Extinction learning although initially successful in blocking fear responses, can result in relapse in some individuals over time. This deficit demands a strategy that could reinforce the extinction of fear. The current study aimed to investigate the top-down regulatory processes like cognitive reappraisal and the nature of reappraisal on augmentation of fear extinction and retention. We used a screaming lady fear conditioning paradigm with 63 participants (M = 43, F = 20; Mean (SD) age = 20.6 (1.40) years) and subjective (...) fear, valence, expectancy ratings and skin conductance response (SCR) as outcome measures. The participants were randomly assigned into three groups: creative reappraisal, ordinary reappraisal and standard extinction groups and completed acquisition (day 1), extinction (day 2) and extinction-retest (day 3) phases. Our results indicate that cognitive reappraisal aimed at reducing the aversiveness of the UCS does not disrupt prediction error during extinction. Our results did not indicate any enhanced effect of cognitive reappraisal on subjective and physiological measures of conditioned fear responses during extinction. Our findings highlight the gap between the implementation of cognitive reappraisal and successful affective outcomes. Effective cognitive reappraisal requires careful consideration of factors like cognitive effort, situation intensity, reappraisal affordance, implementation cost and appraisals associated with fear. Interventions aimed at enhancing extinction through cognitive reappraisal should consider these factors for the effective implementation of cognitive reappraisal. (shrink)

Twenty first century is posing unprecedented challenges for the human existence and development. This era has witnessed awesome economic & technological growth, increased connectedness but great poverty, malnutrition, anxiety, mental stress and environmental degradation. Thus, this time depicts great contradiction, uncertainty, and risk. Accordingly, in this era a holistic education system has to deal with the challenges such as population growth, terrorism, environmental degradation, hegemony of machines, mental stress, cultivating creativity, bridging the skill and wisdom gap, and expanding human potential (...) etc. To find a sustainable solution to such challenges, we need to develop a holistic education system which acknowledges various dimension of human being. For this task, this paper will try to highlight some philosophical themes which are commonly suggested by various prominent thinkers such as M.K. Gandhi, R.N. Tagore, J. Krishnamurti, S. Radhakrishnan etc. in India, and J. Dewey, I. Illich, and B. Russell etc. in the west. They have put forward their philosophy to discuss the aims of education which are relevant to this century. In this paper, we will analyze their views from the perspective of the challenges that the twenty-first century world is going to face. Our investigation will analyze agreements and disagreements among the approaches taken by these educators. However, the focus will be on the commonalities, so that we can identify some philosophical themes which can work as the solid foundation for holistic model of education. (shrink)

BackgroundDiagnostic ultrasound has long been a part of a physician’s armamentarium, but transcranial focused ultrasound (FUS) is an emerging treatment of neurological disorders. Consequently, the literature in this field is increasing at a rapid pace.ObjectiveThis analysis was aimed to identify the top-cited articles on FUS to discern their origin, spread, current trends highlighting future impact of this novel neurosurgical intervention.MethodsWe searched the Web of Science database on 28th May 2021 and identified the top 100 cited articles. These articles were analyzed (...) with various scientometric parameters like the authors, corresponding authors, country of corresponding author, journal of publication, year of publication. Citation based parameters including total citations, mean citations per article and mean citations, citation count, and the citation per year, citations per year and co-authors per document were studied as well in addition to Hirsch h-index, g-index, m-index, Bradford’s Law, Lotka’s law and Collaboration index.ResultsThe 100 top-cited articles were published between 1998 and 2019 in 45 different journals. The average citations per document and citations per document per year were 97.78 and 12.47, respectively. The most prolific authors were Hynynen K (Medical Biophysics—Toronto), Elias WJ (Neurosurgery—Virginia), Zadicario (InSightec). The Journal of Neurosurgery published the most top-cited articles (n = 11), and most articles originated from the United States, followed by Canada. Among individual institutions, the University of Toronto was the most productive.ConclusionFUS is an emerging treatment of neurological disorders. With its increasing application, the FUS literature is increasing rapidly. Eleven countries contributed to the top 100 cited articles, with the top 2 countries (the United States and Canada) contributing to more than half of these articles. (shrink)

