Showing papers on "Value (ethics) published in 2012"

The Net Delusion: The Dark Side of Internet Freedom

Abstract: The Net Delusion: The Dark Side of Internet Freedom by Evgeny Morozov New York: Public Affairs, 2011 409 pages $16.99 [ILLUSTRATION OMITTED] In January 2010, Secretary of State Hillary Clinton gave a highly touted speech on Internet freedom in which she stated, "The freedom to connect is like the freedom of assembly, only in cyberspace. It allows individuals to get online, come together, and hopefully cooperate. Once you're on the Internet, you don't need to be a tycoon or a rock star to have a huge impact on society." Evgeny Morozov, in his book The Net Delusion, takes great issue with the implication, however, that the so-called "Arab Spring" and "Twitter Revolution" were caused by unfettered access to the Internet. Instead, Morozov, a research academic, provides a cautionary tale about what he argues is any attempt to establish a monocausal relationship to meaningful political change (especially when that single focus is information technology). The book opens with a discussion of cyber-utopianism and Internet-centrism--mind-sets that focus on the positive "emancipatory" aspects of Internet communication while ignoring the downsides. The argument throughout centers on nation-state policy, or lack thereof, that attacks the "wicked" problem of authoritarianism by, as a colleague of mine has dubbed it, "wiring the world." Morozov, expectantly, but importantly, cites the hedonistic world portrayed by Huxley and the "Big Brother" world of Orwell to consider both the proactive and reactive approaches to Internet freedom by authoritarian regimes. Interestingly, he notes that there is often a mix of both. Such regimes certainly use the anonymity and openness of the Internet to spy on their people and shutdown undesirable sites. But there is also a subtle approach that belies the jackboot on the keyboard methodology. While China may be known more for suppressing the Internet and for employing the masses to counter antiregime rhetoric, Russia imposes no formal Internet censorship. It relies on entertainment (porn is specifically cited) to soothe the masses, assuming that given options for political discourse and anything else, most opt for "anything else." Hitler would understand. And in nations where freedom is not widely understood from a western perspective, any bit of additional mindless diversion may be viewed as liberty by the populace. Perhaps most importantly, Morozov rails against social media determinism as driving the end of authoritarianism, labeling it "an intellectually impoverished, lazy way to study the past, understand the present, and predict the future." He does not dismiss the value of Facebook and Twitter to quickly mobilize like-minded individuals. He notes as well that the development of that very like-mindedness is complex and potentially can be manipulated by authoritarian governments using the same Internet freedom. …

What are Universities For

Abstract: Across the world, universities are more numerous than they have ever been, yet at the same time there is unprecedented confusion about their purpose and skepticism about their value. "What Are Universities For?" offers a spirited and compelling argument for completely rethinking the way we see our universities, and why we need them. Stefan Collini challenges the common claim that universities need to show that they help to make money in order to justify getting more money. Instead, he argues that we must reflect on the different types of institution and the distinctive roles they play. In particular we must recognize that attempting to extend human understanding, which is at the heart of disciplined intellectual enquiry, can never be wholly harnessed to immediate social purposes - particularly in the case of the humanities, which both attract and puzzle many people and are therefore the most difficult subjects to justify. At a time when the future of higher education lies in the balance, "What Are Universities For?" offers all of us a better, deeper and more enlightened understanding of why universities matter, to everyone.

Collaborative Value Creation: A Review of Partnering Between Nonprofits and Businesses. Part 2: Partnership Processes and Outcomes

Abstract: In this second of a two-part focused review of the nonprofit business and corporate social responsibility (CSR) literature, the authors present the third and fourth components of the collaborative value creation (CVC) framework: the partnering processes that unpack the value creation dynamics and the collaboration outcomes that examine the benefits and costs on multiple levels. The authors suggest that greater value is created at all levels of analysis, micro, meso, and macro, as collaboration moves from sole creation to co-creation of value. The CVC framework assigns equal importance to all forms of value (economic, social, and environmental), types of actors (individuals, organizations, and societies), and time scales (short/long term), providing the analytical paths for assessing value creation holistically. Examining systematically the processes and the outcomes of value co-creation allows for greater specificity, dimensionality, and inclusivity. The article concludes by delineating the contribution of the CVC framework and offering recommendations for future research.

