The importance of relationality in ethical leadership has been the focus of recent attention in business ethics scholarship. However, this relational component has not been sufficiently theorized from different philosophical perspectives, allowing specific Western philosophical conceptions to dominate the leadership development literature. This paper offers a theoretical analysis of the relational ontology that informs various conceptualizations of selfhood from both African and Western philosophical traditions and unpacks its implications for values-driven leadership. We aim to broaden Western conceptions of leadership development (...) by drawing on twentieth century European philosophy’s insights on relationality, but more importantly, to show how African philosophical traditions precede this literature in its insistence on a relational ontology of the self. To illustrate our theoretical argument, we reflect on an executive education course called values-driven leadership into action, which ran in South Africa, Kenya, and Egypt in 2016, 2017, and 2018. We highlight an African-inspired employment of relationality through its use of the ME-WE-WORLD framework, articulating its theoretical assumptions with embodied experiential learning. (shrink)
Some argue that managers over-invest in corporate social responsibility (CSR) activities to build their personal reputations as good global citizens. Others claim that CEOs strategically choose CSR activities to reduce the probability of CEO turnover in a future period through indirect support from activists. Still others assert that firms use CSR activities to signal their product quality. We find that firms use governance mechanisms, along with CSR engagement, to reduce conflicts of interest between managers and non-investing stakeholders. Employing a large (...) and extensive sample of firms within Russell 2000, S& 500 and Domini 400 indices during the 1993-2004 period, we find that consistent with the conflict-resolution hypothesis, the CSR choice is positively associated with governance characteristics, including board independence, institutional ownership, and analyst following. In addition, after correcting for endogeneity of CSR engagement, our results show that CSR engagement positively influences operating performance and firm value, supporting the conflict-resolution hypothesis as opposed to the over-investment and strategic-choice arguments. We find only a weak support of the product-signaling hypothesis as a major motive of CSR engagement. (shrink)
As part of an ongoing study of causal models in the history of science, a counterfactual scenario in the history of modern astronomy is explored with the aid of computer simulations. After the definition of “linking advance”, a possible world involving technological antecedence is described, branching out in 1510, in which the telescope is invented 70 years before its actual construction, at the time in which Fracastoro actually built the first prototelescope. By using the principle of the closest possible world, (...) we estimate that in this scenario the discovery of the elliptical orbit of Mars would by anticipated by only 28 years. The second part of the paper involves an estimate of the probability of the previous scenario, guided by the principle that the actual world is the mean and using computer simulations to create possible worlds in which the time spans between advances is varied according to a gamma distribution function. Taking into account the importance of the use of the diaphragm for the invention of the telescope, the probability that the telescope were built by 1538 for a branching time at 1510 is found to be smaller than 1%. The work shows that one of the important features of computational simulations in philosophy of science is to serve as a consistency check for the intuitions and speculations of the philosopher. (shrink)
This study examines how the sell-side analysts interpret firms’ corporate social responsibility activities. Specifically, we examine the differential impact of overall, legal, and normative CSR on the analysts’ earnings forecast dispersion, stock return volatility, cost of equity capital, and firm value. Employing a sample of U.S. public firms during 1993–2009, we find that overall CSR intensities reduce analyst dispersion of earnings forecast, volatility of stock return and cost of capital , and increase firm value. However, its impact is reduced for (...) firms with better accounting and disclosure quality. When we disaggregate CSR into legal and normative CSR, we find that legal CSR decreases analysts’ dispersion, stock return volatility, and COC, while legal CSR increases firm value. The sell-side analysts tend to have less information asymmetry regarding the net benefits of pursuing CSR that is required by laws. We find, however, that the benefit of having normative CSR realized in 1 year lag such that analyst dispersion, stock return volatility, COC decrease, respectively, and firm value increases. Furthermore, we find that the benefit of normative CSR is offset for firms with higher accounting and disclosure quality. (shrink)
Tirteu, poeta espartano de meados do século VII a.C., compôs elegias, em sua maioria, parenéticas de tom guerreiro. Assim é que o presente artigo tem por escopo tecer considerações a respeito da Segunda Guerra Messênia e da caracterização do herói tirteano. Ressalte-se que este trabalho privilegiou, principalmente, os fragmentos 10 W, 11 W e 12 W como corpus.
