This study analyzed the sensitivity between fund flow and fund performance with Korean funds, whether there would be a difference in the sensitivity between environmental, social and governance funds and non-ESG funds, and whether there was a difference in sensitivity according to the type of past fund performance. The main results of the analysis are as follows. First, the analysis of the fund flow–performance correlation of Korean funds revealed that they had a negative correlation and the ESG did not affect (...) fund flow. Analysis of the difference in sensitivity between fund flow and performance volatility revealed that there was a negative correlation regardless of the performance measuring method and ESG. Finally, the comparison of fund flow and performance sensitivity according to the type of past fund performance revealed that despite consistent asymmetry, there was little difference in sensitivity asymmetry between ESG funds and non-ESG funds. The results reveal that, unlike the expectation that investors in Korean ESG funds would focus more on non-financial properties like the purpose of investment than on profit, they attach the same importance to fund performance. (shrink)

Bioethics, Volume 36, Issue 4, Page 388-402, May 2022.

If elective abortion is publicly funded, then the government is obligated to take active measures designed to reduce its prevalence. I present two arguments for that conclusion. The first argument is directed at those pro-choice thinkers who hold that while some or all elective abortions are morally wrong, they still ought to be legally permitted and publicly subsidized. The second argument is directed at pro-choice thinkers who hold that there is nothing morally wrong with elective abortion and that it (...) should be both legally permitted and publicly subsidized. The second argument employs premises that generalize beyond the abortion debate and that may serve to shed light on broader questions concerning conscience and the requirements of political compromise in a democracy. (shrink)

Many medical services lack robust evidence of effectiveness and may therefore be considered “unnecessary” care. Proactively withdrawing resources from, or de-funding, such services and redirecting the savings to services that have proven effectiveness would enhance overall health system performance. Despite this, governments have been reluctant to discontinue funding of services once funding is in place. The focus of this study is to understand how the framing of an issue or problem influences government decision-making related to de- (...) class='Hi'>funding of medical services. To achieve this, a framework describing how problem frames, or explanatory naratives, influence government policy decisions was developed and applied to actual cases. The two cases selected were the Ontario government’s decisions to de-fund the drug Oxycontin and blood glucose test strips used by patients with diabetes. A qualitative content analysis of public discourse surrounding these two resource withdrawal examples was conducted and described using the framework. In the framework, government decision-making is a partial reflection of the visibility of the policy issue and complexity of the causal story told within a problem frame. By applying this framework and considering these two key characteristics of problem frames, we can better understand, and possibly predict, the shape and timing of government policy decisions to withdraw resources from medical services. (shrink)

The Myners Review of the pension fund industry has started a debate on pension fund governance and the fund industry itself. This paper provides a review of pension fund trusteeship in the UK, its role, operating models and impact. It argues that deficiencies in the systems uncovered by the Myners Review stem from a tension between conflicting philosophies - that of trusteeship built on stakeholder principles but operating in shareholder markets.

Industrial investment funds are a new financing innovation mode that can build an effective financing channel for enterprises.Based on the panel data of Chinese Listed Companies in 2008–2017, this manuscript constructed a static panel model between industrial investment funds, government R&D subsidies, and technological innovation to empirically analyze the effects of industrial investment fund involvement and government R&D subsidies on companies’ technological innovation. The research shows that industrial investment fund involvement can increase the company’s R&D investment by providing (...) financial funds for the company, which can effectively solve the company’s lack of funds in the process of technological innovation and guarantee the smooth running of the company’s innovation activities. Secondly, government R&D subsidies can alleviate the pressure of R&D investment to a certain extent, which is conducive to promote a higher level of technological innovation in the company. Thirdly, for companies with industrial investment fund involvement, government R&D subsidies are conducive to promote technological innovation. In contrast, for companies without industrial investment fund involvement, government R&D subsidies have no significant impact on technological innovation to a certain extent or even have a “crowding out effect.”. (shrink)

