Over the past decade, corporate scandals have proliferated. These scandals, along with the emergence of the #MeToo movement and Environmental, Social, and Corporate Governance (ESG) mandates, have increased the scrutiny of corporations’ ethics culture. How have companies responded in terms of the language appearing in their public ethics documents? We compare the Code of Ethics in 2008 versus 2019 for a sample of S&P 500 firms. For the vast majority of firms, their Code of Ethics lengthened, with the average 2019 (...) code having 29% more words (about 1760 words) than the 2008 average. The language of the codes has also changed. Words such as _bribery, corruption, sustainability, speak up, bullying, slavery,_ and _human rights_ all saw significantly higher usage in the later period. We review possible reasons for the dramatic changes and suggest what questions remain about the motivations behind them. Whether the changes we observe are primarily intrinsically motivated or simply market responses to public pressures is yet to be determined. What is clear from our findings is that society seems to be entering a new age of increasingly moral—or, at least, moralized—corporate governance. (shrink)

We examine the occurrence of ethicsrelated terms in 10-K annual reports over 1994-2006 and offer empirical observations on the conceptual framework of Erhard et al. 2007). We use a pre-Sarbanes-Oxley sample subset to compare the occurrence of ethics-related terms in our 10-K data with samples from other studies that consider virtue-related phenomena. We find that firms using ethics-related terms are more likely to be "sin" stocks, are more likely to be the object of class action lawsuits, and are more likely (...) to score poorly on measures of corporate governance. The consistency of our results across these alternative measures of ethical behavior suggests that managers who portray their firm as "ethical" in 10-K reports are more likely to be systematically misleading the public. These results are consistent with the integrity-performance paradox. (shrink)

The Green Party Taiwan represents an important case both for scholars of environmental politics but also Taiwanese politics. Established in 1996, it is the oldest Asian green party and is one of the most active parties in the Asia-Pacific Greens network. The party has enjoyed mixed electoral fortunes. After promising early election results, the GPT virtually ceased contesting elections between 2000 and 2005. However, from 2006 the party began a gradual revival in its vote shares. This process culminated in the (...) January 2012 Legislative Yuan election when the GPT surprised many observers by coming fifth in the proportional party vote. Considering the limited resources at the party's disposal this was quite an achievement. In this study, we examine and explain the changing electoral fortunes of the GPT since its establishment in 1996. We are interested to see whether standard theories for explaining small or ecological party success, that have been developed in western Europe, work well in the Taiwan context. Our research is based on a range of new fieldwork conducted between 2012 and 2014. These include in-depth interviews with campaigners and party leaders, focus group sessions with party leaders and candidates, and interviews with party supporters. (shrink)

Jürgen Habermas’ discourse theory of morality should be understood, in metaethical terms, as a constructivist theory. All constructivist theories face a Euthyphro-like dilemma arising from how they classify the constraints on their metaethical construction procedures: are they moral or non-moral? Many varieties of Kantian constructivism, such as Christine Korsgaard’s, classify the constraints as moral, albeit constitutive of human reason and agency in general. However, this constitutivist strategy is vulnerable to David Enoch’s ‘shmagency’ objection. The discourse theory of morality, by classifying (...) the constraints on the metaethical construction procedure (principles (D) and (U)) as non-moral, can avoid this problem. (shrink)

This 1990 collection explores one recurrent theme connecting philosophy and politics: the relation between the nature of man and the structure of society. It does so by concentrating on the topical issue of the market economy as an attempt to resolve the clash between individual autonomy and collective action. Beginning with a historical and personal recollection by Enoch Powell and a response by Robert Skidelsky, the volume then provides a forum for political theorists and philosophers to take issue on the (...) fundamental topics of markets and morals; liberal man; and equality and libertarianism. It succeeds equally as a stimulating textbook and a book for the general reader who wishes to understand the philosophical issues arising in a market economy. (shrink)

