Corporate social performance and stock returns: UK evidence from disaggregate measures

This study examines the relation between corporate social performance and stock returns in the UK. We closely evaluate the interactions between social and financial performance with a set of disaggregated social performance indicators for environment, employment, and community activities instead of using an aggregate measure. While scores on a composite social performance indicator are negatively related to stock returns, we find the poor financial reward offered by such firms is attributable to their good social performance on the environment and, to a lesser extent, the community aspects. Considerable abnormal returns are available from holding a portfolio of the socially least desirable stocks. These relationships between social and financial performance can be rationalized by multi-factor models for explaining the cross-sectional variation in returns, but not by industry effects.

Narrativising the facts: acting in screen and stage docudrama

This article presents findings and seeks to establish the theoretical markers that indicate the growing importance of fact-based drama in screen and theatre performance to the wider Anglophone culture. During the final decade of the twentieth century and the opening one of the twenty-first, television docudrama and documentary theatre have grown in visibility and importance in the UK, providing key responses to social, cultural and political change over the millennial period. Actors were the prime focus for the enquiry principally because so little research has been done into the special demands that fact-based performance makes on them. The main emphasis in actor training (in the UK at any rate) is, as it always has been, on preparation for fictional drama. Preparation in acting schools is also heavily geared towards stage performance. Our thesis was that performers called upon to play the roles of real people, in whatever medium, have added responsibilities both towards history and towards real individuals and their families. Actors must engage with ethical questions whether they like it or not, and we found them keenly aware of this. In the course of the research, we conducted 30 interviews with a selection of actors ranging from the experienced to the recently-trained. We also interviewed a few industry professionals and actor trainers. Once the interviews started it was clear that actors themselves made little or no distinction between how they set about their work for television and film. The essential disciplines for work in front of the camera, they told us, are the same whether the camera is electronic or photographic. Some adjustments become necessary, of course in the multi-camera TV studio. But much serious drama for the screen is made on film anyway. We found it was also the case that young actors now tend to get their first paid employment before a camera rather than on a stage. The screen-before-stage tendency, along with the fundamental re-shaping that has gone on in the British theatre since at least the early 1980s, had implications for actor training. We have also found that theatre work still tends to be most valued by actors. For all the actors we interviewed, theatre was what they liked doing best because it was there they could practice and develop their skills, there they could work most collectively towards performance, and there they could more directly experience audience feedback in the real time of the stage play. The current world of television has been especially constrained in regard to rehearsal time in comparison to theatre (and, to a lesser extent, film). This has also affected actors’ valuation of their work. Theatre is, and is not, the most important medium in which they find work. Theatre is most important spiritually and intellectually, because in theatre is collaborative, intensive, and involving; theatre is not as important in financial and career terms, because it is not as lucrative and not as visible to a large public as acting for the screen. Many actors took the view that, for all the industrial differences that do affect them and inevitably interest the academic, acting for the visible media of theatre, film and television involved fundamentally the same process with slightly different emphases.

Emotion processing in infancy: specificity in risk for social anxiety and associations with two year outcomes

The current study examined the specificity of patterns of responding to high and low intensity negative emotional expressions of infants of mothers with social phobia, and their association with child outcomes at two years of age. Infants of mothers with social phobia, generalised anxiety disorder (GAD) or no history of anxiety were shown pairs of angry and fearful emotional expressions at 10 weeks of age. Symptoms of social withdrawal, anxiety and sleep problems were assessed at two years of age. Only infants of mothers with social phobia showed a tendency to look away from high intensity fear faces; however infants of mothers with both social phobia and GAD showed a bias towards high intensity angry faces. Among the offspring of mothers with social phobia, anxiety symptoms at two years of age were associated with a preference for high intensity fear faces in infancy. The reverse pattern was found amongst the offspring of non-anxious mothers. These findings suggest a possible specific response to emotional expressions among the children of mothers with social phobia.

Reaping the benefits: science and the sustainable intensification of global agriculture

