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Sustainability in Private Capital Investing: A Systematic Literature Review 私人资本投资的可持续性:系统文献综述
Q3 Social Sciences Pub Date : 2023-04-23 DOI: 10.5539/jms.v13n1p119
Majid Mirza, T. Dordi, P. Alguindigue, Ryan G. Johnson, O. Weber
The private capital asset class has grown to over $10 trillion in assets under management and has significant potential to contribute to environmental, social, and governance (ESG) goals. However, there is a dearth of academic research about ESG with regards to private capital investing. This literature review adopted a mixed-methods approach, combining a quantitative (bibliometric) analysis with a qualitative review of the articles. It was found that less than 1% of the literature, written in English, between 1960-2020 on private equity and venture capital addresses topics related to sustainability. It was also observed that the 46 papers which address sustainability topics can be categorized into 13 themes, including certifications and standards, impact investing, and corporate social responsibility. Investment in private securities grew at twice the rate as public securities during the end of this time-period and interest in sustainability integration in private capital investing is growing. Incentives for private equity and venture firms to engage with sustainable investments are being driven by institutional investors, such as pension funds and insurance companies. The focus of sustainability research has typically been on public markets, hindering the potential of private capital investment to influence sustainable policy and practices. The objective of this paper is to provide evidence of the dearth of academic literature on the topic of private capital markets and sustainable investment, while identifying current themes in the existing literature so that future work may address gaps in research.
私人资本资产类别管理的资产规模已超过10万亿美元,在实现环境、社会和治理(ESG)目标方面具有巨大潜力。然而,关于ESG在私人资本投资方面的学术研究却很缺乏。本文献综述采用混合方法,将定量(文献计量学)分析与文章的定性综述相结合。研究发现,在1960年至2020年期间,只有不到1%的英文私募股权和风险投资文献涉及与可持续性相关的主题。报告还指出,涉及可持续发展主题的46篇论文可分为13个主题,包括认证和标准、影响力投资和企业社会责任。在这一时期结束时,对私人证券的投资增长速度是公共证券的两倍,对私人资本投资的可持续性一体化的兴趣正在增长。养老基金和保险公司等机构投资者正在推动私人股本和风险投资公司参与可持续投资。可持续性研究的重点通常放在公共市场上,阻碍了私人资本投资影响可持续政策和做法的潜力。本文的目的是提供关于私人资本市场和可持续投资主题的学术文献缺乏的证据,同时确定现有文献中的当前主题,以便未来的工作可以解决研究中的空白。
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引用次数: 0
Determinants of Corporate Sustainability in the Malaysian Construction Industry 马来西亚建筑业企业可持续发展的决定因素
Q3 Social Sciences Pub Date : 2023-04-23 DOI: 10.5539/jms.v13n1p166
K. C. Ling, Mary Lee Siew Cheng, Tanisha Yi
Corporate sustainability is a key concern for corporation. This research intends to evaluate: (1) the influences of training and development and the components of human governance (i.e., transformational leadership, integrity and collectivism) on the corporate sustainability; (2) the impact of the components of human governance on training and development; and (3) the role of training and development in mediating the relationship between the components of human governance and corporate sustainability. Through an online questionnaire survey, 283 responses were collected from the Malaysia construction industry by using non-probability sampling technique. Statistical inferential analyses were carried out by utilising both SPSS Version 25.0 and SmartPLS 3.0. The results represented a significant positive relationship between the components of human governance, training and development, and corporate sustainability. This research also found that only transformational leadership and integrity (but not collectivism) have positive relationship on training and development. The research findings likewise evinced that training and development partially mediates the relationship between the components of human governance (i.e., transformational leadership and integrity but not collectivism) and corporate sustainability. This research contributes an unabridged theoretical perspective on corporate sustainability by providing a deeper understanding of how training and development and the components of human governance determine corporate sustainability as well as the relationships between transformational leadership, integrity and collectivism with corporate sustainability through the mediating role of training and development. Lastly, this research also promotes a better system and policies for organisations to achieve their goals of corporate sustainability.
