La croissance de la taille des entreprises multinationales et de leur sphère d’influence, conjuguée à l’incapacité des États et des organisations transnationales à réguler leurs activités, a fait naître le besoin d’une nouvelle forme de régulation. Une première approche consiste en la structuration et l’organisation d’un mouve­ment citoyen. Toutefois, si certaines expériences ont été un succès , ce mode de régulation peut être détourné ou récupéré par ceux-là mêmes qu’il tente de réguler. Une deuxième approche suggère l’autorégulation des marchés économique (...) et financier. Cependant, les récentes crises financières découlant de comportements non éthiques montrent les limites d’une telle solution. L’objectif du présent article est de proposer un mode hybride de régulation reposant sur la coalition de mouvements sociaux et d’investisseurs responsables, dont les signataires des Principes pour l’investissement responsable, de l’Organisation des Nations Unies. L’efficacité de ce mode hybride de régulation est renforcée par l’évolution technologique et les réseaux sociaux. Ainsi, une dénonciation par des organismes non gouvernementaux appelant au boycottage porte atteinte à la réputation de l’entreprise ciblée, ternit son image et nuit à ses ventes. Si cette dénonciation est de plus appuyée par un investisseur responsable, cela peut provoquer une hausse de son coût de financement. Une coalition entre des « mouvements sociaux organisés » et « des investisseurs institutionnels » responsables, dont les signataires des Principes, peut être contraignante pour une entreprise ciblée, car elle a un effet non seulement sur son marché, sur ses ventes, mais aussi sur son accès aux capitaux. (shrink)

We compare the traits of companies receiving social policy shareholder resolutions with those of a set of matching firms. We show that targeted firms tend to be much larger and riskier, less profitable and less socially performing than their counterparts. The five largest investors in firms receiving social proxies tend to hold a lower stake in those firms vis‐à‐vis the matching firms. Firms in both samples, however, are not statistically different in terms of percentages of shares held by institutional and (...) insider investors. We provide possible explanations for our results. (shrink)

Based on the 2030 United Nations Agenda for Sustainable Development Goals (SDGs), it is urgent to effectively address the climate change’s urgency linked to all other 16 SDGs. This issue mainly reflects the progress made toward achieving the United Nation’s Sustainable Development Goals (SDGs), especially SDG 13 binding targets including improving education and public awareness-raising mechanisms for raising capacities of management, participation, mitigation, and adaptation strategies especially focusing on marginalized communities. The 2021 United Nations Climate Change Conference, also known as (...) the COP26 summit (UNFCCC), highlighted this importance by bringing 25,000 delegates from 200 countries together in order to enhance international ambition toward mitigating climate change as outlined in the Paris agreement. From the Kyoto Protocol to the recent 2021 COP26 International Summit and Paris Agreement, decision-makers continue to grapple... -/- . (shrink)

The purpose of this article is to examine empirically the impact of environmental certification on firm financial performance (FP). The main question is whether there is a "green premium" for certified firms, and, if so, for what kind of certification. We analyze the short-run and the long-run stock price performance using an event-study methodology on a sample of Canadian and U.S. firms. The results of short-run event abnormal returns indicate that forest certification does not have any significant impact on firm (...) FP regardless of the certification system carried out by firms. Unlike the short-run results, the long-run post-event abnormal returns suggest that forest certification has, on average, a negative impact on firm FP. However, the impact of forest certification on firm FP depends on who grants the certification, since only industry-led certification (Sustainable Forestry Initiative, Canadian Standards Association and ISO14001) are penalized by financial markets, whereas non-governmental organizations—led Forest Stewardship Council certification is not. (shrink)

We study how messages on Twitter by large non-governmental organizations (NGOs), targeting companies from the S&P500, affect these companies’ stock prices. With a sample of 1,611 tweets between 2009 and 2017 by 18 large NGOs, we observe significant changes in the stock prices of the targeted firms. More specifically, NGO tweets stating a positive message about the environmental, social, or governance (ESG). Actions of the firm have a positive effect on stock prices, while negative tweets have a negative effect. Nevertheless, (...) we find that the presence of institutional owners hampers this effect: firms with high institutional ownership value positive tweets more negatively, and negative tweets more positively. These results support the idea that shareholders react significantly to NGO tweets but they react differently depending on their time horizon: for shareholders who have a more short-term horizon, typically institutional owners, the reaction diverges societal expectations about how firms should contribute to society. (shrink)

