This paper argues the case that tests of how investors value corporate social performance (CSP) based upon realised stock market returns are liable to be weak tests if markets are efficient and firms change CSP policies infrequently. We provide a theoretical explanation of why this will be the case using examples to illustrate. Subsequently, we set out an alternative theoretical framework for the purposes of investigating whether markets place a positive, or a negative, valuation on CSP, and show why this (...) is superior to tests based upon Tobin’s Q. Using US KLD data, we demonstrate that, as theorised, markets place a positive value on CSP that is not detected by conventional returns-based tests. Our conclusion is that researchers who are interested in the question of whether engagement with a corporate social responsibility agenda is a value-enhancing activity for a company (as argued by some stakeholder theorists) or value destructive (as argued by Friedman, The social responsibility of business is to increase its profits, The New York Times Magazine, 1970), need to look beyond returns-based tests to answer the research question posed. (shrink)
This paper investigates the effect of corporate social responsibility (CSR) on firm value and seeks to identify the source of that value, by disaggregating the effects on forecasted profitability, long-term growth and the cost of capital. The study explores the possible risk (reducing) effects of CSR and their implications for financial measures of performance. For individual dimensions of CSR, in general strengths are positively valued and concerns are negatively valued, although the effect is not universal across all dimensions of CSR. (...) We show that these valuation effects are principally driven by CSR performance associated with better long run growth prospects, with an additional minor contribution made by a lower cost of equity capital. (shrink)
Originally published in 1923, this book contains a short account of the life and works of Macrobius. Whittaker analyses both of the surviving works of Macrobius in the light of competing philosophical ideas and assesses the impact these treatises had on science and reason in the Middle Ages. This book will be of value to anyone with an interest in ancient philosophy and the history of science.
Originally published in 1931, this book provides an introduction to the problems of ultimate reality. Whittaker discusses the history and prospects of metaphysical philosophy, with particular reference to the works of Plato and Leibniz. This book will be of value to anyone with an interest in metaphysics or Platonism.
To assess ethics pedagogy in science and engineering, we developed a new tool called the Engineering and Science Issues Test. ESIT measures moral judgment in a manner similar to the Defining Issues Test, second edition, but is built around technical dilemmas in science and engineering. We used a quasi-experimental approach with pre- and post-tests, and we compared the results to those of a control group with no overt ethics instruction. Our findings are that several stand-alone classes showed a significant improvement (...) compared to the control group when the metric includes multiple stages of moral development. We also found that the written test had a higher response rate and sensitivity to pedagogy than the electronic version. We do not find significant differences on pre- test scores with respect to age, education level, gender or political leanings, but we do on whether subjects were native English speakers. We did not find significant differences on pre- test scores based on whether subjects had previous ethics instruction; this could suggest a lack of a long-term effect from the instruction. (shrink)
This article investigates the issue of secondary school pupils asking questions. This is an important topic on which very little has been published to date. The article reviews the current literature, which almost exclusively reports the lack of student initiated, content related questioning in classrooms. A small study is described that challenges this view, finding a significantly greater level of student participation, a high percentage of inquiry driven questions and little reluctance on the part of pupils to participate actively in (...) lessons. However, when these questioning patterns, which appear to indicate exemplary lessons on paper, are examined in terms of pupil learning, it is found that large numbers of student questions can lead to severe disruption unless adequately controlled. For effective learning to take place, it is a vital that the learner has the opportunity to ask questions of the teacher. The vast bulk of the literature explores this topic through quantitative analysis of questioning patterns and suggested strategies for increasing the quality and frequency of pupil?s questions. This article reviews this research and explores the issue further through classroom observations, pupil questionnaires and interviews with teachers. The findings are compared with the current paradigm and the issue is discussed in terms of impact on pupil learning. (shrink)
Despite the tendency to think that the justification of revealed truths depends on a verifiable contact with divine reality, this essay argues that the authoritative status of revelations is due to their role in defining a distinctively religious order of judgment. Rather than being immediately apparent to everyone, this kind of authority is local to particular forms of judgment that depend on the principles that frame these ways of thinking. Revelatory claims are logically exempted from the normal demands of justification (...) because of this role they have as definitive judgments, and they share their immunity from ordinary forms of justification with other axiomatic principles. Yet their authority can in certain cases be challenged, and it is a secondary purpose of this essay to bring the various ways of challenging their truth to light. (shrink)
Although abortion remains one of the most controversial issues of our age, to date most studies have centered on the debate in Western countries. This book discusses abortion in a non-Western, non-Christian context - in Thailand, where, although abortion is illegal, over 200,000 to 300,000 abortions are performed each year by a variety of methods. The book, based on extensive original research in the field, examines a wide range of issues, including stories of the real-life dilemmas facing women, popular representations (...) of abortion in the media, the history of the debate in Thailand and its links to politics. Overall, the work both highlights the voices of women and their subjective experiences and perceptions of abortion, and in addition places these 'women's stories' in an analysis of broader socio-political gender and the power relations - national and international - that structure sexuality and women's reproductive health decisions. (shrink)
Remarkable in the range that it covers, The Possibilities of Sense testifies to an equally remarkable philosopher. In essays on ethics and thephilosophy of religion, on literature and education, the contributors displaynot only the breadth of D.Z. Phillips's work but also its power. This powercomes largely from Ludwig Wittgenstein, whose significance as a moral and religious philosopher rivals his reputation as a philosopher of language.