A Communicative Framework of Value in Cross-Sector Partnerships

Abstract: Cross-sector partnerships (XSPs) are an important part of today's organizational landscape and a favored strategy for addressing complex social problems. However, a discrepancy exists between the popularity and prevalence of XSPs and evidence of their ability to produce value with respect to the problems they address. We therefore offer a framework for increasing and assessing XSP value based on an alternative conception of organizational constitution rooted in communication theory. Our central argument is that the overall value of XSPs is not merely in connecting interested parties but, rather, in their ability to act—to substantially influence the people and issues within their problem domain. This ability, we argue, comes from the constitution of organizational forms that are distinct from their members and that display collective agency—the capacity to influence a host of relevant outcomes beyond what individual organizations could do on their own. Our primary contributions are developing a framework ...

Dignity: Its History and Meaning

Abstract: Dignity plays a central role in current thinking about law and human rights, but there is sharp disagreement about its meaning. Combining conceptual precision with a broad historical background, Michael Rosen puts these controversies in context and offers a novel, constructive proposal. Drawing on law, politics, religion, and culture, as well as philosophy, Rosen shows how modern conceptions of dignity inherit several distinct strands of meaning. This is why users of the word nowadays often talk past one another. The idea of dignity as the foundation for the universal entitlement to human rights represented the coming together after the Second World War of two extremely powerful traditions: Christian theology and Kantian philosophy. Not only is this idea of dignity as an "inner transcendental kernel" behind human rights problematic, Rosen argues, it has drawn attention away from a different, very important, sense of dignity: the right to be treated with dignity, that is, with proper respect. At the heart of the argument stands the giant figure of Immanuel Kant. Challenging current orthodoxy, Rosen's interpretation presents Kant as a philosopher whose ethical thought is governed, above all, by the requirement of showing respect toward a kernel of value that each of us carries, indestructibly, within ourselves. Finally, Rosen asks (and answers) a surprisingly puzzling question: why do we still have a duty to treat the dead with dignity if they will not benefit from our respect?

The Contingent Value of Corporate Political Ties

Abstract: Executive Overview Developing and nurturing links with political actors and institutions constitutes an important component of a firm's overall nonmarket strategy. This paper focuses on corporate political ties, which are boundary-spanning personal and institutional linkages between firms and the constituent parts of public authorities. To help address the inconsistency of past research findings on the value of corporate political ties, we offer a contingency perspective by developing an integrative framework incorporating market environment, nonmarket environment, and interorganizational and intraorganizational factors that condition the value of corporate political ties, and identify potential operating mechanisms that may erode their value for a focal firm. We conclude by developing suggestions for a future research agenda.

Considering the central ideas of the ethics of care in N. Noddings' Caring : A Feminine Approach to Ethics & Moral Education

Abstract: The purpose of this paper is to examine N. Noddings’ central ideas regarding the ethics of care. Noddings defines the core sense of care as engrossment toward those with whom the caretaker is emotionally attached, and she encourages caregivers to act not according to moral reasoning and principles, but according to personal existential decisions. She also rejects the concept of universalizability of moral values. However, caring in itself is not necessarily morally good. To evaluate the act of caring as morally good or moderate, caregivers must have another frame of reference outside of caring. Therefore, one must employ the notion of universalizability to maintain a frame of reference with which one can then examine the value of caregiving acts. I argue that these incongruences in her theory stem from her rejection of the concept of universalizability of moral values, along with her rejection of principles and rules as the major guides to ethical behavior.

How national cultural values affect pro‐environmental consumer behavior

Abstract: Purpose – The purpose of this paper is to link national cultural values to personal pro‐environmental value orientations, in order to investigate why the salience of pro‐environmental value orientations differs cross‐culturally. A value‐based model is proposed and tested in a multinational study.Design/methodology/approach – An empirical investigation of 1,096 consumers was conducted in five nations with a different cultural profile on the two cultural dimensions in‐group collectivism and assertiveness. The paper applies multi‐group structural equation modelling to test the moderating effect of culture on the impact of pro‐environmental values on attitudes and subjective norms.Findings – The study reveals that the influence of a pro‐environmental value orientation differs substantially, according to national cultural values. While an ecocentric value orientation is important in the US, Canadian, German, and Australian samples which hold individualistic values, an anthropocentric value orientation is salie...

