The recently rising field of Critical Data Studies is still facing fundamental questions. Among these is the enigma of digital subjectivation. Who are the subjects of Big Data? A field where this question is particularly pressing is finance. Since the 1990s traders have been steadily integrated into computerized data assemblages, which calls for an ontology that eliminates the distinction between human sovereign subjects and non-human instrumental objects. The latter subjectivize traders in pre-conscious ways, because human consciousness runs too (...) slow to follow the volatility of the market. In response to this conundrum Social Studies of Finance has drawn on Actor-Network Theory to interpret financial markets as technically constructed networks of human and non-human actors. I argue that in order to develop an explicitly critical data study it might be advantageous to refer to Maurizio Lazzarato’s theory of machinic subjugation instead. Although both accounts describe financial digital subjectivation similarly, Lazzarato has the advantage of coupling his description to a clear critique of and resistance to finance. (shrink)

ABSTRACT:This study examines whether the empirical evidence on the relationship between corporate social performance (CSP) and corporate financial performance (CFP) differs depending on the publication outlet in which that evidence appears. This moderator meta-analysis, based on a total sample size of 33,878 observations, suggests that published CSP-CFP findings have been shaped by differences in institutional logics in different subdisciplines of organization studies. In economics, finance, and accounting journals, the average correlations were only about half the magnitude of (...) the findings published in Social Issues in Management, Business Ethics, or Business and Society journals (mean corrected correlation coefficientof.22 vs..49, respectively). Specifically, economists did not find null or negative CSP-CFP correlations, and average findings published in general management outlets (=.41) were closer to Social Issues in Management, Business Ethics, and Business and Society results than to findings reported in economics, finance, and accounting journals. (shrink)

One famous scene in The Wolf of Wall Street (2013) is the dialogue between the young Jordan Belfort (Leonardo DiCaprio) and the expert trader Mark Hanna (Matthew McConaughey). Hanna is complaining that the stock market is unpredictable; it’s “fugazi … it’s fairy dust. It doesn’t exist. It’s never landed. It is not matter. It’s not on the element chart. It’s not real”. But the fact that something is unpredictable and non-physical does not imply that it does not exist. On the (...) other hand, its unpredictability, non-physicality, and the fact that the stock market trend is largely determined by investors’ beliefs, do make its nature difficult to grasp. -/- This special issue of Rivista di Estetica aims to explore the financial sector from an ontological point of view. While the ontology of money has been extensively studied, few scholars have focused on the stock market and, more generally, on those entities belonging to the investment landscape. Matters are made more complicated by the fact that the financial sector is characterized by an ever-increasing use of digital technology, including software elements that trade in the market themselves. We believe that a careful study of this phenomenon may help us better to understand the role of artificial agents in the social world. (shrink)

The study constructs a theoretical model of social capital, farm household financing, and scale operation and their environmental effects, and conducts an empirical test based on data from China Family Panel Studies which is conducted in 2018 using causal mediation analysis. The results showed that farmers who spent more on human interaction have a higher probability of choosing scale operation by renting land, the mechanism of which is that the social capital accumulated by farmers based on human (...) interaction facilitates their access to formal and informal financing, which in turn alleviates the financing constraint of scale operation. In addition, we found that the farmers with low education were more dependent on social capital to obtain informal financing to achieve scale operation. The environmental effects of scale operation found that the farmers significantly reduced the proportion of fertilizer and pesticide use, which could effectively mitigate possible pollution problems caused by excessive fertilizer and pesticide use. These findings confirm that social capital can alleviate the financing constraints of farmers to expand their operation scale through formal and informal financing, which in turn has a positive environmental effect. (shrink)

One famous scene in The Wolf of Wall Street (2013) is the dialogue between the young Jordan Belfort (Leonardo DiCaprio) and the expert trader Mark Hanna (Matthew McConaughey). Hanna is complaining that the stock market is unpredictable; it’s “fugazi … it’s fairy dust. It doesn’t exist. It’s never landed. It is not matter. It’s not on the element chart. It’s not real”. But the fact that something is unpredictable and non-physical does not imply that it does not exist. On the (...) other hand, its unpredictability, non-physicality, and the fact that the stock market trend is largely determined by investors’ beliefs, do make its nature difficult to grasp. -/- This special issue of Rivista di Estetica aims to explore the financial sector from an ontological point of view. While the ontology of money has been extensively studied, few scholars have focused on the stock market and, more generally, on those entities belonging to the investment landscape. Matters are made more complicated by the fact that the financial sector is characterized by an ever-increasing use of digital technology, including software elements that trade in the market themselves. We believe that a careful study of this phenomenon may help us better to understand the role of artificial agents in the social world. (shrink)

In this study, we try to establish what determines the substantial differences in the Nordic countries’ size and composition of socially responsible investing (SRI). We investigate if these differences between Denmark, Finland, Norway, and Sweden can be associated with key characteristics in economics, finance, culture, and institutions. We find that in particular economic openness, the size of the pension industry, and cultural values of masculinity (femininity) and uncertainty avoidance can be associated with the differences in SRI in the four (...) countries. On basis of these findings, we lay foundations for an international theory of SRI. (shrink)