企业可持续发展是企业关注的关键问题。本研究旨在评估:(1)培训与发展以及人类治理的组成部分(即变革型领导、诚信和集体主义)对企业可持续发展的影响;(2)人类治理的组成部分对培训和发展的影响;(3)培训与发展在人的治理要素与公司可持续性之间的中介作用。通过在线问卷调查,采用非概率抽样技术,从马来西亚建筑业收集了283份回复。采用SPSS Version 25.0和SmartPLS 3.0进行统计推断分析。结果表明,人力管理、培训和发展的组成部分与公司可持续性之间存在显著的正相关关系。本研究还发现,只有变革型领导和诚信对培训和发展有正向影响,而集体主义对培训和发展没有正向影响。研究结果同样表明,培训和发展部分地调解了人类治理组成部分(即变革型领导和诚信,而不是集体主义)与公司可持续性之间的关系。本研究提供了一个完整的理论视角,通过培训和发展的中介作用,更深入地了解了培训和发展以及人类治理的组成部分如何决定公司的可持续性,以及变革型领导、诚信和集体主义与公司可持续性之间的关系。最后,本研究还促进了更好的制度和政策,为组织实现其企业可持续发展的目标。
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引用次数: 1
The impact of corporate governance and firm performance on waste and effluent disclosure: Evidence from polluting industries in Indonesia 公司治理和公司绩效对废物和污水披露的影响:来自印度尼西亚污染行业的证据
Q3 Social Sciences Pub Date : 2023-04-19 DOI: 10.18488/11.v12i2.3345
Jehan Tasya Nirwana, Linda Kusumaning Wedari
This study examined the influence of corporate governance – including the presence of board gender diversity, board independence, board attention, and audit committee – and firm performance on waste and effluent disclosure in polluting industry companies in Indonesia. This study used secondary data obtained from the companies’ annual and sustainability reports during the period 2017 to 2021. The waste and effluent disclosure was measured using a scoring method based on Global Reporting Initiative (GRI) Standard 306: Waste and Effluent. This study focused on companies in five polluting industries, including Pulp and Paper, Chemicals, Oil and Gas, Metals and Mining, and Infrastructure, Utilities, and Transportation, listed on the Indonesia Stock Exchange. The results of the study show that corporate governance, including the presence of board gender diversity, board independence, board attention, and audit committee, has a significant influence on waste and effluent disclosure. In contrast, firm performance, which was proxied by return on assets (ROA), has no significant influence on the waste and effluent disclosure of companies in polluting industries listed on the Indonesia Stock Exchange.
本研究考察了公司治理——包括董事会性别多样性、董事会独立性、董事会关注和审计委员会的存在——和公司绩效对印度尼西亚污染工业公司废物和污水披露的影响。本研究使用了从公司2017年至2021年期间的年度和可持续发展报告中获得的二手数据。废物和流出物的披露使用基于全球报告倡议组织(GRI)标准306:废物和流出物的评分方法进行测量。这项研究的重点是在印度尼西亚证券交易所上市的五个污染行业的公司,包括纸浆和造纸、化工、石油和天然气、金属和采矿、基础设施、公用事业和运输。研究结果表明,公司治理,包括董事会性别多样性、董事会独立性、董事会关注和审计委员会的存在,对废物和流出物披露有显著影响。相比之下,以资产收益率(ROA)为代表的企业绩效对在印度尼西亚证券交易所上市的污染行业公司的废物和污水披露没有显著影响。
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引用次数: 1
State-owned enterprises and economic growth in interaction models: Role of institutional quality 国有企业与经济增长的互动模式:制度质量的作用
Q3 Social Sciences Pub Date : 2023-04-19 DOI: 10.18488/11.v12i2.3344
Dinh Cong Hoang, Dinh Cong Tuan
China’s institutional quality and organizational structure have been altered as a result of the 4.0 industrial revolution. Because of this, the role of state-owned enterprises (SOEs) has become even more important since the arrival of the fourth industrial revolution. This study explores whether or not there is a complementarity between SOEs and the quality of institutions in terms of their influence on economic growth for selected regions in China. The data on SOEs is collected for 29 regions (provinces, autonomous regions, or municipalities) of China over the period of 2001 to 2020. The study uses the Cross-Sectional Autoregressive Distributive Lag model (CS-ARDL) approach to estimate the model. The findings indicate that the effect of SOEs is conditioned on the quality of institutions. Our analysis reveals that the quality of a nation's institutions is an important factor to consider when evaluating the effectiveness of SOEs in spurring economic growth.
