The Securities and Exchange Commission requires the disclosure of changes to or waivers of corporate codes of ethics. Because the nature of amendments or waivers can vary, we expect the text of Item 5.05 to include different topics within different filings. We examine the population of these disclosures in Item 5.05 8-K filings from 2004 to 2020. While previous studies utilized small samples (fewer than 50 observations) to examine limited aspects of these filings, we use the population of these filings (...) from 2004 to 2020 (2121 8-K filings) to elucidate the nature and details of the disclosures. We assess whether Latent Dirichlet Allocation—a computational linguistics technique—can help discern the underlying topics represented in filings. While the Securities and Exchange Commission identifies two topics—amendments and waivers—the Latent Dirichlet Allocation analysis reveals four topics (three related to amendments): (1) code updates and clarifications; (2) combining codes of conduct for all officers and employees, or splitting codes to include a code directly applicable to senior financial officers; (3) codes of ethics waivers; and (4) substantive code changes. The overall trend is for fewer 8-Ks to be filed in recent years, with updates and clarifications becoming the predominant filing type. Our results further indicate that Item 5.05s related to updates and clarifications, and those related to combined or split codes, use fewer words and are more easily readable than those disclosing waivers or material code changes. Although we find no significant price reaction to Item 5.05 8-K filings, we find significant trading volume and volatility reactions, suggesting that these disclosures could give rise to differences in opinion among investors, which is consistent with the US Senate's assertion that these disclosures are of interest to investors. (shrink)

This study investigates the impact of Securities and Exchange Commission (SEC) enforcement actions on individuals holding Certified Public Accountant (CPA) accreditation. While prior research has investigated both the characteristics of companies that have been investigated by the SEC and litigation against audit firms, it has not addressed the ways in which SEC investigations impact CPAs. Using a sample of 262 CPAs, we find that the most common CPA breach was associated with overstating revenues/income or earnings. The study finds serious consequences (...) for CPAs in terms of employment restrictions and SEC actions, incorporating suspension, which is often permanent. We find that the primary factors relating to the severity of actions by the SEC is whether the CPA intentionally breached the professional code of conduct, the age of the CPA, whether the CPA is still a member of the AICPA with CPA status and whether the CPA was operating as an external auditor or in a corporate accounting role. Our findings have implications for accounting practitioners, the AICPA and boards of directors. (shrink)

We create a database of company codes of ethics from firms listed on the Standard & Poor's 500 Index and, separately, a sample of small firms. The SEC believes that "ethics codes do, and should, vary from company to company." Using textual analysis techniques, we measure the extent of commonality across the documents. We find substantial levels of common sentences used by the firms, including a few cases where the codes of ethics are essentially identical. We consider these results in (...) the context of legal statements versus value statements. While legal writing often mandates duplication, we argue that value-based statements should be held to a higher standard of originality. Our evidence is consistent with isomorphic pressures on smaller firms to conform. (shrink)

Reports of ethical lapses in the business world have been numerous and widespread. Ethical awareness in business education has received a great deal of attention because of the number and severity of business scandals. Given Sarbanes-Oxley legislation and recent Association to Advance Collegiate Schools of Business International’s (AACSBI) recommendations, this study examined respective websites of Securities and Exchange Commission (SEC) regulated public companies and AACSBI-accredited business schools for ethical policy statement content. The analysis was accomplished by classifying ethical expressions into (...) a framework consisting of the attributes of thematic content and focus/themes partially based on the 2004 research of Gaumnitz and Lere. Findings indicate that public companies have been diligent in presenting website ethical content that closely follows authoritative recommendations. Business schools appear not to have prioritized such disclosure to the extent done so by public companies. Although there was improvement between two samples taken in 2005 and 2007, this study provides evidence that many accredited business schools have little or no disclosed ethical expectations in their mission, vision, goals, or other similar types of statements on their websites. Additional findings provide several opportunities for future research. (shrink)