In recent years, a significant revolution has begun in social entrepreneurship, with public funding organizations and private investors beginning to pursue social purpose. At the heart of the revolution is the ambition of these entities to use innovation and entrepreneurship to sustain and scale impacts in support of social and environmental objectives. This article provides a framework that conceptualizes social innovation and finance as a multi-level and evolving complex system. Two trajectories of transformation, niche-regime and (...) within-regime, are used to frame a broad range of examples of impact entrepreneurship and social financing. Social finance is viewed as the key to release the ‘lock-in’ of social innovation, as it is able to gather and coordinate capital, resources, knowledge and ability. Using meta-analysis, the article explores the characteristics, dynamics and ecosystem of social innovation, impact entrepreneurship in China. The study maps the landscape of social finance in China and estimates there are untapped social finance opportunities worth from US$93 to US$208 billion. (shrink)

This paper examines the rise of socially responsible investment (SRI) as a sustainable finance mechanism and discusses the potential of SRI to contribute toward a more socially responsible and environmentally sound model of commerce in the Asia-Pacific region. Using a case study approach, I argue in this paper that the potential of SRI to accelerate the private sector toward greater sustainability has been to date largely explored within the North American and European regional contexts and that the future global (...) development of SRI is likely to depend on whether and to what degree SRI becomes a viable financial instrument in industrialized (Japan) and emerging (Hong Kong/China) economies of the Asia-Pacific region. (shrink)

Corporations play a historic role in generating wealth but sometimes have a contentious impact on the environment and society as a whole. In recent years, corporations have become more sensitive to social issues and stakeholder concerns, and are collectively striving to become better corporate citizens. Business schools must prepare their graduates for success within these organizations by ensuring they are exposed to the best practices for implementing corporate sustainability initiatives and for measuring the social and financial impacts of (...) these activities. This article provides implications for curriculum by examining recent editions of Corporate Finance/Financial Management and Financial and Managerial Accounting textbooks commonly used by undergraduate students in North America to see how much space is devoted to these topics. The study finds that Cost/Managerial Accounting textbooks have the highest coverage related to sustainability and environmental topics. (shrink)

This special section explores the intersection of social finance and financial innovation in contemporary technologies of relational finance. The articles that follow study detailed cases of contemporary experiments in payments, money and credit-debt relations. By way of introduction, in this short piece we outline three paradoxes at the heart of these experiments: the feudal life of capitalist financial innovation; the social life of supposedly asocial crypto-currencies; and the market life of relational financial dissent.

In Mexico, the management of public resources has been questioned by the State, and mainly the results that the public administration at its three levels (federal, state and municipal), by the lack of transparency in the application and verification of public resources. The experience that gives us the operation of different emerging programs that focused on reducing social and economic inequality in the country, we can locate them as the first attempts in the search for a solution that is (...) complex. Moving from the role of the benefactor and welfare state to the promoter of the regions and in the recognition of the focalization of priority attention areas, the path that has been taken is not only the beginning. Recognizing the public nature of public finances as a promoter of social development, we must understand it as the one assumed by the State through social, political and economic co-responsibility to solve poverty and marginalization of its own public policy orientation and vision of solution has been made since the eighties. From the above, we can point out some preliminary conclusions including the study of the indigenous language-speaking population with a high level of social exclusion in the methodology for the definition of multidimensional poverty in Mexico, will allow the allocation of public resources in the fight against poverty to be effective since it will make it possible to identify to the target population that is subject to social exclusion and marginalization. This invites us to a final reflection: What to do to address the just social demands of the indigenous population that is immersed in poverty, marginalization and exclusion? What to do so that they do not leave their communities, and if they have already done so, how to attend to the needs of family groups that are due to the expense of a remittance that may never arrive? (shrink)

In recent years social financiers have been increasingly investing in alternative food systems to improve sustainability outcomes. However, social finance for alternative food systems remains small and marginalized. This article seeks to understand why this approach is not yet making a larger impact towards food system transformation. It does so by investigating a specific application of social finance through the case of Slow Money to get answers as to why social finance occupies a (...) niche role in food system transformation. These answers provide helpful lessons for Alternative Food Networks (AFNs) seeking to transform food systems towards greater sustainability. This study tracks the intended impacts of these initiatives and provides insights about the potential role of social finance for promoting AFNs. Key themes emerged regarding the ability of social financing initiatives to support AFNs and transform the food system for greater sustainability. These themes resonate with the literature on AFNs in meaningful ways, but also highlight an important contradiction between systemic change and individual action. The findings show that the Slow Money model contains some useful elements for radical transformation but is ultimately limited in its ability to support deeper, transformative change. The conclusion advances recommendations for ways of enhancing the transformative potential of community financing initiatives in light of the findings, emphasizing the role of public investments. (shrink)

This paper explores how calculative cultures shape perceptions of models and practices of model use in the financial industry. A calculative culture comprises a specific set of practices and norms concerning data and model use in an organizational setting. Drawing on interviews with model users working in algorithmic securities trading, I argue that the introduction of complex machine-learning models changes the dynamics in calculative cultures, which leads to a displacement of human judgment in quantitative finance. In this paper, I (...) distinguish between three calculative cultures: an idealistic culture of undivided trust in models, a pragmatic culture of skepticism toward model accuracy, and a pragmatic idealist culture of early stage skepticism and implementation and production-phase idealism. Based on the empirical material, the analysis engages with examples of each of the three calculative cultures. The study contributes to the social studies of finance and science and technology studies more broadly by showing how perceptions of models shape and are shaped through model work in data-intensive, computerized finance. (shrink)

