Dissertations / Theses on the topic 'Corporate Social Capital'
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Dias, João Pedro Marques Duarte. "Corporate social performance and cost of capital." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20831.
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Mestrado em FinançasEste estudo analisa a associação entre Responsabilidade Social Corporativa (RSC) e Custo de Capital para empresas cotadas no índice STOXX Europe 600, de 2002 a 2018. Os modelos de Ohlson e Juettner-Nauroth (2005) e Easton (2004) são usados para calcular uma medida ex-ante do custo do capital próprio, enquanto o custo da dívida é medido através do rácio entre as despesas com juros e o total da dívida com juros. Uma medida de Desempenho Social Corporativo (CSP) foi calculada usando a medida Combined ESG (Environmental, Social and Governance) disponibilizada pela Refinitiv. Os resultados sugerem que o CSP é valorizado pelos mercados de dívida e ações. É encontrada uma relação negativa entre CSP e custo do capital próprio, enquanto a relação entre CSP e custo da dívida é positiva. Testes adicionais sugerem que os mercados de ações penalizam as empresas menos responsáveis em CSP em comparação com seus pares do setor, enquanto os mercados de dívida penalizam os líderes do setor em CSP. Os resultados são robustos para medidas alternativas de CSP, custo de capital próprio e custo de dívida. Além disso, as associações não se mantêm durante os períodos de crise, sugerindo que CSP não adiciona nem destrói valor durante tais períodos.
This study analyses the association between Corporate Social Responsibility (CSR) and Cost of Capital for companies listed in the STOXX Europe 600 index, from 2002 to 2018. The Ohlson and Juettner-Nauroth (2005) and Easton (2004) models are used to compute an ex-ante cost of equity measure, while the cost of debt is measured as the ratio of interest expenses to total interest-bearing debt. A measure of Corporate Social Performance (CSP) was computed using the Combined ESG (Environmental, Social and Governance) Score from Refinitiv. Results suggest that CSP is priced by both debt and equity markets. Furthermore, a negative relationship between CSP and cost of equity is found, while the relationship between CSP and cost of debt is positive. Additional tests suggest that equity markets penalize firms lagging in CSP when compared with industry peers, while debt markets penalize industry leaders in CSP. The results are robust for alternative measures of CSP, cost of equity and cost of debt. Furthermore, the associations do not hold during periods of crisis, suggesting CSP is not value relevant during such periods.
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Zheng, Ju Kimberly. "A Social Network Analysis of Corporate Venture Capital Syndication." Thesis, University of Waterloo, 2004. http://hdl.handle.net/10012/854.
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The importance of social capital can be characterized by a well-known quote: "it's not just what you know, but whom you know". Firms with rich social capital are more informed, more capable, and more competitive, because networks of resources are within their reach. Social capital is embedded in social networks, and social network analysis is the chief topic of this research. The network being examined contains 1126 venture capital (VC) programs, 206 of them being corporate venture programs, and the rest consisting of independent venture capital firms. Venture programs co-invest in portfolio firms following an identifiable pattern. This research attempts to explain this co-investment pattern using social network analysis. Four attributes of social networks are explored during this analysis: prominence, range, brokerage, and cohesion. The findings of the corporate venture capital network provide a number of implications for the theory of social capital. The objective of the thesis is using social capital to examine the syndication patterns in a corporate VC network. The analysis of the corporate VC co-investment pattern supports four hypotheses. First, the corporate VC network is not cohesive. Second, most relationships in the network are indirect. Third, most prominent VCs are also the most powerful resource brokers in the network. Lastly, prominent VCs are likely to syndicate with other prominent VCs.
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Lock, Lee Laurence. "Corporate Social Capital and Firm Performance in the Global Information Technology Services Sector." Thesis, The University of Sydney, 2008. http://hdl.handle.net/2123/2316.
