educational perspective, exposure alone to such ethical dilemmas does not contribute to learning, due to lack of proper guidance. We propose that the tension between the benefits of service learning on the one hand and the respect for patients’ rights and well-being on the other could be resolved by the application of a simulation-based approach to global health ethics education. (shrink)

Jonathan Harrison; XII—A Philosopher's Nightmare or the Ghost Not Laid, Proceedings of the Aristotelian Society, Volume 67, Issue 1, 1 June 1967, Pages 179–188.

Published in 1999, this text offers a comprehensive treatment of the Philosophy of Religion. Its overall conclusions are that, though there is no reason to suppose there is a God, doing something that is not quite believing in god, who, as some mystics think - neither exists nor does not exist, may be valuable for some people.

In this paper I shall consider the difficulty for Ethical Egoism, Act Utilitarianism and later what I shall call Cumulative Effect Utilitarianism, that they both commit the fallacy of pragmatic inconsistency. I shall distinguish various forms of the fallacy of pragmatic inconsistency; in particular I shall distinguish between the fallacy of direct and indirect pragmatic inconsistency, and shall argue that though both Ethical Egoism and Act Utilitarianism probably commit both, Cumulative Effect Utilitarianism does not.

As a result of thinking (pace Tarski, wrongly) that it is propositions, not sentences, that are true or false, it has been supposed (also wrongly) that propositions such as that ‘Snow is white’ is true if and only if snow is white are necessarily true. But changing the rules for the use of the words in a sentence has no effect on the truth of the proposition, only on what proposition it formulates. Many similar statements, e.g., that ‘plus’ does not (...) mean plus, are only pragmatically contradictory: if this were true, it would be impossible to say so in these words. One should distinguish between sentences that express necessary truths, and sentences that necessarily express truths. It follows that many well known accounts of necessity are wrong, that the truth of an analytic proposition does not follow from the definitions of the words in the sentence that expresses it, that it is not helpful to define meaning in terms of truth, that truth is not relative to language, and that conventionalism is false. This paper is a move in the direction of establishing the eternity of truth. (shrink)