Regulatory responses to the business failures of 1998–2001 framed them as a general failure of governance and ethics rather than as firm-specific problems. Among the regulatory responses are Section 406 of Sarbanes–Oxley Act, SEC, and exchange requirements to provide a Code of Ethics. However, institutional pressures surrounding this regulation suggest the potential for symbolic responses and decoupling of response from organizational action. In this article, we examine Codes of Ethics for a stratified sample of 75 U.S. firms across five (...) distinct industries and find that content and language converge across organizations in ways undesired by the regulators, and that language is used to minimize the effects of the Code on constraining organizational behavior. There is, however, a noteworthy exception in the sections of the Codes dedicated the ethics of financial reporting. Although this material still contains legalistic boilerplate information, it does offer concrete guidance and emphatic language pertaining to the need to maintain the integrity of reporting practices. This suggests that the corporate understanding of the source of the failures is one of fraudulent financial reporting. Aside from the matter of financial reporting, the vague and stylized content of the Codes was a predicted response and constitutes a rational response to the regulation. The regulation, however, clearly states the belief that Codes should vary from firm to firm and that individual firms should determine the specific content of a Code. Aside from financial reporting matters, the observed result suggests that regulatory efforts may have failed to instigate corporate change in attitudes toward and enforcement of higher ethical standards by corporate actors. (shrink)

This chapter critically examines the role of Social and Ethics Committees (SECs) in amplifying the internal stakeholder voice within the framework of company law in South Africa, drawing insights from both primary and secondary sources of law, including the UK Corporate Governance Code. Through a comprehensive literature review, the chapter analyses the Companies Amendment Bill of 2021, which introduces significant changes to the Companies Act 71 of 2008, with a focus on its potential to strengthen stakeholder engagement through SECs. (...) While the Bill aims to improve corporate governance by addressing existing legal ambiguities, the chapter argues that it still prioritizes shareholder interests, potentially at the expense of broader stakeholder involvement. The methodology involves a critical review of legal texts, statutory provisions, case law, and scholarly articles to explore how internal Corporate Social Responsibility (CSR), facilitated by SECs, can enhance corporate accountability, transparency, and social responsiveness, thereby positively influencing company performance. The analysis critiques the Bill’s provisions on SEC composition, qualifications, and reporting, identifying both strengths and weaknesses in fostering effective stakeholder engagement. By drawing on the UK Corporate Governance Code and other relevant legal frameworks, the chapter advocates for a more balanced and inclusive approach in South African company law that ensures the voices of all stakeholders—employees, communities, and shareholders—are heard and respected in corporate decision-making. The chapter concludes that such reforms, informed by both primary and secondary sources of law, are essential for creating a more equitable and responsible business environment in South Africa. (shrink)

Self-regulation exists at the firm-level, the industry-level, and the business-level of economic organization. Industry self-regulation has faced economic (free rider) and legal (antitrust) impediments to widespread implementation, although there exist examples of effective industry self-regulation, e.g., securities industry and the SEC, advertising and the FTC. By instituting industry codes of conduct, national trade associations have shown to be natural vehicles for self-regulation. While there has been long-standing general encouragement for establishing industry codes, adopting and enforcing conduct codes has been seriously (...) circumscribed by restrictive Supreme Court decisions and FTC advisory opinions. One approach to clearing legal confusion is to petition the FTC to issue an industry guide on promulgating and enforcing trade association codes of conduct. Another strategy is to utilize a stakeholder approach to association ethics committee appointments that subsequently influence code creation and enforcement. Finally, a new concept of an industry code of conduct will consist of three subcodes: an economic code; an environmental code; and a socio-political code. Combined, these strategic approaches will offer new opportunities for effective nonmarket regulation. (shrink)

