Responsible Investing of Pension Assets: Links between Framing and Practices for Evaluation

Despite the increase in the acceptance of responsible investing (RI) in general (Allianz, in www.allianzglobalinvestors.com, 2010), the global community is still witnessing unprecedented levels of practices that can only be categorized as “unsustainable”. It appears, then, that either the inroads made by the RI community have not kept up with the increase in unsustainable practices, or, that the RI process itself has been ineffective at producing meaningful change. The current study aims to investigate the practices used by pension plan sponsors to determine how they may enable, or interfere with, the adoption of implementation of RI. We adopt Framing Theory (Benford and Snow, Annual Review of Sociology 26:611–639, 2000), specifically the idea that particular frames find alignment when they resonate with their targets, by either bridging, extending, amplifying or transforming a domain. We extend research to include understudied practices by performing an analysis of 60 public pension funds in Canada. We find evidence of disconnect between the financial frame which dominates practices for compliance and evaluation, and the social frame of RI as a source of change. If the aim of RI is to produce long-term change, then a consideration of whether it aligns with extant practices is critical. We discover a variety of frame alignment tactics already employed in practice. We also find that, even within the dominant financial frame, opportunities for frame extension, amplification and transformation do exist, and examine how these are more (or less) possible depending on how the asset management structure is designed.     

Environmental benefits of air–rail intermodality: The example of Madrid Barajas

The environmental impact of transport is a growing issue in transport infrastructure planning. The construction of a high-speed rail station at the Madrid Barajas Airport in Spain is an example of the integration of different transportation modes, with expected environmental benefits. We construct a model to assess modal choice and environmental benefits. The results show that with high-speed rail the number of people choosing air travel and the private car is reduced leading to important environmental benefits: a reduction of close to 5 kg of CO₂ per passenger, or 10% of all emissions on the corridor. Our results also show that increasing the cost of using the private car is picked up by air transport rather than high-speed rail, leading to an increase in total emissions.     

Will nonowners follow pioneer consumers in the adoption of solar thermal systems? Empirical evidence for northwestern Germany

In Germany, solar thermal systems (STSy) have only diffused to a minor extent as yet. This paper analyzes which demand side factors are decisive for the further proliferation of this environmentally benign technology. Making use of a consumer survey in northwestern Germany in 2007, we examine the following parameters: positive environmental attitude, knowledge of the applicability of STSy to satisfy consumer needs, and the presence of STSy among peer consumers. Drawing upon theoretical foundations from innovation economics and social psychology, we posit that these variables play a different role at distinct stages of the systems' diffusion process. Among nonowners, concrete plans to purchase such a system within the next two years are distinguished from the general interest to invest in this technology within the next five years. Probit models are estimated to test our hypotheses. Our results do not indicate a strong take-off of product diffusion within the next few years. By generating interest for the product, environmental attitude and knowledge as well as household income are important determinants of prospective adoption on the part of nonowners. However, it is only peer group behavior that appears to function as a trigger for the diffusion of this technology.     

Are college chief executives paid like corporate CEOs or bureaucrats?

We study compensation of college chief executives from 1997 to 2004. Although presidential salaries have acquired the attention of the media, Congress, and the Internal Revenue Service (IRS) in recent years, they are much below those of corporate CEOs. Compared with CEOs in corporations with comparable sizes, college chief executives earn on average approximately one-third of the compensation of their corporate counterparts. However, CEO compensation is more volatile than that of college chief executives. Our results show that private college presidential salaries are consistent with the prediction of job complexity and institutional reputation hypotheses. Presidential compensations of public research universities, on the other hand, are more consistent with the prediction of job complexity hypothesis only. Hence, our findings do not support the prediction of bureaucrat hypothesis for both private and public institutions.     

Stakeholder Governance for Responsible Innovation: A Theory of Value Creation,Appropriation, and Distribution

In the face of intractable societal grand challenges, organizations increasingly resort to responsible innovation – that is, they pledge to create value for multiple stakeholders through developing new products or services that avoid doing harm and improve conditions for people and the planet. While the link between responsible innovation and societal improvements has been established, organizations pursuing responsible innovation lack governance mechanisms to guide the allocation of the value created – both economic and social – among heterogeneous stakeholders, in line with their responsible intent. We combine the value-based strategy and stakeholder perspectives and infuse a deliberative process to design a three-stage model of value allocation that rests on three key organizational decisions: i) what value to create and for whom, ii) how to appropriate the value created vis-à-vis unintended value appropriators, and iii) how to distribute the value appropriated among intended stakeholders. We propose a framework of stakeholder governance comprised of four novel mechanisms by which organizations can allocate value among their multiple principal stakeholders as part of participative processes. Our study contributes to responsible innovation and corporate governance research by unpacking how new value is managed to solve societal grand challenges.     

How Social Structures Influence the Labour Market Participation of Individuals with Mental Illness: A Bourdieusian Perspective

Adopting a Bourdieusian perspective, this paper examines the social structures that influence the labour market participation of individuals with mental illness. We draw on 257 qualitative surveys completed by individuals with diagnosed mental health conditions in Europe, North America, Oceania, Africa, and Asia. We employed thematic analysis to analyse the data. The findings reveal that the interplay of capital endowments, symbolic violence, habitus and illusio shape the labour market participation of individuals with mental illness. Capital endowments of individuals with mental illness are afforded less value in the labour market and these individuals internalize, legitimize and normalize their disadvantaged position, blaming themselves rather than questioning the social structures leading to the challenges they encounter. We highlight that social structures condition the opinion these individuals have of themselves and how this affects how they navigate the labour market. In sum, we show that Bourdieu's concepts provide a useful lens to study inequalities in the labour market, as they reveal the social structures that produce, sustain and reinforce the social order that disadvantages individuals with mental illness.     

Relación e influencia mutua entre el derecho internacional y el derecho europeo del trabajo

A partir de observaciones sobre el modo en que el derecho de la Unión Europea (UE) incorpora o utiliza los instrumentos internacionales destinados a garantizar la protección de los trabajadores u otros actos de las organizaciones internacionales a dicho fin, el presente artículo define las lógicas que caracterizan los vínculos, a menudo tenues pero múltiples, entre el derecho europeo y el derecho internacional del trabajo, tomado este último en su sentido más amplio. Cuatro lógicas se hacen visibles: las de la inspiración, la autonomía, la imbricacióny la mediación.     

Does a better diet reduce dependence on imports? The case of Tunisia

In the last 40 years, Tunisia has experienced—as many other developing and emerging countries—a dietary transition, which led to an increase in the consumption of sugar, fats, and animal products. This transition was accompanied by an increase in noncommunicable diseases, particularly cardiovascular diseases. Using mathematical programming, we optimized the Tunisian diet using the French dietary recommendations as constraints. Then, we used the Global Trade Analysis Project's constant elasticities of substitution in order to simulate the impact of fulfilling the nutrient recommendations on international trade and domestic supply. Using this approach, we showed that the Tunisian diet is rich in carbohydrates and sugar but lacks fibers, some minerals, and vitamins. The adherence to all recommendations would induce an imperative shift to less sugar and cereal-based products by reducing the import dependence on these products, but would result a dramatic increase in the domestic supply of products from animal origin, fruits, vegetables, and legumes.