Public or stakeholder participation in environmental governance has been strongly advocated within the United Nations (UN) since the early 1990s. A relatively new mechanism for global climate finance that emphasises stakeholder engagement is the Green Climate Fund (GCF), a UN strategy for channelling funds from the Global North to the Global South. Drawing on previous critical approaches to multi-stakeholder involvement in global governance, this article explores stakeholder involvement within the GCF. The study combines ideas from institutional logics and resource dependency (...) to provide a better understanding of how stakeholder arrangements are shaped in climate organisations. Results show that the GCF stakeholder arrangement favours private sector stakeholders – stakeholders that take a technical and apolitical approach to climate finance – and disfavours smaller, less resourceful stakeholders as well as those who perform a politicised watchdog function. (shrink)

Post-9/11, concern about bioterrorism has transformed public health from unappreciated to a central component of national security. Within the War on Terror, bioterrorism preparedness has taken a back seat only to direct military action in terms of funding. Domestically, homelessness, joblessness, crime, education, and race relations are just a few of a litany of pressing issues requiring government attention. Even within the biomedical sciences and healthcare, issues surrounding the fact that more than 40 million Americans lack health insurance, (...) the rising cost of prescription medications, and the use of government funds for research using embryonic stem cells remain unresolved. Should we prioritize a hypothetical threat (bioterrorism), or existing conditions that have implications for identifiable individuals? Even more fundamentally, should we prioritize research aimed at defense from bioterrorism (or even terrorism in general) when there are so many pressing social problems that affect the U.S. population? (shrink)

This study attempts to examine the relationship between environment, social, and governance management and financial performance and the role of socially responsible investment in the National Pension Fund, Korea’s largest institutional investor. This study tries to provide evidence for the slack resource hypothesis by verifying whether companies with higher financial performance make more efforts to improve ESG performance. In addition, we tried to validate whether NPF is expanding its investments in corporations with high economic performance and high ESG performance. Based (...) on our analysis, Korean companies with good financial performance actively participate in ESG. When we compared the performance between 2019 and 2020, companies with high ESG performance increased regardless of financial performance level, whereas companies with high financial performance and low ESG performance decreased. This represents that the perception and attitude of Korean companies toward ESG management are evolving. NPF has a high investment ratio for firms having a high ratio in both financial and ESG performance. NPF further invested in companies with high ESG performance, even if the financial performance is not decent. This study provides evidence that Korean companies’ interest in ESG management as well as the behavior of socially responsible investment of NPF are rising. (shrink)

This article presents a framework intended to provide pension funds with practical guidance for the successful implementation of a sustainable investing strategy. The framework is developed with respect to the UK and US pension funds (as these share certain common legal characteristics) and focuses on the changes that pension funds adopting such a strategy should make to their investment strategies and governance (particularly through the formulation and articulation of clear investment mission and strong investment beliefs). The article proceeds with a (...) review of socially responsible investment (SRI) and more recent responsible investment (RI) literature, in the context of growing public awareness (but not necessarily understanding) of the concept of sustainability ("Literature review of SRI field: SRI, RI and sustainable investing" section). It then examines the literature on pension fund governance, arguing the need for more detailed practical guidance for funds moving towards sustainable investing, especially for those implementing a sustainable investing strategy ("Anglo-American pension fund governance" section). It presents the framework for the practical implementation of sustainable investing in the "Sustainable investing framework" section. Finally, we review the relevant Anglo-American legal backdrop, outlining how pension funds adopting our framework should approach their fiduciary obligations, and then discussing potential regulatory enablers of sustainable investment ("Legal context: barriers to and enablers of sustainable investing" section). (shrink)

There has been a focus on policies relating to early years education and care across the developed world and particularly in Europe. In the UK, there has been a raft of policy changes alongside increased investment. However, this paper argues that these changes may not be sufficient to meet EU objectives in terms of quality or the government's policy goals of high quality, affordable and accessible early years education and care. There are major issues that appear to militate against (...) achieving these goals; these relate to the levels of government funding and to the regulatory context. There are also divergences between the providers in terms of their own objectives and underlying values which mean that quality may be variable and access to certain types of providers restricted. These factors appear to militate against the delivery of universal provision of high quality early years education and care. (shrink)

This study empirically analyses the exclusion of companies from investors’ investment universe due to a company’s business model or due to a company’s violations of international norms. We conduct a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway’s Government Pension Fund-Global and Sweden’s AP-funds. We find that their portfolios of excluded companies do not generate an abnormal return relative to the funds’ benchmark index. While the exclusion portfolios show higher risk than (...) the respective benchmark, this difference is only statistically significant for the case of GPFG. These findings suggest that the exclusion of the companies generally does not harm funds’ performance. We interpret these findings as indicative that with exclusionary screening, as practiced by the sample funds, asset owners can meet the ethical objectives of their beneficiaries without compromising financial returns. (shrink)