This paper examines ethical issues involved in the mass marketing of securities to individuals. The marketing of products deemed “socially questionable” or “sinful” (like tobacco and alcohol) has long been recognized as posing special ethical challenges (Kotler, P. and S. Levy: 1971, Harvard Business Review 49, 74–80; Davidson, D. K: 1996, Selling Sin: The Marketing of Socially Unacceptable Products (Quorum Press, Westport). We contend that marketers should consider securities (i.e. common stock, options) in a similar vein, as a potentially dangerous (...) product. Given the inherent volatility of equity prices, responsible marketers need to exercise caution and restraint in promoting securities. We evaluate whether the NYSE’s current guidelines adequately encourage ethical marketing practices and deter unethical ones. Using recent examples of controversial brokerage advertisements, we expose weaknesses in the Exchange’s vague injunction that members not “mislead” reasonable people by making “exaggerated claims” in their communications. From a moral perspective, we find it troublesome that intentionality need not be present for a promotion to be considered misleading. Also problematic is the continued invocation of the reasonable person standard to judge the propriety of advertisements. We close with some thoughts on improving the quality of securities marketing. We suggest that the NYSE, in the interests of fostering higher ethical behavior among member marketers, may need to revive a marketing code of conduct prevalent on Wall Street in an earlier era. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:New Periodical Articles by Russell (II)Kenneth BlackwellThere are 51 new C entries since the twenty-year update in Russell 34 (2014) to the first edition of A Bibliography of Bertrand Russell (3 vols., 1994). Too many to list here are the new speech reports, interviews, blurbs, and multiple-signatory letters to the editor in other parts of Volume ii and new books and contributions to them in Volume i. A sub-division (...) is made between those articles published by Russell during his lifetime and those posthumously by his editors. In the Collected Papers there are many further articles now published, whose appearance could not be traced during his lifetime. Thanks in advance to readers for any corrections and further discoveries for Russell's vast corpus. For some Chinese publications cited in C20.21′, I am indebted to Lianghua Zhou, "A Critical Bibliography of Russell's Lectures and Addresses in China" (36 [2016]) in this journal. Files for the new entries are not available in the Russell Archives.For assistance with this update I wish to thank David Blitz, William Bruneau, Ruth Derham, Carl Spadoni, Michael Stevenson, Sheila Turcon, the two Editors, and (for conversion of the first edition files) Arlene Duncan.C20.21′ [RESPONSE TO SPEECH OF WELCOME TO CHINA]. Shibao [世報], Shanghai, 14 Oct. 1920, p. 5.In "Huanyan da zhexuejia Luosu ji 歡宴大哲學家羅素紀 [Notes from the Welcome Banquet for the Great Philosopher Russell]".—Russell's speech was translated by his official translator, Zhao Yuanren [Y. R. Chao].—Reprinted in Chen Bao [Morning Post], 16 Oct. 1920, p. 3 (cited in Papers 15: li); Luosu Yuekan [Russell Monthly], Beijing, no. 1 (Jan. 1921): App., pp. 6–7; and Yuan Gang, Sun Jiaxiang, and Ren Bingqiang, eds., Zhongguo Dao Ziyou Zhi Lu: Luosu Zaihua Jiangyanji [China's Road to Freedom: a Collection of Russell's Lectures in China] (Beijing: Beijing Daxue [End Page 71] Chubanshe [Peking University Press], 2004).—Translated into English in "Welcome Banquet for the Great Philosopher Russell", in Jan Vrhovski and Jana S. Rošker, eds., Bertrand Russell's Visit to China: Selected Texts on the Centenary of Intercultural Dialogues in Logic and Epistemology (Ljubljana, Slovenia: Ljubljana U. P., 2021), pp. 61–3 (which is the source of the Chinese characters below). Click for larger view View full resolution"Bertrand Russell" in simplified Chinese charactersC23.24a BERTRAND RUSSELL ON "HELL". Haldeman-Julius Weekly, Girard, ks, no. 1,446 (18 Aug. 1923): 4.Letter to Upton Sinclair on his play Hell, dated 20 June 1923.—Photocopy of holograph letter is at ra Rec. Acq. 40.—Reprinted in Collected Papers 16 (forth.).C24.12a CHILDREN AND YOUNG PERSONS BILL. The Manchester Guardian, 7 March 1924, p. 10.Signed also by Clifford Allen and sent from his address in Battersea.—"We must beware lest in our zeal to maintain the existing moral code we inflict further suffering upon the very children and women whom the promoters of the bill wish to protect."—Re abortion and underage sex.—Reprinted in Collected Papers 16 (forth.).C24.20a MACDONALD'S POLICY WILL ALTER SPIRIT OF WORLD. The Winnipeg Evening Tribune, Winnipeg, mb, 5 April 1924, theatre sec., p. 7.Subtitled "English Philosopher States Rumors of Split in Labor Ranks Exaggerated".—An editorial note states that the article was "prepared exclusively" for the Tribune.—Reprinted in Collected Papers 16 (forth.).C24.50a "WHAT'S WRONG WITH U.S.?["] BERTRAND RUSSELL FORESEES RADICALISM MUCH OPPRESSED.The Daily Notes, Canonsburg, pa, 22 Nov. 1924, p. 6.Datelined London, 21 November.—International News Service (ins) had invited Russell's views on "What Is Wrong with America" in a letter of 14 October 1924 (ra1 410).—Also as "Toleration Now Greatest Need of This Nation; Noted British Writer Sees Most of America's Troubles Migratory; Believes Negro Question, with Persecution, Will Lead to Difficulty", Defiance Crescent-News, Defiance, oh, 24 Nov. 1924, p. 1; " 'What's Wrong with U.S.?' Bertrand Russell Sees Radicalism Much Oppressed", The Evening News, Wilkes-Barre, pa, 25 Nov. 1924, p. 13; op. cit., St. Petersburg Times, St. Petersburg, fl, 25 Nov. 1924, sec. 3, p. 7; op. cit., The Huntington Herald, Huntington, il, 26 Nov. 1924, p. 10; op. cit... (shrink)