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The confluence of a number of marketplace phenomena has provided the impetus for the selection and conduct of this research. The first is the so called value relevance of intangibles in determining share market performance of publicly listed companies. The growing gap between market and book values has been proposed as an indication of the impact of intangibles on share price values. A second related phenomenon is the increasing reliance on share price appreciation as the principal means for shareholder return as opposed to returns through dividends. This suggests that share prices are becoming an even more critical firm performance measure than traditional accounting-based firm performance measures like return on investment (ROI). A third phenomenon is the rapid growth in marketplace alliances and joint ventures, the number of which has grown rapidly over the past 30 years. The explanation for these phenomena may lie in the concept of corporate social capital (CSC) which, as an intangible asset (IA), has been proposed in several normative studies. CSC has been defined as “the set of resources, tangible or virtual, that accrue to a corporate player through the player’s social relationships, facilitating the attainment of goals” (Leenders & Gabbay, 1999, p3). However, constructs for CSC have only been loosely defined and its impacts on firm performance only minimally empirically tested. This research addresses this gap in the literature. The key aim of this research is to explore the impact of CSC on firm performance. Through the use of CSC as a lens for viewing a firm’s intangibles, several important sub-components of the CSC formulation are exposed. These include a firm’s market centrality (CENT), absorptive capacity (AC), internal capital (INC), human capital (HC) and financial soundness. Therefore, an extended aim for this research is to identify the differential impacts of the CSC sub-components on firm performance. Firm performance was measured as ROI, market-to-book ratios (Tobin’s Q) and total shareholder return (TSR). Overall, the research results indicate that CSC is a significant predictor of firm performance, but falls short of fully explaining the market-to-book value disparity. For this research an innovative computer-supported content analysis (CA) technique was devised to capture a majority of the data required for the empirical research. The use of a commercial news aggregation service, Factiva, and a standard taxonomy of terms for the search, allowed variables for intangible constructs to be derived from a relatively large sample of firms (n=155) from the global information technology services (ITS) sector from 2001 to 2004. Data indices for joint venture or alliance activity, research and development (R&D) activity, HC, INC and external capital (EC) were all developed using this CA approach. The research findings indicated that all things aren’t equal in terms of how the benefits of CSC accrue to different firms in the sector. The research indicated that for larger, more mature firms, financial soundness does not necessarily correlate with improved shareholder return. The inference is that these firms may have reached a plateau in terms of how the market is valuing them. In terms of market centrality, the research indicates that software firms could benefit from building a larger number of alliances and becoming more centrally connected in the marketplace. The reverse is true, however, for larger, more established firms in the non-software sectors. These companies can be penalised for being over-connected, potentially signalling that they are locked into a suite of alliances that will ultimately limit their capacity to innovate and grow. For smaller, potentially loss-making firms, the research indicates that investments in HC are potentially the only investment strategy that could result in improvements in profitability and shareholder return. Investments by such firms in R&D or INC developments are likely to depress shareholder value and therefore should be minimised in favour of HC investments. For larger, more established firms, investment in HC is beneficial for both ROI and TSR. Investments in areas like R&D and INC were found to be only beneficial to those firms who have the financial capacity to afford it. Firms that don’t appear to have the financial resources to support the level of investments they are making in R&D and/or INC were penalised by the market. Overall, the research provides specific insights into the links between firms and their performance, through appropriate investments in CSC. In terms of research practice, this research demonstrates the viability of computer-supported CA. Progress in the development of more intelligent search technologies will provide increasing utility to CA researchers, promising to unlock a vast range of textual source data for researchers that were previously beyond manual CA practices.
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Gomes, Mathieu. "Corporate social responsibility and capital markets : evidence from mergers and acquisitions." Thesis, Université Clermont Auvergne (2017-2020), 2017. http://www.theses.fr/2017CLFAD020.