Patient organizations increasingly play an important role in health care decision-making in Western countries. The Netherlands is one of the countries where this trend has gone furthest. In the literature some problems are identified, such as instrumental use of patient organizations by care providers, health insurers and the pharmaceutical industry. To strengthen the position of patient organizations government funding is often recommended as a solution. In this paper we analyze the ties between Dutch government and Dutch patient (...) organizations to learn more about the effects of such a relationship between government and this part of civil society. Our study is based on official government documents and existing empirical research on patient organizations. We found that government influence on patient organizations has become quite substantial with government influencing the organizational structure of patient organizations, the activities these organizations perform and even their ideology. Financing patient organizations offers the government an important means to hold them accountable. Although the ties between patient organizations and the government enable the former to play a role that can be valued as positive by both parties, we argue that they raise problems as well which warrant a discussion on how much government influence on civil society is acceptable. (shrink)

Based on the perspective of the regional innovation system, this study constructs an analytical framework for the influence of government R&D funding on regional innovation quality and uses 283 Chinese cities as research samples to empirically test the influence of government R&D funding methods such as subsidies and tax preferences on regional innovation quality by the spatial Durbin model. According to the study, China’s regional innovation quality has a positive spatial correlation. Subsidies can improve regional innovation (...) quality, which is mainly realized by increasing the input of innovation resources from local direct innovation subjects, attracting the inflow of innovation resources from neighboring areas, and increasing the innovation support from local indirect innovation subjects. Besides, spatial competition for subsidies makes it beneficial to improve the regional innovation quality in neighboring regions, while the promotion effect of tax preferences is not significant. When considering the heterogeneity of the city location and administrative hierarchy, it shows that the government R&D funding cannot improve the innovation quality of the Eastern cities and higher-administrative-hierarchy cities, while it can improve that of the Middle and Western cities and general-administrative-hierarchy cities. Furthermore, government R&D funding widens the gap of regional innovation quality, which may be related to the existing “insufficient intervention” and “excessive intervention” of government R&D funding. This study provides insights into the implementation of R&D funding by the government to promote the development of regional innovation quality. (shrink)

Patient organizations increasingly play an important role in health care decision-making in Western countries. The Netherlands is one of the countries where this trend has gone furthest. In the literature some problems are identified, such as instrumental use of patient organizations by care providers, health insurers and the pharmaceutical industry. To strengthen the position of patient organizations government funding is often recommended as a solution. In this paper we analyze the ties between Dutch government and Dutch patient (...) organizations to learn more about the effects of such a relationship between government and this part of civil society. Our study is based on official government documents and existing empirical research on patient organizations. We found that government influence on patient organizations has become quite substantial with government influencing the organizational structure of patient organizations, the activities these organizations perform and even their ideology. Financing patient organizations offers the government an important means to hold them accountable. Although the ties between patient organizations and the government enable the former to play a role that can be valued as positive by both parties, we argue that they raise problems as well which warrant a discussion on how much government influence on civil society is acceptable. (shrink)

Hedge funds are targets of mounting ethical criticism. The most salient focuses on their opacity. Hedge funds are structured to block transparency for strategic reasons: that is, they systematically deny information to their own investors and to governments in order to protect their competitive advantage, even though the information they hide holds tremendous significance for the interests of both groups. In this article I will detail the ethical allegations made against hedge funds, showing why their opacity creates intractable conflicts that (...) cannot be resolved through government regulation. Sometimes opacity be regulated away; but with hedge funds I show why it cannot because of “regulatory recalcitrance.” In the end a form of voluntary moral coordination, a form of “microsocial contract” instituted as an industry standard, is required relief. In a word, the solution to hedge fund opacity is ethical. (shrink)

We investigate the implications of using different indicators to assess the sustainability performance of investment funds. In particular, we look into the environmental performance of Dutch government bond funds. We find that it does matter a lot which particular indicator is used. This suggests that funds should be very transparent and straightforward about their non-financial performance. We argue that basically they have three options. First, the industry comes up with a benchmark against which the responsibility of their investments is (...) measured and reported by all funds. Second, the funds make very clear and transparent which particular aspects of sustainability they specifically target and how they keep score. Third, the dashboard approach where the funds report their performance on a well-defined set of indicators. (shrink)

