This study examines the extent to which corporate responsibility influences the demand for shares by institutions. The study follows Bushee (Account Rev 73(3):305–333, 1998 ) in categorising institutions as dedicated or transient. The demand for shares is organised according to three factors: a long-term factor, corporate responsibility; a short-term factor, market liquidity; and a time-independent factor, portfolio theory. The rank and importance of the factors for the different types of institutional investor are analysed. For one of two types of dedicated (...) institution, corporate responsibility is as important as portfolio theory in influencing the demand for shares. For all dedicated institutions, corporate responsibility influences the demand for shares more than market liquidity. For two of the three types of transient institution, market liquidity is the most important factor in share selection. For all transient institutions, the least important factor is corporate responsibility. Findings suggest that corporate responsibility positively and significantly influences the demand for shares by dedicated institutions. The discussion considers the extent to which these trends are constitutive of significant shifts in ethicality within the context of institutional investment. Looking at this from within a highly institutionalised Anglo market model, dedicated institutions’ commitment to broader and longer-term concerns could be interpreted as a small but significant step towards a more axiologically informed ethical business practice. Such a form of engagement calls for sensitive attention to a fuller range of features deemed to be relevant to investment decisions, as opposed to more narrow reliance on legislation, codes of practice and fiduciary principles. (shrink)

This paper explores the subject of ethics expertise. We suggest that this is a topic which has been badly neglected despite ongoing discussions about subjects which presuppose a particular conception of expertise . In addition, given significant challenges to any conception of ethical expertise, we try to determine whether it is possible to provide a meaningful and substantive account of it. The paper moves from more abstract discussion of the idea to grounding a particular model, providing substance to it, and (...) discussing specific traits or qualities of ethics experts. (shrink)

This essay critically examines the view recently set forth by Paul Guyer that Kant's theories of artistic beauty and artistic creativity exclusively coincide with this theory of natural beauty. I note that very great works of art, although they may indeed be beautiful, also tend to be sublime. To acknowledge the sense of awe which attends those great works of art which are also beautiful, I argue that Kant's theory of sublimity must also be included within an accurate interpretation (...) of Kant's account of artistic beauty, and maintain that Guyer's exclusive reference to Kant's theory of natural beauty will not suffice. (shrink)

The Philosophy of Hans-Georg Gadamer, edited by Lewis Edwin Hahn, is the twenty-fourth volume in the "Library of Living Philosophers"—a series founded in 1938 by Paul Arthur Schlipp, the aim of which has been to represent some of the world's greatest living philosophers. In keeping with this tradition, the 600-page Gadamer volume contains an invaluable and lengthy autobiographical sketch by Gadamer himself, along with wide-ranging critical and interpretive essays by twenty-nine scholars. The essays address the foundations of philosophical hermeneutics, (...) the significance of beauty, art, and æsthetics to hermeneutic theory, the Socratic-Platonic sources of Gadamer's outlook, the relationship between Gadamer's hermeneutics and the characteristic perspectives of the Renaissance and the Enlightenment, questions concerning Gadamer's connection to political affairs in twentieth-century Germany, and the nuances of Martin Heidegger's profound influence on Gadamer's thought. The essays divide evenly into those which take issue with Gadamer and those which interpretively and sympathetically elaborate on Gadamerian themes. Of the twenty-nine authors, twenty-six were teaching at North American colleges and universities at the time of writing. (shrink)

