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Sustainability Risk Management of Firms 企业可持续性风险管理
IF 2.6 4区 经济学 Q3 BUSINESS Pub Date : 2020-08-01 DOI: 10.24818/ea/2020/55/635
C. Bratianu
Sustainability is designed in a long-run perspective, and it is based on the synergy of the triple factors, i e , economic, social, and natural environment Since each of these factors is associated with uncertainty, it results that sustainability risk management is a complex construct with a powerful impact on the managerial strategic thinking and decision-making The paper shows how, starting from a solid analysis of the sustainable and responsible investment, it is feasible to develop a natural and flexible integration of the sustainability principles in active investment strategies for the emerging capital markets By using data extracted from the Bloomberg Professional platform for the period 2010-2020, and considering consolidated risk measurement methodologies, the authors reveal that the companies included in the Euro STOXX Sustainable Index have a lower level of risk than the other companies contained only in the STOXX 600 index
可持续性是从长期角度设计的,它基于经济、社会和自然环境三重因素的协同作用。由于这些因素中的每一个都与不确定性有关,因此可持续性风险管理是一个复杂的结构,对管理战略思维和决策有着强大的影响,从对可持续和负责任投资的坚实分析开始,通过使用从彭博专业平台提取的2010-2020年期间的数据,并考虑综合风险衡量方法,将可持续性原则自然灵活地纳入新兴资本市场的积极投资战略是可行的,作者透露,被纳入欧洲STOXX可持续指数的公司的风险水平低于仅被纳入STOXX 600指数的其他公司
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引用次数: 4
Public Listing and Corporate Social Responsibility from a Sustainability Risk Management Perspective 可持续风险管理视角下的上市与企业社会责任
IF 2.6 4区 经济学 Q3 BUSINESS Pub Date : 2020-08-01 DOI: 10.24818/ea/2020/55/808
Ruitao Li, Fang Hu
The current global economic development faces social and environmental challenges, such as climate change and environmental pollution, which requires firms to be more socially responsible. Due to the fast-growing corporate social responsibility (CSR) consciousness and concerns of individual investors in the stock market, the newly listed firms are likely to face greater legitimacy pressure from stakeholders in China. This institutional environment is quite suitable to explore how public listing influences firms' CSR performance and its potential mechanism. Using a sample of Chinese IPO firms for the years 2012-2016 and a multiple regression model controlling firm fixed effect and time fixed effect, we find that there is a significant and sustained increase in CSR performance after IPO. Further analyses also show that this increase in CSR performance is more pronounced in heavily polluting industries, especially at firms that are covered by more securities analysts, and more media. Overall, these findings suggest that CSR can be served as an instrument to manage sustainable development risk for IPO firms to meet the social and environmental expectations of various stakeholders. By highlighting the prominent role that public listing plays in firms’ CSR decisions, this study draws the regulator’s attention to promoting sustainable economic development in other developing countries like China, which lack mature CSR culture and institutional environment.
