For a sample comprising 36,105 U.S. firm-year observations from 1985 to 2008, we find that firms located in more religious counties enjoy cheaper equity financing costs. This result is robust to a battery of sensitivity tests, including alternative assumptions and model specifications, additional controls for noise in analyst forecasts, and various approaches to addressing endogeneity. In another set of tests, we find that the equity pricing role that religion plays comes predominantly from Mainline Protestants. We also document that the effect (...) of religiosity on firms’ cost of equity capital is larger for firms (periods) lacking alternative monitoring (regulation) mechanisms as measured by lower institutional ownership (the pre-SOX era), implying that religion plays a corporate governance role. Finally, we find that the importance of religion to equity pricing is concentrated in firms that suffer lower visibility, which tend to be more sensitive to local social and economic factors. By examining the links between religiosity and valuation at the firm level, we provide strong, robust evidence supporting the perspective that religion facilitates economic development. (shrink)

We examine how corporate environmental responsibility affects the cost of equity capital for manufacturing firms in 30 countries. Using several approaches to estimate firms’ ex ante equity financing costs, we find in regressions that control for firm-level characteristics as well as industry, year, and country effects that the cost of equity capital is lower when firms have higher CER. This finding is robust to addressing endogeneity through instrumental variables, to using alternative specifications and proxies for the cost of equity capital, (...) and to accounting for noise in analyst forecasts. We conclude that investment in CER reduces firms’ equity financing costs worldwide. (shrink)

Recent research suggests that collectivism breeds corruption in bank lending. This finding, together with the stickiness of culture, poses a direct challenge to economic growth in collectivist societies. In this paper, we address this grim outlook by examining the types of firms that are susceptible to the detrimental effect of collectivism on lending integrity and the formal institutions that can help alleviate such effect. We find that the adverse effect of collectivism on bank corruption is more severe in small and (...) medium-sized firms, privately owned firms, and non-exporting firms, while it is considerably weaker in countries with more effective private monitoring, a higher fraction of foreign-owned banks, a more competitive banking sector, better information sharing, and stronger legal and political institutions. Our findings are robust to using alternative measures of collectivism and alternative dependent variables. These results highlight how firm-level characteristics and formal institutions interact with collectivism in affecting firms’ access to bank credit. (shrink)

This study provides novel evidence of the impact of corporate social responsibility (CSR) on investment sensitivity to cash flows. We posit that CSR affects investment–cash flow sensitivity (ICFS) through information asymmetry and agency costs, commonly viewed as the two channels through which investment responds to the availability of internal cash flows. We find that CSR performance leads to a decrease in ICFS. We further find that ICFS decreases (increases) when CSR strengths (concerns) increase. Finally, we find that the effect of (...) CSR on ICFS is driven by the areas Community, Diversity, and Human Rights. In sum, the findings of this study stress the relevance of CSR—in particular, of CSR activities that extend beyond compliance behavior and reflect what is desired by society—in reducing market frictions and improving firms’ access to financial capital. (shrink)

This study provides evidence on the relationship between corporate social responsibility and firms’ credit ratings. We find that credit rating agencies tend to award relatively high ratings to firms with good social performance. This pattern is robust to controlling for key firm characteristics as well as endogeneity between CSR and credit ratings. We also find that CSR strengths and concerns influence credit ratings and that the individual components of CSR that relate to primary stakeholder management matter most in explaining firms’ (...) creditworthiness. Overall, our results suggest that CSR performance conveys important non-financial information that rating agencies are likely to use in their evaluation of firms’ creditworthiness, and that CSR investments—particularly those that extend beyond compliance behavior to reflect what is desired by society—can lead to lower financing costs resulting from higher credit ratings. (shrink)

Using a large sample of 3,040 U.S. firms and 16,606 firm-year observations over the 1991–2010 period, we find strong evidence that firm internationalization is positively related to the firm’s corporate social responsibility rating. This finding persists when we use alternative estimation methods, samples, and proxies for internationalization and when we address endogeneity concerns. We also provide evidence that the positive relation between internationalization and CSR rating holds for a large sample of firms from 44 countries. Finally, we offer novel evidence (...) that firms with extensive foreign subsidiaries in countries with well-functioning political and legal institutions have better CSR ratings. Our findings shed light on the role of internationalization in influencing multinational firms’ CSR activities in the U.S. and around the world. (shrink)