Roman Law is an important legal systematic that contains important codings of world law history. This legal system not only affected Continental Europe, but also the Near East, which was a period under its domination. Especially in the Justinian period, the law collection that emerged as a result of the legal studies starting from the East Roman capital is considered as a monumental work by many historians and jurists. Researchers who praise Corpus Juris Civilis are right. However, this selection, which (...) is one of the most effective law coding, is far from being practical. For this Leo III prepared his law book called Ecloga. Referred to as the first Christian law book, this work was later expanded with some additions. Ecloga was given its final shape during the period of Empress Irene. Irene is one of the strongest female figures in Roman history. Emperor Constantine V married his son Leo (who is from his first wife Çiçek Hatun, the Caspian Princess) to Irene. Irene was the daughter of an ordinary family. She was Athenian as origin. However, Athens was not a city as flashy as it was in ancient times. At the same time, the Athenians were against icon-breaking, which was the official ideology of the empire. It was really interesting that Irene was chosen by Constantine V as wife for his son Leo. After the death of Constantine V, Leo IV acceded to the throne without any problems. The fact that Leo IV had chronic tuberculosis prevented him from state administrations. Actually, it was Irene who filled in this gap. After the early death of Leo IV, due to the aforementioned disease, his 10-year-old son Constantine VI became officially regent. After killing her son by abacina-tion Irene became the sole owner of the throne. In the ongoing process, she abused law and religion to maintain her power. Irene’s first law supplement was on oaths. There were many references to the Holy Book in the annex of this law. It was mentioned that it is not a sin to swear in the Old Testament, but it is now forbidden to swear with the New Testament. In addi-tion, the law stipulates that the oath is the way to deny God precisely after lying. However, it was claimed that the oath tradition to the Roman society passed through the Hebrews. Un-doubtedly, Irene used the text of this law to prove that the oath of devotion of the majority of the eastern Roman army, allegedly to her son Constantine VI, was invalid. Because in the Ro-man army, fulfilling the necessary oath and loyalty to the emperor were in front of everything. It was possible for the empress to take over the throne with this proclaimed law article that the vows of the soldiers who swore in order to remain committed to Constantine VI within the army were void. It is obvious that Irene was trying to prevent a possible coup attempt within the army. The empress’ second annex to the law concerns those who married for the third time. The law was titled “About those who illegally contract to third or later marriages and about those who marry their own slaves”. In Christianity, it was allowed to marry for the sec-ond time after the death of one of the spouses. There were certain phrases that marriages to be held for the third time in the Holy Book were forbidden. It is clear that Irene had a political benefit in reminding this ban. Because her power was based on her marriage with Leo, who was the son of Constantine V from his first wife. Their rivals were the sons of Constantine V from his third marriage. Therefore, with this law, she eliminated her political rivals. (shrink)