Garrett W. Brown has argued that donor voting caucuses produce a deliberative deficit between donor and non-donor members in the Global Fund International Board. Although we agree with this assessment, in our research on low-transaction cost alternatives to cope with consistent deliberative conditions we have found that deliberation and interest-based preference maximisation are not necessarily mutually exclusive, as long as we manage to stop donor members from behaving like monopolists. To this end, we have to open up the Board from (...) its present state of non-transparency, so that new input can be obtained from new constituents. This will also soften the current principal-agent structure that links members to their donors, easing the transition to market-driven governance rules that provide for the replacement of Board members if they do not fulfil the new constituents' expectations. (shrink)

The Norwegian Oil Fund (‘Government Pension Fund – Global’) is worth over NOK 10.6 trillion (USD 1.15 USD trillion)1 making it the largest sovereign wealth fund in the world (Norges Bank Investment...

Reform of the funding of hospitals and other health services has been one of the most important health policy initiatives undertaken by governments in recent years. A number of countries have adopted the casemix approach to payment, or are currently exploring the feasibility of its introduction. Under casemix arrangements hospitals are funded on the basis of the numbers and types of patients they treat. This paper analyses, and finds inadequate, various objections to casemix funding, including those which appeal (...) to considerations of ethics and equity. (shrink)

With this special issue, we would like to promote research on changes in the funding of the sciences, social sciences, and humanities. Since funding secures the livelihood of researchers and the means to do research, it is an indispensable condition for almost all research; as funding arrangements are undergoing dramatic changes, we think it timely to renew the science studies community’s efforts to understand the funding of research. Changes in the governance of science have garnered considerable (...) attention from science studies and higher education research; however, the impact of these changes on the conduct and content of research has not received sufficient attention, and theoretical insights into the connections between funding practices and research practices are few and far between. The aim of this special issue is to contribute to our theoretical understanding of the changing nature of research funding and its impact on the production of scientific knowledge. More specifically, we are interested in the interplay between funding and research practices: What is the impact of institutionalised funding arrangements on the production of scientific knowledge? (shrink)

The public funding of early years education and care in England has been transformed. Historically, local councils had the main responsibility for decisions regarding nursery education and child day care, but in 1996 the Conservative government introduced a nursery education voucher scheme. Parents of four-year-olds could exchange the voucher for three terms of part-time ‘preschool provision’ in a state maintained nursery or primary school, or in a private, voluntary or independent (PVI) provider of child day care; in 1998, (...) the Labour government replaced the voucher with an entitlement to free part-time ‘early education’. The entitlement was expanded progressively and in 2017 the Conservative government introduced 30 h per week free ‘childcare’ for some children, together with an Early Years National Funding Formula. Funding goals and policy have shifted over time, underpinned by the idea of ‘a level playing field’ between providers in maintained and PVI sectors. However, there is no statutory requirement for PVI settings to employ qualified teachers, militating against a genuine ‘level playing field’ and the integration of education and care. (shrink)

From the 1970s onwards, Feyerabend argues against the freedom of science. This will seem strange to some, as his epistemological anarchism is often taken to suggest that scientists should be free of even the most basic and obvious norms of science. His argument against the freedom of science is heavily influenced by his case study of the interference of Chinese communists in mainland China during the 1950s wherein the government forced local universities to continue researching traditional Chinese medicine rather (...) than Western medicine. Feyerabend claims this move was justifiable and, eventually, vindicated by the resulting research which was beneficial for locals and the West at large. The purpose of this paper is to provide a comprehensive overview and analysis on Feyerabend’s views on the freedom of science and his social commentary on US science funding policy that follows therefrom. This proves to be exceedingly difficult because Feyerabend’s writings on the subject are filled with gaps, unnoticed tensions, and cognitive dissonance. Still, I think Feyerabend’s scattered insights and the contradictions that emerge lead to an interesting microcosm of the issues contained in the freedom of science debate. (shrink)

