Pub Date : 1900-01-01DOI: 10.1142/9789811206887_0002
B. Sandwidi, A. Cellier
This study examines empirically the relationship between the corporate social performance (CSP) of European firms, as given by Vigeo ratings, and their financial risk. We consider 2,626 social ratings of 447 companies in the Stoxx Europe 600 index from 2004 to 2011. Using multivariate analysis through OLS regressions, based on corporate social responsibility (CSR) fields, we show that companies with higher CSP have lower specific risk and volatility of return on assets, particularly when the human resources field is at stake. Considering the firms’ systematic risk and the analysts’ earnings forecast dispersion, we evidence a positive and strong relationship between these risk proxies and CSP. This suggests that both higher systematic risk and higher analysts’ earnings forecasting dispersion encourage companies to improve their social performance.
{"title":"Corporate Social Performance and Financial Risk: Evidence from European Firms","authors":"B. Sandwidi, A. Cellier","doi":"10.1142/9789811206887_0002","DOIUrl":"https://doi.org/10.1142/9789811206887_0002","url":null,"abstract":"This study examines empirically the relationship between the corporate social performance (CSP) of European firms, as given by Vigeo ratings, and their financial risk. We consider 2,626 social ratings of 447 companies in the Stoxx Europe 600 index from 2004 to 2011. Using multivariate analysis through OLS regressions, based on corporate social responsibility (CSR) fields, we show that companies with higher CSP have lower specific risk and volatility of return on assets, particularly when the human resources field is at stake. Considering the firms’ systematic risk and the analysts’ earnings forecast dispersion, we evidence a positive and strong relationship between these risk proxies and CSP. This suggests that both higher systematic risk and higher analysts’ earnings forecasting dispersion encourage companies to improve their social performance.","PeriodicalId":368975,"journal":{"name":"Corporate Social Responsibility, Ethics and Sustainable Prosperity","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126813221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1142/9789811206887_0009
A. Jonge
This chapter provides an overview of recent developments in approaches to sustainable development financing in the Asian region, with a focus on the emerging role of the Asian Infrastructure Investment Bank (AIIB). In particular, it aims to explore how the AIIB is positioning itself in the world of sustainable development financing.
{"title":"The Future of Financing for Sustainability in Asia and the Potential Role of the Asian Infrastructure Investment Bank","authors":"A. Jonge","doi":"10.1142/9789811206887_0009","DOIUrl":"https://doi.org/10.1142/9789811206887_0009","url":null,"abstract":"This chapter provides an overview of recent developments in approaches to sustainable development financing in the Asian region, with a focus on the emerging role of the Asian Infrastructure Investment Bank (AIIB). In particular, it aims to explore how the AIIB is positioning itself in the world of sustainable development financing.","PeriodicalId":368975,"journal":{"name":"Corporate Social Responsibility, Ethics and Sustainable Prosperity","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124148483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1142/9789811206887_0001
Namporn Thanetsunthorn, Rattaphon Wuthisatian
The study examines the impact of national culture on the four important aspects of corporate social responsibility (CSR) — community (COM), employee (EMP), environment (ENV), and governance (GOV). An empirical analysis is based on socially responsible performance of 8,333 corporations from 59 countries across nine different regions around the globe. The findings suggest that Hofstede’s four dimensions of national culture — power distance (PDI), individualism (IDV), masculinity (MAS), and uncertainty avoidance (UAI) — have significant impacts on socially responsible corporate performance, either positively or negatively, depending on a given aspect of CSR. Overall, the results explain substantial variations in the effects of different cultural typologies on the corporate social performance and are consistently robust across a variety of statistical methods, including ordinary least squares (OLS) regression, regression with robust standard error, censored normal regression (Tobit), and regression with the inclusion of industry-specific variables. The findings of this study establish useful strategic implications of CSR for business corporations and policymakers, as well as guidance for further academic inquiries.