This essay explores one of the potential implications of the cross-displinary work implied in the idea of a literary instrument of enlightenment through a consideration of the relationship between James Macpherson's The Poems of Ossian (1761?1763) and their most immediate social-political context, Adam Ferguson's Essay on the History of Civil Society (1769). It notes that revisionism of Macpherson that has tended to minimise the disruptive elements in Ossian in favour of a reading in terms of cultural wishfulfilment. The essay argues (...) however that while Macpherson's prose theorising seeks to transcend the anxieties about progress and corruption articulated in the Essay, the peoms themselves offer eloquent testimony to the force of those anxieties, and rather than solving them restates them in pressing terms. This, the essay concludes by suggesting, is a measure of their literariness, and it not to be elided in the otherwise entirely appropriate reading of Ossian as a literary instrument of enlightenment. (shrink)

This 1990 collection explores one recurrent theme connecting philosophy and politics: the relation between the nature of man and the structure of society. It does so by concentrating on the topical issue of the market economy as an attempt to resolve the clash between individual autonomy and collective action. Beginning with a historical and personal recollection by Enoch Powell and a response by Robert Skidelsky, the volume then provides a forum for political theorists and philosophers to take issue on the (...) fundamental topics of markets and morals; liberal man; and equality and libertarianism. It succeeds equally as a stimulating textbook and a book for the general reader who wishes to understand the philosophical issues arising in a market economy. (shrink)

The conscious feeling of exercising ‘free-will’ is fundamental to our sense of self. However, in some psychopathological conditions actions may be experienced as involuntary or unwilled. We have used suggestion in hypnosis to create the experience of involuntariness in normal participants. We compared a voluntary finger movement, a passive movement and a voluntary movement suggested by hypnosis to be ‘involuntary.’ Hypnosis itself had no effect on the subjective experience of voluntariness associated with willed movements and passive movements or on time (...) estimations of their occurrence. However, subjective time estimates of a hypnotically-suggested, ‘involuntary’ finger movement were more similar to those for passive movements than for voluntary movements. The experience of anomalous control is qualitatively and quantitatively different from the normal conscious experience of a similar act produced intentionally. The experience of anomalous control may be produced either by pathology, or, in our case, by suggestion. (shrink)

The priorities for women in England are not automatically ours. There is a war going on in Ireland, we are living in a country divided by British rule. (Rita O'Hare, Women's Department Sinn Fein, in Collins, 1985:115).

We create a database of company codes of ethics from firms listed on the Standard & Poor's 500 Index and, separately, a sample of small firms. The SEC believes that "ethics codes do, and should, vary from company to company." Using textual analysis techniques, we measure the extent of commonality across the documents. We find substantial levels of common sentences used by the firms, including a few cases where the codes of ethics are essentially identical. We consider these results in (...) the context of legal statements versus value statements. While legal writing often mandates duplication, we argue that value-based statements should be held to a higher standard of originality. Our evidence is consistent with isomorphic pressures on smaller firms to conform. (shrink)

Trust is both ethically important and essential for business but difficult to measure. This paper contributes toward clarifying the nature of trust in a way that is both conceptually helpful for ethical inquiries concerning business and pertinent to the measurement of trust as an element in organizations. Several papers hypothesize that increasing the role of trust in a corporation reduces the need for external monitoring and contracts. Assessing this important hypothesis requires a way to gauge whether a firm has a (...) trusting corporate culture. We develop an objective measure of trust in a firm’s corporate culture by counting the number of times 21 trust-related words appear in an important kind of document: the Management Discussion and Analysis section of the annual report. We report two significant findings: that, contrary to what one might think, firms with a trusting culture frequently use audit and control-type words and that trust is positively linked with subsequent share price volatility. We propose explanations of these findings with the hope of facilitating the objective measurement of trust and enhancement of a trusting atmosphere in corporate culture. (shrink)

