In this article, we examine the empirical association between firm value and CSR engagement for firms in sinful industries, such as tobacco, gambling, and alcohol, as well as industries involved with emerging environmental, social, or ethical issues, i.e., weapon, oil, cement, and biotech. We develop and test three hypotheses, the window-dressing hypothesis, the value-enhancement hypothesis, and the value-irrelevance hypothesis. Using an extesive US sample from 1995 to 2009, we find that CSR engagement of firms in controversial industries positively affects firm (...) value after controlling for various firm characteristics. To address the potential endogeneity problem, we further estimate a system of equations and change regression and continue to find a positive relation between CSR engagement and firm value. Our findings support the value-enhancement hypothesis and are consistent with the premise that the top management of US firms in controversial industries, in general, considers social responsibility important even though their products are harmful to human being, society, or environment. (shrink)

This study examines the relation between corporate social responsibility and institutional investor ownership, and the impact of this relation on stock return volatility. We find that institutional ownership does not strictly increase or decrease in CSR; rather, institutional ownership is a concave function of CSR. This evidence suggests that institutional investors do not see CSR as strictly value-enhancing activities. Institutional investors adjust their percentage of ownership when CSR activities go beyond the perceived optimal level. Employing the path analysis, we also (...) examine the mediating effect of institutional ownership on the relation between CSR and stock return volatility. We find that CSR decreases stock return volatility at a decreasing rate through its effect on institutional ownership. Our results remain robust under several different CSR measures and estimation methods. (shrink)

In this study, we examine the empirical association between corporate social responsibility and information asymmetry by investigating their simultaneous and endogenous effects. Employing an extensive U.S. sample, we find an inverse association between CSR engagement and the proxies of information asymmetry after controlling for various firm characteristics. The results hold using 2SLS considering the reverse side of information asymmetry influencing CSR activities. The results also hold after mitigating endogeneity based on the dynamic panel system generalized method of moment. Furthermore, the (...) CSR–information asymmetry relation is amplified in high-risk firms due to managers’ efforts to build a good reputation. Last, we find that CSR engagement is inversely associated with reputational risk measure and lower predicted value of reputational risk is positively associated with lower information asymmetry measures. We interpret these results as supporting the stakeholder theory-based, reputation-building explanation that considers CSR engagement as a vehicle to build and maintain firm reputation thereby enhancing the information environment. (shrink)

This study examines the influence of Christian religion on corporate decisions related to human rights in the United States. Specifically, it examines the empirical association between a company's human rights practices and the Christian religiosity in its local community, as well as individual CEO religiosity in the United States, both of which have not been tested in prior studies. Employing a large sample from the United States, we find a congruent association between the “human rights friendly” practices of a company (...) and the Christian religiosity of the local community. This novel finding is robust to a diverse set of tests. In addition, we find that the association between Christian religiosity in the United States and human rights is more significant in reducing human rights concerns, than it improves human rights strengths. This study interprets these results as upholding the religious morality hypothesis, namely, that companies located in areas with higher religiosity are likely to engage in more human rights-friendly practices, and the United States. Christians consider religion as an influencing factor that encourages managers to embrace human rights. Furthermore, this study finds that individual religious managers tend toward more human rights-friendly practices, supporting our religious manager hypothesis. (shrink)

In _Politics with Beauvoir_ Lori Jo Marso treats Simone de Beauvoir's feminist theory and practice as part of her political theory, arguing that freedom is Beauvoir's central concern and that this is best apprehended through Marso's notion of the encounter. Starting with Beauvoir's political encounters with several of her key contemporaries including Hannah Arendt, Robert Brasillach, Richard Wright, Frantz Fanon, and Violette Leduc, Marso also moves beyond historical context to stage encounters between Beauvoir and others such as Chantal Akerman, Lars (...) von Trier, Rahel Varnhagen, Alison Bechdel, the Marquis de Sade, and Margarethe von Trotta. From intimate to historical, always affective though often fraught and divisive, Beauvoir's encounters, Marso shows, exemplify freedom as a shared, relational, collective practice. _Politics with Beauvoir_ gives us a new Beauvoir and a new way of thinking about politics—as embodied and coalitional. (shrink)

Cet article sur l’état de la recherche sur le genre et la (les) sexualité(s) dans les études sur les années 68 fait suite à une année de colloques et de rétrospectives médiatiques célébrant le quarantième anniversaire, ainsi qu’à une élection présidentielle américaine où les deux candidats, avec chacun leur mode d’autorité charismatique genrée – l’un héros militaire du Vietnam, l’autre jeune homme dynamique proposant « un nouveau Camelot » –, se sont implicitement situés par rapport à la rupt...