In recent years, the concepts of charity and development aid have changed significantly. Present concepts combine direct money transfer with co-production, knowledge sharing and the development of products and services designed for the need of developing and transition economies. The concept of micro-financing is a financial service which has proven to allow for entrepreneurs in the respective countries to start up their businesses. A relatively new financial product for these countries is micro-insurance. This article deals with the question whether consumers (...) in the Netherlands are willing to donate micro-insurances and which factors influence this willingness to contribute to the non-profit micro-insurance approach of an insurance company. The data were collected with questionnaires among a sample of the Dutch population. The data have been processed in a one-way between-groups ANOVA, a paired sample t test and an ordinal regression analysis. The results show that approximately half of the Dutch consumers are willing to pay an additional amount on their insurance premium for the donation of micro-insurances. The amount of the insurance premium did, however, not affect the willingness to donate. If consumers could choose the beneficiary less people are willing to donate, yet those people are willing to donate more money. In conclusion, there is readiness among consumers to contribute to micro-insurance via an insurance company that assists in setting up micro-insurance projects. This indicates a possible role for companies to act as an intermediary between philanthropic acts and consumers. (shrink)

Considering the changing face of today’s business environment and the importance of corporate social performance evaluation along with adherence to religious teachings, studies on how social organisations affect societies, mainly Islamic ones, have received much attention in recent years. Corporate social responsibility (CSR) here represents the wide variety of activities, volunteered by business owners and investors as the effective members of societies. In fact, it refers to the duties and responsibilities undertaken by organisations in order to (...) maintain and help their affiliated societies. Adherence to religious components has been further introduced as one of the factors shaping the mode in which people interact in the workplace and social groups. Therefore, this study aimed to investigate the role of religious commitment in social responsibility in Iraq as an Islamic nation. For this purpose, a total of 2500 Muslim employees, working in 75 service organisations (i.e. finance, accounting, insurance and education), were selected as the statistical population in 2022. The data were also collected by standardised questionnaires and then analysed using the Statistical Package for the Social Sciences (SPSS) and Linear Structural Relations (LISREL) software packages. The study results demonstrated that employees’ religious commitment could play a significant positive role in enhancing social responsibility in the organisations concerned (p = 0.28, t = 2.95).Contribution: The study results revealed that managers can take advantage of the positive outcomes of religious commitment in their affiliated organisations by strengthening its components in employees. The positive effects of bolstering religious commitment and social responsibility can thus attract more investors outside organisations and consequently meet employee satisfaction, which deserves greater emphasis in all societies, particularly Islamic ones. (shrink)

The need to examine the efficiency of state financing of universities is becoming more important for a number of reasons. The growth in the social demand for higher education, the globalization and internationalization of the higher education system, the recognition of the need to improve the quality of studies coincide with the financing aspects of activities of higher education institutions. The object of the research is to analyze the financing models and state funding methods of the higher education (...) system and to disclose the advantages as well as dysfunctions of each conception. This paper examines the mechanisms through which governments allocate resources to higher education in order to establish effective means to transfer these subsidies to institutions. (shrink)

This study discusses how social movements can influence economic systems. Employing a political-cultural approach to markets, it purports that 'compromise movements' can help change existing institutions by proposing new ones. This study argues in favor of the role of social movements in reforming economic institutions. More precisely, Socially Responsible Investment (SRI) movements can help bring SRI concerns into financial institutions. A study of how the French SRI movement has been able to change entrenched institutional logics of the French (...) asset management sector provides wide-ranging support for these arguments. Empirical findings are drawn from a longitudinal case study (1997-2009), based on participative observation, interviews and documentary evidence. Implications for research on social movements, institutional change and SRI are outlined. Lastly, the study provides practitioners with some theoretical keys to understand the pros and cons of 'SRI labels'. (shrink)

If any nature of science perspective is to be incorporated in science-related curricula, it is hard to imagine a satisfactory didactic toolkit that neglects the social studies of science, the academic field of study of the institutional structures and networks of science. Knowledge production takes place in a world populated by actors, instruments, and ideas, and various epistemic cultures are responsible for providing the concepts, abstractions, and techniques that slowly trickle down the information pathways to become stabilized in (...) university curricula or ossified in high-school science, losing much of the tacit knowledge along the way that enabled the production of knowledge in the first place. The discussion of the sociology of science and the sociology of scientific knowledge is followed by a short overview of recent approaches in science studies and the studies of expertise. (shrink)

Crowdfunding platforms have revolutionized entrepreneurial finance, with 200 billion dollars expected to be dispersed annually to entrepreneurs and small business owners by 2020. Despite the importance of this growing phenomenon, our knowledge of the dynamics of successful lending-based prosocial crowdfunding and its implications for the business ethics literature remain limited. We use a social responsibility lens to examine whether crowdfunders on a lending-based prosocial platform lend their money based on altruistic or strategic motives. Our results indicate that the (...) dynamics of prosocial lending-based crowdfunding are somewhat consistent with traditional forms of financing. Specifically, despite a prosocial setting in nature, crowdfunders tend to act strategically, positively responding to signals of quality and low risk. Notably, we also find that projects that are high on both financial and social appeal receive the highest average amount of funding. Furthermore, language on the lender’s profile indicating ability to pay is positively related to both funding success and funding amount. Our study contributes to filling the gap in the business ethics literature about the dynamics of lending-based prosocial crowdfunding, and the strategic and altruistic ethical motives that drive lenders in such endeavors. (shrink)