This research looks at how mindfulness can contribute to business ethics education in MBA programmes. Mediation analysis was used to measure the influence of mindfulness on the participants’ performance in business ethics related courses and to quantify the influence of emotional intelligence which is a mediating variable. The effectiveness of mindfulness was evaluated using a Randomised Controlled Trial on participants of Executive MBA programmes. Half the participants were assigned to the intervention group and the other half placed on the waiting (...) list for the next programme and used as the control group. Statistical analysis revealed that the increase in performance in business ethics related courses through mindfulness as also direct increase through emotional intelligence were significant. 40% of the enhancement of performance came through emotional intelligence while the remaining 60% came directly from mindfulness. (shrink)

This research looks at how yoga can contribute to business ethics education in MBA programmes. The effectiveness of yoga practice in breathwork, movement, and meditation was evaluated using a Randomised Controlled Trial on participants of Executive MBA programmes. Half the participants (n = 125) were assigned to the intervention group and the other half placed on the waiting list for the next programme and used as the control group. Mediation analysis was used for statistical analysis to measure the influence of (...) yoga on the participants’ performance in business ethics related courses and to quantify the influence of mindfulness which is a mediating variable. Statistical analysis revealed that the increase in performance in business ethics related courses through mindfulness and as a direct increase through yoga were significant. Two thirds of the enhancement of performance came through mindfulness while the remaining one third came directly from yoga practice. (shrink)

Historiography in the context of Indic philosophy and mythology.

Many philosophers suppose that sometimes we think we are saying or thinking something meaningful when in fact we’re not saying or thinking anything at all: we are producing nonsense. But what is nonsense? An account of nonsense must, I argue, meet two constraints. The first constraint requires that nonsense can be rationally engaged with, not just mentioned. In particular, we can reason with nonsense and use it within that-clauses. An account which fails to meet this constraint cannot explain why nonsense (...) appears meaningful. The second constraint requires that nonsense does not express thoughts. An account which fails to meet this constraint undercuts the critical force of the concept of nonsense. I offer an account which meets both constraints. The central idea is that to be under the illusion that some nonsense makes sense is to enter a pretence that the nonsense is meaningful. (shrink)

(1) This paper is about how to build an account of the normativity of logic around the claim that logic is constitutive of thinking. I take the claim that logic is constitutive of thinking to mean that representational activity must tend to conform to logic to count as thinking. (2) I develop a natural line of thought about how to develop the constitutive position into an account of logical normativity by drawing on constitutivism in metaethics. (3) I argue that, while (...) this line of thought provides some insights, it is importantly incomplete, as it is unable to explain why we should think. I consider two attempts at rescuing the line of thought. The first, unsuccessful response is that it is self-defeating to ask why we ought to think. The second response is that we need to think. But this response secures normativity only if thinking has some connection to human flourishing. (4) I argue that thinking is necessary for human flourishing. Logic is normative because it is constitutive of this good. (5) I show that the resulting account deals nicely with problems that vex other accounts of logical normativity. (shrink)

This paper is about why voluntary associations, such as churches, unions and political parties, are subject to natural justice requirements in common law: in other words, why they are required to treat their members fairly. These requirements are typically imposed (under the name of procedural fairness) by public law on exercises of state authority, but voluntary associations do not exercise state authority. Voluntary associations are set up in private law, as structures of property and contract, but property and contract law (...) do not ordinarily require rights to be exercised in accordance with natural justice. What is needed is an account which locates voluntary associations within private law while adverting to what they have in common with the state: that they make and apply rules to facilitate human interaction. I propose such an account, drawing on an idea from Lon Fuller. Natural justice requirements on voluntary associations are grounded in the rule of law. (shrink)