From Normativity to Responsibility

Abstract: 1. The Hope PART ONE: REGARDING NORMATIVITY 2. Practical Reasons: Explanatory and Normative 3. Reasons: Practical and Adaptive 4. The Guise of the Good 5. Reason, Rationality & Normativity PART TWO: REGARDING PRACTICAL REASONING 6. Epistemic Modulations 7. Practical Reasoning 8. The Myth of Instrumental Rationality 9. Reasons in Conflict 10. Numbers: With and Without Contractualism 11. Promoting Value? PART THREE: ON RESPONSIBILITY 12. Being in the World 13. Responsibility and the Negligence Standard

Care and Possibility: Enacting an Ethic of Care Through Narrative Practice

Abstract: The feminist notion of an ethic of care provides a powerful alternative to justice as a central orienting value for the development of moral theory, but it has been largely overlooked in the literature on care in organizations. We explore how an ethic of care could be enacted in organizations, arguing that it would involve narrative practices embedded in enduring relationships, such as work teams. We articulate three domains of discursive practice—how members construct their experiences, how they construct their struggles, and how they construct future-oriented stories—and from them identify three specific caring narrative practices: constructing histories of sparkling moments, contextualizing struggles, and constructing polyphonic future-oriented stories. We argue that, together, these practices foster an ontology of possibility—a belief system that emphasizes the socially constructed nature of both past and present and, thus, facilitates action and an appreciation of its limits. We conclude by consideri...

Care in Everyday Life: An Ethic of Care in Practice

Abstract: This book argues for the importance of care as a value and practice across a range of contexts and relationships. It applies an analysis based in a feminist ethics of care to circumstances in which care has typically been recognised as a key value: eg care for children, for people who are ill or frail, and to circumstance in which its relevance is more rarely considered, eg friendship relationships and stranger relationships. It identifies the significance of care in the context of politics and policy making and offers an imaginary of a social policy based more firmly than is currently the case in political and personal values of care This book addresses care as a practice, a disposition, and a moral, social and political value essential to our capacity to live well together, and to ensure proper treatment for those most likely to experience marginalisation and exclusion. Care has been devalued in contemporary social policy in favour of a rather different set of values – those associated with choice and control. At the same time, both the concept and practice of care within social policy has been stimulated by the work of political philosophers (eg Tronto, 1993, Sevenhuijsen, 1998) who have argued for the necessity of care to social justice. This book challenges the assertion that care is ‘past its sell by date’ (Beresford, 2008). It addresses academics and practitioners who seek to contribute to the development of policies and practices that can enable people to live well together.

Ethics in qualitative research: A view of the participants' and researchers' world from a critical standpoint

Abstract: This paper illustrates how certain ethical challenges in qualitative research necessitate sustained attention of two interconnected worlds: the world of the researcher and the world of the participant. A critical view of some of the ethical challenges in the participants’ and researchers’ world reveals that how we examine both these worlds’ effects how we design our research. In addition, it reflects the need for researchers to develop an ethical research vocabulary at the inception of their research life through multiple modes. The modes may include dialogue in the spoken and written and visual to affect their aims to adhere to the principles of respect, beneficence, nonmaleficence, and justice in a way that is mutually beneficial to the participant and the researcher. Further, the deliberations in this paper reveal that a critical conscious research ethics are embedded in the unfolding research ethics process involving the participants and the researchers, and both the participant and researcher add equal weight to the transparency of the ethical process and add value to building methodological and ethical rigor to the research. Key words: critical social theory, critical consciousness, ethics, researcher, participant, qualitative research

Struggles for value: value practices, injustice, judgment, affect and the idea of class.

Abstract: This paper is about the struggle for value by those who live intensified devaluation in the new conditions of legitimation and self-formation, by which the self is required to repeatedly reveal its value through its accrual and investment in economic, symbolic, social and cultural capitals. It explores how this value struggle is experienced: felt affectively, known and spoken through discourses of injustice. Drawing on a small research project, which uses the British New Labour government’s Respect Agenda as an evocative device to provoke discussion, the paper details how those positioned as already marginal to the dominant symbolic, presented as ‘useless’ subjects rather than ‘subjects of value’ of the nation, generate alternative ways for making value. It examines how the experience of injustice generates affective responses expressed as ‘ugly-feelings’. The conversion of these ‘ugly feelings’ into articulations of ‘just-talk’ reveals how different understandings of value, of what matters and what counts, come into effect and circulate alongside the dominant symbolic. The issue that most angered working-class respondents is how they are positioned, judged, blamed and held responsible for an inheritance over which they have no control, ‘an accident of birth’. They were acutely aware of how they were constantly judged and de-legitimated and how practices such as selfishness and greed were legitimate for others. Showing how they refuse to authorize those they consider lacking in value but with authority and in a position to judge, the paper demonstrates how class relations are lived through a struggle, not only against economic limitation but a struggle against unjustifiable judgment and authority and for dignified relationality. The paper reveals a struggle at the very core of ontology, demonstrating how the denigrated defend and make their lives liveable; an issue at the heart of current austerity politics which may have increased significance for the future.

