This paper argues that since the last decades of the twentieth century the discipline of modern finance has directed fiduciaries to act "rationally"—that is, in the sole financial interest of their funds--downplaying the effects of their investments on others. This approach has deemphasized a previous, more "reasonable" interpretation of fiduciary duty that drew on a conception of prudence characterized by wisdom, discretion and intelligence—one that accounts to a greater degree for the relationship between one's investments and their effects on others (...) in the world. The reasonable approach allows fiduciaries to a greater degree to assess the objective well-being of beneficiaries, to recognize fundamental sources of investment reward in the economy, and to fulfill their obligations to allocate benefits impartially between current and future generations. Reason and rationality can work in a complementary fashion to make investment long-term in its perspective and beneficial to society and the economy as well as to specific funds or portfolios. Determining how to accomplish this challenging task is part of the obligation of fiduciaries as they seek to realize the full potential of the investment assets entrusted to their care. (shrink)

This research applies the notion of sustainability (Barney, 1991; Braa, Monteiro, & Sahay, 2004) to the mechanisms used by socially responsible investment(SRI) firms with respect to their stakeholders (investors and target firms). A contrast is developed between US and UK SRI firms. It is noted that screens, while maintaining a strong investor base, are less sustainable from the perspective of the firms targeted by SRI funds, whereas advocacy has stronger elements of sustainability with respect to the relations with corporations.

This article discusses the development and application of various types of corporate social monitoring systems. Boycotts are a relatively simple form of social monitoring system which aim to produce changes in corporate social behavior. Boycotts may be organized by a single group, or by a number of groups simultaneously. Rating systems may be organized around a single issue, such as the Sullivan Principles rating scheme, or may include multiple companies and multiple issues, such as shopping guides or ethical investment systems.Monitoring (...) systems may be unidimensional or multidimensional, qualitative or quantitative, and absolute or relative. Consumers and investors appear to be the groups most likely to be targeted in these schemes. The importance of these monitoring systems appears to be increasing as both consumers and investors become more interested in using social criteria in decision-making. (shrink)

In the last thirty years, a relatively large group of cognitive scientists have begun characterising the mind in terms of two distinct, relatively autonomous systems. To account for paradoxes in empirical results of studies mainly on reasoning, Dual Process Theories were developed. Such Dual Process Theories generally agree that System 1 is rapid, automatic, parallel, and heuristic-based and System 2 is slow, capacity-demanding, sequential, and related to consciousness. While System 2 can still be decently understood from a traditional cognitivist approach, (...) I will argue that it is essential for System 1 processing to be comprehended in an Embodied Embedded approach to Cognition. (shrink)

The paper focuses on the development and practices of Socially Responsible Investment (SRI) in the US and Europe. The aim is to explore the historical, cultural and political embeddedness of SRI. Based on secondary sources of information, it offers a comparative analysis of the development and current practicesof SRI on both sides of the Atlantic and discusses the future implications for SRI. The paper shows that SRI movements in both regions present differences in terms of definitions, actors involved, vocabulary and (...) motivations, and strategies implemented. Nonetheless, they also share a common underlying purpose and seek similar goals of improving corporations’ policies and practices on social and environmental issues. (shrink)

In his 2014 paper entitled “Reason, Rationality and Fiduciary Duty”, Lydenberg ventures into the field of the moral and political philosophy dealing with distributive justice in search of fresh perspectives on fiduciary duty. Simply by doing this, Lydenberg makes the very important contribution of drawing a little more attention to the potential that this huge field of study might have in relation to understanding socially responsible investment. There are however difficulties with Lydenberg’s paper. I describe three in (...) particular that I believe warrant critical attention. The first emerges out of Lydenberg’s treatment of the central concepts of reasonableness and rationality. The second lies in his apparent suggestion that at some earlier time fiduciary duty was somehow more generally other-considering than it is today. And finally, the third is associated with the place that impartiality occupies in Lydenberg’s storyline, and the implications of this in terms of his call for a reconciliation between reasonableness and rationality. This critical scrutiny clarifies theoretical and practical implications of the transition Lydenberg is suggesting. In doing this, it makes the realization that what Lydenberg is attempting is more than likely nothing short of resolving “The fundamental problem of ethics and politics” in the specific context of fiduciary action. (shrink)

Even Henry Ford knew that history is bunk, yet many leftists remain irresistably fascinated with speculating about the way “history” will view them. Sale's new book SDS feeds that fascination by treating historically the recent experience of many leftists who related to SDS. Rarely have revolutionaries been so flattered by having their experience sympathetically legitimized between hard covers so recently after the events happen. For that reason, the most read, and certainly the first read part of Sale's book is the (...) index where ex-SDS'ers will search for familiar names, places, and events. Those familiar areas will be covered with varying degrees of success depending on the reader's particular experience, yet for many this book will fail to serve that purpose adequately. (shrink)

This article reviews empirical research of corporate social performance using Kinder, Lydenberg, Domini social ratings data through 2011. The review synthesizes 100 empirical studies, noting consistencies and inconsistencies among studies examining similar constructs. Notable consistencies were that, although accounting measures of financial performance were a positive outcome of CSP, the same was not often true of stock returns. Also, demographics of top management teams increased CSP strengths, but did not reduce concerns, whereas organizational decentralization reduced CSP concerns. Notable inconsistencies (...) were that CEO demographics were not as often related to CSP as were TMT demographics, indicating that managerial discretion may be an important mitigating factor shaping managerial effects on CSP. Also, although CSP for some organizations seemed influenced by institutional pressures, other organizations appeared to be less influenced, perhaps suggesting that some organizations are more able than others to resist institutional pressures. Future research should attempt to probe observed consistencies and inconsistencies, and to test the boundaries of observed relationships, toward a disciplined program of middle-range theory development. (shrink)

