Corporate bond appeared in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sectors and academic circles. This paper explores different dimensions of Vietnamese corporate bond market using a unique and perhaps, most complete data set. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of state-owned enterprises and large corporations also prevents small and medium enterprises from this debt financing (...) vehicle. Whenever a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On the one hand, prospective bondholders could value the holdings of equity when realized favourably ex ante. On the other hand, the applicable coupon rate for such bonds could turn out negative inflation-adjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually non-existent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behaviour in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradeable financial assets. Updated entries in 2010 affirm the findings and conclusions. (shrink)

In the meantime, critically needed is a comprehensive regulatory framework that enables not only state-owned but also non-state enterprises to be able to issue a wide range of bonds legitimately. This move will certainly pave the way towards a functional corporate bond market and open up the funding channel for enterprises via bond issues.

Drawing on 49 oral-history interviews with Scottish family business owner-managers, six key-informant interviews, and secondary sources, this interdisciplinary study analyses the decline of kinship-based connections and the emergence of new kinds of elite networks around the 1980s. As the socioeconomic context changed rapidly during this time, cooperation built primarily around literal family ties could not survive unaltered. Instead of finding unity through bio-legal family connections, elite networks now came to redefine their ‘family businesses’ in terms of affectively loaded ‘family values’ (...) such as loyalty, care, commitment, and even ‘love’. Consciously nurturing ‘as-if-family’ emotional and ethical connections arose as a psychologically effective way to bring together network members who did not necessarily share pre-existing connections of bio-legal kinship. The social-psychological processes involved in this extension of the ‘family’ can be understood using theories of the moral sentiments first developed in the Scottish Enlightenment. These theories suggest that, when the context is amenable, family-like emotional bonds can be extended via sympathy to those to whom one is not literally related. As a result of this ‘progress of sentiments’, one now earns his/her place in a Scottish family business, not by inheriting or marrying into it, but by performing family-like behaviours motivated by shared ethics and affects. (shrink)

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, however, (...) that the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (shrink)

In the prospectus for his later work pronounced in 1952, Merleau-Ponty announced that his move beyond the phenomenological to the ontological level of analysis is motivated by issues of sociality, notably communication with others.' I propose to interrogate this priority attributed by the author to this interpersonal bond in his reflections on corporeality in general, marking a departure from The Structure of Behavior and The Phenomenology of Perception, which privileged the starting point of consciousness and the body proper. My interest (...) lies particularly in exposing the psychological sources of Merleau-Ponty's thinking about the primacy of sociality. Referring to his lectures on Child Psychology and Pedagogy, which he delivered as Professor at the Sorbonne in Paris in 1949-52,2 I will develop the contention that the developmental psychology of child sociality significantly informed his understanding of relations between self and other laid out in the later texts, and henceforth informed also his conception of the flesh. Specifically, the psychological hypotheses about the anonymous and fusional form initially taken by human sociality appears to play a determining role in his conception of interpersonal life formulated on the ontological plane. I will then point to the internal tensions involved in the theory of sociality based on the thesis of anonymity and disclose an alternative theoretical account, which has the merit of preserving the advantages of the anonymity thesis while avoiding its drawbacks; it also facilitates continued dialogue between Merleau-Ponty's philosophy and recent developmental psychology. (shrink)

This paper traces how the dualism of body and soul, cosmic and human, is bridged in philosophical and religious traditions through appeal to the notion of ‘breath’ (πνεῦμα). It pursues this project by way of a genealogy of pneumatic cosmology and anthropology, covering a wide range of sources, including the Pythagoreans of the fifth century BCE (in particular, Philolaus of Croton); the Stoics of the third and second centuries BCE (especially Posidonius); the Jews writing in Hellenistic Alexandria in the first (...) century BCE (Philo); and the Christians of the first century CE (the gospel writers and Paul). Starting from the early Pythagoreans, ‘breath’ and ‘breathing’ function to draw analogies between cosmogony and anthropogony – a notion ultimately rejected by Plato in the Timaeus and Aristotle in his cosmological works, but taken up by the Posidonius (perhaps following the early Stoa) and expanded into a rich and challenging corporeal metaphysics. Similarly, the Post-Hellenistic philosopher and biblical exegete Philo of Alexandria, who was deeply influenced by both Platonist and Stoic physics, approaches the cosmogony and anthropogony described in Genesis (1:1–3 and 1:7) through Platonist-Stoic philosophy, in his attempt to provide a philosophically rigorous explanation for why Moses employed certain terms or phrases when writing his book of creation. Finally, the chapter sees a determined shift in the direction of rejecting pneumatic cosmology for a revised pneumatic anthropogony in the writings of the New Testament: by appeal to the ‘Holy Spirit’ or ‘Holy Breath’ (πνεῦμα ἅγιον), early Christians effectively adapted the Stoic metaphysics of ‘breath’, with its notions of divine intelligence and bonding, to the prophetic and ecclesiastical project of building a Christian community conceived of as the ‘body of Christ’. Hence, the spiritual cosmogony of the Pythagoreans, Stoics, and Philo is effectively subordinated to the spiritual anthropogony that facilitates the construction of the Christian kosmopolis, only fully realised in the form of New Jerusalem, the ‘bride’ which, in tandem with the Holy Spirit, calls to the anointed. At the end of the Christian worldview, the kosmos of Greek philosophy is supplanted by the pneumatic kosmopolis. (shrink)