In this study, we examine the relation between corporate environmental responsibility and risk in U.S. public firms. We develop and test the risk-reduction, resource-constraint, and cross-industry variation hypotheses. Using an extensive U.S. sample during the 1991–2012 period, we find that for U.S. industries as a whole, CER engagement inversely affects firm risk after controlling for various firm characteristics. The result remains robust when we use firm fixed effect or an alternative measure of CER using principal component analysis or downside risk (...) measures. To address the concern of endogeneity bias, we use a system equations approach and dynamic system generalized methods of moment regressions, and continue to find that environmentally responsible firms experience lower risk. These findings support the risk-reduction hypothesis, but not the resource-constraint hypothesis, along with the notion that the top management in U.S. firms is generally risk averse and that their CER engagement facilitates their risk management efforts. Our cross-industry analysis further reveals that the inverse CER-risk association mainly comes from the manufacturing sector, whereas in the service sector, CER tends to increase firm risk. (shrink)

The issue of management’s relations to the environment has received a significant amount of attention in the literature on corporate social responsibility. Yet the influence of religion on managers’ environmental decisions has until now remained unexamined despite its known importance. In this article, we examine the empirical association between religion—primarily Christianity—and the environmental practices a firm’s management undertakes by investigating their OLS, principal component, simultaneous, and endogenous effects. Employing a large and extensive U.S. sample, we find a negative association between (...) the environmental practices initiated by a firm’s managers and the religiosity of the surrounding community, after controlling for various firm and demographic characteristics. In addition, after mitigating endogeneity with the dynamic system generalized method of moment, we still find an inverse association between religiosity and environmental-friendly decisions of management. We interpret these results as providing some support for the “dominion hypothesis” that claims Christian beliefs discourage environmental concern, but not for the “stewardship hypothesis” that implies that Christianity encourages people to “exercise a responsible stewardship over nature.” Nevertheless, additional analysis shows Christian groups differ significantly in how each influences managers’ environmental decisions. (shrink)

The human brain’s ongoing activity is characterized by intrinsic networks of coherent fluctuations, measured for example with correlated functional magnetic resonance imaging signals. So far, however, the brain processes underlying this ongoing blood oxygenation level dependent (BOLD) signal orchestration and their direct relevance for human behavior are not sufficiently understood. In this study, we address the question of whether and how ongoing BOLD activity within intrinsic occipital networks impacts on conscious visual perception. To this end, backwardly masked targets were presented (...) in participants’ left visual field only, leaving the ipsi-lateral occipital areas entirely free from direct effects of task throughout the experiment. Signal time courses of ipsi-lateral BOLD fluctuations in visual areas V1 and V2 were then used as proxies for the ongoing contra-lateral BOLD activity within the bilateral networks. Magnitude and phase of these fluctuations were compared in trials with and without conscious visual perception, operationalized by means of subjective confidence ratings. Our results show that ipsilateral BOLD magnitudes in V1 were significantly higher at times of peak response when the target was perceived consciously. A significant difference between conscious and non-conscious perception with regard to the pre-target phase of an intrinsic-frequency regime suggests that ongoing V1 fluctuations exert a decisive impact on the access to consciousness already before stimulation. Both effects were absent in V2. These results thus support the notion that ongoing slow BOLD activity within intrinsic networks covering V1 represents localized processes that modulate the degree of readiness for the emergence of visual consciousness. (shrink)

This study examines the impact of corporate social responsibility activities on insider trading. While opponents of insider trading claim that the buying or selling of a security by insiders who have access to non-public information is illegal, proponents argue that insider trading improves economic efficiency and fairness when corporate insiders buy and sell stock in their own companies. Based on extensive U.S. data of insider trading and CSR engagement, we find that both the number of insider transactions and the volume (...) of insider trading are positively associated with CSR activities.We also find that legal insider transactions are positively related to CSR engagement even after controlling for potential endogeneitybias and various firm characteristics. Furthermore, our evidence suggests that firms perceive adjustment to CSR dimension of product as being efficient, while adjustment to diversity and environmental CSR as being inefficient. Our results of bad and illegal insider trading proxies are consistent with the interpretation that firms with high CSR ratings do not attempt to engage in unethical or bad insider trading in a significant fashion. Combined together, we consider our empirical evidence supportive of the fairness and efficiency explanation, but not the unfairness and inefficiency hypothesis. (shrink)