Carroll (1991) encouraged researchers in Social Issues Management (SIM) to continue to measure Corporate Social Performance (CSP) from a variety of different perspectives utilizing a variety of different measures. In addition, Wolfe and Aupperle (1991) (and others) have asserted that there is no, single best way to measure CSP and that multiple measures and perspectives help develop the field. However, Pfeffer (1993) suggest that a lack of consistent measurement has constrained organization studies (and by implication, the field of social issues (...) management,) in its development as a field. It may be in the best interest of social issues management researchers to try to development a common body of measures and data. Recently, Kinder, Lydenberg and Domini & Co. (KLD — a social choice investment advisory firm) has made available their social performance database. The KLD data have potential to become a widely accepted set of CSP measures. The purpose of this paper is to present a construct validity study comparing the KLD data to other measures of CSP. (shrink)

This article examines the concurrent validity of the Kinder, Lydenberg, Domini Research & Analytics corporate social performance measures. Because KLD changed its evaluation methods to richer approaches, a new look at the concurrent validity of the indicators is necessary. To do this new look, the authors examine the new “Binary” and “Continuous” versions of the KLD and compare them with previous versions of KLD. The results suggest that the continuous scores provide better measurement characteristics than do the binary version. (...) Overall, the new versions of the KLD data demonstrate concurrent validity with the original version. (shrink)

In late 2019, the COVID-19 pandemic began to spread over the world, causing millions of deaths. In the first few months of the pandemic, several countries prevented the spread of the pandemic successfully. By contrast, the pandemic in many other countries was not controlled well. For example, India encountered a second serious outbreak of COVID-19 from April 2021 due to the poor resistance measures implemented by the government. To figure out the effective countermeasures to the pandemic, this research proposes a (...) COVID-19 pandemic and its response system, which consists of the infection subsystem, the quarantine subsystem, and the medical subsystem. On this basis, an improved SEIR-SD model is established which is utilized to analyze the response measures to the pandemic quantitatively. This model successfully simulates the actual epidemic scenarios in Wuhan, which verifies its effectiveness. Afterward, the impact of hospital administration rate, quarantine rate, average contact number, and contact infection rate on the cumulative number of infections and deaths are analyzed by simulation. The results show that both the medical and administrative efforts, especially in the early stage of the epidemic, are significant in reducing the number of infections and shortening the epidemic period. In the medical aspect, the more stringent quarantine brings the earlier inflection point of the epidemic; more importantly, improving the treatment rate significantly reduces the scale of the epidemic. In the administrative aspect, enforcing individual protection and strict community closure can effectively cut off the transmission of the virus and curb the spread of the epidemic. Finally, this research proposes several practical suggestions in response to the COVID-19 pandemic. The main contribution of this research is that the effects of different response measures on the number of new infections daily and the cumulative number of deaths of a country or region in the COVID-19 pandemic are estimated quantitatively based on modeling and simulation. (shrink)

La niche en conglomérat SD 108 est proche de l’entrée du sanctuaire delphique d’Apollon. Depuis sa découverte, on a beaucoup écrit au sujet de son architecture, de sa datation et surtout de sa destination première, mais la connaissance des réalités du terrain égalait rarement celle des textes. Au bout de près de soixante-dix ans, G. Roux a démontré, contre l’opinion commune, qu’elle ne pouvait pas avoir contenu les statues des «Navarques » érigées en mémoire de la victoire lacédémonienne d’Aigos-Potamoi, mais (...) il s’est trompé sur le reste. Le dossier archéologique constitué à partir de 1966 a permis d’établir que SD 108 était d’époque classique et comportait une colonnade prostyle irrégulière de douze colonnes doriques dressées sur un podium. Cette forme insolite se doublait d’un aménagement intérieur extraordinaire. Enfin l’orientation, différente de celle des autres niches, semble avoir correspondu à celle du monument des «Navarques » et découlé d’un remaniement de tout le secteur Sud-Est. (shrink)

Roman Darowski. Philosophical Anthropology: Outline of Fundamental Problems. Translated from Polish by Łukasz Darowski SDS. Wydawnictwo Ignatianum [Editions of Ignatianum, The Jesuit University of Cracow, Wydawnictwo WAM: Cracow, 2014.—Author’s summary The translation of this book into English we are dealing with here is a somewhat changed and revised version of the 4th edition of Filozofia człowieka in Polish. The last section has been expanded, while the “History of Philosophical Anthropology” chapter and the Anthology of Texts section have both been omitted.

Delphica 6. Notes on the stairway of the theater at Delphi (SD 541) The stairway, made of limestone, by which one reached the theater at Delphi since its discovery (end of the 19th c.) was dismantled in 1974. Below it were discovered two earlier ones, made of poros, a third of the width and seemingly not related to the theater. The datings have varied according to time and author. The limestone stairway has even been considered a paleochristian construction. It is (...) true that its first narrow flight of steps resulted from a transformation of that date. But a trace still visible on the string wall permits documenting the original profile of this part and reconstituting a width equal to the rest of the structure, thus restoring a monumental aspect to the ensemble. The date must be that now attributed to the theater : 160-150. (shrink)

Last year marked the appearance of an English-language book entitled Philosophical Anthropology: Outline of Fundamental Problems. It is, in actuality, an English translation of the most frequently reprinted work of the distinguished philosopher and expert on the history of Jesuit philosophy in Poland, Father Professor Roman Darowski. Although Philosophical Anthropology: Outline of Fundamental Problems is, excluding some of its parts, a translation rather than a new book, the fact of its appearance in English deserves to be noted and discussed, as (...) the new English-language version will allow it to reach a significantly wider range of readers than before. (shrink)