On December 9, 1999, VA Linux issued shares to the public and left over $900 million on the table for investors. In the prospectus, the investment banker Credit Suisse First Boston (CSFB) stated it would receive a 7% gross spread as its compensation for underwriting the shares. Yet the SEC alleges some investors paid enormous commissions to CSFB in the form of a kick-back immediately after obtaining the IPO shares. Hence, CSFB had an economic interest in the IPO and there (...) was not a full distribution of shares. This apparent violation of NASD Rule 2110 raises questions as to the credibility of the financial markets. (shrink)

A mutual fund family incubates a fund when it creates a privately subsidized fund not available to the general investing public. It destroys unsuccessful incubator funds. The few successful funds will report higher incubation returns than the market return in advertisements intended to attract money from individual investors. This practice is currently allowed by the SEC. The evidence is that incubation returns are not a good predictor of subsequent fund performance and likely serve to mislead unsuspecting investors.

European Journal of Philosophy, EarlyView.

The presumption is that a broker executing a stock trade for a retail investor will get the investor the best possible price execution for the transaction. In fact, the broker often sells the retail investor’s trade to an intermediary for cash payment. The broker’s motivation to generate dealer profits seems to overcome the broker’s fiduciary responsibility to obtain the best execution price for the customer, raising ethical questions. Purchasers and internalizers of order flow in the market may cause prices quoted (...) on the NYSE to deteriorate, making all investors worse off. (shrink)

This essay examines the rhetoric of war in the second edition of Karl Barth's Der Römerbrief. It argues that such rhetoric serves awell-defined purpose, particularly with regard to Barth's theological anthropology. Specifically, the appropriation of language associable with war helps Barth to portray the human being as he or she is confronted – attacked, in fact – by God's majestic, self-sufficient alterity; redefined by Christ's vicarious death, which effects our translation into a new, redeemed condition; and called to a new (...) kind of ethical and political discipleship, pertinent to the challenges faced by Europeans in the aftermath of the Great War. The essay shows, in fact, that the rhetoric of war in Der Römerbrief is not merely symptomatic of the historical context in which Barth wrote. Instead of being controlled by his context, Barth hopes to intervene in it, and enlists the language of war to support a compelling theological proposal. (shrink)

There has been a lack of research into candidate selection outside the developed world. In this paper we attempt to fill this gap, with a detailed examination of the factors leading to the introduction of party primaries, their operations and their future prospects, in a third wave democracy, Taiwan. Although Taiwan is a late democratizer, the high degree of party institutionalization makes it more appropriate to compare its nomination system with those of older political parties, we particularly contrast it with (...) the leading German and British political parties. Our discussion also finds many similar trends with developments of intra-party democracy in European parties, particularly in terms of a decentralization of candidate selection and reduced mediation between party centre and members. In addition, despite technical changes in electoral campaigning, parties in Taiwan have not abandoned the mass membership model. In Taiwan, direct primary elections have been a controversial subject. By analyzing relevant data, we argue that the core problem of the party primary was its lack of fairness, because party cadres tried to monopolize the candidate selection and thus failed to remain neutral. We find signs that leaders in all parties are wary of allowing inner party democracy to go too far and losing their control over nomination. When the party centre fears the wrong candidates will be selected, they are prepared to manipulate the rules in their favour or re-centralize the selection process. (shrink)

In this “Reply” paper, the arguments and experimental findings by Pockett, Pollen, and Haggard et al. are analyzed. It had been shown that a 0.5 s duration of repetitive activations of sensory cortex is required to produce a threshold of sensation. The view that this is due to a facilitatory buildup in excitatory state to finally elicit neuronal firing is shown to be incompatible with several lines of evidence. Objections to the phenomenon of subjective referral backwards in time are also (...) untenable. Haggard, Cartledge, Dafydd, and Oakley report that a self-initiated act can, under hypnotic suggestion, appear to the subject to be “involuntary.” The act under hypnosis is better viewed as one initiated unconsciously, not as an act of conscious will. (shrink)