The concept of social capital is a comprehensive social phenomenon consisting of social support, social integration, values, and norms. In social and economic transactions and economic and physical capital, non-monetary human, cultural, and social capital types have been accepted as neoclassical capital theories. The increase in information communication technologies, especially in economic relations, has now caused individuals to connect with weaker bonds compared with that in the past. Social capital parameters have gained importance to achieve this interaction. This article (...) reveals that the issue of providing corporate loyalty to emergency department employees with a good team spirit is considered as a strong social capital parameter. (shrink)

Reinholds Kritik an Kants Ausführungen über Willkürfreiheit aus der Einleitung zur "Metaphysik der Sitten". Zur Aktualität dieser Kritik.

Corporate social responsibility (CSR) is one of the most prominent concepts in the literature and, in short, indicates the positive impacts of businesses on their stakeholders. Despite the growing body of literature on this concept, the measurement of CSR is still problematic. Although the literature provides several methods for measuring corporate social activities, almost all of them have some limitations. The purpose of this study is to provide an original, valid, and reliable measure of CSR reflecting the responsibilities (...) of a business to various stakeholders. Based on a proposed conceptual framework of CSR, a scale was developed through a systematic scale development process. In the study, exploratory factor analysis was conducted to determine the underlying factorial structure of the scale. Data was collected from 269 business professionals working in Turkey. The results of the analysis provided a four-dimensional structure of CSR, including CSR to social and nonsocial stakeholders, employees, customers, and government. (shrink)

Proponents of corporate moral responsibility take certain corporations to be capable of being responsible in ways that do not reduce to the responsibility of their members. If correct, one follow-up question concerns what leads corporations to fail to meet their obligations. We often fail morally when we know what we should do and yet fail to do it, perhaps out of incontinence, akrasia, or weakness of will. However, this kind of failure is much less discussed in the corporate (...) case. And, where it is discussed, the view is that corporations are less prone to weakness. Here, I argue that proponents of corporate responsibility should say that corporations can and often do instantiate weakness of the will, and that this is important to recognize. Weakness of the will requires certain capacities that these proponents typically take corporations to have. And once this is appreciated, we can assess how corporate weakness might proceed differently than how it does for individuals. We can also begin a conversation about how best to meet the distinctive challenges for recognizing and correcting corporate weakness, using a number of resources from management scholarship. (shrink)

Most business ethicists maintain that corporate actors are subject to a variety of moral obligations. However, there is a persistent and underappreciated concern that the competitive pressures of the market somehow provide corporate actors with a far-reaching excuse from meeting these obligations. Here, we assess this concern. Blending resources from the history of philosophy and strategic management, we demonstrate the assumptions required for and limits of this excuse. Applying the idea of ‘the state of nature’ from Thomas Hobbes, (...) we suggest that corporate actors would be excused from duties if complying with them threatened their vital interests. We show how this excuse is not available for most individuals within firms; instead, it is an excuse perhaps available to firms themselves, but only given substantive assumptions about corporate personhood. For those willing to make these assumptions, we apply the competitive advantage construct to delimit the scope of this excuse. We suggest that firms are excused from fulfilling an obligation when complying leads to a competitive disadvantage, as this imperils the firm’s vital interests. After revealing why this excuse does not generalize, we conclude by considering when we should reform the market to avoid the legitimacy of this excuse. (shrink)

Corporations have often been taken to be the paradigm of an organization whose agency is autonomous from that of the successive waves of people who occupy the pattern of roles that define its structure, which licenses saying that the corporation has attitudes, interests, goals, and beliefs which are not those of the role occupants. In this essay, I sketch a deflationary account of agency-discourse about corporations. I identify institutional roles with a special type of status function, a status role, in (...) which the collectively accepted function is expressed in part through its occupier’s intentional expression of her agency in that role. I identify institutions as systems of status roles and show how this is compatible with seeing the agency of institutions generally, even over time periods in which there is complete change in role occupiers, as a matter of the contributions only of individual agents. I explain how the reduction of the institution to its members is compatible with its potentially having had a completely different membership. I show in the case of the corporation in particular that, once we see its origins and function, the surface features of legal discourse about corporate agency are misleading and are compatible with a deflationary account of corporate agency. I show in connection with this that the corporation is to be identified with its shareholders, and that where a corporation separates ownership and control, its managers and employees are proxy agents of the shareholders doing business under the corporate form. Finally, I canvass the legitimate ways of construing ordinary talk about corporate intention, belief, and so on, in light of this, none of which support the attribution of genuine agency or intentionality to any group per se associated with the corporation. (shrink)