This study investigates the effects of internal and external corporate governance and monitoring mechanisms on the choice of corporate social responsibility (CSR) engagement and the value of firms engaging in CSR activities. The study finds the CSR choice is positively associated with the internal and external corporate governance and monitoring mechanisms, including board leadership, board independence, institutional ownership, analyst following, and anti- takeover provisions, after controlling for various firm characteristics. After correcting for endogeneity and simultaneity issues, the results show that (...) CSR engagement positively influences firm value measured by industry-adjusted Tobin’s q. We find that the impact of analyst following for firms that engage in CSR on firm value is strongly positive, while the board leadership, board independence, blockholders’ ownership, and institutional ownership play a relatively weaker role in enhancing firm value. Furthermore, we find that CSR activities that address internal social enhancement within the firm, such as employees diversity, firm relationship with its employees, and product quality, enhance the value of firm more than other CSR subcategories for broader external social enhancement such as community relation and environmental concerns. (shrink)
In this article, we examine the empirical association between corporate governance (CG) and corporate social responsibility (CSR) engagement by investigating their causal effects. Employing a large and extensive US sample, we first find that while the lag of CSR does not affect CG variables, the lag of CG variables positively affects firms’ CSR engagement, after controlling for various firm characteristics. In addition, to examine the relative importance of stakeholder theory and agency theory regarding the associations among CSR, CG, and corporate (...) financial performance (CFP), we also examine the relation between CSR and CFP. After correcting for endogeneity bias, our results show that CSR engagement positively influences CFP, supporting the conflict-resolution hypothesis based on stakeholder theory, but not the CSR overinvestment argument based on agency theory. Furthermore, firms’ CSR engagement with the community, environment, diversity, and employees plays a significantly positive role in enhancing CFP. (shrink)
El autor realza esta opción de vida que han tomado poblaciones enteras cercadas por la violencia y el terror levantada por los poderes armados. Ahonda en el debate sobre la resistencia civil desde la perspectiva de la noviolencia, y de la riqueza de las minorías invisibles en su acción social liberadora. Con ello se replantea el tema del poder y se promueve la autonomía, la afectividad y la reconstrucción del tejido social afirmativo de la vida como fuerza creadora.
Many believe that the ethical problems of donation after cardiocirculatory death (DCD) have been "worked out" and that it is unclear why DCD should be resisted. In this paper we will argue that DCD donors may not yet be dead, and therefore that organ donation during DCD may violate the dead donor rule. We first present a description of the process of DCD and the standard ethical rationale for the practice. We then present our concerns with DCD, including the following: (...) irreversibility of absent circulation has not occurred and the many attempts to claim it has have all failed; conflicts of interest at all steps in the DCD process, including the decision to withdraw life support before DCD, are simply unavoidable; potentially harmful premortem interventions to preserve organ utility are not justifiable, even with the help of the principle of double effect; claims that DCD conforms with the intent of the law and current accepted medical standards are misleading and inaccurate; and consensus statements by respected medical groups do not change these arguments due to their low quality including being plagued by conflict of interest. Moreover, some arguments in favor of DCD, while likely true, are "straw-man arguments," such as the great benefit of organ donation. The truth is that honesty and trustworthiness require that we face these problems instead of avoiding them. We believe that DCD is not ethically allowable because it abandons the dead donor rule, has unavoidable conflicts of interests, and implements premortem interventions which can hasten death. These important points have not been, but need to be fully disclosed to the public and incorporated into fully informed consent. These are tall orders, and require open public debate. Until this debate occurs, we call for a moratorium on the practice of DCD. (shrink)
Daydreaming appears to have a complex relationship with life satisfaction and happiness. Here we demonstrate that the facets of daydreaming that predict life satisfaction differ between men and women , that the content of daydreams tends to be social others , and that who we daydream about influences the relation between daydreaming and happiness variables like life satisfaction, loneliness, and perceived social support . Specifically, daydreaming about people not close to us predicts more loneliness and less perceived social support, whereas (...) daydreaming about close others predicts greater life satisfaction. Importantly, these patterns hold even when actual social network depth and breadth are statistically controlled, although these associations tend to be small in magnitude. Individual differences and the content of daydreams are thus important to consider when examining how happiness relates to spontaneous thoughts. (shrink)
This paper outlines a framework of the temporal interpretation in Chinese with a special focus on complement and relative clauses. It argues that not only does Chinese have no morphological tenses but there is no need to resort to covert semantic features under a tense node in order to interpret time in Chinese. Instead, it utilises various factors such as the information provided by default aspect, the tense-aspect particles, and pragmatic reasoning to determine the temporal interpretation of sentences. It is (...) shown that aspectual markers in Chinese play the same role that tense plays in a tense language. This result implies that the Chinese phrase structure has AspP above VP but no TP is above AspP. (shrink)
Oliver Sacks MD, Clinical Professor of Neurology at the Albert Einstein College of Medicine in New York, talked with Anthony Freeman during his visit to London in January 1995 to publicize his recently published book An Anthropologist on Mars. The interview is preceded by an overview of the book.