第四次工业革命改变了中国的制度质量和组织结构。正因为如此,自从第四次工业革命到来以来,国有企业的作用变得更加重要。本研究探讨国有企业与制度质量对中国特定地区经济增长的影响是否存在互补性。该数据收集了2001年至2020年中国29个地区(省、自治区、直辖市)的国有企业数据。本研究采用横断面自回归分布滞后模型(CS-ARDL)方法对模型进行估计。研究结果表明,国有企业的影响取决于制度质量。我们的分析表明,在评估国有企业刺激经济增长的有效性时,一个国家的制度质量是一个重要的考虑因素。
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引用次数: 0
Evaluating the impact of organizations’ corporate social responsibility from the banking industry perspective: A fuzzy analytic hierarchy process approach 银行业视角下企业社会责任影响评价:模糊层次分析法
Q3 Social Sciences Pub Date : 2023-04-05 DOI: 10.18488/11.v12i2.3331
O. Akinbowale, Polly Mashigo, M. Zerihun
The purpose of this study is to evaluate the impact of corporate social responsibility (CSR) from economic, employee, social and environmental dimensions in a hypothetical company setup. This study employs the fuzzy analytic hierarchy process (FAHP) in which the elements of the pairwise comparison matrix are expressed by triangular fuzzy elements. Furthermore, the classical non-fuzzy methods, such as the eigenvector and geometric mean, were also employed to calculate the weights of the fuzzy comparison matrices. First, some existing literature on CSR and its impact on the internal and external environments were explored. Second, the FAHP goal and the criteria were established, and this was followed by the pairwise comparison using the linguistic scale. Next is the computation of the geometric magnitude and weight of each criterion. Thereafter, the defuzzified and normalized weights were obtained. In the order of priority of CSR activities and their impact on the four identified criteria, alternative 1 (company 1) is ranked first, followed by alternative 2 (company 2), and alternative 3 (company 3) is ranked last. The implementation of CSR activities for companies 1 and 2 reflect positively in their internal and external environments, although to varying degrees. This study provides a practical guided approach for the use of the FAHP for solving a multi-criteria decision, such as ranking the impact of CSR activities in relation to certain criteria. The outcome of this study can guide organizations in making informed decisions regarding the implementation of CSR activities.