当前全球经济发展面临着气候变化、环境污染等社会和环境挑战,这就要求企业承担更多的社会责任。由于快速增长的企业社会责任意识和股票市场个人投资者的担忧,新上市公司可能面临来自中国利益相关者的更大合法性压力。这种制度环境非常适合探讨上市对企业社会责任绩效的影响及其潜在机制。以2012-2016年中国IPO企业为样本,采用控制企业固定效应和时间固定效应的多元回归模型,我们发现IPO后企业社会责任绩效显著且持续提升。进一步的分析还表明,这种企业社会责任绩效的提高在重污染行业更为明显,特别是在被更多证券分析师和更多媒体报道的公司。总体而言,这些研究结果表明,企业社会责任可以作为IPO公司管理可持续发展风险的工具,以满足各利益相关者的社会和环境期望。通过强调上市在企业社会责任决策中的突出作用,本研究提请监管机构关注中国等发展中国家经济的可持续发展,这些国家缺乏成熟的社会责任文化和制度环境。
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引用次数: 3
The Efficiency of Universities in Achieving Sustainable Development Goals 高校实现可持续发展目标的效率
IF 2.6 4区 经济学 Q3 BUSINESS Pub Date : 2020-04-21 DOI: 10.24818/ea/2020/54/516
Lena Malešević Perović, Maja Mihaljević Kosor
This paper investigates the efficiency of European universities in achieving Sustainable Development Goals (SDGs). We make use of newly published University Impact Rankings that account for SDGs, whereby institutions that achieved high scores are those that are, in addition to scientific research, putting more efforts in areas such as gender inequality, quality education for all, climate change, achieving peaceful societies and economic growth. In our empirical analysis, we adopt a dual approach. At a country level, we investigate efficiency of public expenditure on tertiary education, while at a university level we analyse the efficiency of the resources employed in achieving higher rankings (in terms of SDGs). Data Envelopment Analysis (DEA) results indicate that, at a macro level, only three to four countries in our sample are fully efficient. They could, therefore, without changing government tertiary expenditures on education, produce about 20% better score on University impact rankings. At a micro level, only about 16 percent of universities is efficient. Their performance could be much improved, without increasing the inputs, especially in terms of supporting SDGs through cooperation with other countries, the promotion of best practices and the publication of data in cooperation with foreign authors.
本文调查了欧洲大学在实现可持续发展目标方面的效率。我们使用了新发布的大学影响力排名,该排名反映了可持续发展目标,其中获得高分的机构除了科学研究外,还在性别不平等、全民优质教育、气候变化、实现和平社会和经济增长等领域付出了更多努力。在我们的实证分析中,我们采用了双重方法。在国家层面,我们调查了高等教育公共支出的效率,而在大学层面,我们分析了实现更高排名(就可持续发展目标而言)所使用的资源的效率。数据包络分析(DEA)结果表明,在宏观层面上,我们的样本中只有三到四个国家是完全有效的。因此,在不改变政府高等教育支出的情况下,它们在大学影响力排名上的得分可以提高20%左右。在微观层面上,只有大约16%的大学是有效率的。在不增加投入的情况下,特别是在通过与其他国家合作、推广最佳做法和与外国作者合作发表数据来支持可持续发展目标方面,它们的绩效可以大大提高。
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引用次数: 13
Leadership Styles as Predictors of Work Attitudes: A Moderated–Mediation Link 领导风格对工作态度的预测:一个有调节的中介关系
IF 2.6 4区 经济学 Q3 BUSINESS Pub Date : 2020-02-01 DOI: 10.24818/EA/2019/53/164
Shkoler Or, Israel Independent researcher, Aharon Tziner
Drawing on the recent locus and mechanism models of leadership (Eberly, Johnson, Hernandez & Avolio, 2013), the purpose of this paper is to begin to explore the role of leadership styles from two different loci standpoints – (1) dyadic-focused, transformational leadership; and (2) leader-focused, transactional leadership—as important antecedents to individual and organizational outcomes in the organizational context. Among employees in several organizations in Israel (N=265), we investigated the relationships between (1) several individual and organizational work outcomes (i.e., job engagement, work enjoyment); and (2) the two leadership styles (the predictors, namely, transformational and transactional leadership). In addition, we explored the roles of (3) a possible mediational mechanism through which we posited the leadership styles operate (i.e., work drive); and (4) a possible moderator (i.e., organization types). These associations were presented as a model that was both tested via multi-group moderation structural equation modeling (SEM) and through moderated–mediation analyses via competing models of demographical differences. The findings illustrated that both transformational and transactional leadership styles have a direct, positive influence on outcomes. However, with regard to the intermediary moderator and mediator variables, the results demonstrate varied and interesting relationships in current study, the indication being that each of the two leadership styles, when interfacing with unique combinations of moderator and mediator, produce outcomes specific to the leadership style. Important concepts, recommendations, and implications are discussed.