Having adequate knowledge of the world is not just a matter of survival but also one of obligation. This obligation to "know well" is what philosophers have termed "epistemic responsibility." In this innovative and eclectic study, Lorraine Code explores the possibilities inherent in this concept as a basis for understanding human attempts to know and understand the world and for discerning the nature of intellectual virtue. By focusing on the idea that knowing is a creative process guided by imperatives (...) of epistemic responsibility, Code provides a fresh perspective on the theory of knowledge. From this new perspective, Code poses questions about knowledge that have a different focus from those traditionally raised in the two leading epistemological theories, foundationalism and coherentism. While not rejecting these approaches, this new position moves away from a primary concentration on determinate products and towards an examination of ever-changing processes. Arguing that knowledge never exists as an ungrounded abstraction but rather emerges through dialogue between variously authoritative "knowers" situated within particular social and historical contexts, she draws extensively on examples from lived social experience to illustrate the ways in which human beings have long tried to recognize and meet their epistemic responsibilities. This edition of Epistemic Responsibility includes a new preface from Lorraine Code"--Provided by the publisher. (shrink)

How could ecological thinking animate an epistemology capable of addressing feminist, multicultural, and other post-colonial concerns? Starting from an epistemological approach implicit in Rachel Carson's scientific practice, Lorraine Code elaborates the creative, restructuring resources of ecology for a theory of knowledge. She critiques the instrumental rationality, abstract individualism, and exploitation of people and places that western epistemologies of mastery have legitimated, to propose a politics of epistemic location, sensitive to the interplay of particularity and diversity, and focused on responsible (...) epistemic practice. (shrink)

Feminist epistemologists who attempt to refigure epistemology must wrestle with a number of dualisms. This essay examines the ways Lorraine Code, Sandra Harding, and Susan Hekman reconceptualize the relationship between self/other, nature/culture, and subject/object as they struggle to reformulate objectivity and knowledge.

I evaluate post-Quinean naturalized epistemology as a resource for postcolonial and feminist epistemology. I argue that naturalistic inquiry into material conditions and institutions of knowledge production has most to offer epistemologists committed to maintaining continuity with the knowledge production of specifically located knowers. Yet naturalistic denigrations of folk epistemic practices and stereotyped, hence often oppressive, readings of human nature challenge the naturalness of the nature they claim to study. I outline an ecologically modelled epistemology that focuses on questions of epistemic (...) responsibility and community, while refusing the reductivism of totalizing theory, and producing realistic moral-epistemic analyses of specific, local epistemic resources to ground its normative injunctions. (shrink)

Assumptions about what it is to be human are implicit in most philosophical reflections upon ethical and epistemological issues. Although such assumptions are not usually elaborated into a comprehensive theory of human nature, they are nonetheless influential in beliefs about what kinds of problem are worthy of consideration, and in judgments about the adequacy of proposed solutions. Claims to the effect that one should not be swayed by feelings and loyalties in the making of moral decisions, for example, presuppose that (...) human beings are creatures whose nature is amenable to guidance by reason rather than emotion and are creatures capable of living well when they act as impartially as possible. Analogously, claims to the effect that knowledge, to merit that title, should be acquired out of independent cognitive endeavour uncluttered by opinion and hearsay, suggest that human beings are creatures who can come to know their environment through their own unaided efforts. And claims to the effect that knowledge, once acquired, is timelessly and universally true depend upon assumptions about the constancy and uniformity of human nature across historical and cultural boundaries. (shrink)

The arguments in this book are informed at once by the moral-political implications of how knowledge is produced and circulated and by issues of gendered subjectivity. In their critical dimension, these lucid essays engage with the incapacity of the philosophical mainstream's dominant epistemologies to offer regulative principles that guide people in the epistemic projects that figure centrally in their lives. In its constructive dimension, ____Rhetorical__ ____Spaces__ focuses on developing productive, case-by-case analyses of knowing other people in situations where social-political inequalities (...) create asymmetrical patterns of epistemic power and privilege. (shrink)

Abstract Taking my point of entry from George Eliot's reference to ?the power of Ignorance?, I analyse some manifestations of that power as she portrays it in the life of a young woman of affluence, in her novel Daniel Deronda. Comparing and contrasting this kind of ignorance with James Mill's avowed ignorance of local tradition and custom in his History of British India, I consider how ignorance can foster immoral beliefs which, in turn, contribute to social-political arrangements of dominance and (...) subordination. Yet I ask, too, how judgements of culpability can be sustained when ignorance is culturally induced. (shrink)