The Philosophy of Hans-Georg Gadamer, edited by Lewis Edwin Hahn, is the twenty-fourth volume in the "Library of Living Philosophers"—a series founded in 1938 by Paul Arthur Schlipp, the aim of which has been to represent some of the world's greatest living philosophers. In keeping with this tradition, the 600-page Gadamer volume contains an invaluable and lengthy autobiographical sketch by Gadamer himself, along with wide-ranging critical and interpretive essays by twenty-nine scholars. The essays address the foundations of philosophical hermeneutics, (...) the significance of beauty, art, and æsthetics to hermeneutic theory, the Socratic-Platonic sources of Gadamer's outlook, the relationship between Gadamer's hermeneutics and the characteristic perspectives of the Renaissance and the Enlightenment, questions concerning Gadamer's connection to political affairs in twentieth-century Germany, and the nuances of Martin Heidegger's profound influence on Gadamer's thought. The essays divide evenly into those which take issue with Gadamer and those which interpretively and sympathetically elaborate on Gadamerian themes. Of the twenty-nine authors, twenty-six were teaching at North American colleges and universities at the time of writing. (shrink)

Paul Crowther provides interpretations of key concepts in Kant’s Critique of Aesthetic Judgment, indicating (particularly in very informative footnotes) how his views compare with those of other Kant commentators such as Paul Guyer, Rachel Zuckert, Béatrice Longuenesse, Henry Allison, Donald Crawford, Robert Wicks and others. One might be inclined to ask whether yet another interpretation of Kant’s third critique was needed, yet compared to his other two critiques, Kant’s Critique of Judgment can still be regarded as the (...) neglected sibling. Its relevance to his system as a whole and in particular to his moral theory is still under appreciated. However, if one is after a study of Kant’s third critique along these lines, this is not the place to find it. Crowther has his philosopher of art hat firmly in place in the writing of this study. Even so, adopting this approach Crowther shows us that there is still work to be done. Crowther takes the core of Kant’s thesis and argues that its implications extend far beyond what Kant could have envisaged. (shrink)

The term stakeholder is a powerful one. This is due, to a significant degree, to its conceptual breadth. The term means differentthings to different people and hence evokes praise or scorn from a wide variety of scholars and practitioners. Such breadth of interpretation, though one of stakeholder theory’s greatest strengths, is also one of its most prominent theoretical liabilities. The goal of the current paper is like that of a controlled burn that clears away some of the underbrush of misinterpretation (...) in the hope of denying easy fuel to the critical conflagration that would raze the theory. We aim to narrow its technical meaning for greater facility of use in management and organizational studies. By elaborating a number of common misinterpretations – critical and friendly - of the theory, we hope to render a stronger and more convincing theory as a starting place for future research. (shrink)

Recent work on the subject speaks to the importance trust has for firm performance. Yetlittle work has been done to show how context affects the ability of firms to create trust in relationships with key stakeholders. This paperlooks at how the institutional environment may affect the performance of different strategies for managing firm-stakeholder relationships, and in turn, how this affects firm performance. The authors put forward propositions that build on these theoretical insights and offer prospects for future empirical work.

In this article we revisit the notion of stakeholder responsibility as a way to highlight the role that stakeholders have in creating anethical business context. We argue for modifying the prevailing focus on corporate responsibility to stakeholders, and giving more serious attention to the importance of stakeholder responsibility—to firms, and to other stakeholders who are part of the collective enterprise. We elaborate why stakeholder responsibility matters, and suggest how making stakeholder responsibility a central focus of academics and practitioners can redefine (...) the interaction between firms and stakeholders and ultimately enhance business excellence. (shrink)

Stakeholder theorists have generally misunderstood the nature and ramifications of the fiduciary responsibilities that corporate directors owe their stockholders. This fiduciary duty requires the exercise of care, loyalty, and honesty with regard to the financial interests of stockholders. Such obligations do not conflict with the normative goals of stakeholder theory, nor, after a century of case law that includes Dodge Bros. v. Ford, do fiduciary responsibilities owed shareholders prevent managerial policies that are generous orsensitive to other corporate stakeholders. The common (...) law recognizes a multitude of legal relationships between various corporateconstituents, and fiduciary duties are only a subset of the obligations that arise from these relationships. This article argues that statuteand case law can bring comparable legal protection to constituents other than stockholders, and suggests ways that these protectionsmight be further strengthened. Implications for management education are also discussed. (shrink)

