Probably to most students of Moral Philosophy there comes a time when they feel a vague sense of dissatisfaction with the whole subject. And the sense of dissatisfaction tends to grow rather than to diminish. It is not so much that the positions, and still more the arguments, of particular thinkers seem unconvincing, though this is true. It is rather that the aim of the subject becomes increasingly obscure. "What," it is asked, "are we really going to learn by Moral (...) Philosophy?" "What are books on Moral Philosophy really trying to show, and when their aim is clear, why are they so unconvincing and artificial?" And again: "Why is it so difficult to substitute anything better?" Personally, I have been led by growing dissatisfaction of this kind to wonder whether the reason may not be that the subject, at any rate as usually understood, consists in the attempt to answer an improper question. And in this article, I shall venture to contend that the existence of the whole subject, as usually understood, rests on a mistake, and on a mistake parallel to that on which rests, as I think, the subject usually called the Theory of Knowledge. (shrink)

In this accessible book, leading scholars Jason Brennan and Hélène Landemore ask, what good is democracy and is there any better alternative? Brennan argues that democracy suffers from built-in systematic flaws. There is no way to fix these flaws--we can only contain them, or jettison democracy for a better system of representative government. Landemore argues that our problem is that we have not been using real democracy. Real democracy--in which citizensexercise more genuine power--can overcome the problems we see in modern (...) republican governments. The book concludes with each author responding to the other's arguments, ultimately helping readers see how their views of justice depend in part on how they think democracy functions. (shrink)

There is growing regulatory pressure on firms worldwide to address the under-representation of women in senior positions. Regulators have taken a variety of approaches to the issue. We investigate a jurisdiction that has issued recommendations and disclosure requirements, rather than implementing quotas. Much of the rhetoric surrounding gender diversity centres on whether diversity has a financial impact. In this paper we take an aggregate (market-level) approach and compare the performance of portfolios of firms with gender diverse boards to those without. (...) We also investigate whether having multiple women on the board is linked to performance, and if there is a within-industry effect. Overall, we do not find evidence of an association between diversity and performance. We find some weak evidence of a negative correlation between having multiple women on the board and performance, but that in some industries diversity is positively correlated with performance. (shrink)

This study empirically examines the relationship between wide-ranging board diversity and the quality of corporate social responsibility disclosure variables in Malaysia. We extend prior literature covering broader dimensions of board diversity and their impact on CSR after controlling for board and audit committee characteristics. Using 200 listed firms in Bursa Malaysia during 2009–2013 and applying both OLS and 2SLS instrumental variables approaches, we document significant positive effect of board education level and board tenure diversity on the quality of CSR disclosure. (...) Further analysis using robust regression also shows positive association between gender diversity and CSR disclosure. Our findings also demonstrate that the quality of CSR disclosure is significantly negatively associated with board age and nationality diversity. These results remain consistent with using alternative measures for board diversity, and characteristics for board of director and audit committees as well as split samples between large and small firms. Additional tests exhibit complementary relationship of education level and nationality with gender, while substitutive relationship of age and tenure with gender in influencing CSR. These findings provide useful insights into the policy makers in setting regulations in respect of board diversity in Malaysia and other emerging economies in the Asian region. Our evidence is also useful for listed companies in setting the criteria to identify directors who can support their strategic decisions. (shrink)

We examine the key elements of board diversity (or heterogeneity) amongst listed companies operating in an emerging economy (Mauritius) and the extent to which these influence financial performance. Specifically, we ask whether there is evidence of tangible benefits in pursuing a strategy of board diversity in terms of gender-, age-, educational background and independence in a corporate context which has long been dominated by family-led and ‘closed’ boardrooms. In light of recent corporate governance developments which appear to foster greater diversity, (...) we examine data from the 2007 annual reports of all 42 companies listed on the Stock Exchange of Mauritius. We find that (i) women remain poorly represented on boards (ii) there is a relatively satisfactory level of heterogeneity in terms of educational background, age and independence in relation to developed countries. We also find significant regression coefficients for all four variables in terms of their impact on short-term performance. However, these relationships are characterised by both negative and positive impacts thereby leading to discussions on the validity of a strict heterogeneous or homogeneous board composition in the context of a developing economy. (shrink)