Aristotle shares with Plato the attitude that the world, ‘the all,’ is a kosmos, a well-ordered and beautiful whole which, as such, can be rendered intelligible, or understood, by the intellect. One understands things, generally speaking, by tracing them back to their sources, origins or principles and causes or explanatory factors, and seeing in what manner they are related to these principles. We know, or understand, a thing when we grasp ‘the why’ or cause. Consequently, understanding is systematic. Some things (...) we understand through themselves - these are the first principles and as such are not understood by tracing them back to causes. We understand other things by systematically relating them in appropriate ways to what is known through itself. These other things are known through, or by means of, their causes and principles. (shrink)

Who is the autonomous moral agent? The individual? The exemplary/typical knowing, acting, suffering, or thriving human being? Such questions in diverse modalities, originating in multiple circumsta...

Departing from an epistemological tradition for which knowledge properly achieved must be objective, especially in eschewing affect and/or special interests; and against a backdrop of my thinking about epistemic responsibility, I focus on two situations where care informs and enables good knowing. The implicit purpose of this reclamation of care as epistemically vital is to show emphatically that standard alignments of care with femininity—the female—are simply misguided. Proposing that the efficacy of epistemic practices is often enhanced when would-be knowers care (...) about the outcomes of investigation, I suggest that epistemic responsibility need not be compromised when caring motivates and animates research. Indeed, the background inspiration comes from the thought, integral to feminist and post-colonial theory and practice that, despite often-justified condemnations of research that serves "special interests," particularities do matter, epistemically. Such thoughts, variously articulated, are integral to enacting a shift in epistemology away from formal abstraction and toward engaging with the specificities of real-world, situated knowledge projects. They are not unequivocally benign, for villains too care about the outcomes of their projects. Hence multi-faceted engagements with epistemic practices and processes are urgently required across the social-political world. (shrink)

In a remarkable development, I have constructed a new definition for a self-delimiting universal Turing machine (UTM) that is easy to program and runs very quickly. This provides a new foundation for algorithmic information theory (AIT), which is the theory of the size in bits of programs for selfdelimiting UTM's. Previously, AIT had an abstract mathematical quality. Now it is possible to write down executable programs that embody the constructions in the proofs of theorems. So AIT goes from dealing with (...) remote idealized mythical objects to being a theory about practical down-to-earth gadgets that one can actually play with and use. (shrink)

Here I discuss some epistemological questions posed by projects of attempting to think globally, in light of the impossibility of affirming universal sameness. I illustrate one strategy for embarking on such a project, ecologically, in a reading of an essay by Chandra Talpade Mohanty. And I conclude by suggesting that the North/South border between Canada and the U.S.A. generates underacknowledged issues of cultural alterity.

Fifteen essays examine the work of German philosopher Hans Georg Gadamer to provide feminist interpretations of his views on science, language, history,...

Aristotle did not see a sharp contrast between the psychological and the physical. He viewed the physical as just the natural, and treats the psychological as part of the physical. This essay attempts to explain why this is so, and presents observations about Aristotle’s framework. It explores the relation of hylomorphism to functionalism, and argues against funtionalist interpretations of Aristotle due to the belief that Aristotle was confronting a different set of concerns and issues.

In this paper I offer a retrospective rereading of my work on epistemic responsibility in order to see why this inquiry has found only an uneasy location within the discourse of Anglo-American epistemology. I trace the history of the work's production, circulation and reception, and examine the feminist implications of the discussions it has occasioned.

In this essay I explore some implications and effects of taken-for-granted expectations of achieved certainty as the only legitimate outcome of scientific and everyday inquiry. The analysis contrasts ubiquitous if often tacit expectations of certainty with a critique of how these very expectations can truncate productive engagement with matters ecological. The discussion focuses on the limited prospects of success in inquiry when certainty is the only putatively acceptable outcome, and it defends the value of situated quests for knowledge with their (...) reliance on hermeneutic understandings of place and process as these involve real human knowers. (shrink)