Drawing upon rational choice and investor attention theories, we examine how accusations of corporate bribery and subsequent investigations shape market reactions. Using event study methodology to measure loss in firm value for public firms facing bribery investigations from 1978 to 2010, we found that total market penalties amounted to $60.61 billion. We ran moderated multiple regression analysis to examine further the degree to which the unique characteristics of bribery explain variations in market penalties. Companies committing bribery in less corrupt host (...) countries and with the involvement of compromised executives experienced greater market penalties than did other companies. After partitioning share value losses into components for regulatory penalties, class action settlements, and loss to reputation, we found that reputational penalties account for 81.8¢ of every dollar of share value loss. Omission of reputational penalties in rational choice calculus underestimates bribery costs by 4.5 times. The results suggest that firms should not underestimate the importance of market-imposed reputational penalties by merely considering regulator-imposed fines and sanctions. (shrink)
This journal's well-intentioned consideration of the arts has turned out to be quite the Pandora's box. As soon as we broach the subject of aesthetics, we are already in the realm of ideology; as soon as we impose the frame of scientific inquiry upon any subject, we invoke another kind of ideology. The previous issues in this series have depicted the unfolding of an ideological clash of cultures between sciences and the humanities, enough to make C.P. Snow blush. For the (...) time being, this is an unavoidable condition; yet the more we remain aware of it, the further we may push our insights. (shrink)
Despite growing evidence of the benefits to a firm of improving corporate social performance (CSP), many firms vary significantly in terms of their CSP activities. This research investigates how the characteristics of the stakeholder landscape influence a firm’s CSP breadth. Using stakeholder theory, we specifically propose that several factors increase the salience and impact of stakeholders’ demands on the firm and that, in response to these factors, a firm’s CSP will have greater breadth. A firm’s CSP breadth is operationalized as (...) the number of different sub-domains of CSR for which a firm has taken positive actions and is captured using a unique dataset from Kinder, Lydenburg, and Domini (KLD). This data set includes positive and negative firm actions across more than 35 different dimensions of socially responsible behavior. Findings based on a longitudinal, multi-industry sample of 447 US firms during the period from 2000 to 2007 demonstrate that firms which: (1) have greater sensitivity to stakeholder needs as a result of the firm’s strategic emphasis on marketing and/or value creation, (2) face greater diversity of stakeholder demands, and (3) encounter a greater degree of scrutiny or risk from stakeholder action have a greater breadth of CSP in response to the stakeholder landscape that they face. (shrink)
There are complex considerations when planning to disclose an attenuated psychosis syndrome diagnosis. In this review, we evaluate ethical, legal, and clinical perspectives as well as caveats related to full, non- and partial disclosure strategies, discuss societal implications, and provide clinical suggestions. Each of the disclosure strategies is associated with benefits as well as costs/considerations. Full disclosure promotes autonomy, allows for the clearest psychoeducation about additional risk factors, helps to clarify and/or correct previous diagnoses/treatments, facilitates early intervention and bolsters communication (...) between providers but there are important considerations involving heritability, comorbidity, culture, and stigma. Non-disclosure advances nonmaleficence by limiting stigma and stress, and confusion in a sensitive developmental period but is complicated by varying patient preferences and the possibility that, as new treatments without adverse effects become available, the risk with false positives no longer justifies the accompanying loss of autonomy. Partial disclosure balances ethical considerations by focusing on symptoms instead of labels, but evidence that laypersons may interpret this information as a pseudo-diagnosis and that symptoms alone also contribute to stigma limits the efficacy of this approach. In addition, there are notable societal considerations relating to disclosure involving conservatorship, the reach of insurance companies, and discrimination. We advocate a hybrid approach to disclosure and recommend future research aimed at understanding the effects of stigma on clinical course and a renewed focus on those help-seeking cases that do not transition but remain clinically relevant. (shrink)
String theory has transformed our understanding of geometry, topology and space-time. Thus, for this special issue of Foundations of Physics commemorating “Forty Years of String Theory”, it seems appropriate to step back and ask what we do not understand. As I will discuss, time remains the least understood concept in physical theory. While we have made significant progress in understanding space, our understanding of time has not progressed much beyond the level of a century ago when Einstein introduced the idea (...) of space-time as a combined entity. Thus, I will raise a series of open questions about time, and will review some of the progress that has been made as a roadmap for the future. (shrink)
This article responds to Terry Eagleton's claim that Spivak's latest book, A Critique of Postcolonial Reason, works against the intent of postcolonial criticism. Reading the work as a search for a just representational strategy, we explore the implications of Spivak's engagement with philosophy - Kant, Hegel, and Marx. As a disciplinary machine, philosophy produces Western subjects who are engendered by simultaneously including and excluding the other. Working through this production of the double location of the 'other' we suggest that systematic (...) thought is inhabited by an absence that is present within, a disturbing otherness that ultimately questions authority and stability, and opens up the question of politics and representation. Drawing Spivak into the representational problematic opened up by Lyotard, we suggest that a responsible postcolonial intervention can be performed in the difficult exergue between representability and unrepresentability. In this account, representation is open to invention, to finding new idioms for articulating otherness. (shrink)
We provide first-order axioms for the theories of finite trees with bounded branching and finite trees with arbitrary (finite) branching. The signature is chosen to express, in a natural way, those properties of trees most relevant to linguistic theories. These axioms provide a foundation for results in linguistics that are based on reasoning formally about such properties. We include some observations on the expressive power of these theories relative to traditional language complexity classes.