Recently, a number of people have argued that certain entities embodied by groups of agents themselves qualify as agents, with their own beliefs, desires, and intentions; even, some claim, as moral agents. However, others have independently argued that fully-fledged moral agency involves a capacity for reactive attitudes such as guilt and indignation, and these capacities might seem beyond the ken of “collective” or “ corporate ” agents. Individuals embodying such agents can of course be ashamed, proud, or indignant about (...) what the agent has done. But just as an entity needs to have its own beliefs, desires, and intentions to qualify as a bona fide agent, the required capacity for reactive attitudes is a capacity to have one’s own reactive attitudes. If fully-fledged moral agency requires reactive attitudes, the corporate agent must itself be capable of guilt and indignation. In this paper, we argue that at least certain corporate agents are. Or, more precisely, we argue that if there are bona fide corporate agents, these agents can have the capacities that are both associated with guilt and indignation and plausibly required for moral agency; in particular certain epistemic and motivational capacities. (shrink)

Authors critical of corporate power focus almost exclusively on one solution: bringing it under democratic control. However important this is, there are at least two other options, which are rarely discussed: reducing powerful firms’ size and influence, or accepting corporate power as a necessary evil. This article provides a comparative perspective for evaluating all three options. It argues that the trade-offs we face in responding to corporate power have a trilemmatic structure. The pure strategies of accepting powerful (...) firms, breaking them up, or rendering them more accountable are each incompatible with one of three important values: power balance, economies of scale, and minimizing agency costs, respectively. While the latter two concepts are purely economic and efficiency-based, the value of power balance can be grounded in a variety of reasons. Different normative interpretations of power balance are discussed, along with their implications for policy choices within the trilemma. (shrink)

There is a persisting debate about what chemical bonds are and whether they exist. I argue that chemical bonds are real patterns of interactions between subatomic particles. This proposal resolves the problems raised in the context of existing understandings of the chemical bond and provides a novel way to defend the reality of chemical bonds.

Van Inwagen proposes that besides simples only living organisms exist as composite objects. This paper suggests expanding van Inwagen’s ontology by also accepting composite objects in the case that physical bonding occurs (plus some extra conditions). Such objects are not living organ-isms but rather physical bodies. They include (approximately) the complete realm of inanimate ordinary objects, like rocks and tables, as well as inanimate scientific objects, like atoms and mol-ecules, the latter filling the ontological gap between simples and organisms in (...) van Inwagen’s origi-nal picture. We thus propose a compositional pluralism claiming that composition arises if and on-ly if bonding or life occurs. (shrink)

Can a group be morally responsible instead of, or in addition to, its members? An influential defense of corporate responsibility is based on results in social choice theory suggesting that a group can form and act on attitudes held by few, or even none, of its members. The members therefore cannot be (fully) responsible for the group’s behavior; the group itself, as a corporate agent, must be responsible. In this paper, I reject this view of corporate responsibility (...) by showing how it pays insufficient attention to individual agency. By accounting for group members’ strategic behavior, we shall see how they control collective attitude formation and are therefore responsible for their group’s behavior. (shrink)

While researchers in business ethics, moral philosophy, and jurisprudence have advanced the study of corporate agency, there have been very few attempts to bring together insights from these and other disciplines in the pages of the Journal of Business Ethics. By introducing to an audience of business ethics scholars the work of outstanding authors working outside the field, this interdisciplinary special issue addresses this lacuna. Its aim is to encourage the formulation of innovative arguments that reinvigorate the study of (...) corporate agency and stimulate further cross-fertilization of ideas between business ethics, law, philosophy, and other disciplines. (shrink)

Any effort to specify identity conditions for corporations faces significant challenges. Corporations are amorphous. Nature draws no hard lines defining where they start or stop, whether in space or time. Corporations are also frustratingly dynamic. They often change the most basic aspects of their composition by exchanging parts, splitting and merging, changing ownership, and reworking fundamental internal operations. -/- Even so, we apply corporate identity conditions all the time. Both law and common intuition recognize that corporations do things—like pollute (...) environments or mislabel addictive medications—that call for judgment. Imposing judgment on corporations presupposes some implicit view of corporate identity that allows us to say, “This corporation that we now judge is the same one that misbehaved.” -/- This chapter draws on evidence from court decisions and experimental philosophy to unpack the fundamentally different visions of corporate identity implicitly encoded in law and in common intuition. The discrepancies suggest important lessons for lawmakers and corporate managers. (shrink)

Grief is, and has always been, technologically supported. From memorials and shrines to photos and saved voicemail messages, we engage with the dead through the technologies available to us. As our technologies evolve, so does how we grieve. In this paper, we consider the role chatbots might play in our grieving practices. Influenced by recent phenomenological work, we begin by thinking about the character of grief. Next, we consider work on developing “continuing bonds” with the dead. We argue that (...) for some, chatbots may play an important role in establishing these continuing bonds by helping us develop what we term “habits of intimacy”. We then turn to the “ick factor” some may feel about this prospect, focusing especially on ethical concerns raised by Patrick Stokes and Adam Buben about the risk of replacing our dead with chatbots. We argue that replacement worries are not as pressing as Stokes and Buben suggest. We resist these replacement worries by appealing to the “thin reciprocity”, as we refer to it, that such bots offer, as well as the fictionalist stance that we think users of the bots adopt when engaging with them. We conclude by briefly raising some additional concerns and highlighting future research questions. (shrink)