This innovative volume presents an insightful philosophical portrait of the life and work of Arthur Schopenhauer. Focuses on the concept of the sublime as it clarifies Schopenhauer’s aesthetic theory, moral theory and asceticism Explores the substantial relationships between Schopenhauer’s philosophy and Buddhism, Hinduism, and Christianity Defends Schopenhauer’s position that absolute truth can be known and described as a blindly striving, all-permeating, universal “Will” Examines the influence of Asian philosophy on Schopenhauer Describes the relationships between Schopenhauer’s thought and that of Hegel, (...) Nietzsche, and Wittgenstein. (shrink)

In this article we revisit the notion of stakeholder responsibility as a way to highlight the role that stakeholders have in creating anethical business context. We argue for modifying the prevailing focus on corporate responsibility to stakeholders, and giving more serious attention to the importance of stakeholder responsibility—to firms, and to other stakeholders who are part of the collective enterprise. We elaborate why stakeholder responsibility matters, and suggest how making stakeholder responsibility a central focus of academics and practitioners can redefine (...) the interaction between firms and stakeholders and ultimately enhance business excellence. (shrink)

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)

There is a long and distinguished history of ethical thought in both business and medicine dating back to ancient times. Yet, the emergence of distinct academic disciplines ("business ethics" and "bioethics") which are also tied to broader social movements is a very recent phenomenon. In spite of the apparent affinities that would seem to emerge from this connection, many have argued that the differences between business and medicine make any constructive interaction between business ethics and bioethics minimal. Indeed, little has (...) been done to specifically examine the potential for collaboration and interdisciplinary research. This paper argues that there is considerable potential for constructive interaction between these two movements based on three major arguments: that the differences between medicine and business have been exaggerated, that both the fields face a number of urgent problems that are common to each, and that the model of bioethics can serve as a useful guide for business ethicists. (shrink)

Paul Helm presents a new, expanded edition of his much praised 1988 book Eternal God, which defends the view that God exists in timeless eternity. Helm argues that divine timelessness is grounded in the idea of God as creator, and that this alone makes possible a proper account of divine omniscience.

There is a long and distinguished history of ethical thought in both business and medicine dating back to ancient times. Yet, the emergence of distinct academic disciplines [“business ethics” and “bioethics”) which are also tied to broader social movements is a very recent phenomenon. In spite of the apparent affinities that would seem to emerge from this connection, many have argued that the differences between business and medicine make any constructive interaction between business ethics and bioethics minimal. Indeed, little has (...) been done to specifically examine the potential for collaboration and interdisciplinary research. This paper argues that there is considerable potential for constructive interaction between these two movements based on three major arguments: that the differences between medicine and business have been exaggerated, that both fields face a number of urgent problems that are common to each, and that the model of bioethics can serve as a useful guide for business ethicists. (shrink)

Within traditional decision theory, common decision principles - e.g. the principle to maximize utility -- generally invoke idealization; they govern ideal agents in ideal circumstances. In Realistic Decision Theory, Paul Weirch adds practicality to decision theory by formulating principles applying to nonideal agents in nonideal circumstances, such as real people coping with complex decisions. Bridging the gap between normative demands and psychological resources, Realistic Decision Theory is essential reading for theorists seeking precise normative decision principles that acknowledge the limits (...) and difficulties of human decision-making. (shrink)

Norman Bowie wrote an article on the moral obligations of multinational corporations in 1987. This paper is a response to Bowie, but more importantly, it is designed to articulate the force and substance of the pragmatist philosophy developed by Richard Rorty. In his article, Bowie suggested that moral universalism (which he endorses) is the only credible method of doing business ethics across cultures and that cultural relativism and ethnocentrism are not. Bowie, in a manner surprisingly common among contemporary philosophers, lumps (...) Rorty into a bad guy category without careful analysis of his philosophy and ascribes to him views which clearly do not fit. I attempt to provide both a more careful articulation of Rorty's views, and to use his pragmatism to illustrate an approach to business ethics which is more fruitful than Bowie's. This brand of philosophy follows the Enlightenment spirit of toleration and attempts to set aside questions of Truth, whether religious or philosophical, and have ethics centered around what James called that which is good in the way of belief. Rather than looking for metaphysical foundations or some type of external justification, ethicists perform their craft from within the cultural traditions, narratives and practices of their society. (shrink)