By examining the systematic integration of theology, ethics, and teleology in Aristotle’s Nicomachean Ethics, I address four key interpretational aporiai: the apparently illogicality of the opening lines, the apparent contradiction between practical virtue and contemplation being the highest good, the “dominant” v. “inclusivist” views of eudaimonia, and the immanence v. transcendence of God. I show how proper attention to the link between Aristotle’s conception of the Good as “that at which all things aim” and God as the prime unmoved mover, (...) as well as an appreciation of the overall “aristocratic” context of Aristotelian philosophy, provides a new way of dealing with these aporiai that renders them less perplexing and problematic, while avoiding un-Aristotelian, anachronistic readings. (shrink)
The authors explore the relation between the way different family firms are named, and the shareholder value impact of these firms’ new product introductions. Using an event study of 1,294 product introduction announcements of 107 publicly listed U.S. family firms, the authors find that the presence of the founding family’s name as part of a family firm’s name acts as a valuable firm resource, increasing the abnormal stock returns surrounding the firm’s new product introductions. Superior returns to family-named firms’ new (...) product introductions are partially mediated by these firms’ history of ethical product-related behavior: family-named firms, particularly those with corporate branding, and those wherein a founding family member holds the CEO or chairman position, are more likely to exhibit a history of avoiding such product-related controversies as product safety issues, and deceptive advertising. The authors highlight the managerial and theoretical contributions of this research. (shrink)
This paper takes the position that interpretations of legal discourse are invariably taken in the context of socio-pragmatic realities to which a particular instance of discourse applies. What makes this process even more complicated is the fact that social realities themselves are often negotiated within the mould of one’s subjective conceptualisations of reality. Institutions and organisations, including people in power, often represent socio-political realities from an ideologically fuelled perspective, engendering many ‘illusory’ categories often a result of contested versions of reality. (...) To substantiate this view, we discuss interpretations of a number of interesting contemporary and controversial laws, including America’s Patriot Act and Hong Kong’s proposed Article 23 of the Basic Law. Both laws can be seen as illustrative of the definitional conflict that abstract concepts such as democracy and human rights are subjected to in their own specific socio-political contexts. While America crowns itself with democracy and Hong Kong struggles to achieve it in effective synthesis with its unique political arrangement, the laws produced by both contrasting political systems are unexpectedly similar, aiming for the moderation of basic rights. The actions of both governments set against their beliefs and discourses, and furthermore set against one another and other media voices, particularly those of non-governmental organisations, political activists, and other socio-political groups, demonstrate contestation of realities, giving rise to ‘discursive illusions’, which seem to be interpreted not so much on the basis of their linguistic construction but more on the basis of socio-pragmatic factors, such as trust, belief, transparency, control and power. (shrink)
A considerable section of the population in India accesses the services of individual private medical practitioners (PMPs) for primary level care. In rural areas, these providers include MBBS doctors, practitioners of alternative systems of medicine, herbalists, indigenous and folk practitioners, compounders and others. This paper describes the profile, knowledge and some practices of the rural doctor in India and then discusses the reasons for lack of equity in health care access in rural areas and possible solutions to the problem.