借鉴最近的领导力基因位点和机制模型(Eberly, Johnson, Hernandez & Avolio, 2013),本文的目的是从两个不同的基因位点角度开始探索领导风格的作用——(1)以dyadic为中心的变革型领导;(2)以领导者为中心的交易型领导——在组织环境中,作为个人和组织成果的重要前提。在以色列几个组织(N=265)的员工中,我们调查了(1)几个个人和组织工作成果(即工作敬业度,工作享受)之间的关系;(2)两种领导风格(预测因子,即变革型领导和交易型领导)。此外,我们探讨了(3)一种可能的中介机制的作用,通过这种机制,我们假设领导风格的运作(即工作驱动);(4)可能的主持人(即组织类型)。这些关联被呈现为一个模型,通过多组调节结构方程模型(SEM)和通过人口差异竞争模型的调节中介分析进行了测试。研究结果表明,变革型和交易型领导风格对结果都有直接的、积极的影响。然而,在中介调节变量和中介变量方面,目前的研究结果显示出不同且有趣的关系,表明两种领导风格中的每一种,当与调节变量和中介变量的独特组合交互时,都会产生特定于领导风格的结果。讨论了重要的概念、建议和含义。
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引用次数: 0
Green Procurement: Realities and Prospects 绿色采购:现实与前景
IF 2.6 4区 经济学 Q3 BUSINESS Pub Date : 2020-02-01 DOI: 10.24818/EA/2019/53/11
Vasile Dinu
The tendency of depletion of non-renewable resources and the environment’s continuous degradation have been considered in the last centuries acceptable as side effects for achieving the economic growth and satisfying the human needs in the conditions of demographic growth following an upward trend. An adequate response to all these challenges is related to increasing the share of green GDP in total GDP, to green procurement and to the large-scale promotion of circular economy. At EU level, there are appropriate legislation and programs and packages aimed at implementing green procurement and the circular economy. There are also "prize-winner" countries that have adopted National Green Procurement Plans before they became mandatory, countries that have found it harder to adopt this type of plans, but also countries that have not adopted National Green Procurement Plans such as Estonia, Greece, Hungary, Luxembourg and Romania. The article focuses on an analysis of the impact of national green procurement plans adoption on circular economy in the European Union member states for the period 2007-2018, with the help of an unrestricted VAR panel (PVAR), based on three hypotheses according to which the impact of these plans’ adoption is positive on economic growth, CO2 emissions and circular economy. Data taken from Eurostat and processed using E-Views 9 econometric software allowed the validation of research hypotheses, confirming the positive impact of the adoption and implementation of green procurement national plans on some significant indicators characterizing the circular economy, which is likely to encourage the generalization of concerns regarding the adoption of coherent public policies in all Member States.
在过去的几个世纪里,不可再生资源的枯竭趋势和环境的持续退化被认为是在人口增长呈上升趋势的情况下实现经济增长和满足人类需求的副作用。充分应对所有这些挑战涉及提高绿色GDP在GDP总额中的份额、绿色采购和大规模推广循环经济。在欧盟层面,有适当的立法、计划和一揽子计划旨在实施绿色采购和循环经济。还有一些“获奖”国家在国家绿色采购计划成为强制性计划之前就已经采用了这些计划,这些国家发现更难采用这类计划,但也有一些国家没有采用国家绿色采购规划,如爱沙尼亚、希腊、匈牙利、卢森堡和罗马尼亚。本文重点分析了2007-2018年期间,在无限制VAR小组(PVAR)的帮助下,欧盟成员国采用国家绿色采购计划对循环经济的影响,基于三个假设,根据这些假设,这些计划的采用对经济增长、二氧化碳排放和循环经济具有积极影响。从欧盟统计局获得并使用E-Views 9计量经济软件处理的数据使研究假设得以验证,证实了绿色采购国家计划的通过和实施对循环经济的一些重要指标产生的积极影响,这可能会鼓励所有会员国普遍关注采取连贯一致的公共政策。
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引用次数: 1
Management of Green Procurement in Small and Medium-Sized Manufacturing Enterprises in Developing Economies 发展中经济体中小制造企业的绿色采购管理
IF 2.6 4区 经济学 Q3 BUSINESS Pub Date : 2020-02-01 DOI: 10.24818/ea/2020/53/121
T. Ivanova
This article explores the issue of managing green procurement at the level of small and medium-sized enterprises in developing countries. Green procurement remains a relatively new trend for small and medium-sized enterprises (SMEs). Therefore, a thorough analysis of this issue is a topic theme. In this perspective, the following hypotheses are highlighted: green procurement affects the competitiveness of an enterprise, its economic indicators, the environment and society. The data collected from SMEs in Kyiv and Kyiv region. As a result, we analysed the questionnaires provided by the managers of 181 companies operating in different industries and different forms of ownership. Factor analysis was conducted to evaluate the scales used in the study, and hypotheses were tested using structural equation modelling. The results show that green procurement has a positive impact on competitiveness, economic performance of SMEs, the environment and society. Therefore, small and medium-sized enterprises in developing countries should pay attention to the development and implementation of green supplies, as this will have a positive impact on their performance. The research conducted can serve as a benchmark for conducting similar studies on other enterprises.
