Numéro 13 (1): 2016
Articles
John Francis T DIAZ
ABSTRACT
This study compares return and volatility performance of ethical and non-ethical publiclylisted financial companies through their long-memory and volatility asymmetry properties. The paper finds that the volatility of the daily stock price returns for both groups of financial companies can be used to predict their future values. Both also follow market fundamentals by exhibiting asymmetric volatility response properties, are not immune to negative shocks and experience losses in economic downturns. However, an interesting finding shows that ethical financial companies generally have higher returns and lower volatility than their nonethical counterparts. This can be attributed to the positive perception of the investing public on ethical companies, which invites more potential investors providing them with steady investment flows. This study encourages fund managers and investors in continuously adding ethical investment instruments and creating portfolio related to corporate social responsibility initiatives. Findings can also offer more understanding in the properties of ethical financial companies, and open future channels of research to academicians and researchers.
KEYWORDS
ethical and non-ethical financial companies, returns and volatility, long-memory models, volatility asymmetry property
Delphine POUCHAIN
ABSTRACT
To go out of charity, fair trade increasingly focuses on the superior quality of its products. We show in this paper that this strategy carries more threats than solutions for fair trade, unless a broader definition of the quality of goods is envisaged. We observe finally that quality and equity can be antithetical: the exhortation of the consumers to be more concerned with quality of goods may surpass the exhortation to exchange in a jut way.
KEYWORDS
Quality, equity, justice, trade, price.
Ivan DUFEU
Sibyller DUCHAINE
Cécile MORVAN
Gérard BERNIER
L’agriculture biologique contribue-t-elle au bien être ?
ABSTRACT
Through a case study of a producer association of organic fruit and vegetables in the Loire Valley Region of France (Loire Ocean Bio), this article proposes several approaches for understanding the potential links between organic farming and health and well-being. In the cases encountered by the authors, the classic utilitarian approach used by economists regarding health and well-being does not prove very useful in analyzing these links. Multidimensional measurements of the determinants of health and well-being, such as those proposed by Stiglitz report (Stiglitz, Sen and Fitoussi, 2009), prove to be better suited in this matter. Using their framework, this article highlights the finding that there appears to be a mutually reinforcing relationship between organic agriculture and health and well-being. That is to say, on certain points, organic agriculture helps to improve the quality of life in the region concerned, while at the same time the interests of health and well-being are of a central concern to organic producers.
KEYWORDS
measurements of health and well-being, organic farming, fair trade, case study.
Stéphane CALLENS
ABSTRACT
Amputation is a surgical procedure that often highlights a failure in management of infection or in the accompaniment of a disease such as diabetes. It raises a question of identity for the patient. Reconstructive surgery reduces the identity issues. Although the benefit received by the patient, reconstructive surgery is not the one coming first. The history of amputation is relatively well known (Kirkup, 2007). Why a so ancient practice? Why a so abundant practice today – in particular, more than 1,200 amputations performed in few days in January 2010 in Port au Prince? Alternative surgical techniques have been developed parallel to amputation. Large progress in medical history led to a fall in the death rate, but not a reduction in the variety of therapeutic practices. Two models of interpretations can be used to explain the variation of the surgical practices: either a cycle with recurrences, or a succession of phases. In L’Usage des plaisirs, Michel Foucault explains how the Hippocratic medicine induces the setting of the first professional ethics. The history of sexuality is a succession of phases. However, the analytical form of a cycle seems to be confirmed by the analysis in the case of the history of amputation. This ethical cycle consists of general recommendations in low phase and an ethical decision in high phase.
KEYWORDS
Medical ethics, amputation, cycle
Mouhamadou FALL
L’impact des principes éthiques sur le marché d’assurance en présence de tests génétiques
ABSTRACT
According to certain authors, the genetic tests entail the exclusion of agents from the insurance market. For that reason, several individuals advocate in the name of ethical principles to ban the use of genetic tests on the market. However if for the ethical reasons, the information remains private, the contract of solidarity which insures a complete mutualization of the risk and an access equal to all to the insurance market can be threatened. The agents themselves can use this information either to lower their premium if they are low risk agents either to increase their insurance demand if they are high risk agents. This situation can induce an adverse selection phenomenon. In this article, we look for the consequences of ethical principles on the insurance market. We show that sometimes it is rational to let genetic information as public information.
KEYWORDS
Genetic testing, insurance, ethics, justice
Sreenivasan SUBRAMANIAN
Aparajay SUBRAMANIAN
Population Ethics, Social Choice Theory, and Two problems in the Measurement of Economic Poverty
ABSTRACT
The headcount ratio and the aggregate headcount are alternative headcount measures of money-metric poverty, of which the first is by far and away the more widely employed index in the poverty measurement literature. The two indices can present conflicting judgements on poverty in both cross-section and time-series comparisons involving variable populations. The headcount ratio, it turns out, can also violate an intuitively appealing ‘vector dominance’ requirement in poverty comparisons. The present essay traces some of these difficulties to issues in population ethics and principles of social choice. The simple point of the essay is that apparently innocuous and widely observed conventions in the measurement of poverty are actually compatible with problems of both logical coherence and normative appeal.
KEYWORDS
population ethics, Constituency Principle, Focus Axiom, social choice theory, Pareto Principle, Axioms of Subgroup Unanimity, aggregate headcount, headcount ratio
Numéro 13 (2): 2016
Articles
Nathalie DEVILLIER
L’alerte éthique : vers une gouvernance omnicanal ?