This paper seeks to determine the extent of anti-corruption information disclosure in the sustainability reports originating from Gulf countries. Focus primarily on the fight against corruption, this study utilizes a deeply-rooted content analysis technique of corporate sustainability reporting, covering 66 Gulf Cooperation Council (GCC) firms during 2014. Strengthened by the application of institutional theory, insight into the results points to a state of limited maturity regarding the disclosure of anti-corruption procedures in the region. More specifically, the results highlight the (...) compliance in the reporting of conduct code, while reporting information on whistle-blowing was significantly less in comparison. Firms in Qatar and UAE ultimately release better informed reports; inclusive of detailed information on internal anti-corruption practices. (shrink)

While most discussions of corruption focus on administration, institutions, the law and public policy, little attention in the debate about societal reform is paid to the “internalities” of anti-corruption efforts, specifically to character-formation and issues of personal and corporate integrity. While the word “integrity” is frequently mentioned as the goal to be achieved through institutional reforms, even in criminal prosecutions, the specifically philosophical aspects of character-formation and the development of corporate and individual virtues in a rational and systematic (...) way tend to be neglected. This paper focuses on the “internalities” of anti-corruption work with special emphasis on the pre-requisites that need to be ensured on behalf of the social elites in order for proper individual and collective character- formation to take place throughout the society. The author argues that a systematic pursuit of socially recognised virtues, both those pertaining to society as a whole and those specific to particular professions and social groups, is the most comprehensive and strategically justified way of pursuing anti-corruption policy, while institutional and penal policies can only serve an auxiliary role. The pursuit of institutional and criminal justice policies against corruption in a society that is subject to increasing relativism with regard to values and morality is at best ineffective, and at worst socially destructive. Thus the paper suggests a re-examination of the social discourse on the level of what the author calls “value strategy” and the gradual building of a plan to create and solidify specifically designed features of “corporate character” for key sectors of the society. This approach can serve as the main long-term strategy to improve the public profile of integrity and reinforce morality in both the public and civil sectors. (shrink)

In the correspondence with Arnauld, Leibniz contends that each corporeal substance has a substantial form. In support he argues that to be real a corporeal substance must be one and indivisible, a true unity. I will show how this argument precludes a tempting interpretation of corporeal substances as composite unities. Rather it mandates the interpretation that each corporeal substance is a single monad.

Since the global financial crisis in 2008, corporations have faced a crisis of trust, with growing sentiment against ‘elites and ‘big business’ and a feeling that ‘something ought to be done’ to re-establish public regard for corporations. Trust and trustworthiness are deeply moral significant. They provide the ‘glue or lubricant’ that begets reciprocity, decreases risk, secures dignity and respect, and safeguards against the subordination of the powerless to the powerful. However, in deciding how to restore trust, it is difficult to (...) determine precisely what should be done, by whom, and who will bear the cost, especially if any action involves a risk to overall market efficiency and corporate profitability. The paper explores whether corporations have a moral duty to be trustworthy, to bear the cost of being so and thus contribute to resolving the current crisis of trust. It also considers where the state and other social actors have strong reason to protect and enforce such moral rights, while acknowledging that other actors have similar obligations to be trustworthy. It outlines five ‘salient factors’ that trigger specific rights to trustworthiness and a concomitant duty on corporations to be trustworthy: market power, subordination (threat and intimidation), the absence of choice, the need to preserve systemic trust, and corporate political power which might undermine a state’s legitimacy. Absent these factors and corporations do not have a general duty to be trustworthy, since a responsible actor in fair market conditions should be able to choose between the costs and benefits of dealing with generally trustworthy corporations. (shrink)

The corporate meltdowns of this and the previous decade in the US - WorldCom, Enron, Tyco, and in Australia - FAI, HIH and AWB being among the many examples - have resulted in the governments of those two countries introducing legislation and policy guidelines aimed at minimising future corporate misbehaviour. -/- The US has introduced the Sarbanes Oxley Act, with requirements on corporate accountants and auditors, as well as its whistleblowing provisions. It has revised the Federal Sentencing (...) Guidelines for Organizations. New rules for the NYSE and NASDAQ have also been introduced. In addition, the U.S. Securities and Exchange Commission and U.S. Department of Justice have further strengthened the Foreign Corrupt Practices Act 1977, last revised in 1997. -/- Australia has revised the Corporations Act to include whistleblower protection clauses as well as adopted the ASX Corporate Governance guidelines. Standards Australia has issued its handbook on corporate governance. Although not a business issue, the Australian government has also announced that it will introduce whistleblower protection legislation for the public sector by the end of its first term in office. This legislation will likely influence whatever the private sector does in this respect. The inclusion of whistleblower protection in both Sarbanes–Oxley and the Corporations Act reflects a growing body of research that finds that people internal to an organisation are the most effective way to identify corporate wrongs. The Commonwealth Treasury has recently issued an options paper, stating that the Corporations Act has been ineffectual. It has sought submissions on revisions to the legislation that the Australian Government could take. This paper examines the policies advocated by over 20 organisations and academics concerned with whistleblowing issues. It draws the conclusion that on current indications, even after further reform, Australian legislation and policies are still likely to be less effectual than overseas practices. -/- --------------------------------- . (shrink)