本研究的目的是评估企业社会责任(CSR)的影响,从经济,员工,社会和环境的维度在一个假设的公司设置。本研究采用模糊层次分析法(FAHP),其中两两比较矩阵的元素用三角模糊元素表示。此外,还采用了经典的非模糊方法,如特征向量法和几何均值法来计算模糊比较矩阵的权重。首先,对企业社会责任及其对内外部环境影响的现有文献进行了梳理。其次,建立FAHP目标和标准,然后使用语言量表进行两两比较。接下来是计算每个准则的几何大小和权重。然后,得到去模糊化和归一化的权重。根据企业社会责任活动的优先级及其对四个确定的标准的影响顺序,方案1(公司1)排名第一,其次是方案2(公司2),最后是方案3(公司3)。公司1和公司2的企业社会责任活动的实施在其内部和外部环境中都有积极的反映,尽管程度不同。本研究为使用FAHP解决多标准决策提供了实用的指导方法,例如根据某些标准对企业社会责任活动的影响进行排名。本研究的结果可以指导组织在实施企业社会责任活动方面做出明智的决策。
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引用次数: 0
Factors affecting the use of accounting and finance technology during the pandemic crisis 大流行危机期间影响会计和财务技术使用的因素
Q3 Social Sciences Pub Date : 2023-04-03 DOI: 10.18488/11.v12i2.3330
A. S. P. Salin, Haslin Hasan, Nik Abdul Aziz Nik Kamarudin, S. Mad
The recent COVID-19 pandemic, which led to lockdowns and new working norms, has influenced business and accounting transactions in significant ways. This phenomenon and its longer-term impacts are still under-researched and remain unexplored in emerging countries, particularly Malaysia. Therefore, the current study intended to determine the actions taken by Malaysian organizations, specifically in their accounting and finance functions, in response to the COVID-19 crisis. Online survey questionnaires were distributed to collect data. The questionnaires comprised several sections, including demographic information of the respondents and factors affecting users’ intentions to use technology for accounting and finance functions in the face of the COVID-19 crisis. This research adopted the Unified Theory of Acceptance and Use of Technology (UTAUT) model as a theoretical basis from which to evaluate the research objectives. The findings showed that only performance expectancy is related to user intention, while other factors, such as effort, attitude, social influence, self-efficacy, and anxiety, display the opposite effect. This empirical study suggests that accounting and finance functions in Malaysia still lag behind in terms of the technology used by employees. In addition, organizations, particularly government departments, are not ready to adopt a fully integrated scientific accounting and finance system.
最近的COVID-19大流行导致了封锁和新的工作规范,对商业和会计交易产生了重大影响。在新兴国家,特别是马来西亚,这一现象及其长期影响仍未得到充分研究和探索。因此,本研究旨在确定马来西亚组织为应对COVID-19危机采取的行动,特别是在其会计和财务职能方面采取的行动。发放在线调查问卷,收集数据。问卷由几个部分组成,包括受访者的人口统计信息,以及在面对COVID-19危机时影响用户使用技术进行会计和财务功能意图的因素。本研究采用UTAUT (Unified Theory of Acceptance and Use of Technology)模型作为评价研究目标的理论基础。研究结果表明,只有表现预期与用户意图有关,而其他因素,如努力、态度、社会影响、自我效能和焦虑,则表现出相反的效果。这一实证研究表明,马来西亚的会计和财务职能在员工使用的技术方面仍然落后。此外,各组织,特别是政府部门,还没有准备好采用完全统一的科学会计和财务制度。
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引用次数: 0
Efficient and Sustainable Land Use in Logistics Through Cooperation: A Literature Review and Empirical Research 基于合作的物流土地高效可持续利用:文献综述与实证研究
Q3 Social Sciences Pub Date : 2023-03-28 DOI: 10.5539/jms.v13n1p103
Dennis Kotzold, Lucas Hüer, K. Griese, M. Franz
In recent years, the issue of land consumption or land use has become increasingly important in many areas of our society. Logistics processes in particular take up a lot of space and have a significant impact on the environment. The question is how this use of land can be optimised. Based on a systematic literature review and interviews with experts in the period between May 2021 and July 2021, this paper presents indicators that constitute or influence space-efficient logistics in the context of cooperation. The results show that in addition to the established cooperation characteristics, there are other indicators that are directly related to land use. In the logistics sector, there is strong competitive pressure and, as a result, little trust between companies. It has been shown that with the help of a neutral moderator, the gap between trusting, land-efficient cooperation and one’s own entrepreneurial interests can be narrowed, and cooperation can be profitable for all participants. In addition, digitisation actually does not seem to be sufficient to meet the information needs of a cooperation. The exchange of information not only serves to automate processes, but also makes cooperation more transparent. It shows that legal and municipal requirements need to be developed. It also becomes clear that the indicators have a mutual influence on each other and cannot be considered in isolation when it comes to the actual implementation of a cooperation. By increasing the efficiency of cooperative processes and value creation, it offers the opportunity to make land use more sustainable.