ABSTRACT
Is the creation of a whistleblowing mechanism likely to strengthen corporate governance? This will be the subject of this legal study which first seeks to identify the existing legal instruments in French law, while briefly comparing them with those that exist abroad to map these mechanisms and identify structural features. Then the vocation of whistleblowing as corporate governance lever will be examined, including by questioning the effectiveness of the device.
KEYWORDS
whistleblowing, confidentiality, compliance, ethics, protection, employees.
Hafida NIA
Hicham ATTOUCH
Responsabilité Sociétale des Organisations et ISO 26000 : cas du Maroc
ABSTRACT
The social responsibility of organizations includes two complementary realities. For society, it is the contribution of any organization in the national sustainable development effort. For the organization, it is an expression of the search for a global performance especially in the economic, social and environmental. The fundamental goal of ISO 26000 is to design and build a new model of socio- economically sustainable. In our paper, we try to approach the different representations of the CSR and provide empirical insights into the adoption and implementation thereof by the Moroccan organizations in relation to the guide of the ISO26000. Our exploratory analysis shows that those closest to the repository are a minority (82 organizations) and are those who joined the CSR-CGEM label or UN-Global Compact. Also, we did an exploratory survey between 5 organizations who joined the CSR-CGEM label and 8 organizations from a control sample.
KEYWORDS
ISO 26000 – Social Responsibility organizations – Sustainable development – Stakeholders.
Hafida NIA
Hicham ATTOUCH
Démocratie et justice sociale : Arrow-Harsanyi-Rawls-Sen, un quatuor dissonant
ABSTRACT
Is social justice congruent with democracy? Are utilitarianism and welfare economics compatible with political liberalism? Salient disagreements between welfare economics and political philosophy focus upon the choice of principles of justice in a democratic society, and sustainability thereof remains an open question. Arrow’s theorem establishes the impossibility of grounding a social welfare function upon individual preferences. Harsanyi’s rule-utilitarianism builds a welfare function upon Bayesian expected utility. Rawls’s contractarian theory of justice upholds the priority of the right over the good. Sen’s theory of social choice rejects the compatibility of the Pareto principle with political liberalism.
KEYWORDS
democracy, justice, political liberalism, preferences, social choice, utilitarianism, welfare.
Pierre ROBERT
Benoît LALLAU
ABSTRACT
Since the 1970s, the consequences of climatic shocks have affected people in Senegalese rural areas. However, these populations aren’t passive when facing a major event and often try to resist. This is why we question the resilience of rural households. This paper aims to develop a theoretical and methodological approach of this concept. It mobilizes the sustainable livelihoods framework with livelihoods trajectories and livelihoods thresholds. The empirical part of this study focuses on two case studies in Senegalese rural areas (Niayes region and Groundnut Basin). Finally, we develop an household’s typology with three components: resilience, resistance and destitution. The results show the interest of a located resilience approach.
KEYWORDS
resilience, livelihoods, trajectories, thresholds
Bi YOUAN
Bertrand TRAZIÉ
ABSTRACT
The aim of our study was to propose a sustainable financing mechanism. It emerges that food subsistence agriculture is mainly financed by the informal lenders (suppliers of inputs and purchaser of agricultural product) due to their proximity. Anywhere, the results reveal that the collateral, guaranteed and the disbursement periods discourage credit and low down the repayment rate. These results allowed us to propose a new mechanism of financing which amalgamates the informal and formal lenders. This mechanism is based on the MFI by creating a committee of credit made up of all the actors. Thus, the suppliers provide inputs to the farmers. And the repayment is ensured by the purchasers of products after the sale of the harvest. This system increases activities of all actors and legalize those of the informal lenders.
KEYWORDS
Microfinance; Informal lender; Familial agriculture; Co-production ; Côte d’Ivoire
S. SUBRAMANIAN
Inequality, Poverty, Two Invariance Conditions, and a Product Rule
ABSTRACT
Two axioms in the measurement of inequality and poverty which are widely perceived to be innocuous and unexceptionable – although they have both been challenged in the literature – are the Scale Invariance Axiom and the Replication Invariance Axiom. These axioms have endorsed an essentially relative approach (with respect to income-size and population-size respectively) to the measurement of inequality and poverty. The present paper is an expository essay which aims to clarify the logical and ethical limitations of either a purely relative or a purely absolute approach to distributional measurement. In the process, it also reviews two proposals – due to Manfred Krtscha and Eduardo Arriaga respectively – for ‘intermediate’ measures of inequality and poverty, which moderate the ‘extreme’ values underlying relative and absolute measures by combining these opposing values in a simple product formula.
KEYWORDS
Scale Invariance, Translation Invariance, Unit Consistency, Replication Invariance, Replication Scaling, Population Replication Principle
Comptes Rendus / Book Reviews
POLÍTICA DE CONFIABILIDAD
ETHICS, ECONOMICS & COMMON GOODS, vol. 19, No. 1, enero-junio 2022, es una publicación semestral editada por la Universidad Popular Autónoma del Estado de Puebla A.C., calle 21 Sur 1103, Col. Santiago, C.P. 72410, Puebla, Puebla. Tel. (222) 2299400, https://ethicsand-economics.
Editor responsable: Manuel Alejandro Gutiérrez González. Reserva de Derechos al Uso Exclusivo No. 04-2022071213543400-102, ISSN en trámite, ambos otorgados por el Instituto Nacional del Derecho de Autor. Responsable de la última actualización de este número, Universidad Tecnológica de Querétaro, TSU María Guadalupe García Guerrero, Av. Pie de la Cuesta 2501, col. Nacional, fecha de última modificación, 30 de julio de 2022.
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