Over the past 20 years, a series of empirical studies in different countries have shown that the increase in genetic knowledge is leading to new forms of exclusion, disadvantaging and stigmatisation. The term "genetic discrimination" has been coined to refer to a (negative) differential treatment of an individual on the basis of what is known or assumed about his or her genetic makeup. Reported incidents2 include difficulties in finding or retaining employment, problems with insurance policies and difficulties with adoption.So (...) far, no empirical data on genetic discrimination in Germany are available. For this reason it remains unclear how often people in Germany are discriminated against because of their genetic characteristics. Aside from individual cases do forms of systematic genetic discrimination exist? If so, in which institutions and social arenas do they appear? These questions cannot be answered at present even cursorily, since no specialised studies or basic surveys have been carried out. Even the ethical, legal, and social issues (ELSI) accompanying the Human Genome Project3 and financed by the German Federal Ministry for Education and Research does not include a single investigation of this. (shrink)

Machine learning models are becoming increasingly prevalent in algorithmic trading and investment management. The spread of machine learning in finance challenges existing practices of modelling and model use and creates a demand for practical solutions for how to manage the complexity pertaining to these techniques. Drawing on interviews with quants applying machine learning techniques to financial problems, the article examines how these people manage model complexity in the process of devising machine learning-powered trading algorithms. The analysis shows that machine (...) learning quants use Ockham’s razor – things should not be multiplied without necessity – as a heuristic tool to prevent excess model complexity and secure a certain level of human control and interpretability in the modelling process. I argue that understanding the way quants handle the complexity of learning models is a key to grasping the transformation of the human’s role in contemporary data and model-driven finance. The study contributes to social studies of finance research on the human–model interplay by exploring it in the context of machine learning model use. (shrink)

One of the least studied aspects of programs of reparation, both in theory and in practice, is financing. This is odd given the fact that mobilizing resources, both domestic and foreign, is politically one of the most difficult tasks any society can undertake. This paper centers on the subject of financing reparation programs and attempts to answer the following questions: Which factors play a role in the process of mobilizing domestic and foreign resources to finance reparations? Is financing solely (...) a technical-economic problem, or does it involve political, social, and cultural factors? Why do governments prefer financing social programs instead of programs of reparation? How do the proposals made by truth commissions regarding financing affect the viability of programs of reparation? Which factors explain the efficacy of financing models of reparation programs? In order to address these questions, the paper has been divided into three main sections. In the first, programs of reparation are analyzed from the perspective of political economy, which means that both economic and non-economic factors that influence the mobilization of domestic and foreign resources by a transitional society are taken into consideration. The second section focuses on international experiences in the area of financing programs of reparation, with the purpose of extracting some lessons. The third section presents the main conclusions of the study. (shrink)

This study examines whether Canadian governments have adapted budgets for the ageing population in accordance with norms of intergenerational justice. Public finance data in 2016 are analysed compared to 1976 in light of three constructs: the elderly/non-elderly ratio of social spending change, intergenerational reciprocity, and ability to pay. Findings include that governments increased per capita spending for seniors 4.2 times faster than for those under the age of 45; public finance requires younger Canadians to contribute 22%-62% more (...) in income taxes for the elderly now by comparison with 1976; and the contemporary ageing population has a greater ability to pay than cohorts immediately before and after them. (shrink)

This paper examines the business practices of socially responsible entrepreneurs with particular focus on activities that directly impact their companies’ finances. We collect case studies of 30 recognized socially responsible entrepreneurial firms from a wide range of industries. We analyze how and to what extent the entrepreneurs and their companies balance their profit objectives with their social or environmental goals. Our results indicate that the companies pursue profits in manners comparable to those of most conventional businesses. However, we (...) learn that our companies make certain deliberate exceptionsin their business practices to exercise their beliefs, although such actions may reduce profi ts. We also observe the entrepreneurs making efforts to identify situations that simultaneously increase the companies’ profits and serve their causes. Most companies choose to stay private and commit to building an enduring organization rather than pursue the conventional exit strategies. Finally, we find that many of the companies in our list commit themselves to and proactively manage formalized giving programs. (shrink)

Public comments criticizing the honesty and trustworthiness of Professionals in Finance (PIFs) are commonly seen as a way to motivate them towards engaging in more socially responsible business practices. However, the link between public views of this professional group, the self-views of individual group members, and their motivation to engage in Corporate Social Responsibility (CSR) activities has not been empirically examined. In this research, we draw on Social Identity Theory (SIT) and the Behavioral Regulation Model for (...) class='Hi'>social evaluation (BRM) to examine how the self-views of individual group members relate to perceived characteristics of their professional group, indicating Competence and Morality. In two studies (N = 123, 191) we examined whether the self-views of high-profile and general PIFs are affected by other people's perceptions of the honesty and trustworthiness of this professional group. The results offer support for our reasoning derived from SIT and the BRM. In both studies, we first demonstrate that public concerns about the group's lack of honesty and trustworthiness impact on the moral self-views of financial professionals. Subsequently, we employ an experimental design to reveal that reinforcing moral criticism leveled at the group only reduces the motivation of individual group members to engage in CSR activities, while group-level moral affirmation enhances this motivation. The results of both studies converge to demonstrate how public critique on the moral behavior of their professional group relates to the self-views and behavioral motives of PIFs. We consider the theoretical and practical implications of these findings. (shrink)