The environment impacts human health in profound ways, yet few theories define the form of the relationship between human physiology and the environment. It is conjectured that such complex systems cannot interact directly, but rather their interaction requires the formation of an intermediary “interface.” This position contrasts with current epidemiological constructs of causation, which implicitly assume that two complex systems transfer information directly while remaining separate entities. Further, it is contended that dynamic, process‐based interfaces incorporate components from all the interacting (...) systems but exhibit operational independence. This property has many consequences, the foremost being that characteristics of the interface cannot be fully resolved by only studying the systems involved in the interaction. The interface itself must be the subject of inquiry. Without refocusing the attention on biodynamic interfaces, how the environment impacts health cannot be discerned. Also see the video abstract here https://youtu.be/XeyjeZeyo4o. (shrink)

This paper is about when associations, and in particular associations that are part of the state, should be treated as legal persons. I distinguish two forms of association – those that render coherent the agency of their members and those that are group agents – and argue that only the latter should be treated as persons. Following this, I discuss the conditions under which associations that are part of the state can legitimately be group agents.

My comments focus on the relation between theoretical reason and agency in Gomes’ account. I argue that, while Gomes is right that agency plays a role in relating us to an objective world, accounting for it does not require us to exclude theoretical reason in advance by requiring that the propositions to which we practically assent be theoretically undecidable. There are both theoretical and practical grounds for taking ourselves to have agency in thinking, and we should prefer an account of (...) reason which allows both kinds of grounds to play a role in rationalizing our commitments. Gomes should, therefore, weaken the dualism of theoretical and practical reason which he takes over from Kant. This dualism is in any event hard to sustain outside the context of transcendental idealism; weakening it allows for what I suggest is a better account of the interaction between theoretical and practical reason. (shrink)

Large amount of data are exchanged and the internet is turning into twenty-first century Silk Road for data. Machine learning (ML) is the new area for the applications. The artificial intelligence (AI) is the field providing machines with intelligence. In the last decades, more developments have been made in the field of ML and deep learning. The technology and other advanced algorithms are implemented into more computational constrained devices. The online English test system based on ML breaks the shackles of (...) the traditional paper English test and improves the efficiency of the English test. At the same time, it also maintains the fairness of English test and improves the marking speed. In order to realize an online English test system based on ML and facilitate the assessment of students’ college English courses, this paper mainly adopts relevant research and design on the main functional modules, key technologies, and functional realization of the online English test. The brand-new powerful teaching software and the online examination system can help schools to conduct more systematic and scientific management. The conclusion shows that as brand-new and powerful teaching software, the online examination system can help schools to conduct more systematic and scientific management. (shrink)

Graphical AbstractWe can, for example, understand intimately how the human endocrine systems works, and likewise the chemical nature of compounds present in our environment; but the result of the interaction cannot be deduced from any simple combination of the two knowledge sets: it's not the interacting entities that we should be studying, but the process that creates the phenomena that we witness as a result of this interaction. This is the “biodynamic interface” to which Manish Arora, Alessandro Giuliani and (...) Paul Curtin refer in their article in this issue, and it is a conceptual structure that comes into being upon interaction of entities: a new way to study interactions in complex systems and better understand emergent phenomena. (shrink)