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Cette thèse se compose de trois essais empiriques qui étudient l'impact de la responsabilité sociale des entreprises (RSE) dans les opérations de fusions et acquisitions (F&A). Le premier chapitre traite de la relation entre la performance RSE des firmes et leur propension à faire l'objet d'offres de rachats. Nous constatons que la performance RSE des firmes est positivement liée à la probabilité qu'elles ont d'être ciblées dans le cadre d'opérations de F&A, et que la performance RSE des firmes ciblées est supérieure en moyenne à celle d'entreprises similaires mais non-ciblées. Dans le deuxième essai, nous nous intéressons à la relation entre la performance RSE des firmes ciblées dans le cadre d'opérations de F&A et la prime d’acquisition offerte par les acquéreurs. Nous constatons que la performance RSE des firmes ciblées est positivement liée à la prime d'acquisition offerte. Nous constatons que la prime d'acquisition est en partie expliquée par la performance environnementale et la performance sociale, mais que la performance sociale n’a d’impact que dans le cadre des opérations transfrontalières. Enfin, dans le troisième essai, nous analysons l'impact de la performance RSE des acquéreurs sur l'incertitude entourant les opérations de F&A. Nous trouvons une relation négative entre la performance RSE des acquéreurs et le spread d'arbitrage, suggérant que les opérations de F&A menées par des acquéreurs à forte performance RSE sont perçues comme ayant une probabilité accrue de réussite. Globalement, nos résultats suggèrent que la performance RSE détermine de manière statistiquement significative les décisions de F&A et leurs perceptions par les acteurs de marchéThis thesis consists of three empirical essays investigating the impact of corporate social responsibility (CSR) on mergers and acquisitions (M&A). In the first essay, we investigate whether the CSR performance of firms impacts their propensity to become M&A targets. We find that the CSR performance of firms is positively related to takeover likelihood. We also show that the CSR performance of target firms is higher on average than the CSR performance of comparable non-target firms. In the second essay, we study the relationship between M&A targets’ CSR performance and the acquisition premium offered by acquirers. We show that CSR is positively and significantly associated with the premium offered by acquirers. We also find that the premium is explained by the environmental and social performances of firms but that social performance only commands a premium in the case of cross-border transactions. Finally, in the third essay, we analyze the impact of acquirers' CSR performance on M&A deal uncertainty. We document a negative association between arbitrage spreads and acquirers' CSR performance, showing that deal uncertainty decreases when M&A operations are initiated by high-CSR acquirers. Overall, our results suggest that CSR performance is a significant determinant of M&A decisions and expected outcomes
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Lapointe, Vincent. "Essays on corporate social responsibility and socially responsible investment." Thesis, Aix-Marseille, 2013. http://www.theses.fr/2013AIXM1093/document.
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Notre thèse traite des thématiques de la responsabilité sociétale des entreprises (RSE), de sa relation avec la performance économique et financière de l’entreprise, et de l’investissement socialement responsable (ISR). Ces thématiques ont récemment gagné en popularité, favorisées par un contexte de crise économique et environnementale. Notre thèse se compose de quatre principaux chapitres. Notre premier chapitre est une revue de la littérature académique sur la RSE et l’ISR. Nous proposons une revue interdisciplinaire de la littérature académique partagée entre l’économie et les sciences de gestion (éthique appliquée aux entreprises, stratégie et finance). Notre second chapitre est une analyse empirique de la relation entre RSE et performance financière de l’entreprise sous l’angle du coût du capital. Nous nous intéressons à l’impact de la publication d’une notation de la politique de RSE d’une entreprise sur la liquidité de ses titres et la taille de sa base d’actionnaires. Nos troisième et quatrième chapitres sont des analyses des propriétés de portefeuilles d’ISR construits à l’aide de nouvelles méthodes d’allocations. Ainsi nous analysons comment des stratégies d’allocations basées sur le risque modifient la performance des portefeuilles d’actifs financiers émis par des émetteurs ayant une politique de RSE, et réciproquement comment un univers d’investissement composé uniquement d’émetteurs ayant une politique de RSE modifie les propriétés de ces allocations alternativesOur thesis examines corporate social responsibility (CSR) and how it is linked to a firm’s economic and financial performance, as well as socially responsible investment (SRI). With the current environmental and economic uncertainty, these issues are attracting increasing interest. Our thesis is organized in four chapters. Chapter 1 is a literature review on CSR and SRI. We propose an interdisciplinary review of the academic literature in both economics and management sciences (ethics applied to business, strategy and finance). Chapter 2 is an empirical analysis of the relationship between CSR and a firm’s financial performance in terms of cost of capital. We look at the impact of publishing an evaluation of the firm’s involvement in CSR on the liquidity of its stocks and the size of its investor base. Chapter 3 and Chapter 4 are analyses of the characteristics of SRI portfolios built according to new allocation methodologies. We analyze how risk-based allocations impact the performance of the portfolios of financial products of issuers involved in CSR, and reciprocally, how a universe of investment composed of the financial products of issuers involved in CSR impacts the properties of these alternative allocations
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Farnsworth, Kevin. "Capital and welfare : business influence on social policy, 1979-1996." Thesis, University of Bath, 1999. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.311455.
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Dalley, Jeffrey Brian. "The Seesaw of Organisational Social Capital Flows: Inside the "Black Box" of Social Exchange." Thesis, University of Canterbury. Management, 2011. http://hdl.handle.net/10092/6001.