Whether corporate strategic Environmental, Social, and Governance (ESG) disclosure can be effectively screened by external markets still needs more empirical support. Despite numerous studies confirming the positive impact of ESG, the issue of strategic ESG disclosure has yet to receive sufficient attention. This study examines the impact of ESG greenwashing on the cost of debt financing and stock returns using panel data of Chinese A-share listed corporates from 2012 to 2021. The study finds that external markets fail to (...) recognize ESG greenwashing in the short term, leading to a temporary reduction in the cost of debt financing and an increase in stock returns, but these effects are not lasting. Mechanism analysis shows that ESG greenwashing enhances corporate reputation and reduces the cost of debt financing through the reputation effect, stimulates investor sentiment, and improves stock returns through the sentiment effect. The study identifies management myopia, excessive power, financial distress, and information asymmetry as the main drivers. However, strong oversight by independent directors, involvement of Big Four audit firms, investor site visits, and high industry competition can mitigate these misleading effects. This research expands the understanding of the causes and economic consequences of corporate ESG greenwashing and provides empirical evidence for managing this phenomenon. (shrink)

Based on detailed analysis of thousands of confidential World Bank documents, this book demonstrates that the World Bank lies at the centre of the major changes in global education of our time. It outlines the evolution of World Bank lending policies in education, and assesses the policy impact of the Bank's educational projects, looking at how it has: shaped the economic and social policies of many governments, including policies that affect education been an influential proponent of the rapid expansion (...) of formal education systems around the world, financing much of that expansion been instrumental in forging those policies that see education as a precursor to modernisation served as a major purveyor of Western ideas about how education and the economy are, or should be, related. Following on from the success of the first edition, this revised edition covers topical issues of globalisation and looks into the political debate concerning aid to developing countries. It will be of enormous value to those studying, or working in, educational policy in developing countries, international organisations and financial institutions, and aid agencies. (shrink)

This meta-analysis of 31 studies over 20 years advances our understanding of the gender gap in entrepreneurial bank finance. Findings from previous research on the relationship between entrepreneurs’ gender and bank financing are mixed, which suggests the need to pay particular attention to entrepreneurs’ social context. In this study, we develop a model of how social gender norms explain variation in women entrepreneurs’ (vis-à-vis men entrepreneurs’) access to bank finance. Specifically, we theorize how women’s formal (...) (their nations’ political ideologies) and informal (women’s empowerment) social standing within their societies influence gender discrimination in entrepreneurial bank financing. Consistent with most previous studies, our baseline results show that women entrepreneurs’ business loan applications are rejected to a greater extent than men entrepreneurs’ loan applications. Women entrepreneurs also pay higher interest rates on loans than men entrepreneurs. Further, in societies dominated by a conservative (rather than a liberal) political ideology, the positive relationship between women entrepreneurs and loan interest rates is more positive. Interestingly, gender discrimination in loan rejection and interest rates is magnified in societies with greater women’s empowerment. Taking a social gender-norm perspective, our analysis establishes a gender gap in entrepreneurial bank finance, and we outline an agenda for further research. (shrink)

The image of the Roman woman, which has survived to this day and imposed itself almost as the only possibility for the ancient scholarship, is the domiseda: the housewife, mother, and spinner. In addition to the investigations of this traditional depiction, which steered the research on Roman women, the issues of our time and the advances in scientific research constantly bring us new perspectives, approaches, and problems around this object of study. This inevitably motivates us to question the role of (...) women in the business and finance world in Ancient Rome. Is it possible to write an economic and financial history of Roman women? What are the limits of this endeavor? This article addresses the insertion of women in the business and finance world, as well as some of the multiple possibilities of writing the History of Women from the Economic and Social History viewpoint. The time frame is restricted to the end of the Republic and the imperial period. This article is therefore divided into three parts: first, an introduction to the discussion of the situation of women in the domus; secondly, methodological assumptions to the study of women and their placement in economic and financial life; and, finally, some examples ofwomen from three different social groups who appear involved in credit relations in the documentation. (shrink)

This study considers cultural crowdfunding as a heterogeneous system that allows money and attention to flow from backers to founders of cultural projects in diverse cultural sectors and focuses on the nature of the standards governing it. It analyzes Kickstarter’s corporate blog since the platform’s launch and finds indications that social media practices are increasingly naturalized as integral to crowdfunding and that social media architectures are increasingly adopted by the crowdfunding platform. This, I argue, has a potential exclusionary (...) effect. At the same time, the analysis finds evidence that Kickstarter is striving to develop an independent capacity to set aesthetic standards, which might moderate that effect and help constitute crowdfunding as an alternative decentralized arena for the funding of culture. (shrink)