The use of forward models is well established in cognitive and computational neuroscience. We compare and contrast two recent, but interestingly divergent, accounts of the place of forward models in the human cognitive architecture. On the Auxiliary Forward Model account, forward models are special-purpose prediction mechanisms implemented by additional circuitry distinct from core mechanisms of perception and action. On the Integral Forward Model account, forward models lie at the heart of all forms of perception and action. We compare these neighbouring (...) but importantly different visions and consider their implications for the cognitive sciences. We end by asking what kinds of empirical research might offer evidence favouring one or the other of these approaches. (shrink)

This essay examines ‘The Mapping Journey Project’, an installation artwork by Bouchra Khalili. It consists of eight large video screens and headsets. In each video, a migrant draws a map of her/his journey to and in Europe and narrates her/his route. In collaboration with Khalili, I argue, these storyteller/draftspersons create a dissident cartography that superimposes their lived geography on the background of legal geography. Thus, ‘The Mapping Journey Project’ is a work of art that is also a work of (...) advocacy and provocation. Rather than advocating particular policies, however, it advocates in the sense of affirming the dignity of the subjects of the videos and their right to speak the truth of their lives. Moreover, it provokes by elucidating the moral stakes of the current political and economic order and by issuing a pointed demand for humane solutions. So long as vast global disparities of wealth and political power persist, it is no wonder that people who are excluded from the elite privilege of belonging to a prosperous society are burning the borders that protect this unjust regime. (shrink)

Global Identities in Transit: The Ethics and Politics of Representation in World Literatures and Cultures explores ways in which the impact of colonial and global conditions on individual and group identities is reflected in different cultures and represented in world literary texts.

Is corporate social responsibility a tool for strategic positioning? While CSR is sometimes used as part of a differentiation strategy, this article analyzes which specific CSR strategies arise in response to competitive pressures. The results suggest that competitive pressures lead firms to increase their positive social actions without necessarily decreasing their social weaknesses. This positive impact varies with specific dimensions of CSR and industry specificities: Competition improves social performance toward core stakeholders to a greater extent than social performance toward peripheral (...) stakeholders. This effect is more pronounced in B2C industries than in other industries. Competition leads firms in “dirty” industries to ignore environmental initiatives. (shrink)

For a long time, academic institutes stigmatized activism and dissociated it from academic practice. It was looked down upon and considered to be disruptive and western institutes continued silencing critical thinking and practice, and encouraged what they named 'critical distance'. These practices of exclusion must push us, city inhabitants, to ask: what is the point of excluding activism from academic practice? How can we bridge between theory and activism? How can we decenter city planning? If cities belong to the people, (...) why are public authorities trying to erase the public's print in the urban realm? Who gets to speak and why? In our group as the ‘Radicals’, we discussed the gap between urban theory and practice, while encouraging the audience to reflect on how urban concepts adopt multiple definitions within different geographies and communities. (shrink)

This paper examines the impact of the recent financial crisis on the relation between a firm’s risk and social performance using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis period compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger (...) with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm’s risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment. (shrink)

This paper investigates the corporate social responsibility (CSR) structures of U.S. listed firms. We find evidence of a general tendency towards CSR specialization with almost three-quarters (73.91%) of these firms focusing on a single CSR dimension. The degree of specialization varies across industries and the single CSR dimension focused on also varies for industries with similar degrees of specialization. We find that firms with higher exposures to CSR concerns, international activities, larger size, and higher financial slack tend to diversify across (...) multiple CSR dimensions. More importantly, we find evidence that diversified CSR structures positively affect a firm’s value relative to a control group before and during the 2008 financial crisis. Our findings have important implications for corporate and portfolio managers, investors, and policy makers. (shrink)

In 1813 Isaak von Sinclair published a poem entitled “The New Acquaintance.” It recounts a meeting between himself, his friend Friedrich Hölderlin, and one other unidentified guest whom Sinclair awaited with keen anticipation. Because of Hölderlin’s well established friendship with Hegel it has been assumed in the past that the unknown acquaintance was in fact Hegel. However, at the time to which the poem refers, Hegel was a relatively obscure and unknown figure with no reputation. If we are therefore to (...) accept that the poem does indeed allude to Hegel then we must assume that Sinclair, as early as 1813, had recognized Hegel’s genius and wanted retrospectively to associate his name with the newly rising star of German philosophy. In that case we must ask why he refrained from mentioning Hegel by name or at least making the character of the unknown unambiguously clear? In translating this poem for the first time into English I offer for consideration another candidate as the “acquaintance,” namely, Wilhelm Heinse. (shrink)