इस पर्चे में मैंने विज्ञान के विकास को आधुनिकता की पृष्टभूमि में मानव-मुक्ति के लक्ष्य की दशा व दिशा के सन्दर्भ में आलोचनात्मक विश्लेषण पद्धति से समझने का प्रयास किया है। इस कार्य के लिए मैंने पेपर में चार प्रमुख बिंदुओं को उढाया है। -/- पहला बिंदु विज्ञान की मूल्य निरपेक्षता (Value neutrality) को लेकर है जिसके तहत मैंने पूँजी के साथ विज्ञान के संबंध को समझने का प्रयास किया है। -/- दूसरे बिंदु में विज्ञान शिक्षा और सामाजिक सरोकार के (...) संबंध को वैज्ञानिक तार्किकता (Scientific rationality) और यांत्रिक तार्किकता (Instrumental rationality) के सन्दर्भ में समझने का प्रयास किया है। -/- तीसरे बिंदु में समाज में विज्ञान के अधिपत्य को लेकर उठाया गया है जिसके कारण विज्ञान का अन्य प्रकार की ज्ञान प्रणालियों से संबंध विच्छेद करने की प्रवित्ति को बढ़ावा मिलता है। -/- चौथे एवं अंतिम बिंदु में मैंने विज्ञान, तकनीक व विज्ञान का समाज के प्रति नैतिक उत्तरदायित्व के अंतरसंबंध को समझने का प्रयास किया है। . (shrink)

A legal fiction is a knowingly false assumption that is given effect in a legal proceeding and that participants are not permitted to disprove. I offer a semantic pretence theory that shows how fiction-involving legal reasoning works.

I offer a new reconstruction of Hegel’s criticism of Kant’s idealism. Kant held that we impose categorial form on experience, while sensation provides its matter. Hegel argues that the matter we receive cannot guide our imposition of form on it. Contra recent interpretations, Hegel’s argument does not depend on a conceptualist account of perception or a view of the categories as empirically conditioned. His objection is that given Kant’s dualistic metaphysics, the categories cannot have material conditions for correct application. This (...) leads to subjectivism in the content of experience: the subject is given an implausibly strong role in determining what is the case. Hegel’s own absolute idealism solves this problem. (shrink)

Human beings as self-conscious, aesthetic, sympathetic, and empathetic beings develop various ways to live in this world. They continue to aspire for a better version of themselves and their lives. In this process, they developed certain ethical norms, social practices, and ways to perceive and understand this world. These qualities become the basis for proactive steps of spirituality which in turn become the foundation of religion. In human history, religion has helped individuals to fulfill various human needs irrespective of their (...) culture. Despite differences in the content of various religious philosophies, mythological structures, and religious ceremonies, it gave a sense of meaning and purpose to human beings. Because of its omnipresence, many philosophers along with biological and cultural evolutionary researchers have suggested coming up with a universal explanation for religion. -/- Nevertheless, religion was also employed as a means of exploitation by the powerful elites in various societies. Thus, many times, it worked as an orthodox, deceptive, and enslaving force for humanity. Modern thought emphasized the later effects of religion and found it less emancipatory. -/- Hence, enlightenment philosophy focused on rationality as a significant aspect of human beings. Besides, the development of science has unfolded various hidden and hitherto mysterious natural phenomena to mankind. This change has brought rationality to the forefront of human existence every institution began to build around this notion of human being. Even the death of God was announced by Nietzsche with grief in 1885. -/- Was it really the death of God? Can human beings live without religion sanely? These questions become very relevant particularly in recent times when we see resurgence of religious identities in the political and social discourses. However, consumer mythology and consumer culture remain at the forefront while making decisions in our daily lives across cultures. Even sometimes, religious identities are absorbed by powerful market forces; how to understand this contradictory phenomenon? -/- Between both these understandings, this paper sets three objectives for itself – first, to analyze the human need for religion from a psychological and existential perspective. Second, it critically evaluates the secular thesis as put forward by European enlightenment thinkers in the light of contemporary consumerist mythology. The third objective involves a brief description of universal religion and its relevance at this time. (shrink)

In the contemporary era, we identify ourselves based on what we consume or what we possess. Besides, various advertisements, celebrities, and other influential personalities encourage and make us believe that we can make a new identity by consuming a specific brand, or relating to a particular institution or connecting with an extraordinary group, etc. Hence, we tend to identify ourselves with consumer goods. In such conditions, Srimad Bhagwat Gita becomes significantly relevant to look for alternative way of life. This paper (...) attempts to explore the concept of Self in Gita as a model for realizing environmental consciousness. Largely, it will analyse the concepts of Nishkama Karma (Detached Action) and the Self to see what it may contribute in developing an apt environmental consciousness. With the analysis of these concepts the paper tries to probe for an epistemological and metaphysical alternative to the Ecology understanding. (shrink)