In recent years, the debate about the role of the Public Institutions in the fields of corporate social responsibility and sustainable development has gained momentum. Nevertheless, the ambiguity of the latter concepts makes it difficult both to measure them and to estimate the impact that the different public initiatives may have on them. In this sense, the present research has the aim to design a fuzzy logic-based methodology applied to the evaluation of the above-mentioned processes in relation to the (...) state-aid policies for the European industry. Regarding the study contour, the European Union state aids seems not to have introduced important changes leading to socially responsible results and, therefore, favourable for the sustainable development generated by the European manufacturing industry. (shrink)

Islamic finance has experienced considerable growth worldwide interms of deposits and assets of Islamic banks over the last 40 years, but showslittle signs of achieving maturity. Almost all Islamic finance products currentlyis use are mere replicas of their conventional counterparts. This study followsthe archival research strategy of Bryman, and analyses the literatureon Islamic finance theory and products and practices in order to ascertainthe reforms needed for the maturity goal. The paper proposes adoption ofa new law regarding money, (...) different policy approaches, new structures offinance for shifting to risk-based financing, new models, procedures and somefresh thought in order to relate banking and finance to the real economy. Itrecommends a leading role for Islamic economists for effective reforms in themonetary and credit system in order to ensure that all financing is based ongoods, services, stocks or securities representing real assets in line withthe Shariʽah principles. The suggested policy measures are expected to leadto social inclusion and harmony in the interests of all stakeholders in businessand finance transactions. (shrink)

Publication of pharmaceutical company-sponsored research in medical journals, and its presentation at conferences and meetings, is mostly governed by ‘publication plans’ that extract the maximum amount of scientific and commercial value out of data and analyses through carefully constructed and placed papers. Clinical research is typically performed by contract research organizations, analyzed by company statisticians, written up by independent medical writers, approved and edited by academic researchers who then serve as authors, and the whole process organized and shepherded through to (...) journal publication by publication planners. This paper reports on a conference of an international association of publication planners. It describes and analyzes their work in an ecological framework that relates it to marketing departments of pharmaceutical companies, medical journals and publishers, academic authors, and potential audiences. The medical research described here forms a new kind of corporate science, designed to look like traditional academic work, but performed largely to market products. (shrink)

Although much recent social science and humanities work has been a revolt against simplification, this volume explores the contrast between simplicity and complexity to reveal that this dichotomy, itself, is too simplistic. John Law and Annemarie Mol have gathered a distinguished panel of contributors to offer—particularly within the field of science studies—approaches to a theory of complexity, and at the same time a theoretical introduction to the topic. Indeed, they examine not only ways of relating to complexity but (...) complexity _in practice._ Individual essays study complexity from a variety of perspectives, addressing market behavior, medical interventions, aeronautical design, the governing of supranational states, ecology, roadbuilding, meteorology, the science of complexity itself, and the psychology of childhood trauma. Other topics include complex wholes in the sciences, moral complexity in seemingly amoral endeavors, and issues relating to the protection of African elephants. With a focus on such concepts as multiplicity, partial connections, and ebbs and flows, the collection includes narratives from Kenya, Great Britain, Papua New Guinea, the Netherlands, France, and the meetings of the European Commission, written by anthropologists, economists, philosophers, psychologists, sociologists, and scholars of science, technology, and society. _Contributors._ Andrew Barry, Steven D. Brown, Michel Callon, Chunglin Kwa, John Law, Nick Lee, Annemarie Mol, Marilyn Strathern, Laurent Thévenot, Charis Thompson. (shrink)

Although early-stage finance is critical to the growth of most ventures, it is even more important for social ventures as they face the challenges of balancing their social and commercial objectives. Drawing on institutional logics and signaling theory, this study uses a panel data set of 3,401 nascent social ventures to investigate the important role philanthropic grant funding plays in the organizational and financial development of social ventures. We find mixed results, with positive effects on (...) employment and subsequent access to debt finance, but no effects on revenues and access to equity. Our findings connect these theories by suggesting philanthropic grants provide social ventures with flexibility to invest in human capital without pushing them to pursue short-term financial objectives, and that receiving a philanthropic grant provides a signal that is interpreted differently by debt and equity financiers. These findings are especially relevant as funders increasingly use grants to support social entrepreneurship. (shrink)

India is the emerging country with the world’s greatest social banking program, so Indian banks are required to finance the weaker sectors of society that are excluded from the traditional financial system, while also providing mainstream banking services to non-priority sectors. For social banks to promote the ethical–social management of their dual mission and to be successful in today’s business environment, they must be as efficient as possible in both dimensions of their banking activity. Whereas the (...) efficiency of Indian banks in the financial dimension is well understood, to date there has been no research evaluating their double bottom-line of achieving social and financial goals. Our study applies an innovative Network Slack-Based DEA model to evaluate how efficient Indian public banks are when providing credit to priority and non-priority sectors. We also explore the main factors influencing bank efficiency. Results suggest that Indian public banks have performed relatively well in both activities, although social efficiency has been slightly greater than financial efficiency. Moreover, their commitment to priority sector lending has not come into conflict with the profit-seeking objectives of mainstream banking services. As regards determinants of social and financial efficiency, there are countervailing forces played by regional wealth, bank size, branch networks, and rural location. Our findings are therefore useful for stakeholders of Indian public banks as they indicate if these entities have adequately managed their double bottom-line, and hence if they are critical for poverty alleviation and development in India. (shrink)