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The purpose of this study is to develop deeper understanding of the informal contributions of employees to organisational success; more specifically, the exchange ‘mechanism’ by which resources accrue to organisations through the social relationships of their members. The second purpose is to explore the influence of organisational contextual factors on this exchange mechanism; more specifically, the influence – if any – of contingent employment practices.
Through the use of a qualitative research design, I have gained an in-depth understanding of the cognitive mechanism employed by organisational actors to arrive at a decision on whether or not to initiate social exchange, in order to facilitate the flow of organisational social capital.
Data was analysed using Dimensional Analysis method. This analysis draws on the theoretical perspectives of interpretivism and symbolic interactionism, both of which are underpinned by a social construction epistemology. This provides the necessary link for understanding the connections between macro- and micro-level social action of social exchange in organisational settings.
My findings identify a complex cognitive process employed by actors for the purpose of reaching a decision with respect to initiating social exchange in organisational settings. This process is termed Social Exchange Transaction Analysis. It is undertaken at the individual level and ultimately controls the flow of organisational social capital through a social network to the organisation. This complexity is a reflection of both the many dimensions of the phenomenon, and the interconnectedness and interactions between them. Social Exchange Transaction Analysis builds an ‘analytical’ picture of the potential social exchange transaction, to enable the organisational actor to arrive at a decision on whether or not to initiate social exchange – and thereby facilitate the flow of organisational social capital.
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Gon??alves, Rodrigo de Souza. "Evidencia????o de projetos sociais por empresas de capital aberto." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2006. http://132.0.0.61:8080/tede/handle/tede/562.
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Previous issue date: 2006-03-06The transparency of the information rendered by the Accounting is one of the primordial aspects for the credibility of the companies to their investors (MCKINSEY & COMPANY, 2002). In that sense, this study analyzes if the requirements of corporate management established by BOVESPA and NYSE contribute to highlight the allocated resources in social projects to the investors. It is a descriptive research (COOPER & SCHINDLER, 2003; GIL, 1996; RUDIO, 1999), of quanti-qualitative nature, once, the analysis of the variables was accomplished according to the theoretical categories (restricted, low, medium and wide), as well as, the statistical treatment through the descriptive analysis, factorial analysis and cluster analysis. The indicator of the social disclosure, built with base in the studies of Ramanathan (1976), Glautier & Underdown (1994) and Hendriksen & Van Breda (1999), was used to evaluate the content of the information taken from annual reports, of social responsibility and of the social balance of the companies that participate at Levels 1, 2 and New Market of Bovespa, as well as, of the Brazilian companies listed in NYSE, totalized in sixty. The reached results show that the levels of corporate management (Level 1, Level 2 and New Market) established by BOVESPA don't influence in the level of the social disclosure, once, the companies of the Level 2 presented better results than the companies of the New Market. On then other hand, the Brazilian companies listed in NYSE, presented a larger level of the social disclosure than all the other groups.
A transpar??ncia das informa????es prestadas pela Contabilidade ?? um dos aspectos primordiais para a credibilidade das empresas frente aos seus investidores (MCKINSEY & COMPANY, 2002). Nesse sentido, este estudo analisa se os requisitos de governan??a corporativa estabelecidos pela BOVESPA e NYSE contribuem na evidencia????o dos recursos alocados em projetos sociais aos investidores. Trata-se de uma pesquisa descritiva (COOPER & SCHINDLER, 2003; GIL, 1996; RUDIO, 1999), de natureza quanti-qualitativa, uma vez que, foi realizada a an??lise das vari??veis conforme as categorias te??ricas (restrito, baixo, m??dio e amplo), bem como, o tratamento estat??stico atrav??s da an??lise descritiva, an??lise fatorial e an??lise de cluster. O indicador do social disclosure, constru??do com base nos estudos de Ramanathan (1976), Glautier & Underdown (1994) e Hendriksen & Van Breda (1999), foi utilizado para avaliar o conte??do das informa????es advindas dos relat??rios anuais, de responsabilidade social e do balan??o social das empresas que participam dos N??veis 1, 2 e Novo Mercado da Bovespa, bem como, das empresas brasileiras listadas na NYSE, totalizadas em sessenta. Os resultados alcan??ados apontam que os n??veis de governan??a corporativa (N??vel 1, N??vel 2 e Novo Mercado) estabelecidos pela BOVESPA n??o influenciam no n??vel do social disclosure, uma vez que, as empresas do N??vel 2 apresentaram melhores resultados do que as empresas do Novo Mercado. J?? as empresas brasileiras listadas na NYSE, apresentaram um maior n??vel do social disclosure do que todos os demais grupos.