Many philosophers suppose that sometimes we think we are saying or thinking something meaningful when we're not saying or thinking anything at all: we are producing nonsense. But what is nonsense? An account of nonsense must, I argue, meet two constraints. The first constraint requires that nonsense can be rationally engaged with, not just mentioned. In particular, we can reason with nonsense and use it within that-clauses. An account which fails to meet this constraint cannot explain why nonsense appears meaningful. (...) The second constraint requires that nonsense does not express thoughts. An account which fails to meet this constraint undercuts the critical force of the concept of nonsense. I offer an account which meets both constraints. The central idea is that to be under the illusion that some nonsense makes sense is to enter a pretence that the nonsense is meaningful. (shrink)

Management of meaning inside organizations has been an enduring issue in organization studies. Issues relating to commitment and control through the meaning-making mechanisms have been studied by organization culture theorists for sometime now. However, rapidly changing dynamics of the business environment lend these issues a critical salience today. Two factors of this dynamic context are particularly noteworthy. Firstly, a redefinition of the long-standing employment relationship—loyalty no longer being traded for lifelong employment—has led management to look for alternative sources of gaining (...) commitment from their employees. Second, several factors—socio-cultural, organizational and individual—have led the employees today to explore issues relating to meaning and purpose in their workplaces. Labelled variously by different scholars, the most widely accepted term for this growing movement is ‘Spirituality at Work’ (SAW). In this article we link the two factors to present a framework wherein the emergence of an issue from the private individual domain to the organizational is seen as having the potential of answering concerns of eliciting commitment from employees in a turbulent environment. However, the SAW movement is accompanied by vigorous debates about the concept itself and on how it is to be studied. In the course of this article we present the central conceptual debates that have characterized the SAW discourse to emerge with three definitional themes to understand and study SAW, and then argue for utilizing the person–organization fit lens to study SAW. We end with a conceptual framework that would enable researchers to make a comprehensive study of the elusive phenomenon of SAW. (shrink)

This study investigates the impact of firms’ legacy institutional imprints on its engagement in corporate misconduct. We discover that a closed economic regime’s protectionist policies inscribe imprints in the form of opaque organizational routines and cause incumbent firms to develop competitive limitations. Utilizing the theoretical principles of the organizational imprinting theory, this research attests to the endurance of corruptive routines and argues that the degree of closed economy imprints increases firms’ engagement in income-increasing earnings management in the post-liberalization period. Furthermore, (...) we find that the impact of imprints is weakened by firms’ choices on international exposure and internal innovation. By utilizing the historical data on Indian economic policies from 1956 to 1991 and analyzing a sample of 18,432 firm-year observations for 2,396 listed Indian manufacturing firms from 1997 to 2007, we find support for our hypotheses. (shrink)

The purpose of the study is to investigate whether internal and external institutional environmental conditions play a role in the institutionalization of strategic commitment to corporate social responsibility (CSR) among Indian firms in the wake of the mandatory CSR norms or not (where the firms of certain size and profitability are mandated to spend on CSR). The study examines the fixed effects regression on balanced panel data collected from the annual reports and Prowess database of Bombay Stock Exchange-listed firms. Our (...) results show that both internal and external institutional environments play a major role in diffusing a strategic commitment to CSR among firms. Furthermore, we find that firms indulge in frequency, outcome, and trait-based imitations while learning from peer firms to attain legitimacy from their stakeholders. Overall, our findings show that vicarious learning through imitation plays an important role in making firms truly committed to CSR instead of just donating money or greenwashing. To the best of our knowledge, our study is among the pioneering attempts to look at the impact of both internal and external environments on institutionalizing CSR commitment among firms in India. (shrink)

It is fruitful to think of the representational and the organism-centered approaches as complementary levels of analysis, rather than mutually exclusive alternatives. Claims to the contrary by proponents of the organism-centered approach face what we call the “basketball problem.”.