How can we know whether we are punishing the same corporation that committed some past crime? Though central to corporate criminal justice, legal theorists and philosophers have yet to address the basic question of how corporate identity persists through time. Simple cases, where crime and punishment are close in time and the corporation has changed little, can mislead us into thinking an answer is always easy to come by. The issue becomes more complicated when corporate criminals undergo (...) any number of transformations—rebranding, spinning-off a division, merging, changing ownership, changing management, swapping lines of business, etc. These changes are common among all corporations, including those trying to conceal or limit liability for past crimes. This article takes a first step toward developing a workable and philosophically satisfying theory of corporate personal identity and discusses its prospects for fulfilling the retributive, rehabilitative, and deterrent purposes of criminal law. (shrink)

Corporations are increasingly asked to specify a ‘purpose.’ Instead of focusing on profits, a company should adopt a substantive purpose for the good of society. This chapter analyses, historicises, and radicalises this call for purpose. It schematises the history of the corporation into two main purpose/power regimes, each combining a way of thinking about corporate purpose with specific institutions to hold corporate power to account. Under the special charter regime of the seventeenth to mid-nineteenth centuries, governments chartered companies (...) to pursue specific public purposes. Under criticism for corruption and lack of competition, the special charter regime gave way to the contemporary general incorporation regime, under which no particular purposes are demanded of corporations, and profit-seeking has become the norm. This regime has now come under criticism, with calls for a new social purpose regime. The analysis of these three regimes focuses on politicisation. The chapter argues that orienting companies to substantive social purposes requires politicising the business corporation, creating meaningful accountability mechanisms to align companies with the goals of the public. The purpose paradigm must overcome its political timorousness and be more institutionally radical. The difficulty is doing this without unacceptable corruption and inefficiency. A form of ‘proper politicisation’ is needed. At the end of the chapter, some directions for reform are discussed, which may deliver on that desideratum. (shrink)

The Call for Papers for this conference suggests the topic, “international codes of business conduct.” This paper is intended to present a shift from a discussion of codes, or constraints to be placed upon business, to an entirely different topic: to responsibility, which yields duty, and the reciprocal concept, right. Beyond the framework of external regulation and codes of conduct, voluntary or otherwise, lies another possible accounting system: one of real corporate responsibility, which arises out of the evident capability (...) of businesses to engage in rationally self-regulated activity. If such responsibility can be shown to be comprehensible, then it could bind the activities of corporations ethically, and in rationally compelling legitimate law, just as your activities and mine are bound. Perhaps we can bind the officers of corporations as responsible persons, but I would like to introduce an undiminished conception of responsibility that will back legitimate law for the corporations themselves, as artificial persons. That is the purpose of Part 1 of this paper. In Part 2 I will turn to the case of multinational corporations in particular. I will draw conclusions regarding their general duties and rights, and will dip explicitly into ethical formulations, as well as the ground of legitimate law. I will also indicate a particular rational requirement, or duty, for politically and environmentally sustainable business practices of multinationals. In Part 3 I will discuss jurisdiction for instituting legal sanctions in multinational cases. I will argue that the national laws and civil suits that may be pursued within a court in one nation can actually stand as legitimate checks against abuses carried out by the arms of multinational corporations that reside in other nations. (shrink)

In a world characterised by intense global poverty, do active corporate efforts to help the global poor constitute discretionary acts of charity, to be praised but not to be thought of as mandatory? Or, conversely, are such efforts a matter of binding moral duty? The traditional position among business ethicists – and still, perhaps, the dominant one – is that there is no such duty, except perhaps in exceptional circumstances such as rescue cases. In recent years, however, several authors (...) have made the case that corporations have quite wide-ranging positive duties to the global poor. This entry outlines the contours of the various arguments given in favour of the latter position, before highlighting two theoretical challenges which arise if we are to embrace this position – first, the issue of determining what sorts of actions count as adequately fulfilling positive duties to the global poor, and, second, the question of what limits there are, if any, to the demandingness of corporations’ positive duties. (shrink)

At a time when nationalism is rising and support for democratic values is declining, this paper considers the role that businesses and corporations play in building and undermining social trust. It was published as part of the Future of the Corporation programme led by the British Academy.

The practice of corporal punishment (CP) in many countries and schools today, has been described to be prevalent as a result of the belief that the practice of CP is effective in changing the behavior, or in building the character of the concerned human subjects. Apparently, this is done without considering the ramifications of its engagement, or neglecting other measures that could be taken to address the situation on the ground. Unarguably, the subject of corporal punishment is one which, though (...) often discussed, is usually discussed without a reached consensus, for its real outflow lies too deep for the purposes of controversy. While the issue of corporal punishment can be best described as that of virtue and vice in our contemporary pedagogy, this paper seeks to take a philosophical and a sociological stance by examining the positioning power, practical prospects of corporal punishment and relevance of various moral theories in the contemporary pedagogy. (shrink)