Prior research suggests that the media plays an important information intermediary role in capital markets. We investigate the role of the media in influencing firms’ engagement in corporate social responsibility activities. Using a large sample of 4396 unique firms from 42 countries over the period 2003–2012, we find strong evidence that firms engage in more CSR activities if located in countries where the media has more freedom. This relation is robust to using various proxies for media freedom, an alternative source (...) of CSR data, and to applying the instrumental variables approach to address endogeneity. In additional analyses, we find that the positive relation between media freedom and CSR engagement is stronger for better governed firms and for larger firms. Since the media have the ability to impact reputational capital, we conclude that media freedom affects firms’ incentives to engage in costly CSR activities. (shrink)

The disclosure of corporate environmental performance is an increasingly important element of a firm’s ethical behavior. We analyze how the legal origin of foreign institutional investors affects a firm’s voluntary greenhouse gas emissions disclosure. Using a large sample of firms from 36 countries, we show that foreign institutional ownership from civil law countries improves the scope and quality of a firm’s greenhouse gas emissions reporting. This relation is robust to addressing endogeneity and selection biases. The effect is more pronounced in (...) firms from non-climate-sensitized countries, for which the gap between firms’ environmental standards and investors’ environmental targets is potentially larger, and in less international firms. Firms with a higher level of voluntary greenhouse gas emissions disclosure also exhibit higher valuations. (shrink)

This study provides novel evidence of the impact of corporate social responsibility (CSR) on investment sensitivity to cash flows. We posit that CSR affects investment–cash flow sensitivity (ICFS) through information asymmetry and agency costs, commonly viewed as the two channels through which investment responds to the availability of internal cash flows. We find that CSR performance leads to a decrease in ICFS. We further find that ICFS decreases (increases) when CSR strengths (concerns) increase. Finally, we find that the effect of (...) CSR on ICFS is driven by the areas Community, Diversity, and Human Rights. In sum, the findings of this study stress the relevance of CSR—in particular, of CSR activities that extend beyond compliance behavior and reflect what is desired by society—in reducing market frictions and improving firms’ access to financial capital. (shrink)

Using U.S. Department of Justice data on state-level political corruption, we find that, consistent with the Harmful Corruption Environment Hypothesis (HCEH), firms situated in states with higher levels of corruption incur higher costs of equity (CoEs). These results are robust for additional controls, propensity score matching, use of instrumental variables, exogenous shocks, and alternate measures for main dependent and primary independent research variables. Our study extends the stream of literature that investigates the influence of local ethical or trust factors on (...) CoE and complements works by El Ghoul and colleagues and Gupta and colleagues. (shrink)

There is no doubt that custard apple diseases are among the important reasons that destroy the Custard Apple plant and its agricultural crops. This leads to obvious damage to these plants and they become inedible. Discovering these diseases is a good step to provide the appropriate and correct treatment. Determining the treatment with high accuracy depends on the method used to correctly diagnose the disease, expert systems can greatly help in avoiding damage to these plants. The expert system correctly diagnoses (...) Custard Apple disease to make it easier for farmers to find the right treatment based on the appropriate diagnosis. Objectives: A specialized syllable language system was established for the diagnosis of Custard Apple plant disease. (shrink)

Este artículo estudia dos aspectos primordiales del cadiazgo de la ciudad de granada bajo los almorávides. Por un lado, expone la lista de los cadíes de Granada basándose en los datos proporcionados por las fuentes biográficas andalusíes. Por el otro, analiza los mecanismos de la relación entre el poder político almorávide y la élite local granadina, relación que se caracterizó, en gran medida, por la negociación y el enfrentamiento. El cadiazgo de Granada fue gestionado por varias familias andalusíes, granadinas y (...) no granadinas, y no por voluntad propia de los granadinos, sino por imposición de las autoridades almorávides. También, encontramos miembros de familias magrebíes ocupando el cadiazgo en mayor número del atestiguado al mismo tiempo en otras ciudades andalusíes ¿no se incluye a Algeciras por razones ligadas especialmente al estatuto de la ciudad¿. Con esto, las autoridades almorávides querían evitar el monopolio de las funciones judiciales por parte de la élite local, y con ello ejercer mayor control sobre la ciudad, sobre todo teniendo en cuenta que era la capital andalusí. (shrink)