This essay deals with the manner in which Salman Rushdie’s works engage with the heterogeneous logics of ethics and aesthetics. Drawing upon the work of Jacques Rancière it is argued that Rushdie neutralizes the two by introducing what Rancière calls a dissensus in the ethical-aesthetic hierarchy. The dissensus works on a principle of ‘excess’ so that within the domain of aesthetics the ethical is pushed to its limits. The order of desire (aesthetics) and the order of knowledge (ethics) are no (...) longer seen as hierarchical and mutually exclusive categories. By examining two versions of an unpublished novel by Rushdie (‘Madame Rama’) it is suggested that Bollywood cinema functions as a mode in which the two orders come together. In this early and mercifully unpublished novel, one finds the beginnings of Rushdie’s belief that works of art are sites of ideological and ethical contestations. (shrink)
We examine how corporate bribery is impacted by cultural distance between multinational enterprises home and host countries, and organizational distance to core values between MNE entry modes and MNE headquarters. Tension between external and internal legitimacy helps to explain why cultural and organizational distances will affect MNE bribery. The empirical analysis used data from cross-border transactions by MNEs that were sanctioned by US regulatory officials between 1978 and 2011. We find statistical support for all hypotheses capturing main and moderating effects (...) and suggest that MNEs may be seriously risking their legitimacies from transactions in corruption-prone host countries. (shrink)
In this paper, we outline the foundations of the time invariant, non-unitary covering of quantum chemistry known as hadronic chemistry, we illustrate its validity by reviewing the exact representations of the binding energies of the Hydrogen and water molecules, and present new advances.
In recent versions of professional genre analysis, context has assumed increasingly critical importance, thus redefining genre as a configuration of text-internal and text-external factors. The emphasis on text-external properties of genre has brought into focus the notion of interdiscursivity as distinct from intertextuality, which is primarily viewed as appropriation of text-internal resources. Drawing evidence from a number of professional contexts, this article explores the nature, function, and use of interdiscursivity in genre theory, defining interdiscursivity as a function of appropriation of (...) generic resources across discursive, professional and cultural practices, which, it is claimed, is central to our understanding of the complexities of genres that are typically employed in professional, disciplinary, and institutional communication. (shrink)
This article provides an Austrian overview of the inflation versus deflation debate which has captured the attention of the economics profession in the years following the US housing bust. Much of the Austrian analysis of this debate has focused on the massive expansion of the Federal Reserve’s balance sheet and attendant creation of new reserves. Several Austrian economists have predicted that the creation of new reserves will cause a massive increase in inflation. The money multiplier theory, on which these predictions (...) are based, is criticized and an overview of the Austrian business cycle theory is provided to explain why banks are reluctant to issue new credit. Finally, an analysis of the politics of deflation is provided and a class theory is presented to explain why a policy of controlled credit deflation is more likely than a policy that would result in mass inflation or hyperinflation. (shrink)
In the Appendix to the Treatise of Human Nature, Hume famously recants his position on personal identity. There he confesses: “upon a strict review of the section concurring personal identity I find myself involv’d in such a labyrinth that... I neither know how to correct my former opinions, nor how to render them consistent.” By his own admission, then, something has gone wrong in Hume’s account of personal identity, something that, at least to his eyes, did not go wrong in (...) his accounts of body and necessary connection. For those accounts were not grossly inconsistent or patently absurd. The case is different, however, with personal identity. There his philosophical enterprise suffers shipwreck, and it is important to understand why. Unfortunately, however, Hume confesses that he finds his former opinions false as well as inconsistent, but neglects to specify how or why he came to this conclusion. This paper is an attempt to address just that question. (shrink)
Few cross-national studies have been conducted on academic dishonesty. The aim of this study was to explore students’ disclosed levels of academic dishonesty between New Zealand and Nigeria. The measures obtained included incidence, acceptability, and justification of dishonest action. It was hypothesized that there would be differences between the two groups and that differences could be explained in terms of deontology, cultural relativism, utilitarianism, rational fair exchange, and/or response bias. There were 844 medical and health science students who participated in (...) the study and completed a questionnaire that explored incidence, acceptability, and justification of dishonest action. A binary logistic regression revealed that age and incidence were significant predictors of country allocation. Nigerian students reported more engagement in dishonest behaviors, and it is argued that these students have diverse cultural expectations, language variances, response strategies, norms, beliefs, and values. Educational interventions are essential to address concerns related to academic dishonesty such as promoting cross-cultural discourse, providing study skills programs, utilizing peer mentoring, creating formal exchange strategies, and endorsing honor codes. (shrink)
The relationship between Lexical-Functional Grammar (LFG) functional structures (f-structures) for sentences and their semanticinterpretations can be formalized in linear logic in a way thatcorrectly explains the observed interactions between quantifier scopeambiguity, bound anaphora and intensionality.Our linear-logic formalization of the compositional properties ofquantifying expressions in natural language obviates the need forspecial mechanisms, such as Cooper storage, in representing thescoping possibilities of quantifying expressions. Instead, thesemantic contribution of a quantifier is recorded as a linear-logicformula whose use in a proof will establish the (...) scope of thequantifier. Different proofs can lead to different scopes. In eachcomplete proof, the properties of linear logic ensure thatquantifiers are properly scoped. (shrink)