The link between Corporate Social Responsibility (CSR) and financial performance has continued to generate mixed and inconclusive results. Most studies in this area seem to assume that corporate social and financial performance share the same underpinning logic. Drawing from a qualitative analysis of practitioners' accounts of the challenges of mainstreaming the market for responsible investments, as part of the broader CSR agenda, this article re-examines this taken-for-granted assumption in the extant literature, and reaches the conclusion that CSR, (...) as a complex private governance of externalities, does not easily lend itself to measurability and profitability. In other words, not everything about CSR is measurable and profitable as much as the financial markets would expect. Comparing what is rendered measurable and profitable, on one hand, and what is yet to fully lend itself to measurability and profitability, on the other, is identified as one of the fundamental flaws of this literature. As such, CSR and financial performance will continue to run on competing logics until their different markets are distinctively articulated and/or aligned. (shrink)

En la Universidad Médica “Carlos J. Finlay”, se realiza una intervención educativa con el objetivo de valorar la concepción y aplicación de un programa para un curso de preparación de metodólogos en correspondencia con sus funciones en condiciones de universalización de las Ciencias Médicas de Camagüey, en el periodo de septiembre de 2005 a junio de 2007. Se emplean diferentes métodos investigativos: los teóricos, así como la técnica de discusión grupal, permitió diseñar el programa del curso para la preparación de (...) metodólogos en condiciones de universalización y los empíricos, la obtención de algunos datos de interés acerca de los metodólogos que reciben el curso y sus valoraciones en relación con el mismo. Se constata que la preparación pedagógica y experiencia en el desempeño es insuficiente para asumir el rol de metodólogo y valoran de muy importantes los contenidos desarrollados, los métodos y formas organizativas concebidas, por lo que se concluye que el programa del curso cumple con las expectativas del metodólogo al estar diseñado teniendo en cuenta las funciones que estos desempeñan y sus necesidades sentidas A study was carried out about the intervention in education developed to increase teacher's methodological preparation under their new functions due to the fresh conditions of learning within the community applied to medicine training and education in Camagüey. It was carried out in the period of September 2005 to June 2007. Different research methods were used: the theoretical ones and the technique for group discussion help to design the course syllabus and the assessment for those teachers that received the course. It was verified that the methodological preparation and performance experience are insufficient to play their role; but they value as very important the contents, the methods and the organization of the course. The authors conclude that the course meets the expectations of training, because it was designed keeping in mind the teachers' functions and their necessities. (shrink)

Green finance plays a crucial bridge as an intermediary between finance and the environment, facilitating resource allocation. The disclosure of environmental information (EID) is vital for promoting sustainable economic development. This study utilizes panel data covering the period from 2012 to 2019, focusing on Chinese companies listed in high-polluting industries. The findings demonstrate that green finance policies have a significant positive impact on EID, while increased managerial power has a detrimental effect. However, green finance policies can (...) mitigate the negative consequences arising from moral hazard and adverse selection resulting from managerial power. They enhance the quality of EID by restricting long-term loan resources for polluting entities. The heterogeneity test reveals that the effectiveness of green finance policies in promoting EID varies across different regions of China. In non-state-owned companies, green finance policies are more effective in constraining managerial power. The moderating effect of green finance on managerial power is weakened by improvements in internal control. Green financing can offset the adverse impact of managerial power on EID when debt levels are high. Our research plays a crucial role in advancing micro-academic studies in the field of green finance. By strengthening internal controls for corporate managers and promoting EID policies, we provide essential support and guidance to decision-makers. (shrink)

The aim of this paper is to analyze whether a number of firm and industry characteristics, as well as media exposure, are potential determinants of corporate social responsibility (CSR) disclosure practices by Spanish listed firms. Empirical studies have shown that CSR disclosure activism varies across companies, industries, and time (Gray et al., Accounting, Auditing & Accountability Journal 8(2), 47–77, 1995; Journal of Business Finance & Accounting 28(3/4), 327–356, 2001; Hackston and Milne, Accounting, Auditing & Accountability Journal 9(1), (...) 77–108, 1996; Cormier and Magnan, Journal of International Financial Management and Accounting 1(2), 171–195, 2003; Cormier et al., European Accounting Review 14(1), 3–39, 2005), which is usually justified by reference to several theoretical constructs, such as the legitimacy, stakeholder, and agency theories. Our findings evidence that firms with higher CSR ratings present a statistically significant larger size and a higher media exposure, and belong to more environmentally sensitive industries, as compared to firms with lower CSR ratings. However, neither profitability nor leverage seem to explain differences in CSR disclosure practices between Spanish listed firms. The most influential variable for explaining firms’ variation in CSR ratings is media exposure, followed by size and industry. Therefore, it seems that the legitimacy theory, as captured by those variables related to public or social visibility, is the most relevant theory for explaining CSR disclosure practices of Spanish listed firms. (shrink)