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Lester, Richard H. "A road less traveled Investigating the outside directors of America's corporate boards /." Diss., Texas A&M University, 2003. http://hdl.handle.net/1969/493.
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Terjesen, Siri. "Entrepreneurs' transitions from corporate life to own ventures - leveraging human capital and social capital to establish new businesses." Thesis, Cranfield University, 2005. http://hdl.handle.net/1826/3986.
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This thesis explores the phenomenon of individuals leaving management careers in
large corporations and establishing their own new ventures. Although the "corporate
leaver" entrepreneur story enjoys frequent coverage in the popular press, there is little
extant academic research on these individuals and their entrepreneurial process.
Particularly lacking is an understanding of how the entrepreneurs make use of their
past experiences. This study explores how entrepreneurs leverage human capital and
social capital from previous work experiences when starting their own ventures. This
dissertation is based on the results of an exploratory study and a main study, both of
which were classified using Nvivo software.
The exploratory study consists of interviews with six male/female entrepreneur pairs
matched by management level and industry sector of previous employment. The
exploratory study identifies the entrepreneurs' human capital and bridging and
bonding social capital as well as feelings about previous work experience, motivations
to start a new venture and family commitments.
The main study is based on interviews with 24 entrepreneurs (twelve male, twelve
female) who recently left management positions in financial services firms to
establish their own businesses. The main study extends the exploratory study by
unpacking the transfer of human capital in the form of knowledge creation and the
transfer of bonding and bridging social capital.
The research offers a number of theoretical, empirical, methodological and practical
contributions to the field. At a theoretical level, this research confirms the usefulness
of human capital and social capital for examining entrepreneurs' transfer from
corporate. An analysis of the main study interviews reveals that the transfer of tacit
and explicit knowledge from past work experience to the new venture can be mapped
to Nonaka's knowledge creation framework. Third, the research highlights the
application of structural, relational and cognitive dimensions of social capital to the
former corporate entrepreneurs' social networks. A typology of the degree of
transferability of human capital and social capital from previous work experiences is
suggested, and eight case studies illustrate the four types: applicators, exploiters,
networkers and re-inventors. The thesis offers empirical evidence in the form of entrepreneurs' self-reported human
capital and social capital. Entrepreneurs' human capital is classified in terms of
education, family background, and industry, management, business development and
start-up experience. Entrepreneurs' social capital is organised by bonding (e. g.
partners, mentors) and bridging relationships. The results indicate some differences
between male and female entrepreneurs in terms of gender homophily of social
networks. A framework for analysing the transfer of human capital and social capital
from past experience is developed. There is empirical evidence both of knowledge
and networks which the entrepreneurs report as transferring to the new venture, and
those which do not. Entrepreneurs' creation of new knowledge from past work
experience and transfer to the new venture can be classified by Nonaka's
socialisation, externalisation, combination and internalisation types. In terms of social
capital, entrepreneurs report transferring relationships from past work experiences
which have structural, relational and cognitive embeddedness.
At the methodological level, the rich, qualitative nature of this research enables new
insights into the transition from corporate to own ventures. Entrepreneurs' language
is used to measure relational, structural and cognitive embeddedness.
The thesis offers knowledge of practice. The phenomenon of individuals leaving
corporate management careers to start own ventures, particularly in the financial
services industry, is examined and explored. Implications for managers interested in
leaving corporate to start their own ventures are offered, as are suggestions for
corporations interested in retaining these employees. A typology of former corporate
entrepreneurs by human capital and social capital transfer is developed. Authenticity-
seeking motives are uncovered in the rhetoric of individuals who start new ventures in
new industries.
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Veerapa, Koosrajoo, and nveerapa@yahoo com. "Putting knowledge in the bank: A new perspective on Corporate Social Investment." RMIT University. Global Studies, Social Sciences and Planning, 2006. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20080702.162807.