When it comes to women philosophers in India, Maitreyi, Gargi, Meera, and Sulabha come immediately to mind. However, these are little more than names, since their philosophies and lives are rarely discussed, let alone their teachings. We need stories of the women who devised wings, dared to take flight in the gusty winds of oppression, and sailed to otherwise forbidden heights. It is equally important to understand how they were bruised, how they grieved, and most importantly, how they failed. Sharvay (...) is one such attempt that envisions the journey of a mixed caste (mishra varna) girl from the claustrophobic confines of a palace where she was born and brought up. -/- The novel presents the concrete circumstances of the socio-cultural and historical setting of south-central India in the 8th century. It depicts the life of a human being of that era from one of the most vulnerable sections of its society and explores what it might be like for her to become a philosopher. Besides presenting the obstacles on the way to becoming a philosopher, the writer also suggests what kind of position that philosopher would take in the given situations. (shrink)

As implied by executive job demands theory, intensified job demands of a firm’s top executives limit their cognitive capacity and centralize the locus of decision-making, which may undermine corporate sustainability performance. The current study tests this effect, along with the impact of two contextual factors, to reveal that the negative influence of executive job demands is weaker if firms feature greater functional diversity and average tenure in their top management teams. In an extension of upper echelon theory, this study also (...) outlines the influence of task challenges that confront strategic leaders on corporate sustainability performance. (shrink)

What is the relation of logic to thinking? My dissertation offers a new argument for the claim that logic is constitutive of thinking in the following sense: representational activity counts as thinking only if it manifests sensitivity to logical rules. In short, thinking has to be minimally logical. An account of thinking has to allow for our freedom to question or revise our commitments – even seemingly obvious conceptual connections – without loss of understanding. This freedom, I argue, requires that (...) thinkers have general abilities to respond to support and tension among their thoughts. And these abilities are constituted by following logical rules. So thinkers have to follow logical rules. But there isn’t just one correct logic for thinking. I show that my view is consistent with logical pluralism: there are a range of correct logics, any one of which a thinker might follow. A logic for thinking does, however, have to contain certain minimal principles: Modus Ponens and Non-Contradiction, and perhaps others. We follow logical rules by exercising logical capacities, which display a distinctive first-person/third-person asymmetry: a subject can find the instances of a rule compelling without seeing them as instances of a rule. As a result, there are two limits on illogical thinking. First, thinkers have to tend to find instances of logical rules compelling. Second, thinkers can’t think in obviously illogical ways. So thinking has to be logical – but not perfectly so. When we try to think, but fail, we produce nonsense. But our failures to think are often subjectively indistinguishable from thinking. To explain how this occurs, I offer an account of nonsense. To be under the illusion that some nonsense makes sense is to enter a pretence that the nonsense is meaningful. Our use of nonsense within the pretence relies on the role of logical form in understanding. Finally, while the normativity of logic doesn’t fall directly out of logical constitutivism, it’s possible to build an attractive account of logical normativity which has logical constitutivism as an integral part. I argue that thinking is necessary for human flourishing, and that this is the source of logical normativity. (shrink)

Perception is a very complex cognitive process that yields a unique picture of the world, a picture that may be quite different from reality. A number of factors operate to shape and sometimes distort perception. These factors can reside in the perceiver, in the object or target being perceived, or in the context of the situation in which perception is made. Understanding the complex process of perception is very important in the study of Organizational Behaviour as human behaviour is based (...) on their perception of what reality is and not on reality itself. Recognition of the difference between perceptual world and the real world is not only vital to the understanding of Organizational Behaviour but also essential for any individual to achieve the ultimate goal (that is, Moksha). This article explores the understanding of perception process in the spiritual perspective. The objective of the article is to synchronize the psychological perspective with the scriptures’ perspective of the perceptual process. Incorrect perceptions known as illusions (caused by Maya) and reasons underlying the perception distortions can be better examined, understood and controlled by the underlying philosophies in the Vedic literature, Bhagwad Gita and various Indian scriptures. The concept of Samskara, Sthitaprajna and Anaasakti mentioned in scriptures provide an insight for improving perception. (shrink)