The dialogue about the future of health care in the US has been impeded by flawed conceptions about medicine and business. The present paper re-examines some of the underlying assumptions about both medicine and business, and uses more nuanced readings of both terms to frame debates about the ACA and the emerging health care environment.

Many observers claim that business has become a powerful force in medicine and that the future of health care cannot escape that reality, even though some scholars lament it. The U.S. recently experienced the most devastating recession since the Great Depression. As health care costs rise, we face additional pressure to rein in health care spending. We also have important new legislation that could well mark a significant shift in how health care is provided and who has access to care, (...) namely the Affordable Care Act. These changes underscore the need to bring new thinking to the conversation about health care and to move beyond conceptual and practical obstacles that inhibit our progress.In this paper we do not to claim to have solutions. Rather, our aim is to try to identify some obstacles to fostering a better conversation about the future of health care and to envisioning a better health care system. (shrink)

Many of our most important goals require months or even years of effort to achieve, and some never get achieved at all. As social psychologists have lately emphasized, success in pursuing such goals requires the capacity for perseverance, or "grit." Philosophers have had little to say about grit, however, insofar as it differs from more familiar notions of willpower or continence. This leaves us ill-equipped to assess the social and moral implications of promoting grit. We propose that grit has an (...) important epistemic component, in that failures of perseverance are often caused by a significant loss of confidence that one will succeed if one continues to try. Correspondingly, successful exercises of grit often involve a kind of epistemic resilience in the face of failure, injury, rejection, and other setbacks that constitute genuine evidence that success is not forthcoming. Given this, we discuss whether and to what extent displays of grit can be epistemically as well as practically rational. We conclude that they can be (although many are not), and that the rationality of grit will depend partly on features of the context the agent normally finds herself in. In particular, grit-friendly norms of deliberation might be irrational to use in contexts of severe material scarcity or oppression. (shrink)

Several critics have maintained that there are some critical differences between the ethics of medicine and the ethics of business such that health care should remain as free as possible from the influence of business. In particular, it has been suggested that the core moral identity of those in medical practice, and their accompanying institutions, are not only antagonistic, but effectively opposed to their counterparts in business. This paper attempts to challenge such a sharp contrast and suggests that a reformulation, (...) where the two are seen as fundamentally similar is both appropriate and compelling. Indeed, as we contemplate the direction of proposed comprehensive reforms in health care, such an understanding of the moral framework of medicine and business is essential. (shrink)

This paper utilizes a qualitative case study of the health care industry and a recent legal case to demonstrate that stakeholder theory’s focus on ethics, without recognition of the effects of incentives, severely limits the theory’s ability to provide managerial direction and explain managerial behavior. While ethics provide a basis for stakeholder prioritization, incentives influence whether managerial action is consistent with that prioritization. Our health care examples highlight this and other limitations of stakeholder theory and demonstrate the explanatory and directive (...) power added by the inclusion of the interactive effects of ethics and incentives in stakeholder ordering. (shrink)

Total Quality Management (TQM) has been the object of extensive discussion within the popular literature and is increasingly of interest among management scholars. Recent scholarship has focused on the theoretical foundations of TQM, particularly what makes it work, why so many firms have had problems implementing it, and under what circumstances it may create a sustainable advantage for individual firms. This paper extends the work in theory development regarding TQM and offers an empirically testable theoretical model of its function. The (...) central claim of the paper is that embedded within TQM there are a set of moral values (“value dynamics”) that must be developed and maintained if it is to work, and that seeing them as moral values has significant theoretical and practical implications. That is, how TQM is understood and “enacted” (Weick 1979) by managers plays a significant role in determining itssuccess. The discussion is linked to the ethics literature, normative implications of the model are explored, and directions for futureresearch are outlined. (shrink)