La comprensión moderna del movimiento físico resulta insuficiente para tematizar la incidencia en él de la causalidad final. La confusión de la finalidad física con algún tipo de noción formal lastra incluso la física filosófica de Aristóteles. Se propone entender la causa final física como un principio real, no mental, que guía —induce o atrae— la variación formal, sólo actuante junto con las otras causas que el Estagirita sienta, y cuya influencia en las tricausalidades cinéticas es la razón última del (...) despliegue evolutivo de éstas dentro del cosmos. (shrink)

Este artículo estudia la sección de la recopilación de adab del 'Iqd al-farid de Ibn 'Abd Rabbih llamada "El Libro de Lamentaciones, Condolencias y Elegías". Se analiza la función ideológica del 'Iqd, concretamente la manera en que se organiza el género con ocasión de la muerte. Localiza lo que parece haberse «reprimido» en el texto en un intento por determinar el material que fue pasado por alto, enterrado o alterado, y estudia la organización de sus prioridades. El artículo sostiene que (...) el 'Iqd, en su función de texto ejemplar, no se limita a reflejar una ideología dominante sino que hace una contribución al discurso dominante por su manera de dar forma a la vida intelectual y social. (shrink)

Este trabajo estudia las figuras de Abū Ya῾zà y al-Yuḥānisī desde la perspectiva de su educación y formación intelectuales. Los dos personajes analizados pueden ayudarnos, por un lado, a revisar en profundidad las características de aquellos que se consideran awliyā’ o «amigos de Dios» así como a sugerir la posibilidad de la existencia de dos modelos de santidad en el occidente islámico, uno típicamente magrebí y el otro andalusí. Los dos modelos propuestos muestran características comunes pero también claras diferencias, especialmente (...) en lo relativo a su educación y formación intelectual. De esta forma, el estudio presta especial atención a factores como la enseñanza recibida por parte de los sujetos de estudio y sus maestros, la presencia de la lengua bereber en esta enseñanza así como el fenómeno de la rihla a las tierras orientales como parte inseparable de la propia formación intelectual. (shrink)

A mass balance based model has been derived to represent the dynamical behavior of the ecosystem contained in an anaerobic digester. The model considers two bacterial populations: acidogenic and methanogenic bacteria. It forms the basis for the design of a software sensor considering both a model of the biological system and on-line gaseous measurements. The software sensor computes the concentration of inorganic carbon and volatile fatty acids (VFA) in the digester. Another software sensor is dedicated to the estimation of the (...) bacterial biomasses. The predictions of the software sensors for a real experiment are very close to the actual off-line measurements. The software sensors monitor the accumulation of VFA and thus very early detect a destabilization of the digester due to overloading. The presented methodology demonstrates the usefulness of advanced monitoring techniques for an improved understanding of the internal working of a biological system. (shrink)

Cada vez está más cerca el 1 de enero de 2005, fecha en la cual, según lo dispone el Acto Legislativo 03 de diciembre 19 de 2002, debe entrar a regir el nuevo sistema de procesamiento penal: el sistema acusatorio. En el acto legislativo y en el proyecto de Código de Procedimiento Penal que desarrolla dicho sistema de procesamiento, si bien es cierto el Jurado de Conciencia se enuncia como uno de los órganos llamados a administrar justicia, no se le (...) asigna esquema de funcionamiento alguno -número de integrantes, forma de elección, posesión, instalación, operatividad, etc.- como tampoco se señala qué delitos estarían sometidos al juzgamiento con participación de dicha Institución. (shrink)

El siguiente trabajo se enmarca en una investigación acerca de las fuentes históricofilosóficas que dan cuenta de los fundamentos de la tendencia de la filosofía a interpretarse a sí misma como una ciencia. Hemos tomado algunos de los diálogos socráticos de Platón para pesquisar cómo opera esto ahí, cuál es su motivación última y cuál su sentido. El supuesto básico es que cabe, en algún sentido, pensar la actividad filosófica como un “saber del saber”. El hilo conductor lo constituye el (...) examen de ciertos pasajes ejemplares en donde aparece la llamada “analogía del arte”, a través de la cual se ponen al descubierto ciertos caracteres esenciales del saber. Finalmente se concluye que la motivación de un “saber referido al saber” no puede ser “epistemológica” sino fundada en la preocupación por alcanzar una vida de excelencia. (shrink)