In its January 20th, 2010 decision in Citizens United vs. Federal Election Commission, the United States Supreme Court ruled that certain restrictions on independent expenditures by corporations for political advocacy violate the First Amendment of the Constitution, which provides that “Congress shall make no law […] abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.” Justice Kennedy, writing for the 5-4 majority, (...) held that “[b]y suppressing the speech of manifold corporations, both for-profit and non-profit, the Government prevents their voices and view-points from reaching the public and advising voters on which person or entities are hostile to their interests” (Citizens United vs. Federal Election Commission 558 U.S. 38-9 (2010); emphasis added). Much of the language of the opinion, and some of its reasoning, as this passage illustrates, presupposes that corporations are agents capable of speech, and that it is (at least in part) in the light of this that limitations on political advocacy by corporations are prohibited by the Constitution. -/- While there are other strands in the argument, they are interwoven with the conception of the corporation as agent and speaker, with its voice and its viewpoints. The dissenters on the court objected on precisely this point (among others). Justice Stevens wrote sarcastically in his dissent, joined by Justices Ginsburg, Breyer, and Sotomayor, that “[u]nder the majority’s view, I suppose it may be a First Amendment problem that corporations are not permitted to vote, given that voting is, among other things, a form of speech” (558 U.S. 33 (2010)). Justice Sotomayor suggested in oral argument that the Court’s century-old practice of treating corporations as persons rests on a conceptual mistake. -/- My concern in this essay is not with the question whether the restrictions violate the Constitution. There are many issues that bear on this which will be outside the scope of my discussion. My concern is with the proper conceptual framework for understanding the agency of corporations and corporate speech, and the role that conceptions of these play in the background of the majority’s reasoning. The issue is legal, but it also has philosophical, conceptual and semantic aspects. It will be the latter aspects, and their potential to shed light on legal reasoning, that are my main focus. An adequate framework requires saying what properly speaking the corporation is, how agency is expressed through the corporation, whose agency it is, centrally whether the corporation is an agent or person in its own right, and in what sense it can be said to be capable of speech. I draw on recent work in collective action theory, particularly with respect to the semantics of collective action sentences (Ludwig 2007) and the analysis of the proxy agency in collective action (Ludwig 2014), to show (i) that corporations are neither genuine agents nor (therefore) capable of engaging in genuine speech, (ii) that consequently the First Amendment does not apply to corporations per se, and (iii) that a better understanding of the mechanisms of corporate agency casts doubt on more indirect arguments for extending the First Amendment to “corporate speech” as well. (shrink)

The constitutions of many nations have been explicitly or implicitly founded upon principles of the social contract derived from Thomas Hobbes. The Hobbesian egoism at the base of the contract fairly accurately represents the structure of market enterprise. A contractarian analysis may, then, allow for justified or rationally acceptable universal standards to which businesses should conform. This paper proposes general rational restrictions upon multi-national enterprises, and includes a critique of unjustified restrictions recently proposed by the Organization for Economic Cooperation and (...) Development (OECD). I propose restrictions that may be tighter than the OECD and international law currently demand, because reason requires that the activities of enterprises accord with standards of environmental and governmental sustainability in addition to consortium, national law and international law agreements. I argue that it is justifiable that indictments may be presented by a citizen or a government against the local arm of a multinational enterprise in response to violations committed by an arm within a different country. (shrink)

There are two main questions that any account of corporate lawyers’ moral obligations needs to answer: (1) Do corporate lawyers have moral obligations to third parties? and (2) In cases of conflict between obligations to the corporation and obligations to third parties, which should prevail? This Article offers answers to these questions in the context of lawyers working in medical corporations. I argue that lawyers do have moral obligations to third parties, and that in cases where patients’ rights (...) are being violated by a medical company, patients’ rights should prevail. Consequently, attorney–client confidentiality rules should be relaxed to allow for attorney disclosures in egregious cases of potential harm to third parties. (shrink)

Corporate social responsibility (CSR) has become a focal point for research aimed at extending business ethics to extra-corporate issues; and as a result many companies now seek to at least appear dedicated to one or another version of CSR. This has not affected the arms industry, however. For, this industry has not been discussed in CSR literature, perhaps because few CSR scholars have questioned this industry's privileged status as an instrument of national sovereignty. But major changes in the (...) organization of political communities call traditional views of sovereignty into question. With these considerations in mind I assess the U.S. arms industry on the basis of CSR requirements regarding the environment, social equity, profitability, and use of political power. I find that this industry fails to meet any of these four CSR requirements. Countering a claim that these failings should not be held against arms manufacturers because their products are crucial to national defense, I contend that many of these companies function not as dutiful agents of a nation-state but as politically powerful entities in their own right. So, I conclude, they should be held responsible for the foreseeable consequences that flow from use of their products. This responsibility should include civil liability and, in cases involving war crimes and violations of human rights, responsibility under international human rights standards. (shrink)

ABSTRACTIn this article, we explore the debate on corporate citizenship and the role of business in global governance. In the debate on political corporate social responsibility it is assumed that under globalization business is taking up a greater political role. Apart from economic responsibilities firms assume political responsibilities taking up traditional governmental tasks such as regulation of business and provision of public goods. We contrast this with a subsidiarity-based approach to governance, in which firms are seen as intermediate (...) actors who have political co-responsibilities in society endowed upon them by national governmental institutions. We argue that both approaches face conceptual and empirical problems, and do not make clear the content and scope of political corporate responsibility. Based on Iris Marion Young’s account of political responsibility we argue that corporate actors and governmental actors have a shared responsibility to tackle societal problems. Taking political corporate responsibility not only entails engaging in private action or engaging in public–private partnerships, but it also includes aiding governmental actors to remedy injustice or even create public institutions where they do not yet exist. By adding this perspective we contribute to the debate on responsibility in corporate citizenship and clarify the political role business can play in global governance. (shrink)

