The goal of this paper is to examine whether business performance is affected by the adoption of practices included under the term Corporate Social Responsibility (CSR). To achieve this goal, we analyse the relation between CSR and certain accounting indicators and examine whether there exist significant differences in performance indicators between European firms that have adopted CSR and others that have not. The effects of compliance with the requirements of CSR were determined on the basis of firms included in the (...) Dow Jones Sustainability Index (DJSI), and specific accounting indicators were applied to measure performance. For the purposes of this study, we selected one group of firms belonging to the DJSI and another comprised of firms quoted on the Dow Jones Global Index (DJGI) but not on the DJSI. The sample was made up of two groups of 55 firms, studied for the period 1998–2004. Empirical analysis supports the conclusion that differences in performance exist between firms that belong to the DJSI and to the DJGI and that these differences are related to CSR practices. We find that a short-term negative impact on performance is produced. (shrink)

At the end of a thoughtful article on the future of nuclear war, Wiesner and York concluded that: "Both sides in the arms race are... confronted by the dilemma of steadily increasing military power and steadily decreasing national security. It is our considered professional judgment that this dilemma has no technical solution. If the great powers continue to look for solutions in the area of science and technology only, the result will be to worsen the situation.".

In the moral philosophy of the last two centuries, altruism of one kind or another has typically been regarded as identical with moral concern. When self-regarding duties have been recognized, motivation by duty has been sharply distinguished from motivation by self-interest. I think this view is wrong: self-interest can be the motive of a moral act. My chief concern is to argue that self-interested action -- i.e., action motivated by rational self-interest -- can be moral, but the data I use (...) to argue for this also provide compelling empirical evidence that all human motives do not reduce to self-interest, that altruism is possible. (shrink)

Standard accounts on the nature of the firm are highly dependent on explanations by Coase, coupled with inputs from agency theory and shareholder theory. This paper carries out their critique in light of personalist and common good postulates. It shows how personalist and common good principles create a framework that not only accommodates business ethics better but also affords a more compelling understanding of business as a whole.

In the moral philosophy of the last two centuries, altruism of one kind or another has typically been regarded as identical with moral concern. When self-regarding duties have been recognized, motivation by duty has been sharply distinguished from motivation by self-interest . Accordingly, from Kant, Mill, and Sidgwick to Rawls, Nagel, and Gauthier, concern for our own interests, whether long-term or short-term, has typically been regarded as intrinsically nonmoral. So, for example, although Thomas Nagel regards both prudence and altruism as (...) structural features of practical reason, he identifies only the latter as a moral capacity, prudence being merely rational, long-term egoism. Similarly, John Ravvls and David Gauthier contrast self-interest and other nontuistic interests—interests that are independent of others' interests—with moral interest. We are morally permitted , no doubt, to act out of self-interest within certain constraints, but such acts can have no intrinsic moral worth. Pursuit of our own interests out of duty does have intrinsic moral worth, but such pursuit, by hypothesis, cannot be motivated by self-interest. Self-interested pursuit of our own interests as such, no matter how realistic, farsighted, temperate, honest, or courageous, cannot be intrinsically moral. And this remains the case even if self-interest motivates us to perform other-regarding acts: only those other-regarding acts that are motivated by others' interests count as moral, because only such acts are altruistic. (shrink)

The author sets out a realist defense of the claim that in the absence of an international enforcement agency, multinational corporations operating in a competitive international environment cannot be said to have a moral obligation to contribute to the international common good, provided that interactions are nonrepetitive and provided effective signals of agent reliability are not possible. Examples of international common goods that meet these conditions are support of the global ozone layer and avoidance of the global greenhouse effect. Pointing (...) out that the conclusion that multinationals have no moral obligations in these areas is deplorable, the author urges the establishment of an international enforcement agency. (shrink)

In our contemporary post-modern context, it has become increasingly awkward to talk about a good that is shared by all. This is particularly true in the context of mammoth multi-national corporations operating in global markets. Nevertheless, it is precisely some of these same enormous, aggrandizing forces that have given rise to recent corporate scandals. These, in turn, raise questions about ethical systems that are focused too myopically on self-interest, or the interest of specific groups, locations or cultures. The obvious traditional (...) alternative to moral bellybutton gazing is the common good, which challenges the modern business enterprise to realize non-instrumental values that can only be attained in our life together. The common good dictates that leadership should be judged, first of all, according to moral criteria rather than professional competence. It helps correct the distorted prioritization of the maximization of profit in every business decision, recognizing that businesses have a multitude of rights and responsibilities, and the common good reminds us that the first of these is not always profit-making. (shrink)