In letter 37 to Johannes Bouwmeester, Spinoza identifies a historiola mentis à la Bacon as an important tool for distinguishing more easily between adequate and inadequate ideas. This paper contends that Spinoza's advice is to take into account Baconian-style ‘Civil History’ as providing instructive material for contemplating the variety, complexity, and persistency of human passionate behaviour. Specifically, it argues that Baconian civil history forms an integral part of Spinoza's reflections on provisional morality. Although for Spinoza, philosophical beatitude ultimately demands understanding (...) affects through their first causes – the intuitive perception of things sub specie aeternitatis – in the realm of everyday Spinoza allows for a different, more pragmatic approach to morality. This paper argues at this stage that a philosophical understanding of the mind and its affections is not needed. Spinoza, following Bacon, holds that conduct of practical affairs is particularly improved when those so engage.. (shrink)

ABSTRACT:We examine whether religion influences company decisions related to corporate community involvement. Employing a large US sample, we show that the CCI initiatives of a company are positively associated with the level of Christian religiosity present in the region within which that company’s headquarters is located. This association persists even after we control for a wide range of firm characteristics and after we subject our results to several econometric tests. These results support our religious morality hypothesis which holds that companies (...) headquartered in regions with higher levels of Christian religiosity will engage in more CCI initiatives. We also find that while Catholic and mainline Protestant religiosity have a positive influence on firms’ CCI initiatives, evangelical Protestant religiosity does not. This supports our differentiated responses hypothesis which holds that institutional differences among religious groups will produce different effects on companies’ CCI. This hypothesis is based on institutional theory. (shrink)

The capabilities approach of Amartya Sen and Martha Nussbaum has become an influential viewpoint for addressing issues of social justice and human de- velopment. It has not yet, however, given adequate theoretical consideration to the requirements of environmental sustainability. Sen has focussed on the instrumental importance of human development for achieving sustainability, but has failed to consider the limits of this account, especially with respect to consumption-reduction. Nussbaum has criticised constraining material consumption for its paternalistic prescription of one particular conception (...) of the good life, without considering it as an imperative of justice. We discuss two possible extensions of the capabilities approach. First, the concept of ca- pability ceilings contains several attractive elements, but it also suffers from some shortcomings. Therefore, second, we advocate constraining people’s combinations of functionings in accordance with a personal budget which con- sists of a fair share of environmental resources. (shrink)

Background: Differential learning is a motor learning method characterized by high amounts of variability during practice and is claimed to provide the learner with a higher learning rate than other methods. However, some controversy surrounds DL theory, and to date, no overview exists that compares the effects of DL to other motor learning methods.Objective: To evaluate the effectiveness of DL in comparison to other motor learning methods in the acquisition and retention phase.Design: Systematic review and exploratory meta-analysis.Methods: PubMed, Web of (...) Science, and Google Scholar were searched until February 3, 2020. To be included, studies had to be experiments where the DL group was compared to a control group engaged in a different motor learning method, studies had to describe the effects on one or more measures of performance in a skill or movement task, and the study report had to be published as a full paper in a journal or as a book chapter.Results: Twenty-seven studies encompassing 31 experiments were included. Overall heterogeneity for the acquisition phase as well as for the retention phase was large, and risk of bias was high. The meta-analysis showed an overall small effect size of 0.26 [0.10, 0.42] in the acquisition phase for participants in the DL group compared to other motor learning methods. In the retention phase, an overall medium effect size of 0.61 [0.30, 0.91] was observed for participants in the DL group compared to other motor learning methods.Discussion/Conclusion: Given the large amount of heterogeneity, limited number of studies, low sample sizes, low statistical power, possible publication bias, and high risk of bias in general, inferences about the effectiveness of DL would be premature. Even though DL shows potential to result in greater average improvements between pre- and post/retention test compared to non-variability-based motor learning methods, more high-quality research is needed before issuing such a statement. For robust comparisons on the relative effectiveness of DL to different variability-based motor learning methods, scarce and inconclusive evidence was found. (shrink)

The World Bank recently noted: “Social license to operate has traditionally referred to the conduct of firms with regard to the impact on local communities and the environment, but the definition has expanded in recent years to include issues related to worker and human rights”. In this paper, we examine a factor that can influence the kind of work conditions that can facilitate or obstruct a firm’s attempts to achieve the social license to operate. Specifically, we examine the empirical association (...) between a company’s employee practices and the religiosity of its local community by investigating their fixed and endogenous effects. Using a large and extensive U.S. sample, we find a positive association between the “employee friendly” practices of a firm and the religiosity of the local community after controlling for several firm characteristics. In addition, after mitigating endogeneity with the dynamic panel system generalized method of moment and after employing several other econometric tests, we still find a robust positive association between the religiosity of the local community and employee-friendly practices. Since recent research has shown that the firm’s treatment of its stakeholders is a key to achieving an SLO, and since employees constitute a highly significant stakeholder group, we interpret our results as supporting the view that religion is an important influence on the kinds of employee practices that can increase the likelihood that a firm will acquire the SLO. (shrink)

Without denying the importance of the postmodernist approach to the narrative form and rhetorical strategies of historiography, the author, one of Germany's ...