Rethinking the Good: Moral Ideals and the Nature of Practical Reasoning

Abstract: 1. Introduction 2. Aggregation and Problems about Trade-offs: Many-Person Spectrum 3. A "New" Principle of Aggregation 4. On the Separateness of Individuals, Compensation, and Aggregation 5. Aggregation and Problems about Trade-offs Within Lives: Single- Person Spectrum Arguments 6. Another Spectrum Argument: From Infant to Fertilized Ovum 7. Exploring Transitivity: Part I 8. Exploring Transitivity: Part II 9. Expected Utility Theory/Expected Value Theory 10. Spectrum Arguments: Objections and Replies 11. On the Value of Utility and Two Models for Combining Ideals 12. On the Nature of Moral Ideals, Part I 13. On the Nature of Moral Ideals, Part II 14. Juggling to Preserve Transitivity 15. Conclusion Appendices Notes Bibliography Index

Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand

Abstract: We examine the relation between the quality of corporate governance practices and firm value for Thai firms, which often have complex ownership structures. We develop a comprehensive measure of corporate governance and show that, in contrast to conventional measures of corporate governance, our measurement, on average, is positively associated with Tobin’s q. Furthermore, we find that q values are lower for firms that exhibit deviations between cash flow rights and voting rights. We also find that the value benefits of complying with “good” corporate governance practices are nullified in the presence of pyramidal ownership structures, raising doubts on the effectiveness of governance measures when ownership structures are not transparent. We conclude that family control of firms through pyramidal ownership structures can allow firms to seemingly comply with preferred governance practices but also use the control to their advantage.

Perception of entrepreneurial opportunity: a general framework

Abstract: Purpose – Previous research has predominantly approached the concept of entrepreneurial opportunities from either one of two perspectives: opportunities exist as objective phenomena in the environment waiting to be discovered by alert entrepreneurs, or opportunities are subjectively perceived and even created by individual entrepreneurs. This paper aims to put forward a framework of opportunity perception which demonstrates that all entrepreneurial opportunities possess both objective and subjective qualities, thus helping reconcile both perspectives.Design/methodology/approach – A conceptual framework is developed, based on previous literature and insights from entrepreneurship, economics, psychology and related disciplines.Findings – Various perspectives presented in previous research can be combined into a coherent framework that summarizes the components of entrepreneurial opportunity perception. Testable propositions are provided for future research.Originality/value – The authors show that elements ...

An Integrative HRM Process Theorization: Beyond Signalling Effects and Mutual Gains

Abstract: How and for whom HRM creates value are key questions in management research. The present study develops and tests an integrative HRM process theorization positing the existence of mutually reinforcing ability–motivation–opportunity, signalling, and identity-based control mechanisms of the influence of HRM on both employee performance and work intensification. In addition to providing empirical support for the ‘how’ of value creation through HRM, the study contributes to the growing critique of the dominant mutual-gains perspective, the notion that HRM outcomes are straightforwardly positive for both employers and employees. The integrative theorization also opens up interesting avenues for future research on the individual and organizational performance effects of HRM.

Preference, Value, Choice, and Welfare

Abstract: This book is about preferences, principally as they figure in economics. It also explores their uses in everyday language and action, how they are understood in psychology and how they figure in philosophical reflection on action and morality. The book clarifies and for the most part defends the way in which economists invoke preferences to explain, predict and assess behavior and outcomes. Hausman argues, however, that the predictions and explanations economists offer rely on theories of preference formation that are in need of further development, and he criticizes attempts to define welfare in terms of preferences and to define preferences in terms of choices or self-interest. The analysis clarifies the relations between rational choice theory and philosophical accounts of human action. The book also assembles the materials out of which models of preference formation and modification can be constructed, and it comments on how reason and emotion shape preferences.