近年来,土地消耗或土地利用问题在我们社会的许多领域变得越来越重要。特别是物流过程占用大量空间,对环境有重大影响。问题是如何优化土地的使用。基于对2021年5月至2021年7月期间的系统文献综述和对专家的访谈,本文提出了在合作背景下构成或影响空间高效物流的指标。结果表明,除了已建立的合作特征外,还有其他与土地利用直接相关的指标。在物流领域,竞争压力很大,因此公司之间缺乏信任。研究表明,在中立调解人的帮助下,信任、土地效率合作与个人创业利益之间的差距可以缩小,合作对所有参与者都是有益的。此外,数字化实际上似乎不足以满足合作的信息需求。信息交换不仅有助于流程的自动化,而且还使合作更加透明。这表明需要制定法律和市政要求。同样清楚的是,各项指标相互影响,在实际执行一项合作时不能孤立地加以考虑。通过提高合作过程和价值创造的效率,它提供了使土地利用更具可持续性的机会。
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引用次数: 0
Non-Destructive Testing in the Strategic Research on the Performance of Bridges 无损检测在桥梁性能战略研究中的应用
Q3 Social Sciences Pub Date : 2023-02-17 DOI: 10.5539/jms.v13n1p81
S. R. Souza, Abner Araújo Fajardo, Ivana Maria Soares de Camargos, Mateus Felipe Barbosa Lopes, M. Barbosa, Dayana Cristina Silva Garcia, W. J. Santos
The main purpose of bridges is to overcome physical obstacles and improve territorial mobility, therefore, knowledge of their particularities is required, such as project design, inspection and execution, maintenance service plans and others. The aim of the research is to carry out a survey of the main pathological manifestations in three reinforced concrete highway bridges (HB) – built in different years, namely: 1927, 1960 and 2018. The qualification and quantification of the anomalies were carried out and, after that, the prioritization matrix was used, which allows obtaining strategies to ensure the safeguard of the HBs. The methodology used, data collection and detailed inspection of the structure, i.e., non-destructive testing, proved to be appropriate to assess the conditions of the HBs, and also allowed to present results related to recovery services and the necessary maintenance. The pathological manifestations in older bridges are the result of project and building errors, as well as lack of maintenance service.
桥梁的主要目的是克服物理障碍和改善领土流动性,因此,需要了解其特殊性,例如项目设计,检查和执行,维修服务计划等。本研究的目的是对三座不同年份建成的钢筋混凝土公路桥梁(HB)的主要病理表现进行调查,分别是:1927年、1960年和2018年。对异常进行定性和量化,然后使用优先级矩阵,从而获得确保HBs安全的策略。所使用的方法、数据收集和对结构的详细检查,即无损检测,被证明是适当的,可以评估房屋的状况,也可以提供与修复服务和必要的维护有关的结果。老旧桥梁的病理表现是工程和建筑错误以及缺乏维护服务的结果。
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引用次数: 0
Time-frequency connectedness between energy commodities and the influence of uncertainty measures 能源商品的时频连通性与不确定性测度的影响
Q3 Social Sciences Pub Date : 2023-02-17 DOI: 10.18488/11.v12i2.3298
Bernice Nkrumah-Boadu, Peterson Owusu Junior, A. Adam, Vincent Adela
Commodities have become a new tool for global diversification among stocks, currencies, and other assets. Their dynamics and statistical characteristics have become crucial to financial research. Furthermore, in the connected world of today, the importance of uncertainties is greater than ever. This article examines the comovements between energy commodities and the influence of uncertainty measures through the bi, partial and multiple wavelet techniques. We show the significance of uncertainties by highlighting their influence on financial decisions. To measure uncertainty, we use GEPU, OVX, and VIX. By using the wavelet approaches, we examine how energy commodities interact in both the time and frequency domains, which helps us better comprehend interdependencies. The results show that most energy commodities display high comovements in the short-, and long-terms, except with natural gas. According to the partial wavelet, OVX has the most significant impact on the connectedness amongst energy commodities. For the wavelet multiple cross-correlations, Petroleum maximises the multiple cross-correlations at most scales (short, medium and long terms) followed by Brent crude with a potential to lead or lag. These findings have substantial policy implications for policymakers as well as meaning for investors.