本文探讨了发展中国家中小企业层面的绿色采购管理问题。对于中小企业来说,绿色采购仍然是一个相对较新的趋势。因此,深入分析这一问题是一个课题主题。在这一视角下,强调了以下假设:绿色采购影响企业的竞争力、经济指标、环境和社会。从基辅和基辅地区的中小企业收集的数据。因此,我们分析了不同行业和不同所有制形式的181家公司的管理者提供的问卷。因子分析用于评估研究中使用的量表,并使用结构方程模型检验假设。结果表明,绿色采购对中小企业的竞争力、经济绩效、环境和社会都有积极的影响。因此,发展中国家的中小企业应该重视绿色供应的开发和实施,因为这将对其绩效产生积极影响。本研究可以作为对其他企业进行类似研究的标杆。
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引用次数: 9
The Application of the Bushido – Samurai Code Principles within Romanian Companies 武士道-武士守则原则在罗马尼亚公司中的应用
IF 2.6 4区 经济学 Q3 BUSINESS Pub Date : 2020-02-01 DOI: 10.24818/EA/2019/53/152
Nobumichi Watahiki, Yoshikazu Matsui, V. Dincă, Waniek Iulia
Holding a managerial position within a company in 2019 is a challenging task and within this period the business climate is a dynamic one. When conceiving rightful strategies, managers should take into account every detail regarding the fast-changing Romanian business environment. Bushido is one of the oldest moral systems in Japan and refers to a code of honour and standards that commanded the samurai way of life and these principles advanced by Bushido are still worthy in several corporate systems. Several studies showed how using the attributes of ‘Bushido’ can lead managers to become more effective and prosperous in their business and can help them establish and maintain a credible image within the industry. For this study, interviews were taken in order to obtain the views of the representatives of 37 corporations in Romania and the objectives of the study were to: (1) To assess which canons of Bushido are being implemented by managers within the Romanian contemporary businesses and are applicable to business context analysis, strategic enforcement & control and development of business partnerships and collaborations, (2) To determine if and how the extent of incorporating Bushido’s principles within the management strategies and operations of companies has an effect on the company’s success’ factors. The achieved results of this study can be mentioned as follows. 1. The Bushido code is being integrated within the Romanian contemporary organizations’ management and business relationships with other firms. The paper revealed that for almost all the managers included in the sample there were recorded notable interrelationships between the Bushido principles and the managers’ goals in the sense that if they apply the Bushido principles on a higher and more developed level, it will be less difficult for them to attain their strategic objectives. 2. The most significant factors leading to business success achievement obtained due to the application the Bushido principles within the business processes of the companies were indicated as: the growth of the company’s and manager’s image and professional reputation; prestige and good attitude from the stakeholders; a boost within the research and development process and the raise of the quality of business relationships