Home ranges and the value of spatial information

Abstract: Animals concentrate their activities within areas we call home ranges because information about places increases fitness. Most animals, and certainly all mammals, store information about places in cognitive maps—or neurally encoded representations of the geometric relations among places—and learn to associate objects or events with places on their map. I define the value of information as a time-dependent increment it adds to any appropriate currency of fitness for an informed versus an uninformed forager, and integrate it into simple conceptual models that help explain movements of animals that learn, forget, and use information. Unlike other space-use models, these recognize that movement decisions are based on an individual's imperfect and ever-changing expectancies about the environment—rather than omniscience or ignorance. Using simple, deterministic models, I demonstrate how the use of such dynamic information explains why animals use home ranges, and can help explain diverse movement patterns, including systematic patrolling or “traplining,” shifting activity or focal areas, extra-home-range exploration, and seemingly random (although goal-directed and spatially contagious) movements. These models also provide insights about interindividual spacing patterns, from exclusive home ranges (whether defended as territories or not) to broadly overlapping or shared ranges. Incorporating this dynamic view of animal expectancies and information value into more-complex and realistic movement models, such as random-walk, Bayesian foraging, and multi-individual movement models, should facilitate a more comprehensive and empirical understanding of animal space-use phenomena. The fitness value of cognitive maps and the selective exploitation of spatial information support a general theory of animal space use, which explains why mammals have home ranges and how they use them.

The Role of the Sales Force in Value Creation and Appropriation: New Directions for Research

Abstract: Recent research in marketing strategy emphasizes the dual processes of creating and appropriating value in exchange relationships. In business-to-business markets, salespeople have unique opportunities to translate customers’ desired value back into their firms as well as understand and influence how the value that has been co-created can be fairly appropriated in the form of revenue and other strategic benefits. Yet surprisingly little research examines the role of the sales force, compared to overall firm strategies, for shaping these key processes. Against this background, this paper of- fers an integrative framework that delineates how the sales force creates, sustains, and appropriates value in buyer-seller relationships. The framework integrates relevant theories and paradigms from a variety of disciplines and elaborates on a set of boundary conditions (e.g., relationship life cycle and globalization) that influence the role of the sales force in value creation and appropriation. The paper concludes with a discussion of opportunities that provide fertile areas for future research in the area.

Robots, Love, and Sex: The Ethics of Building a Love Machine

Abstract: This paper will explore the ethical impacts of the use of affective computing by engineers and roboticists who program their machines to mimic and manipulate human emotions in order to evoke loving or amorous reactions from their human users. We will see that it does seem plausible that some people might buy a love machine if it were created, but it is argued here that principles from machine ethics have a role to play in the design of these machines. This is best achieved by applying what is known about the philosophy of love, the ethics of loving relationships, and the philosophical value of the erotic in the early design stage of building robust artificial companions. The paper concludes by proposing certain ethical limits on the manipulation of human psychology when it comes to building sex robots and in the simulation of love in such machines. In addition, the paper argues that the attainment of erotic wisdom is an ethically sound goal and that it provides more to loving relationships than only satisfying physical desire. This fact may limit the possibility of creating a machine that can fulfill all that one should want out of erotic love unless a machine can be built that would help its user attain this kind of love.

Social values in health priority setting: a conceptual framework

Abstract: Purpose – It is commonly recognized that the setting of health priorities requires value judgements and that these judgements are social. Justifying social value judgements is an important element in any public justification of how priorities are set. The purpose of this paper is to review a number of social values relating both to the process and content of priority‐setting decisions.Design/methodology/approach – A set of key process and content values basic to health priority setting is outlined, and normative analysis applied to those values to identify their key features, possible interpretations in different cultural and institutional contexts, and interactions with other values.Findings – Process values are found to be closely linked, such that success in increasing, for example, transparency may depend on increasing participation or accountability, and “content” values are found often to be hidden in technical criteria. There is a complex interplay between value and technical components of priority...

The Role of the Sales Force in Value Creation and Appropriation: New Directions for Research

Abstract: Recent research in marketing strategy emphasizes the dual processes of creating and appropriating value in exchange relationships. In business to-business markets, salespeople have unique opportunities to translate customers’ desired value back into their firms as well as understand and influence how the value that has been cocreated can be fairly appropriated in the form of revenue and other strategic benefits. Yet surprisingly little research examines the role of the sales force, compared to overall firm strategies, for shaping these key processes. Against this background, this paper offers an integrative framework that delineates how the sales force creates, sustains, and appropriates value in buyer -seller relationships. The framework integrates relevant theories and paradigms from a variety of disciplines and elaborates on a set of boundary conditions (e.g., relationship life cycle and globalization) that influence the role of the sales force in value creation and appropriation. The paper concludes w...