By exploring the life and work of the influential feminist thinker Simone de Beauvoir, this book shows how each of us lives within political and social structures that we can, and must, play a part in transforming.

This essay is a reflection of the time I have spent working with Cardinal Newman’s archive at the Birmingham Oratory. I have had a chance to stop and carefully read his letters and diaries and to see Newman as a communicator extraordinaire! I suspect that the Cardinal would have had great command of today’s social media and communications technology. His laity could have been a wider and larger audience on a virtual level. Might this be an opportunity for a sociological (...) comparison of the great writers and speakers of an earlier time with those of us in today’s media-rich world? With whom else might Newman have interacted? We may never know with certainty, but it would be fun to imagine. (shrink)

Utilizing a decade's worth of clinical experience gained since its original publication, Mary Jo Peebles builds and expands upon exquisitely demonstrated therapeutic approaches and strategies in this second edition of _Beginnings_. The essential question remains the same, however: How does a therapist begin psychotherapy? To address this delicate issue, she takes a thoughtful, step-by-step approach to the substance of those crucial first sessions, delineating both processes and potential pitfalls in such topics as establishing a therapeutic alliance, issues of trust, and (...) history taking. Each chapter is revised and expanded to include the latest treatment research and modalities, liberally illustrated with rich case material, and espouse a commitment to the value of multiple theoretical perspectives. Frank and sophisticated, yet eminently accessible, this second edition will be an invaluable resource for educators, students, and seasoned practitioners of any therapeutic persuasion. (shrink)

Le colloque organisé par Jérôme Bazin et Marie Frétigny à l’université de Picardie d’Amiens, avait-il besoin de se placer sous la bannière du « gender » pour analyser la question du réalisme dans la peinture du XXe siècle? Si l’hypothèse qui sous-tend cette journée – le réalisme est-il vecteur d’une autre image des femmes? – a pu être opérationnel pour le XIXe siècle, elle devient contre-productive pour le XXe. On ne sera pas surpris d’apprendre que le réalisme a renforcé les (...) stéréotypes de... (shrink)

In this paper we reflect on the effectiveness of cognitive mapping as a method to study farm functioning in its complexity and its diverse forms in the framework of our own experiment with a diverse group of Flemish beef farmers. With a structured direct elicitation method we gathered 30 CMs. We analyzed the content of these maps both qualitatively and quantitatively. The central role of the concept “Income” in most maps indicated a shared concern for economic security. Further, the CMs (...) indicated that farmers dealt with this shared social reality differently, as the relationships included in their maps referred to different functional processes relating to revenue streams, marketing strategies, investment decisions, dependence on production inputs, on-farm resource management, and personal well-being. With a clustering algorithm we grouped farmers based on the relationships in their maps, which allowed us to trace some of the broader patterns within the data, such as the existence of more business- and investment-minded farmers, in contrast to farmers focused on their quality of life, and animal production-oriented in contrast to marketing-oriented farmers. Taking into account farmers’ comments, we find that the applied methods had limited capability to classify farmers based on their perspectives on farming. Still, the system presentations proved useful to study what aspects farmers were working on or towards, and how these aspects may actually fit together as a whole. CMing was therefore mostly effective in exploring farm functioning in its complexity, and less so in exploring farm functioning in its diversity. (shrink)

Reconstructions of Romantic-era life science in general, and epigenesis in particular, frequently take the Kantian logic of autotelic “self-organization” as their primary reference point. I argue in this essay that the Kantian conceptual rubric hinders our historical and theoretical understanding of epigenesis, Romantic and otherwise. Neither a neutral gloss on epigenesis, nor separable from the epistemological deflation of biological knowledge that has received intensive scrutiny in the history and philosophy of science, Kant’s heuristics of autonomous “self-organization” in the third Critique (...) amount to the strategic capture of epigenesis from nature, for thought, in thought’s critical transcendence of nature. This essay looks to Jean-Baptiste Lamarck and his English contemporary Erasmus Darwin to begin to reconstruct the rigorously materialist, naturalist, and empiricist theories of epigenesis marginalized by Kantian argumentation. As theorists of environmental and social collaboration in the ontogeny of viable forms, Lamarck and Darwin illuminate features of our own epigenetic turn obscured by the rhetoric of “self-organization,” allowing us to glimpse an alternative Romantic genealogy of the biological present. (shrink)

t. 1. O kierunkach upływu czasu w dziele sztuki -- t. 2. O osobliwościach upływu czasu w dziele sztuki.