A main area of Hans Blumenberg’s works, the history of science, has received little attention, in particular Blumenberg’s history of astronomy. Since 1955 Blumenberg [1920-1996] had undertaken a research on Copernican astronomy, and published many papers during the 50’s and 60’s, later put together in Die kopernikanische Wende [1965]. Blumenberg had also prepared preliminary studies on Galileo Galilei’s Sidereus Nuncius and Cusa’s De coniecturis. All this work will culminate in Blumenberg’s monumental Die genesis der kopernikanischen Welt [1975] and his posthumous (...) book Die Vollzähligkeit der Sterne [1997]. The aim of this paper is to undertake a review on this neglected area of Blumenberg’s works. We will focus on the Heideggerian background in Blumenberg’s history of astronomy. Our thesis is that in Blumenberg’s history of astronomy we can find a metaphysics of existence in a Heideggerian way, as astronomical existential paradigms. (shrink)

[1] Elul. Yamim Noraʼim. Sukot -- [2] Pesaḥ. Shevuʻot. Galut u-geʼulot. Ḥanukah. Purim.

[1] Elul. Yamim Noraʼim. Sukot -- [2] Pesaḥ. Shevuʻot. Galut u-geʼulot. Ḥanukah. Purim.

La sociedad del conocimiento y la introducción en los procesos de enseñanza-aprendizaje de las tecnologías de la información y la comunicación, están exigiendo de quienes nos dedicamos a la educación en el ámbito universitario, la utilización de nuevas estrategias didácticas y la reinvención de algunas antiguas o no tan nuevas. Se trata de dar respuesta a la demanda social de “aprender de otra manera” para mejorar la inserción de los nuevos egresados en su ámbito profesional. Esta nueva forma de aprender (...) debe tener en consideración las exigencias de los nuevos contextos de enseñanza-aprendizaje, donde el protagonismo de los estudiantes es un elemento esencial y la relación de lo aprendido con sus posibilidades de aplicación en el contexto profesional es el otro. Casualmente el modelo de formación basado en competencias desde el enfoque socioformativo coincide en ambos protagonismos y el portafolio como estrategia didáctica que puede utilizarse en este modelo puede ayudar a dotar de protagonismo al que aprende haciéndole tomar conciencia de que el aprendizaje no se produce de manera automática sino a través de una serie de pasos y etapas que a la vez que se van consiguiendo nos permiten reflexionar el proceso. Una vez llevado a cabo este proceso de reflexión general, puede aplicarse en el ámbito médico para iniciar al estudiante a tomar conciencia de su semejanza con el diagnóstico clínico. Palabras clave: portafolio; estrategias de enseñanza-aprendizaje; diagnóstico clínico; enfoque socioformativo. (shrink)

Pieper’s originality and interest in contemporary thought are to be found above all in his having revitalized precious insights about the true being of man contained in classical wisdom. The structure of the philosophical act and the human spirit share a fundamental characteristic, that both are open to the whole of being. Thus, Pieper suggests that authentic philosohizing must consider all aspects of a question, including theological ones.

En las últimas décadas se ha tomado gran conciencia dentro de los estudios heideggerianos de la relevancia de la indicación formal. En efecto, en ella se encuentra la pieza clave de la metódica filosófica de este pensador. Heidegger introduce por primera vez este concepto a través de una delimitación frente a otras operaciones conceptuales. El siguiente artículo se limitará a la exposición crítica que Heidegger hace de la generalización y de la formalización para mostrar que aquí late una discusión mucho (...) más compleja con la fenomenología husserliana. La propuesta esencial de este artículo es que el problema acerca de los conceptos filosóficos se sitúa con Heidegger en el plano fundamental del problema de los principios metódicos de la investigación filosófica. (shrink)

Queens, Eunuchs and Concubines in Islamic History, 661–1257. By Taef El-Azhari. Edinburgh: Edinburgh University Press, 2019. Pp. xix + 449. $140, £90.