One of the least studied aspects of programs of reparation, both in theory and in practice, is financing. This is odd given the fact that mobilizing resources, both domestic and foreign, is politically one of the most difficult tasks any society can undertake. This paper centers on the subject of financing reparation programs and attempts to answer the following questions: Which factors play a role in the process of mobilizing domestic and foreign resources to finance reparations? Is financing solely (...) a technical-economic problem, or does it involve political, social, and cultural factors? Why do governments prefer financing social programs instead of programs of reparation? How do the proposals made by truth commissions regarding financing affect the viability of programs of reparation? Which factors explain the efficacy of financing models of reparation programs? In order to address these questions, the paper has been divided into three main sections. In the first, programs of reparation are analyzed from the perspective of political economy, which means that both economic and non-economic factors that influence the mobilization of domestic and foreign resources by a transitional society are taken into consideration. The second section focuses on international experiences in the area of financing programs of reparation, with the purpose of extracting some lessons. The third section presents the main conclusions of the study. (shrink)

There is great diversity in in vitro fertilization (IVF) funding and reimbursement policies and practice throughout Europe and the rest of the world. While many existing reimbursement and regulatory frameworks address safety and legal concerns, economic factors also assume a central role. However, there are several problems with the evidence that is available on the economics of IVF. This suggests there is a need for more robust cost-effectiveness studies. It also indicates the need for alternative rationales to justify the (...) reimbursement of IVF, which might more fully account for the social, political, ethical, and philosophical considerations embedded in notions of infertility and technology-driven reproductive treatments. The merits and limitations of five alternative rationales are discussed. The review suggests that while no existing single rationale provides a complete framework with which to support funding decisions, taken together they provide guideposts which signal important issues for consideration and highlight where further research, action, and debate are needed. (shrink)

Organised crime is chameleonic in nature. It is transnational, dynamic, overlapped criminal activities and pervasive in nature. In the same way, money laundering is the predicate offence and it is naturally linked to other organised crimes. After the cold war, this nexus culminated during the occurrence of 9/11 in particular which was a lethal combination of money laundering and terrorist financing. This combination is currently being experienced by Pakistan; where various terrorist groups are involved with direct and indirect support of (...) proceeds from drug trafficking, assassination, land grabbing, arms smuggling and various other organised crimes routing through the abusage of financial and non-financial channels and support to terrorism. This has left serious socio-politico and economic consequences in the south Asian region and global as well. The researcher found very limited evidence of money laundering characteristics in the existing research literature on Pakistan. Thus to carry out research work on the subject was need of the hour in Pakistan. This led the researcher to find out root causes and existing weaknesses at the regime’s end in countering financial crime and financing of terrorism. (shrink)

Our research reveals that organizations are known as great work places due to their successful performance on certain areas. And, financing for such industries is profitable, where employees are happy and shareholders get highest rate of return for their investments. In our study, a few such organizations have been identified and selected for this article. For successful functioning of organizations, certain areas have been recognized as key performance areas. A corporate image can be measured and assessed, based on its creative (...) and innovative approach. We highlighted about ethics, what makes corporate ethics, involvement of corporation in social responsibilities, and how ethical governance needs to be framed. We also covered ideas, contributions, and suggestions made by various experts from different organizations. In the end, we included questions relating to ethics through which we can measure ethical performances. Finally, we concluded that if ethics are followed by every individual India will flourish in global market. (shrink)

This case study investigates Gram Vikas' innovative social entrepreneurial approach to sustainable rural development through its 'Water and Sanitation Programme'. We explore its key innovation of 100 % inclusion and the process of creating democratic, self-governing management systems. This allows us to demonstrate how a social enterprise tries to realize its vision of "an equitable and sustainable society where people live in peace with dignity", and ultimately, how it contributes to the United Nations Millennium Goals of improving health, (...) empowering women and breaking the vicious circle of poverty. We also discuss the management challenges that the organisation faces in the area of finance, personnel management and scaling up. (shrink)

The social impact bond (SIB) is a new tool for financing innovative social projects and impact investment. This financial method has since been introduced (Warner,2013) in the whole world. SIBs are a strategically double-edged policy tool and policymakers should be prudent about SIBs because of legitimate convolution and management, responsibility, and precision (Tan, et al., 2021). The current study aims to explore the perspectives of academics and economists on the role played by Social Impact Bond in utilizing (...) impact investment to develop Asir district in line with the Kingdom’s Vision 2030. The descriptive-analytical method was adopted by the researcher in this study to describe the responses of the study sample to its topic. Some indicators of the mean, standard deviation, and relative significance of each item of the study area were employed. This paper is eminently reflective, and the methodology on relies on an analytical research method. In addition, the results of 100 brief investigations collected in the Kingdom of Saudi Arabia are summed up to show the role played by Social Impact Bond in using Impact Investment and the circular economy's principles by businesses at the micro-level is underexplored in the literature. The findings of the study revealed that 82.3% of Academics and Economists perceive that the role played by social impact bond on utilizing impact investment to develop Asir district in line with the Kingdom’s Vision 2030 is effective, and the percentage of approval on the domain was high in terms of the mean of 3.86. Also, the study showed that Academics and Economists perceive Social impact bonds to include a wide range of interested parties such as Saudi governmental bodies, and investors to work together significantly to set up a SIB has many advantages as the mean hits 4.48 with a percentage of97.8 %. In light of the results, the study recommends decision-making bodies assess carefully what is the value added for applying social impact bonds. (shrink)