Food security is one of this century’s key global challenges. By 2050 the world will require increased crop production in order to feed its predicted 9 billion people. This must be done in the face of changing consumption patterns, the impacts of climate change and the growing scarcity of water and land. Crop production methods will also have to sustain the environment, preserve natural resources and support livelihoods of farmers and rural populations around the world. There is a pressing need for the ‘sustainable intensifi cation’ of global agriculture in which yields are increased without adverse environmental impact and without the cultivation of more land. Addressing the need to secure a food supply for the whole world requires an urgent international effort with a clear sense of long-term challenges and possibilities. Biological science, especially publicly funded science, must play a vital role in the sustainable intensifi cation of food crop production. The UK has a responsibility and the capacity to take a leading role in providing a range of scientifi c solutions to mitigate potential food shortages. This will require signifi cant funding of cross-disciplinary science for food security. The constraints on food crop production are well understood, but differ widely across regions. The availability of water and good soils are major limiting factors. Signifi cant losses in crop yields occur due to pests, diseases and weed competition. The effects of climate change will further exacerbate the stresses on crop plants, potentially leading to dramatic yield reductions. Maintaining and enhancing the diversity of crop genetic resources is vital to facilitate crop breeding and thereby enhance the resilience of food crop production. Addressing these constraints requires technologies and approaches that are underpinned by good science. Some of these technologies build on existing knowledge, while others are completely radical approaches, drawing on genomics and high-throughput analysis. Novel research methods have the potential to contribute to food crop production through both genetic improvement of crops and new crop and soil management practices. Genetic improvements to crops can occur through breeding or genetic modifi cation to introduce a range of desirable traits. The application of genetic methods has the potential to refi ne existing crops and provide incremental improvements. These methods also have the potential to introduce radical and highly signifi cant improvements to crops by increasing photosynthetic effi ciency, reducing the need for nitrogen or other fertilisers and unlocking some of the unrealised potential of crop genomes. The science of crop management and agricultural practice also needs to be given particular emphasis as part of a food security grand challenge. These approaches can address key constraints in existing crop varieties and can be applied widely. Current approaches to maximising production within agricultural systems are unsustainable; new methodologies that utilise all elements of the agricultural system are needed, including better soil management and enhancement and exploitation of populations of benefi cial soil microbes. Agronomy, soil science and agroecology—the relevant sciences—have been neglected in recent years. Past debates about the use of new technologies for agriculture have tended to adopt an either/or approach, emphasising the merits of particular agricultural systems or technological approaches and the downsides of others. This has been seen most obviously with respect to genetically modifi ed (GM) crops, the use of pesticides and the arguments for and against organic modes of production. These debates have failed to acknowledge that there is no technological panacea for the global challenge of sustainable and secure global food production. There will always be trade-offs and local complexities. This report considers both new crop varieties and appropriate agroecological crop and soil management practices and adopts an inclusive approach. No techniques or technologies should be ruled out. Global agriculture demands a diversity of approaches, specific to crops, localities, cultures and other circumstances. Such diversity demands that the breadth of relevant scientific enquiry is equally diverse, and that science needs to be combined with social, economic and political perspectives. In addition to supporting high-quality science, the UK needs to maintain and build its capacity to innovate, in collaboration with international and national research centres. UK scientists and agronomists have in the past played a leading role in disciplines relevant to agriculture, but training in agricultural sciences and related topics has recently suffered from a lack of policy attention and support. Agricultural extension services, connecting farmers with new innovations, have been similarly neglected in the UK and elsewhere. There is a major need to review the support for and provision of extension services, particularly in developing countries. The governance of innovation for agriculture needs to maximise opportunities for increasing production, while at the same time protecting societies, economies and the environment from negative side effects. Regulatory systems need to improve their assessment of benefits. Horizon scanning will ensure proactive consideration of technological options by governments. Assessment of benefi ts, risks and uncertainties should be seen broadly, and should include the wider impacts of new technologies and practices on economies and societies. Public and stakeholder dialogue—with NGOs, scientists and farmers in particular—needs to be a part of all governance frameworks.

Considering heteroglossia in language and development in Sub-Saharan Africa

Countries throughout the sub-Saharan (SSA) region have a complex linguistic heritage having their origins in opportunistic boundary changes effected by Western colonial powers at the Berlin Conference 1884-85. Postcolonial language-in-education policies valorizing ex-colonial languages have contributed at least in part to underachievement in education and thus the underdevelopment of human resources in SSA countries. This situation is not likely to improve whilst unresolved questions concerning the choice of language(s) that would best support social and economic development remain. Whilst policy attempts to develop local languages have been discussed within the framework of the African Union, and some countries have experimented with models of multilingual education during the past decade, the goalposts have already changed as a result of migration and trade. This paper argues that language policy makers need to be cognizant of changing language ecologies and their relationship with emerging linguistic and economic markets. The concept of language, within such a framework, has to be viewed in relation to the multiplicity of language markets within the shifting landscapes of people, culture, economics and the geo-politics of the 21st Century. Whilst, on the one hand, this refers to the hegemony of dominant powerful languages and the social relations of disempowerment, on the other hand, it also refers to existing and evolving social spaces and local language capabilities and choices. Within this framework the article argues that socially constructed dominant macro language markets need to be viewed also in relation to other, self-defined, community meso- and individual micro- language markets and their possibilities for social, economic and political development. It is through pursuing this argument that this article assesses the validity of Omoniyi’s argument in this volume, for the need to focus on the concept of language capital within multilingual contexts in the SSA region as compared to Bourdieu’s concept of linguistic capital.