Article studies the absorption of European funds in Romania for the two post-accession periods: 2007-2014 and 2014-2020 and highlight the situation in Romania regarding the amount and evolution of European funds received, the structure of these funds, the evolution of the absorption during the two intervals by program type and Romanian areas of development as well as difficulties encountered and the solutions adopted to overcome them. The analysis is based on primary statistical data provided by the Romanian Government and (...) the European Commission, as well as studies and reports on national particularities and problems of absorption of European fund in Romania. In addition, a qualitative analysis of legislative and institutional framework aims to point out weakness and causes that hindered the absorption of funds. Paper highlights the increase of funds absorption in the current financial framework compared to the previous and emphasizes weaknesses in the Romanian institutional framework. The fact that many of the difficulties manifested in the first stage after adhesion were counter through appropriate solutions, enable better management of funds, which places Romania to the EU average in terms of rate of absorption. These solutions concern the improvement of administrative capacity. (shrink)

This article identifies and critically examines three differentaspects of investor responsibility. First, investors haveresponsibilities toward their clients. Second, investors are responsible for taking steps toreduce the risk that an investment directly or indirectlycontributes to harm. Finally, investorsshould take into consideration the symbolic and signallingeffects of an investment decision. This article discusses howthese responsibilities should be interpreted and also howthey play out in practice. Norway’s Government PensionFund is used as a case in point.

To succeed, an accreditation process for clinical ethics fellowship programs (CEFPs) would need support from CEFP directors. To assess CEFP directors’ opinions, we surveyed all 36 CEFP directors in the United States and Canada, achieving a 100% response rate. We found that support for accreditation is strong, with 30.6% strongly supportive, 44.4% supportive, 22.2% neutral, 2.8% opposed, and 0% strongly opposed. Most directors (77.8%) would be likely to apply for accreditation within the next five years regardless of the availability of (...) government funding; even more (86.1%) would apply if government funding became available for accredited programs. Most directors thought that lack of a national accreditation process (75.0%), lack of agreed-upon standards (90.0%), and lack of funding for CEFPs (91.7%) were at least moderate problems for the field. When directors were asked what they thought was the greatest challenge or barrier to developing an accreditation process, many mentioned the diversity of programs and the challenge of achieving consensus on accreditation standards. Directors offered a variety of suggestions for how to overcome or manage challenges or barriers, including collecting data on existing programs, mirroring standards established for other health professions, and setting clear expectations on the need for compromise. When directors were asked how they expected that accreditation and government funding would affect their own programs, the field of clinical ethics, and patient care, directors mostly had very positive expectations; no director expected negative effects in any of these areas. Overall, this study provides evidence that developing an accreditation process for CEFPs would be both possible and desirable. Our findings have immediate practical implications for the field and will inform efforts that are already underway to establish an accreditation process for CEFPs. (shrink)

Focusing on the barriers between social work intervention in education and government funded programs that impact African American students, this book approaches these issues from a child-centered perspective. Interviews with ten African American students were conducted to discuss their perspectives on education, family life, and social work intervention.

The current public debate about the role and place of religion in Australia's education system feels very much like deja vu. The Religious Freedom Review2 may be new, but we've been here before. Religious schools have regularly been at the forefront of the evolving relationship between the state and religion in Australia, from the creation and collapse of the Church and Schools Corporation in the 1830s, and the implementation of the dual board system in the 1840s, to the removal of (...) all government funding for religious schools in the 1860s-90s, and then its reintroduction in the 1960s and '70s.3 The current debate about the extent to which religious schools will continue to be permitted to discriminate against students, staff and contractors in line with the religious ethos of the school is therefore just the latest reiteration of an ongoing narrative. (shrink)

The US government supports drug innovation. It is therefore crucial that it distinguish between high-value and low-value innovation in purchasing expensive prescription drugs and medical devices and ensure the continued discovery of transformative drugs and that patient and taxpayer funds are not wasted.