This chapter provides a summary of the lessons that the Austrian theory of capital holds for the field of development economics. It provides an introduction to the concepts of the structure of production and time preference and a brief overview of how the rate of time preference limits both the available pool of savings and the extent of capital formation. The implications that this uniquely Austrian insight holds for the theory of economic growth are spelled out, in particular the fact (...) that what constrains the growth of developing countries is not the availability of technology but the availability of savings to undertake investment. The chapter also provides a brief exposition of the concept of capital heterogeneity and its implications for the impossibility of economic calculation under a system of central planning. A critique of some popular models that advocate planning as a means of economic development is also provided. (shrink)

Pylyshyn's target article argues that perception is not inferential, but this is true only under a narrow construal of inference. A more general construal is possible, and has been used to provide formal theories of many visual capacities. This approach also makes clear that the evolution of natural constraints need not converge to the “veridical” state of the world.

Converging psychophysical evidence suggests that the human visual system parses shapes into component parts for the purposes of object recognition. We examine the Schyns et al. claim of “creation” of features in light of recent work on part-based representations of visual shape, particularly the perceptual rules that human vision uses to parse shapes.

Journal of Human Values, Ahead of Print.

Hull et al. propose a set of features that can be used to identify explanatory systems as being selectionist. The commentary questions the necessity of identifying a unit of retention at the level of behavior-environment interactions. It is concluded that an answer to the question “Are units of retention necessary?” can only be given in light of a clear statement of the goals of a science of behavior.

According to the interface theory of perception, our perceptual systems have evolved to provide a species-specific interface to guide adaptive behaviour, and not to provide veridical representations of an observer-independent world. Results of simulations of evolutionary resource games, genetic algorithms, and multiple mathematical theorems have supported and fleshed out this claim in various ways. They indicate that the probability is zero that any perceptual system has been shaped by natural selection to represent the true structure of an observer-independent world. Bagwell (...) (2023) thinks that this argument is self-defeating because it implies that organisms, resources, genes, etc. that are essential constituents of Darwin's theory do not provide an insight into the nature of observerindependent reality. Bagwell's argument relies on a false premise, however — namely, that the mathematical formulation of a scientific theory cannot dethrone its fundamental concepts. More broadly, his argument involves a fundamental misunderstanding of the nature of scientific theories — of their explanatory scope and their necessary limits. (shrink)

We use an event study to capture the investor reaction to the first Newsweek Green Rankings in September 2009, a notable, multi-dimensional recent development in the rating of corporate environmental CSR performance. Drawing on stakeholder theory, we develop hypotheses about market investor reaction to the disclosure of new, relevant corporate environmental performance in both the short and longer term, whether market investors’ reaction reflects industry context, and whether firm-level contextual variables representing firm size, and market legitimacy significantly impacts the investor (...) reaction. We find that, for the sample of the largest 500 US firms ranked by Newsweek, investors react positively both to the raw and within-industry rankings of green performance in terms of both short-term and longer-term returns. Moreover, the investor reaction is significantly influenced by contextual variables such as firm size and firm market legitimacy. Our results are compatible with the inference that rating agencies like Newsweek serve a valuable information dissemination function such that investors in better ranked firms anticipate larger future cash flows due to more positive reactions from key stakeholders such as environmentally-conscious customers, employees, NGOs, regulators, and thus reward these firms with stock price increases. Finally, larger, more visible firms benefit more, while firms which have more market legitimacy benefit less. We believe these findings will be of considerable interest to scholars of environmental corporate social responsibility. (shrink)