A Cross-level Analysis of Organizational Creativity Climate and Perceived Innovation: The Mediating Effect of Work Motivation

Abstract: Purpose – The concept that creativity climate facilitates innovation outcome is well‐received, yet it has not been widely tested in non‐Western countries. To fill the gap between concept and practical value, this study adopted the eight‐dimensional model of organizational creativity climate proposed by Amabile and associates with the aim of investigating the cross‐level relationship between creativity climate and employee‐perceived innovation in an Asian work place, i.e. Taiwan.Design/methodology/approach – Using survey data of 398 employees from different companies of Taiwan, the effect of organizational creativity climate on innovation was explored. Furthermore, the mediating effect of employees' work motivation was also examined.Findings – By employing hierarchical linear modeling (HLM), statistical analysis indicates that 27 percent variance of perceived innovation could potentially be explained by creativity climate. Five out of the eight dimensions, namely, organizational encouragement, supervisory ...

Moral Reputation: An Evolutionary and Cognitive Perspective

Abstract: From an evolutionary point of view, the function of moral behaviour may be to secure a good reputation as a co-operator. The best way to do so may be to obey genuine moral motivations. Still, one's moral reputation maybe something too important to be entrusted just to one's moral sense. A robust concern for one's reputation is likely to have evolved too. Here we explore some of the complex relationships between morality and reputation both from an evolutionary and a cognitive point of view. People may behave morally because they intrinsically value doing so—a genuine moral reason—or in order to gain the approval of others—an instrumental reason. Both moral and reputational concerns are commonly involved in moral behaviour and cannot be pried apart without understanding their intricate relationships. Here we aim at contributing to such an understanding by investigating the role, content, and mechanisms of moral reputation. 1. Function and Motivation of Moral Behaviour

Revisiting the Role of “Shared Value” in the Business-Society Relationship

Abstract: This article critically examines Porter and Kramer's shared value concept to identify its boundaries and limits as a framework for understanding the role of phi- lanthropy and CSR relative to the role of business in society. Cases of implementation and alternative perspectives on innovation reveal that, despite its appeal and uptake in corporate and philanthropic circles, shared value merely advances the conventional rhetoric that what is good for business is good for society. The shared value approach narrows what counts as social value and avoids the friction between business and society. The consequence is that the approach is problematic as a framework for ad- dressing sustainability and development, and an insufficient basis for decision-making about philanthropy and CSR.

An integrative framework of value

Abstract: Originality/value of chapter – This chapter extends existing literature on value through reconciliation of various theoretical literatures in management, marketing, philosophy and economics. Notably, it highlights implicit assumptions in philosophy, chronology and consciousness of value and their potential limitations. It proposes an integrative framework that can be used for understanding the future of marketing and new business models.

Corporate Politics, Governance, and Value Before and After Citizens United

Abstract: This paper explores corporate politics, governance and value in the S&P 500 before and after Citizens United. In regulated and government-dependent industries (e.g., banking, telecommunications), political activity is nearly universal, and uncorrelated with measures of shareholder power, managerial agency costs, or value. But 11% of CEOs in 2000 who retired by 2011 obtained political positions after retiring, and in a majority of industries (e.g., apparel, retail), political activity is common but varied, and correlates negatively with measures of shareholder power (concentration, rights), positively with signs of managerial agency costs (corporate jet use by CEOs), and negatively with shareholder value (industry-relative Tobin’s q). The negative politics-value relationship is stronger in firms making large capital expenditures, suggesting that politics may lead firms to pursue value-destroying projects, and the relationship is also stronger in regressions with firm and time fixed effects, which rule out many potential omitted variables. After the exogenous shock of Citizens United, corporate lobbying and PAC activity jumped, in both frequency and amount, and firms that were politically active in 2008 had lower value in 2010 than other firms, consistent with politics at least partly causing and not merely correlating with lower value. Overall, the results are inconsistent with politics generally serving shareholder interests, and support proposals to require disclosure of political activity to shareholders.