This study explores the underlying drivers of US public pension funds’ tendency to tilt their portfolios towards companies with stronger corporate social responsibility. Studying the equity holdings of large, internally managed US state pension funds, we find evidence that the political leaning of their beneficiaries and political pressures by state politicians affect funds’ investment decisions. State pension funds from states with Democratic-leaning beneficiaries tilt their portfolios more strongly towards companies that perform well on CSR issues, and this tendency is intensified (...) when the state government is dominated by Democratic state politicians. Moreover, we find that funds which tilt their portfolios towards companies with superior CSR scores generate a slightly higher return compared with their counterparts. Overall, our findings indicate that funds align their investment choices with the financial and non-financial interests of their beneficiaries when deciding whether to incorporate CSR into their equity allocations. (shrink)

Justification for public funding of academic research is based on the linear model of technological advance first proposed by Francis Bacon. The model hypothesizes that government subsidized science generates new technology which creates new wealth. Mainstream economics supports Bacons model by arguing that academic research is a public good. The Bayh–Dole Act allows universities to privatize federally funded research and development (R&D) which is in direct conflict with the public good argument. Diminishing returns to university R&D, challenges to (...) Bacons linear model and the labor exploitation of young scientists by research universities suggest that policy makers may want to reconsider the system for allocating federal R&D to universities and colleges. (shrink)

The aim of this study is to understand how governance mechanisms in cross-sector collaborations (CSCs) for sustainability affect value creation and capture and subsequently the survival of this organizational form. Drawing on a longitudinal, participatory, single-case study of collaborative action in the textile industry, we identify three governance mechanisms—safeguarding, bundling and connecting—that coevolve with the rising and waning of collaborative tensions and the shifting levels of action in the CSC we studied. These mechanisms aided value creation and helped facilitate private (...) value capture. We integrate these insights into a process model that visualizes the interplay between governance mechanisms of tensions and systems of value creation and capture in CSCs for sustainability. Our study contributes to the cross-sector collaboration literature by providing a dynamic and nuanced understanding of how governance mechanisms influence outcomes in CSCs for sustainability. We also add to the business model for sustainability literature by theorizing the value creation and capture system of collaborative rather than individual organizations. Our findings have important implications for policymakers who fund collaborative organizations and practitioners who manage or participate in them. (shrink)

The article argues the thesis that institutions have aprima facieobligation to fund the feedback of individual findings in genomic research conducted on the African continent by drawing arguments from an underexplored Afro-communitarian view of distributive justice and rights of researchers to be aided. Whilst some studies have explored how institutions have a duty to support return as a form of ancillary care or additional foreseeable service in research by mostly appealing to dominant principles and theories in the Global North, this (...) mostlynormative studyexplores this question by appealing to underexplored African philosophy. This is a new way of thinking about institutional responsibility to fund feedback and responds to the call to decolonise health research in Africa. Further studies are required to study how thisprima facieobligation will interact with social contexts and an institution’s extant relationships to find an actual duty. The research community should also work out procedures, policies and governance structures to facilitate feedback. In our opinion, though the impacts of feeding back can inform how institutions think about their actual duty, these do not obliterate the binding duty to fund feedback. (shrink)

In arguing for government withdrawal from funding and regulating schooling, James Tooley claims that equality of opportunity in education implies only that all deserve an adequate minimum education. However, he concedes the 'abstract egalitarian thesis' that all should be treated with equal concern and respect. I show that this thesis indeed implies educational equality, and that Tooley's arguments against educational equality rest on a misunderstanding of the foundations of egalitarianism.

Preimplantation genetic diagnosis allows the detection of genetic abnormalities in embryos produced through in vitro fertilization. Current funding models in Australia provide governmental subsidies for couples undergoing IVF, but do not extend to PGD. There are strong reasons for publicly funding PGD that follow from the moral principles of autonomy, beneficence and justice for both parents and children. We examine the objections to our proposal, specifically concerns regarding designer babies and the harm of disabled individuals, and show why (...) these are substantially outweighed by arguments for subsidizing PGD. We argue that an acceptance of PGD is aligned with present attitudes towards procreative decision making and IVF use, and that it should therefore receive government funding. (shrink)

The Norwegian state-owned Petroleum Fund's market value is more than one trillion US dollars, and the Norwegian state has become one of the world's largest stockowners. The Fund was established in 1990 and in 2006 and renamed the ‘Government Pension Fund Global’, as savings for future generations. What kind of values form the basis for describing the Petroleum Fund in this way? This article shows that the idea that present generations should not empty the North Sea of oil and (...) gas without saving something for future generations has been stable since the 1970s. However, over time, the understanding of how to save has changed. More specifically experts, bureaucrats and politicians have shifted their arguments during four phases: moderation in oil extraction (1974–1983); introduction of the national wealth model (1984–1990); a financial fund for the present and the future (1991–2006); and increased income and new protests (2007–2019). These four periods show that over time the idea of weak sustainability and value commensurability have increasingly come to dominate the argumentation in public documents about the Petroleum Fund. (shrink)