2019年在一家公司担任管理职位是一项具有挑战性的任务,在这一时期,商业环境是动态的。在构思合理的战略时,管理者应该考虑到快速变化的罗马尼亚商业环境的每一个细节。武士道是日本最古老的道德体系之一,它指的是一种荣誉准则和标准,它支配着武士的生活方式,武士道提出的这些原则在一些企业制度中仍然是有价值的。几项研究表明,如何利用“武士道”的属性可以使管理者在业务中变得更加有效和繁荣,并可以帮助他们在行业中建立和保持可信的形象。为了进行这项研究,进行了访谈,以便获得罗马尼亚37家公司代表的意见,研究的目的是:(1)评估罗马尼亚当代企业的管理者正在实施哪些武士道规范,并适用于商业环境分析、战略执行和控制以及商业伙伴关系和合作的发展;(2)确定将武士道原则纳入公司管理战略和运营的程度是否以及如何影响公司的成功因素。本研究取得的成果如下:1. 武士道守则正在融入罗马尼亚当代组织的管理和与其他公司的业务关系中。论文揭示,对于样本中几乎所有的管理者来说,武士道原则和管理者的目标之间都存在着显著的相互关系,如果他们在更高、更发达的水平上应用武士道原则,他们实现战略目标的难度就会降低。2. 由于在公司的业务流程中应用武士道原则而获得商业成功的最重要因素是:公司和经理的形象和职业声誉的增长;来自利益相关者的信誉和良好态度;促进研究和开发过程,提高业务关系的质量
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引用次数: 0
Large-Scale Cultural Events: An Argument for Strengthening Ecological Awarenes 大型文化活动:增强生态意识的一个论据
IF 2.6 4区 经济学 Q3 BUSINESS Pub Date : 2020-02-01 DOI: 10.24818/ea/2020/53/239
I. Cetină, C. Elena, Ciobotar Georgeta Narcisa, Andrei L. Bădin
The economic-social and technological dynamism, the changes produced in the natural environment force the society to change the attitude and the behavior towards the environment by developing the ecological awareness, a process that must materialize in a behavior of acquisition, purchase and consumption based on ecological principles and criteria. The major differences in consumer behavior, business practices, and entrepreneurial practices are an effect of cultural differences. Under the conditions of sustainable and systematic development of the states of the world, it has become necessary to consider cultural institutions as organizations that through their purchasing behavior based on ecological principles and by creating and transmitting thematic messages, can significantly contribute to the development of the ecological awareness of the society. In this context, the purpose of the research is to determine the impact of major cultural events on increasing the awareness of the society regarding the protection of the environment, through the component of ecological acquisitions. The opinion poll conducted took into account the participants' perceptions during large-scale cultural events regarding the importance attributed by organizers to the development of the ecological awareness and the way in which they practice ecological acquisitions. Also, through this survey it was aimed to establish the existence or non-existence of the relationship between the degree of reception of the message with ecological theme of the organizers and the demographic-cultural characteristics of the attending public, implicitly of the society. The aim was to analyze the need of increasing major cultural events organizers' degree of involvement in increasing participants' ecological awareness by diversifying the types of actions that will stimulate acquisition, buying and ecological consumption behavior.
经济-社会和技术的动力,自然环境的变化,迫使社会通过发展生态意识来改变对环境的态度和行为,这一过程必须体现在基于生态原则和标准的获取、购买和消费行为中。消费者行为、商业实践和创业实践的主要差异是文化差异的影响。在世界各国可持续和系统发展的条件下,有必要将文化机构视为通过其基于生态原则的购买行为以及通过创造和传播主题信息,可以为社会生态意识的发展做出重大贡献的组织。在此背景下,本研究的目的是通过生态收购的组成部分,确定重大文化活动对提高社会保护环境意识的影响。进行的民意调查考虑了参与者在大型文化活动中对组织者对生态意识发展的重要性以及他们实践生态获取方式的看法。此外,通过这次调查,旨在确定组织者对生态主题信息的接受程度与出席公众(隐含的社会)的人口文化特征之间存在或不存在关系。其目的是分析通过多样化刺激获取、购买和生态消费行为的行动类型,提高大型文化活动组织者在提高参与者生态意识方面的参与程度的需求。
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