大宗商品已经成为全球股票、货币和其他资产多样化的新工具。它们的动态和统计特征对金融研究至关重要。此外,在当今相互联系的世界中,不确定性的重要性比以往任何时候都要大。本文通过双小波、偏小波和多小波技术研究了能源商品之间的变动以及不确定性测度的影响。我们通过强调其对财务决策的影响来显示不确定性的重要性。为了测量不确定度,我们使用GEPU、OVX和VIX。通过使用小波方法,我们研究了能源商品如何在时域和频域相互作用,这有助于我们更好地理解相互依赖关系。结果表明,除天然气外,大多数能源商品在短期和长期内都表现出较高的波动。根据部分小波,OVX对能源商品之间的连通性影响最大。对于小波多重相互关联,石油在大多数尺度上(短期、中期和长期)最大化多重相互关联,其次是布伦特原油,可能领先或落后。这些发现对政策制定者和投资者都具有重大的政策意义。
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引用次数: 0
Plant Waste in the Production of New Materials in Brazil: A Scientometric Analysis from 19912021 巴西新材料生产中的植物废弃物:1991年至2021年的科学计量学分析
Q3 Social Sciences Pub Date : 2023-02-15 DOI: 10.5539/jms.v13n1p58
Anielly M. de Melo, Brendon O. B. Santos, Guilherme S. Ribeiro, K. B. Machado, J. Peixoto, L. Borges, J. A. M. Paula
Several plant residues can be generated during the stages of industrial processing, such as fruit peel, seeds and bagasse, and these can give rise to high-value products. The management and use of this waste is of global interest. The aim of this study was to evaluate the spatio-temporal evolution of scientific knowledge on the reuse of agroindustrial waste generated in Brazil through a scientometric analysis. To this end, a search was performed in the databases Scopus, Scielo, and Web of Science between the years 1991and 2021. The words used as indexers were agribusiness waste, vegetable waste, fruit waste, biomass waste, plant residue, and chemical characterization. The following selection criteria were adopted: search of indexers by title, scientific articles, articles in English and Portuguese, and articles on plant waste generated in Brazil. There was an increase in publications over the years, with a greater number of studies (21.46%) in the chemistry area, addressing mainly the physical-chemical characterization of materials. In Brazil, sugarcane (Saccharum officinarum L.) was the most studied species with a view to reusing its residues. We identified species from highly threatened Brazilian biomes, such as the Atlantic Forest and Cerrado, with the potential for transformation into new materials. The gaps in knowledge, evidenced in this analysis, suggest that more studies should be carried out on residues of native plant species which impact local communities. In particular, studies could focus on applicability in health and cosmetics, which are promising areas for plant materials and still little investigated.
在工业加工的各个阶段可能会产生几种植物残留物,如果皮、种子和甘蔗渣,这些可以产生高价值的产品。这种废物的管理和利用是全球关注的问题。本研究的目的是通过科学计量分析来评估巴西农业工业废弃物再利用科学知识的时空演变。为此,在1991年至2021年期间在Scopus、Scielo和Web of Science数据库中进行了检索。用作指标的词有农业废弃物、蔬菜废弃物、水果废弃物、生物质废弃物、植物残渣和化学表征。采用以下选择标准:按标题搜索索引,科学文章,英文和葡萄牙文文章,以及巴西产生的植物废物的文章。近年来,这方面的出版物有所增加,化学领域的研究数量更多(21.46%),主要涉及材料的物理化学特性。在巴西,甘蔗(Saccharum officinarum L.)是研究最多的物种,以期对其残留物进行再利用。我们从大西洋森林和塞拉多等受到高度威胁的巴西生物群落中发现了具有转化为新材料潜力的物种。这一分析证明了知识上的差距,这表明应该对影响当地社区的本地植物物种的残留物进行更多的研究。特别是,研究可以集中在保健和化妆品方面的适用性,这是植物材料的有前途的领域,但研究很少。
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引用次数: 0
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