BackgroundThe Health Research Council of New Zealand is the first major government funding agency to use a lottery to allocate research funding for their Explorer Grant scheme. This is a somewhat controversial approach because, despite the documented problems of peer review, many researchers believe that funding should be allocated solely using peer review, and peer review is used almost ubiquitously by funding agencies around the world. Given the rarity of alternative funding schemes, there is (...) interest in hearing from the first cohort of researchers to ever experience a lottery. Additionally, the Health Research Council of New Zealand wanted to hear from applicants about the acceptability of the randomisation process and anonymity of applicants.MethodsThis paper presents the results of a survey of Health Research Council applicants from 2013 to 2019. The survey asked about the acceptability of using a lottery and if the lottery meant researchers took a different approach to their application.ResultsThe overall response rate was 39%, with 30% from applicants in the years 2013 to 2018, and 68% for those in the year 2019 who were not aware of the funding result. There was agreement that randomisation is an acceptable method for allocating Explorer Grant funds with 63% in favour and 25% against. There was less support for allocating funds randomly for other grant types with only 40% in favour and 37% against. Support for a lottery was higher amongst those that had won funding. Multiple respondents stated that they supported a lottery when ineligible applications had been excluded and outstanding applications funded, so that the remaining applications were truly equal. Most applicants reported that the lottery did not change the time they spent preparing their application.ConclusionsThe Health Research Council’s experience through the Explorer Grant scheme supports further uptake of a modified lottery. (shrink)

There is an important research tradition concerning the financial implications of social and environmental ethics. This study investigates the short- and long-term financial performance of ventures with explicit environmental commitments seeking to raise funds in equity crowdfunding (ECF) markets. Our results indicate that environmental orientation positively influences short-term funding performance, though only when accompanied by the costly signal of robust corporate governance mechanisms. In the long run, environmental orientation also positively impacts performance, albeit with only weak statistical significance when (...) observed alone. Governance again serves as a positive moderator, but its effect is less significant relative to the short term. However, environmental orientation does feature a strongly significant positive impact on long-run performance when combined with a successfully conducted initial ECF campaign. (shrink)

In the superannuation/pension industry, ordinary investors entrust their retirement savings to the trustees of the superannuation plan. Investors rely on the trustees to ensure that ethical business and risk management practices are implemented to protect their retirement savings. Governance practices ensure the monitoring of ethical risk management (Drennan, L. T.: 2004, Journal of Business Ethics 52, 257-266). The Australian superannuation industry presents a unique scenario. Legislation requires employers to contribute a minimum of 9% of the employees wage to retirement savings. (...) However, there are no legislated governance standards, although there are standards of recommended governance practices. In this article, we examine the level of voluntary adoption of governance practices by the trustees of Australian public sector and industry superannuation funds. We also assess whether superannuation governance practices are associated with performance and volatility /riskiness of returns. Survey results show that the majority of superannuation plans adopt recommended governance practices supporting the concept of ethical management of the member's retirement savings. The examination of governance principles that impact returns and risk shows that board size and regular review of conflicts are positively associated with return. Superannuation plans with higher volatility in returns meet more frequently. (shrink)

Background: The feeding modalities applied in countries with school meal programs are varied because these are shaped not only by the national commitments to alleviate food insecurity among children but also by resource availability from national and international agencies. In terms of financial resources, the USA plays a consistent role in providing donations, grants, loans, and loan guarantee programs to support global school feeding. The U.S. Department of Agriculture (USDA) oversees these funding sources for international school meal programs. Aim: (...) This study aims to examine the moderating effect of USDA funding on the relationship between supply purchasing methods and feeding modalities among countries implementing school meal programs. Methods: The Bayesian Mindsponge Framework, combining the reasoning strengths of Mindsponge Theory and inference advantages of Bayesian analysis, was employed on a dataset of 126 government representatives who manage large-scale school meal programs in 126 different countries. Results: The findings indicated that USDA funding has the potential to positively moderate the relationship between foreign supply purchases and the feeding modalities of school meal programs. However, the direct association between foreign purchases and feeding modalities was unclear. Conversely, while USDA funding was found to have a negative moderation effect on the relationship between domestic supply purchases and feeding modalities, it is these domestic purchases that show potential for positively influencing the feeding modalities. Conclusions: Findings underscore the importance of supporting the World Bank and World Food Programme’s recommendation to rely more on local resources and capacities for developing long-term and sustainable school meal programs. Further exploration of the impact of foreign supply purchases on feeding modalities is needed. Formulating strategic plans to better leverage USDA funding for enhancing domestic supply purchases is highly recommended. (shrink)