A familiar form of scepticism supposes that knowledge requires infallibility. Although that requirement plays no role in our ordinary epistemic practices, Barry Stroud has argued that this is not a good reason for rejecting a sceptical argument: our ordinary practices do not correctly reflect the requirements for knowledge because the appropriateness-conditions for knowledge attribution are pragmatic. Recent fashion in contextualist semantics for 'knowledge' agrees with this view of our practice, but incorrectly. Ordinary epistemic evaluations are guided by our conception of (...) a person's standing with regard to the reasons that there are for and against the truth of a belief. Thus the objection from our ordinary practices is sound: fallibility is not an epistemological shortcoming, and a convincing sceptical argument must use only requirements which figure in ordinary epistemic practice. (shrink)

In an earlier paper, "The Indeterminacy of Republican Policy," I argued that in an important class of cases, republican political theory, as formulated by Philip Pettit, does not have determinate implications for policy. Pettit has replied that my argument was based on a conception of freedom as nondomination that is not his own. In the present paper, I explore the two ways of understanding republican freedom. I first suggest that they may not, in the end, be very different. I then (...) note that if a sharp difference is restored, my conception may have some desirable features. (shrink)

The article is an investigation of a certain form of argument that refers to Leibniz’s Law as its inference ticket (where Leibniz’s Law is understood as the thesis that if x=y.

xxiii + 293. Price £50.00 h/b). Thinking About Knowing. By JAY F. ROSENBERG. (Oxford UP, 2002. Pp. viii + 257. Price £30.00 h/b). Epistemology is currently enjoying a renaissance. To a large extent, this has been sparked by some exciting new proposals, such as the contextualist theories advanced by Stewart Cohen, Keith DeRose, David Lewis and Michael Williams, the modal conceptions of knowledge offered by Fred Dretske and Robert Nozick, and the virtue epistemologies put forward by John Greco, Ernest Sosa (...) and Linda Zagzebski, to name but three currently popular views. Increasingly, however, this rebirth in epistemological theorising has been driven less by the production of new theories and more by the application of the latest batch of novel proposals to other areas of philosophy. A good illustration of this from the selection of books under review here is the contemporary debate regarding the vexed relationship between content externalism and self-knowledge that is the 2 focus of the volume of essays edited by Susana Nuccetelli. Here we have a controversy that has blended some of the most innovative aspects of recent epistemological theorising with issues in the philosophy of mind and language, with the emphasis being on the so-called ‘McKinsey paradox’ concerning the putative incompatibility of content externalism and privileged self-knowledge. Whilst early responses to this supposed paradox concentrated on the formulation of the content externalist thesis whilst treating the epistemic concepts at issue as, essentially, primitives, more recent work in this area has drawn-out some of the epistemological implications of this debate and looked at how these implications fit in with recent movements in epistemology. Many of the articles collected in this volume are instances of this ‘second phase’ of the debate. In particular, it is tremendously useful to have the new articles by Martin Davies and Crispin Wright which revisit a previous exchange between the pair where some of the epistemological morals of the McKinsey debate were first extracted.. (shrink)

SummaryThe view that observations in science are theory‐laden is critically evaluated in this paper. A number of theses are distinguished concerning the alleged theory‐ladenness of claims of the form ‘P observes X’ and ‘P observes that X is A’ that derive from some remarks of Hanson; each thesis is shown to be untenable. However a modicum of theory‐ladenness is supported in the claim that some observation‐that reports depend for their truth on other claims which in turn depend for their truth (...) on a piece of scientific theory. (shrink)

Magical ersatzism is the view that possible worlds are primitive abstract entities. In On the Plurality of Worlds, David Lewis presented what appeared to many to be a devastating argument against magical ersatzism. In this paper, I show that Lewis’ central argument does not succeed. Magical ersatzism remains a viable theory of possible worlds.

But in many orders of beauty, particularly those of the finer arts, it is requisite to employ much reasoning, in order to feel the proper sentiment; and a false relish may frequently be corrected by argument and reflection. There are just grounds to conclude, that moral beauty partakes much of this latter species, and demands the assistance of our intellectual faculties, in order to give it a suitable influence on the human mind (EPM, 173).