In this paper, it is argued that the most fruitful approach to developing normative models of argument quality is one that combines the argumentation scheme approach with Bayesian argumentation. Three sample argumentation schemes from the literature are discussed: the argument from sign, the argument from expert opinion, and the appeal to popular opinion. Limitations of the scheme-based treatment of these argument forms are identified and it is shown how a Bayesian perspective may help to overcome these. At the same time, (...) the contributions of the standard scheme-based approach are highlighted, and it is argued that only a combination of the insights of different traditions will yield a complete normative theory of argument quality. (shrink)
ABSTRACTIn everyday situations, people regularly receive information from large groups of people and from single experts. Although lay opinions and expert opinions have been studied extensively in isolation, the present study examined the relationship between the two by asking how many laypeople are needed to counter an expert opinion. A Bayesian formalisation allowed the prescription of this quantity. Participants were subsequently asked to assess how many laypeople are needed in different situations. The results demonstrate that people are sensitive to the (...) relevant factors identified for determining how many lay opinions are required to counteract a single expert opinion. People's assessments were fairly good in line with Bayesian predictions. (shrink)
In spite of their striking differences with real-life perception, films are perceived and understood without effort. Cognitive film theory attributes this to the system of continuity editing, a system of editing guidelines outlining the effect of different cuts and edits on spectators. A major principle in this framework is the 180° rule, a rule recommendation that, to avoid spectators’ attention to the editing, two edited shots of the same event or action should not be filmed from angles differing in a (...) way that expectations of spatial continuity are strongly violated. In the present study, we used high-density EEG to explore the neural underpinnings of this rule. In particular, our analysis shows that cuts and edits in general elicit early ERP component indicating the registration of syntactic violations as known from language, music, and action processing. However, continuity edits and cuts-across the line differ from each other regarding later components likely to be indicating the differences in spatial remapping as well as in the degree of conscious awareness of one's own perception. Interestingly, a time–frequency analysis of the occipital alpha rhythm did not support the hypothesis that such differences in processing routes are mainly linked to visual attention. On the contrary, our study found specific modulations of the central mu rhythm ERD as an indicator of sensorimotor activity, suggesting that sensorimotor networks might play an important role. We think that these findings shed new light on current discussions about the role of attention and embodied perception in film perception and should be considered when explaining spectators’ different experience of different kinds of cuts. (shrink)
We explore how the Sarbanes–Oxley Act of 2002 created pressure for firms to take more visible and costly corrective action following the announcement of an earnings restatement. Building on theory about focusing events, the institutional effects of legislative change, and the agenda-setting role of the media, we propose that Sarbanes–Oxley created reactive normative pressure on firms that announce earnings restatements, increasing the likelihood of CEO replacement in their aftermath. We theorize that Sarbanes–Oxley changed the meaning—and therefore the impact—of media coverage (...) of earnings restatements. Our findings show that firm behavior after Sarbanes–Oxley did change in ways that are consistent with the intent of the legislation: to increase executives’ accountability for the reliability of their firms’ financial statements. Moreover, we show this change is a result both of the direct effect of the legislation on increasing CEO accountability as well as through intensifying the effect of the media spotlight on misconduct. (shrink)
In Lewin et al. 359–386) the authors proved that certain systems of annotated logics are algebraizable in the sense of Block and Rigozzi 396). Later in Lewin et al. the study of the associated quasi-varieties of annotated algebras is initiated. In this paper we continue the study of the these classes of algebras, in particular, we report some recent results about the free annotated algebras.
As Socially Responsible Investment (SRI) enters the mainstream of professional and institutional investment practice, some perplexities arise. Some SRI market participants are well schooled in finance but are hesitative as to how to apply non-financial criteria in the management of portfolios. Governments too are giving SRI more attention and, in some countries, are discussion whether and how to regulate the SRI market. Advocacy groups are targeting SRI projects through media campaigns using political discourse. Many of the pertinent questions that come (...) with these perplexities are of the philosophical or ethical type and concern legitimisation, demarcation of responsibilities, interpretation of norms and policy formulation. The inclusion of non-financial criteria into investment decision-making leads to a 'puzzle in SRI' for which this article offers a solution. The puzzle arises when the day-to-day implementation of an SRIpolicy coincides with the process of administering justice. Three questions make up that puzzle: (1) what should an investor do when allegations arise about a corporation, (2) what should an investor do when a corporation is brought before a court, (3) what should an investor do when a corporation is found guilty by a court. This article argues, by distinguishing between the rationality of the investor and that of the judge, that allegations, court cases or court verdicts should not be reasons to disinvest from a corporation. This article offers examples from investor practice and points out in which way allegations, court cases and court verdicts make sense for investor behaviour. (shrink)
In this article, we examine the association between ethics and disclosure and the impact of this association on the long-term, post-issue performance of seasoned equity offerings (SEOs). We argue that firms with extensive disclosure are less likely to face information problems, and more likely to lead to an active shareholder monitoring, and therefore, engage in fewer unethical activities, such as aggressive earnings manipulation, and have better long-term, post-issue performance. Consistent with these predictions, this study presents evidence that disclosure is negatively (...) related to unethical earnings manipulation and positively associated with long-term, post-issue performance. In particular, we find that long-term, post-issue SEO underperformance is significantly less for firms with extensive disclosure and conservative earnings management than firms with less disclosure and aggressive earnings management. We interpret this evidence to mean that over the long run, the capital market values ethical financial reporting and corporate efforts to incorporate social responsibility into their decision-making processes, for example, by enhancing information transparency through voluntary disclosure. (shrink)
Foucault’s vocabulary of arts of existence might be helpful to problematize the entwinement of humans and technology and to search for new types of hybrid selves. However, to be a serious new ethical vocabulary for technology, this art of existence should be supplemented with an ongoing critical discourse of technologies, including a critical analysis of the subjectivities imposed by technologies, and should be supplemented with new medical and philosophical regimens for an appropriate use of technologies.