This study aimed to estimate the indirect expenses borne by tenant farmers due to credits they receive in community salt farming operations managed through contract farming systems in Pamekasan Regency. Credits constitute a crucial aspect of tenant farmers’ rights within the community salt farming contract farming framework. This study employed a comparative analysis of the cost of funds based on the adopted contract farming models, specifically the two-way and three-way contract farming structures. Moreover, it investigated the correlation between the cultivated (...) salt field’s size and the magnitude of the cost of funds endured by tenant farmers. The results of the analysis reveal that the average costs of funds borne by tenant farmers are notably high, ranging from 5.24% to 6.71% per month. Surprisingly, these figures exceed the loan interest rates offered by two formal financial institutions: BRI and Bank JATIM. Another significant finding is the positive correlation between the size of cultivated salt fields and the magnitude of the cost of funds borne by tenant farmers. Lastly, there is a clear positive relationship between the credit amount received and the corresponding cost of funds endured by tenant farmers. The substantial costs of funds shouldered by tenant farmers involved in the community salt farming, operated through contract farming systems in Pamekasan Regency, signify inefficiencies within the contract farming structure. It is expected that the government can aid these tenant farmers by disbursing subsidized credits through collaborations with relevant ministries and local formal financial institutions. (shrink)

In 2008 New Zealand's pharmaceutical management agency, PHARMAC, made its final decision on the funding of trastuzumab (Herceptin) for HER2-positive early stage breast cancer. PHARMAC declined to fund the 12-month Herceptin regimen requested by the drug's manufacturer, funding instead a 9-week treatment regimen. The decision was justified on the grounds that there was insufficient evidence of additional long-term health benefits from the longer treatment course, which, coupled with the high cost of the drug, did not make the 12-month (...) regimen sufficiently cost-effective. This paper examines the criticism of PHARMAC's decision that ultimately led to the government's decision to expand the health budget in order to fund the 12-month regimen. It defends PHARMAC's decision against the charge of unfairness, arguing that for high-cost drugs with limited proven effectiveness it is not unfair to deny funding on grounds of cost-effectiveness, since although some moral priority must be given to helping those with serious diseases like breast cancer, the capacity of such drugs to swamp health care budgets is itself a significant moral issue. It concludes that the decision to expand the health budget to pay for Herceptin exacerbates rather than solves the political and moral problems involved in prioritizing health care resources. (shrink)

There is interest in more and better interaction between civil society and actors developing nanotechnologies, nano-materials and nano-enabled products: government agencies but also branch organizations in the chemical sector position civil society organizations (CSOs) as ‘voices of civil society’, and invite CSOs to participate in multistakeholder events. In such events, CSOs are expected to articulate societal needs, issues and values so that these can be taken up by actors with institutional roles and mandates to develop and embed newly emerging (...) nanosciences and nanotechnologies (NEST). This article argues that such a division of moral labor between CSOs and nanotechnology actors is not productive to address NEST and its emerging societal issues. There is an assumption that societal issues are ‘out there’ and can be recognized by CSOs, while in fact, societal issues might co-evolve with new development trajectories and thus have to be discovered and articulated. More productive deliberation requires, ideally, overcoming the traditional division of moral labor between these two groups of actors: technology developers should also inquire into and articulate emerging societal issues, and CSOs should inquire into and reflect on actual development trajectories. In order to explore issues and repercussions that arise in such a repositioning, this article will discuss a bottom up experiment of such an interaction between a nanotechnology developer (DuPont) and a CSO (Environmental Defense Fund). Based on the empirical analysis of this bottom up experiment, tentative requirements will be developed for how joint inquiries between technology developers and CSOs can be realized on a larger scale in our society. (shrink)