Because corporate social responsibility can be beneficial to both companies and its stakeholders, interest in factors that support CSR performance has grown in recent years. A thorough integration of CSR in core business processes is particularly important for achieving effective long-term CSR practices. Here, we explored the individual CSR-related competencies that support CSR implementation in a corporate context. First, a systematic literature review was performed in which relevant scientific articles were identified and analyzed. Next, 28 CSR directors and (...) managers were interviewed. The literature review complemented with interview data resulted in the following eight distinct CSR-related competencies: Anticipating CSR challenges; Understanding CSR-relevant systems and subsystems; Understanding CSR-relevant standards; CSR management competencies, including Leading CSR programs, Managing CSR programs, and Identifying and realizing CSR-related business opportunities; Realizing CSR-supportive interpersonal processes; Employing CSR-supportive personal characteristics and attitudes; Personal value-driven competencies, including Ethical normative competencies, Balancing personal ethical values and business objectives, and Realizing self-regulated CSR-related behaviors and active involvement; and Reflecting on personal CSR views and experiences. Based on these results, implications for further research on this topic, as well as implications for practitioners, are discussed. (shrink)

Despite decades of theorising and empirical research, the problems of corporate governance seem intractable, particularly the relationships between investors and companies. The thought experiment in this paper asks us to look at the problem through a fresh lens. It draws on the quaint British legal custom of calling shareholders “members”, and then uses the political philosopher Michael Walzer’s idea of membership in states, clubs, neighbourhoods, and families to draw lessons for the corporate world. This paper suggests that seeing (...) how Walzer conceives “strangers” in a polity, with fewer rights but a path to membership, lets us rethink shareholder rights as something to be earned, through engagement and commitment, that is, through stewardship. Rethinking what membership of a company might mean points to a pragmatic escape from short-termism without institutional reform. (shrink)

This article aims to theoretically analyse so-called character friendship from the perspective of emotions. From this angle, our research enables us to distinguish different types of emotions, and we propose a conceptual model of the hierarchy of the emotions of character friendship and their influence on social behaviour. With this model in hand, the article discusses whether other-oriented emotions fully explain the emotional underpinnings of character friendship. We find other-oriented emotions to be ambiguous because they may or may not be (...) selfless. Thus we question whether these emotions can adequately explain the bonding content of character friendship. We conclude that there is a higher affective tier related to moral emotions and moral behaviour, which we have labelled the ‘bonding feeling’. This feeling is described with reference to its historical precedents (Rof Carballo’s ‘affective warp’), thus explaining its particularity. (shrink)

In our globalized world, competition for capital is intense and only jurisdictions with superior corporate governance will attract the FDI crucial for economic growth and development. The goal of this chapter is to assess the legal regime of external auditors – as opposed to internal auditors - per Company Legislation of 1997 and provide suggestions for improvement in the current legal regime.34 Part II discusses global trends in corporate governance with respect to the role of the external auditor. (...) Part III of the chapter provides an overview of the development of the auditing profession in Jordan. In Part IV, the chapter analyzes in detail the specific provisions related to auditors in the Company Legislation of 1997. The part also points out various shortcomings and inconsistencies between rights and duties of auditors and makes suggested proposals for amending the current law. (shrink)

In May 2021, Royal Dutch Shell was ordered by the Hague District Court to significantly reduce its CO2 emissions. This ruling is unprecedented in that it attributes the responsibility for mitigating climate change directly to a specific corporate emitter. Shell neither directly causes climate change alone nor can alleviate it by itself; therefore, what grounds this responsibility attribution? I maintain that this question can be answered via Young’s social connection model of responsibility for justice. I defend two claims: First, (...) I argue that the model explains Shell’s connection to climate change and that this relationship grounds Shell’s responsibility. Second, by identifying a way in which the social connection model could be applied to corporations in legal practice, I further develop Young’s model. I question Young’s distinction between political and legal responsibility for justice and propose that courts could mediate citizens’ actions regarding political responsibilities. (shrink)

Today's realities require medical institutions to take more careful account of intangible factors that make up an irreplaceable component of cultural characteristics. Changes in the socio-economic conditions of economic activity have led to increased attention of the management of medical institutions to the need to form a corporate style that will provide additional competitive advantages. The purpose of the study is to identify the functions and elements of the corporate style of a medical institution and its subdivisions, to (...) find out its impact on the collective consciousness and behavior of consumers of medical services and to establish requirements for its development. The methodological basis of the study is modern research on the formation of corporate style and its impact on the reputation and successful development of organizations. The main hypothesis of the study is the assumption that corporate style influences the level of recognition and authority of a medical institution. Summary of the main research material. It is proved that an authentic, working corporate style for a modern medical institution is a necessary element of its organizational culture. It is determined that the corporate style contributes to creating a positive image of a medical institution in the eyes of consumers; allows distinguishing a medical institution from other medical institutions with a similar range of services; strengthens the organizational spirit of medical staff; increases the effectiveness of advertising; and creates a favorable image of a medical institution. The originality and practical significance of the study lies in the fact that a comparative analysis of the elements of corporate style of city clinical hospitals in Dnipro, which are clearly implemented on the official pages on the Internet, was carried out. Conclusions and prospects for further research. The conducted research has made it possible to state that the considered medical institutions of the city of Dnipro do not pay the necessary attention to the formation of their own corporate style. Sporadic initiatives and events create the appearance of the existence of a corporate style of a medical institution, but do not ensure the existence of such a corporate style that would work to increase the recognition and authority of a medical institution. (shrink)