{"title":"What Drives Corporate Social Performance? The Role of Espoused National Cultural Values","authors":"Namporn Thanetsunthorn, Rattaphon Wuthisatian","doi":"10.1142/9789811206887_0001","DOIUrl":"https://doi.org/10.1142/9789811206887_0001","url":null,"abstract":"The study examines the impact of national culture on the four important aspects of corporate social responsibility (CSR) — community (COM), employee (EMP), environment (ENV), and governance (GOV). An empirical analysis is based on socially responsible performance of 8,333 corporations from 59 countries across nine different regions around the globe. The findings suggest that Hofstede’s four dimensions of national culture — power distance (PDI), individualism (IDV), masculinity (MAS), and uncertainty avoidance (UAI) — have significant impacts on socially responsible corporate performance, either positively or negatively, depending on a given aspect of CSR. Overall, the results explain substantial variations in the effects of different cultural typologies on the corporate social performance and are consistently robust across a variety of statistical methods, including ordinary least squares (OLS) regression, regression with robust standard error, censored normal regression (Tobit), and regression with the inclusion of industry-specific variables. The findings of this study establish useful strategic implications of CSR for business corporations and policymakers, as well as guidance for further academic inquiries.","PeriodicalId":368975,"journal":{"name":"Corporate Social Responsibility, Ethics and Sustainable Prosperity","volume":"484 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122959889","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1142/9789811206887_0003
Jörg Prokop, Suren Pakhchanyan
With a focus on banks operating in German-speaking countries, we investigate whether operational losses resulting from internal fraud or improper business and market practices correlate with firm-specific variables or financial institutions’ business environment. Based on a multiple regression model, we find that the factors associated with operational loss severity vary across banks’ business lines and that respective regression coefficients sometimes even have opposing signs. In particular, an increase in bank staff is associated with lower operational losses in the “retail banking” subsample but higher operational losses in the subsample including all other business lines. Similarly, while after the introduction of the Basel II accord operational losses are lower in retail banking, they tend to be higher in the non-retail banking subsample. Finally, we observe a negative correlation between operational losses in non-retail business lines and both profitability and bank age. Overall, our findings shed new light on the determinants of operational losses in the banking industry, and they emphasize the importance of maintaining a business line-specific approach to operational risk measurement and management.
{"title":"Determinants of Internal Fraud and Improper Business or Market Practices in Financial Institutions","authors":"Jörg Prokop, Suren Pakhchanyan","doi":"10.1142/9789811206887_0003","DOIUrl":"https://doi.org/10.1142/9789811206887_0003","url":null,"abstract":"With a focus on banks operating in German-speaking countries, we investigate whether operational losses resulting from internal fraud or improper business and market practices correlate with firm-specific variables or financial institutions’ business environment. Based on a multiple regression model, we find that the factors associated with operational loss severity vary across banks’ business lines and that respective regression coefficients sometimes even have opposing signs. In particular, an increase in bank staff is associated with lower operational losses in the “retail banking” subsample but higher operational losses in the subsample including all other business lines. Similarly, while after the introduction of the Basel II accord operational losses are lower in retail banking, they tend to be higher in the non-retail banking subsample. Finally, we observe a negative correlation between operational losses in non-retail business lines and both profitability and bank age. Overall, our findings shed new light on the determinants of operational losses in the banking industry, and they emphasize the importance of maintaining a business line-specific approach to operational risk measurement and management.","PeriodicalId":368975,"journal":{"name":"Corporate Social Responsibility, Ethics and Sustainable Prosperity","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125874866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1142/9789811206887_0006
Concetta Carnevale
Corporate social responsibility (CSR) has become an important area of managerial and scientific debate. Many researchers have contributed to the theoretical development of CSR and, on the basis of empirical evidence, they have tried to formulate theories to analyze the relative issues. These theories, however, are unable to explain why firms’ commitment to CSR varies over time and in different national contexts. This chapter contributes to the existing literature on CSR by providing a multidisciplinary framework to investigate how different national institutions and the governance of economic spheres influence firms’ behavior. The proposed theoretical framework highlights the relationship between the national model of capitalism, stakeholders’ institutional entrenchment, and firm’s choices regarding CSR. Legislators should take into account that the model of capitalism adopted by each country produces direct effects on stakeholders’ institutional entrenchment and therefore on CSR decisions adopted by firms. This chapter concludes by highlighting some implications for policymakers and regulators and suggests future lines of research.