The subject of journal quality has received little attention in the business ethics literature. While there are reasons for this past neglect, there are important new considerations which make it vital that researchers now address this topic. First, virtually all business school departments use evaluations of journal quality as an important indicator of scholarly achievement, yet business ethics has no such studies. Second, as many schools are beginning to ask ethicists to publish in the wider management literature, it is important (...) to find a way to compare journal quality across these domains. In the absence of such studies, performance review committees may well make incorrect inferences about journal quality within business ethics or assume that ethics journals are not prestigious unless a candidate can provide evidence to the contrary . This study addresses these two issues. It relies on an opinion-based survey to establish journal quality by incorporating a list of journals within business ethics and the wider management literature. The target population is active business ethics researchers within the Society for Business Ethics . We present the results of the study and discuss their implications. (shrink)

Though most legal and labor historians have depicted an American labor movement that suffered from legal disabilities, American law has never denied organized labor's freedom of association. Quite the contrary, unions have always enjoyed at least some favoritism in the law, and this status provided the essential element to their success and power. But, even during the heyday of union power, organized labor never succeeded in gaining all of the privileges that it sought, not enough to stem its current decline (...) back to historically normal levels. This article provides a synoptic overview and reinterpretation of the development of American labor law. (shrink)

_Ideology and Utopia_ argues that ideologies are mental fictions whose function is to veil the true nature of a given society. They originate unconsciously in the minds of those who seek to stabilise a social order. Utopias are wish dreams that inspire the collective action of opposition groups which aim at the entire transformation of society. Mannheim shows these two opposing elements to dominate not only our social thought but even unexpectedly to penetrate into the most scientific theories in philosophy, (...) history and the social sciences. This new edition contains a new preface by Bryan S. Turner which describes Mannheim's work and critically assesses its relevance to modern sociology. The book is published with a comprehensive bibliography of Mannheim's major works. (shrink)

Paul Elbourne explores the complex nature of meaning in crystal clear language. He draws on approaches developed in linguistics, philosophy, and psychology - assuming a knowledge of none of them - in a manner that will appeal to everyone interested in this essential element of human psychology and culture.

The Socratic, or dialog, form is central to the history of philosophy and has been the discipline's canonical genre ever since. Paul Feyerabend's Three Dialogues on Knowledge resurrects the form to provide an astonishingly flexible and invigorating analysis of epistemological, ethical and metaphysical problems. He uses literary strategies - of irony, voice and distance - to make profoundly philosophical points about the epistemic, existential and political aspects of common sense and scientific knowledge. He writes about ancient and modern relativism; (...) the authority of science; the ignorance of scientists; the nature of being; and true and false enlightenment. Throughout Three Dialogues on Knowledge is provocative, controversial and inspiring. It is, unlike most current philosophical writing, written for readers with a keen sense of what matters and why. (shrink)

Stakeholder theorists have generally misunderstood the nature and ramifications of the fiduciary responsibilities that corporate directors owe their stockholders. This fiduciary duty requires the exercise of care, loyalty, and honesty with regard to the financial interests of stockholders. Such obligations do not conflict with the normative goals of stakeholder theory, nor, after a century of case law that includes Dodge Bros. v. Ford, do fiduciary responsibilities owed shareholders prevent managerial policies that are generous orsensitive to other corporate stakeholders. The common (...) law recognizes a multitude of legal relationships between various corporateconstituents, and fiduciary duties are only a subset of the obligations that arise from these relationships. This article argues that statuteand case law can bring comparable legal protection to constituents other than stockholders, and suggests ways that these protectionsmight be further strengthened. Implications for management education are also discussed. (shrink)