This pаpеr prоvidеs thе first еmpiricаl еvidеncе оn thе еxistеncе оf nеgаtivе spillоvеr еffеcts frоm childrеn еxpоsеd tо cоrpоrаl punishmеnt in thе hоmе (CPH). Wе find thаt intеrаctiоns with pееrs suffеring frоm CPH dеprеss аchiеvеmеnt in bоth mаth аnd lаnguаgе аmоng Viеtnаmеsе fifth grаdеrs. Spеcificаlly, а оnе stаndаrd dеviаtiоn incrеаsе in thе Pееrs’ Viоlеncе Indеx is аssоciаtеd with а rеductiоn in thе mаth аnd thе lаnguаgе tеst scоrеs by 0.11 аnd 0.14 stаndаrd dеviаtiоns, rеspеctivеly. Thеsе аdvеrsе impаcts cоuld pоtеntiаlly bе (...) аttributеd tо thе unfаvоrаblе chаngеs in studеnt аcаdеmic аspirаtiоns, studеnt аctuаl lеаrning еffоrts, аnd thе intеr-studеnt rеlаtiоnships. (shrink)

Many multinational corporations develop business operations in Europe. The current research attempts to fill the gap on how corporations can increase their political influence in this geography by exploring the joint effect of corporate political activity(CPA) and social responsibility (CSR) on political embeddedness and financial performance. Based on institutional theory and on a sample of autochthonous (European Union [EU]) and allochthonous (non-EU) firms with declared EU lobbying (from 2008to 2019) we conducted two studies. Based on a multi-level model, Study (...) 1 finds strong and robust evidence that boardroom gender diversity and EU lobbyists inter-actively increase EU political embeddedness. Complementarily, Study 2, which relies on general linear Modeling, suggests that allochthonous corporations are more profit-able when they display high-level political embeddedness and lobbying expenditures, combined with adoption of United Nations (UN) guidelines. Overall, findings show that lobbying in Europe pays off, especially when corporations strive to be aligned with EU ethical values and aspirations. Hiring lobbyists to be based in Brussels and promoting gender equality help establish EU political connections. Subsequently, findings highlight the role that EU political embeddedness, lobbying expenditures, and UN guidelines play in leveraging financial performance, especially across non-EU corporations. Regarding EU corporations, results show that a firm-level investment on CPA-CSR is particularly important. Overall, findings from this research support corporations that are growing businesses in Europe. KEYWORDScorporate political activity, corporate social responsibility, lobbying, return on assets (ROA),United Nations (UN_. (shrink)

Rather than re-examine the question of whether doing good generally helps a company to do well, this study draws on contingency theory to empirically examine when doing good helps a company do as well as possible. Using panel data, we examine the effects of industry life cycle, munificence, and instability on the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP). Our findings indicate that life cycle has a significant impact on the CSR-CFP relationship, as does (...) industry instability. These findings suggest that CSR helps the bottom line considerably – if it is applied at the right time. (shrink)

In the correspondence with Arnauld, Leibniz contends that each corporeal substance has a substantial form. In support he argues that to be real a corporeal substance must be one and indivisible, a true unity. I will show how this argument precludes a tempting interpretation of corporeal substances as composite unities. Rather it mandates the interpretation that each corporeal substance is a single monad.

The moral issues that occur for profit corporations are a unique function of many internal and external factors, including corporate policies and purpose, business regulations, and business governance's economic and political system. Several possible theoretical frameworks prescribe behavioral norms and standards of conduct to companies, such as utilitarianism, deontological ethics, or virtue ethics. In this paper, we argue although there are signs cant similarities between Kantian Ethics and ideal corporate cultures, Kantian ethics cannot fully be integrated into contemporary (...) corporate practices. Kant's theory of morality fundamentally fails to consistently accommodate the infamous given purpose of corporations, namely the profit-maximizer. We also provide empirical insights from a case study in developing a semi-Kantian corporate code of conduct in a large technology-based company. (shrink)

Worsening energy crises and the growing effects of climate change have spurred, among other things, concerted efforts to tackle global problems through what the United Nations calls Sustainable Development Goals (SDGs). These are in turn argued to be best achieved via the adoption of environmental, social, and corporate governance (ESG) as the vehicle for guiding our efforts. However, though these things are often presented as the solution to global issues, they are increasingly being used as a means to centralize (...) power and exacerbate growing authoritarian trends. This article aims to demonstrate how the narratives surrounding ESG mask this reality, taking as a solution one of the foundational causes of global wealth and power disparity. (shrink)