{"title":"Why Do Firms Engage in CSR? Theories, Institutions, and Models of Capitalism","authors":"Concetta Carnevale","doi":"10.1142/9789811206887_0006","DOIUrl":"https://doi.org/10.1142/9789811206887_0006","url":null,"abstract":"Corporate social responsibility (CSR) has become an important area of managerial and scientific debate. Many researchers have contributed to the theoretical development of CSR and, on the basis of empirical evidence, they have tried to formulate theories to analyze the relative issues. These theories, however, are unable to explain why firms’ commitment to CSR varies over time and in different national contexts. This chapter contributes to the existing literature on CSR by providing a multidisciplinary framework to investigate how different national institutions and the governance of economic spheres influence firms’ behavior. The proposed theoretical framework highlights the relationship between the national model of capitalism, stakeholders’ institutional entrenchment, and firm’s choices regarding CSR. Legislators should take into account that the model of capitalism adopted by each country produces direct effects on stakeholders’ institutional entrenchment and therefore on CSR decisions adopted by firms. This chapter concludes by highlighting some implications for policymakers and regulators and suggests future lines of research.","PeriodicalId":368975,"journal":{"name":"Corporate Social Responsibility, Ethics and Sustainable Prosperity","volume":"91 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121325061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1142/9789811206887_0011
Kathrin Berensmann, Nannette Lindenberg
To support the global economy’s transition to sustainability, we need to develop an alternative to traditional financing — “green finance”. Green finance includes a number of financial asset classes and institutions, both public and private, the foremost of which are green banking, green debt markets, and green structured funds. The main actors driving the greening of the financial system are institutional investors, international financial institutions (IFIs), regulatory authorities, and central banks. However, the amount of green finance is limited because of a number of challenges, both microeconomic and macroeconomic. These challenges should be addressed by designing an enabling environment that facilitates green finance. Greenwashing can only be prevented by means of a transparent definition of green financing. Voluntary principles and guidelines for green finance should be established and monitored for all asset classes: bank credits, bonds, and secured assets for institutional investors. These measures should be supported by all financial system actors.
{"title":"Green Finance: Across the Universe","authors":"Kathrin Berensmann, Nannette Lindenberg","doi":"10.1142/9789811206887_0011","DOIUrl":"https://doi.org/10.1142/9789811206887_0011","url":null,"abstract":"To support the global economy’s transition to sustainability, we need to develop an alternative to traditional financing — “green finance”. Green finance includes a number of financial asset classes and institutions, both public and private, the foremost of which are green banking, green debt markets, and green structured funds. The main actors driving the greening of the financial system are institutional investors, international financial institutions (IFIs), regulatory authorities, and central banks. However, the amount of green finance is limited because of a number of challenges, both microeconomic and macroeconomic. These challenges should be addressed by designing an enabling environment that facilitates green finance. Greenwashing can only be prevented by means of a transparent definition of green financing. Voluntary principles and guidelines for green finance should be established and monitored for all asset classes: bank credits, bonds, and secured assets for institutional investors. These measures should be supported by all financial system actors.","PeriodicalId":368975,"journal":{"name":"Corporate Social Responsibility, Ethics and Sustainable Prosperity","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131533885","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1142/9789811206887_0015
G. Aras, Nuray Tezcan, Ö. K. Furtuna
Corporate sustainability at the enterprise level can be defined as adapting the sustainability indicators of economic, social, and environmental factors to the business organizations and decision-making activities of the company for creating value for all stakeholders. Besides these indicators, a good administrative structure and financial factors should be integrated for properly evaluating a corporate’s sustainability performance. Given the importance of the banking sector in sustainable development and the need for further investigation, this paper provides an evaluation of Turkish Banking Sector’s disclosure practices concerning extended approach of corporate sustainability dimensions in corporate sustainability reports during 2014. Based on the results, the main indicators of corporate sustainability can be determined. The superior aspects and differences of the bank’s corporate sustainability are also demonstrated.
{"title":"Extended Corporate Sustainability Disclosure: Turkish Banking Sector","authors":"G. Aras, Nuray Tezcan, Ö. K. Furtuna","doi":"10.1142/9789811206887_0015","DOIUrl":"https://doi.org/10.1142/9789811206887_0015","url":null,"abstract":"Corporate sustainability at the enterprise level can be defined as adapting the sustainability indicators of economic, social, and environmental factors to the business organizations and decision-making activities of the company for creating value for all stakeholders. Besides these indicators, a good administrative structure and financial factors should be integrated for properly evaluating a corporate’s sustainability performance. Given the importance of the banking sector in sustainable development and the need for further investigation, this paper provides an evaluation of Turkish Banking Sector’s disclosure practices concerning extended approach of corporate sustainability dimensions in corporate sustainability reports during 2014. Based on the results, the main indicators of corporate sustainability can be determined. The superior aspects and differences of the bank’s corporate sustainability are also demonstrated.","PeriodicalId":368975,"journal":{"name":"Corporate Social Responsibility, Ethics and Sustainable Prosperity","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126276511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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