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This thesis looks at the interdependencies between corporate citizenship, social capital and tacit knowledge in the present epoch of global capitalism. External local communities and society at large are a very significant reservoir of social capital for any organisation and, in a global era of constant change, relations between organisations and these wider communities need constant replenishment and repair. The business literature gives insufficient attention to this vital connection between social and the other forms of capital that have traditionally been given regarded as the mainstay of business enterprise. Through a combination of theoretical debate and field research, this thesis asserts that tacit knowledge is embedded in social capital which is itself acknowledged as the principal source of all human and information capital within organisations. Corporate citizenship programs have a pivotal role to ensure and sustain the flow of social capital and knowledge between organisations and the communities in which they are embedded. Drawing on the prior established connection between social capital and tacit knowledge, the thesis establishes that corporate community involvement by employees has the potential to develop or enhance the propensity to trust, leading to greater effectiveness in teams. Multinational Banks are widely viewed as the agents of transnational capital. The Australian banking sector has also been under constant community pressure in Australia because of rising fees and charges and a few prominent scandals. Using secondary data, practices in one Canadian bank are compared to corresponding programs at two major Australian banks to gauge relative investment strategies in social capital generation. This thesis then proceeds to present primary research data on corporate citizenship practices in two Australian banking institutions, one an Australian multinational bank and the other a self-styled 'community' bank. Literature surveyed on corporate citizenship and community involvement has not revealed awareness by corporations of the possibilities of community involvement by employees as being sources of new knowledge, skills, creativity and innovation. This is further confirmed by the field research which showed communication as being a major hurdle internally and externally. This thesis shows that in the knowledge era where learning organizations will have a definite competitive advantage, structured employee involvement in corporate community initiatives can yield long lasting dividends and sustainable competitive advantage in terms of knowledge acquisition. This can be made possible by investment in social capital of local communities and societies through employee involvement. In turn this can aid recruitment, morale and retention of staff. However, a new approach, perhaps a new 'state of mind' needs to be cultivated in business enterprises and in the business education programs of business schools worldwide.
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Avery, Jennifer Laurel. "Becoming the Corporate Native...Virtually: An Ethnography and Corporate Culture Assessment of a Virtual Organization." Scholar Commons, 2012. http://scholarcommons.usf.edu/etd/4281.
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This dissertation presents an investigation of a rarely studied business entity in the cross disciplinary literature on organizational culture, a completely virtually organized firm. Subscribing to a conviction that any culture can only be understood through an approach that uncovers the lived experiences of its members, I employ the traditional anthropological method of participant observation as my foundational data gathering technique. In an effort to help engage anthropology with the cross disciplinary organizational culture literature generally, I also use two well-known methods of corporate culture assessment from the management sciences. I provide a number of recommendations to the sponsors of the research for addressing problems that relate directly to worker morale and performance and which, consequently, impact the company's overall potential for success. Some of these problems are unique to this particular company while other issues that I identify, such as weak organizational identification among employees, loose networks of social capital between co-workers, employee training and nurturing deficits, email overload impacts on employee productivity and regard for organizational leaders, and the encroachment of work on personal time, are problems likely to be encountered by members of other virtual work organizations. As such, my findings should be of interest to applied researchers who study these fast-growing types of work arrangements.
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Mendonça, Pedro Kelson Batinga de. "Capital social em novas organizações políticas da sociedade civil." Pontifícia Universidade Católica de São Paulo, 2018. https://tede2.pucsp.br/handle/handle/21615.
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES
The present paper sought to study three civil society organizations in São Paulo with political impact: the Virada Política; Bancada Ativista and Rede de Ação Política pela Sustentabilidade, aiming to analyze how the Social Capital of each one is given, starting from the hypotheses that i) organizations that are more on the front of the public debate tend to have more closed cooperation models ; ii) Organizational structure, cooperation models, internal group plurality, purpose and networks of relations with other organizations are predominant factors for the strengthening of Social Capital; and (iii) more vertical organizations tend to have more fragile trust ties than more self-managed ones. These organizations were chosen because they are managed by young people and seek to broad social participation in politics and qualify Brazilian democracy. The conceptual discussion was made in two chapters – the first looks at the social and political context we are living, focusing on the global crisis of democracy and the changes in social structure caused by the technological revolution. The second presents a debate among several authors on Social Capital, althought Types of Cooperation and Nature of relational Ties. The research was done through a quantitative questionnaire sent to the three different groups and analyzed through participant observation. Among other things, the research shows that the horizontality in the management of these organizations tends to confront the internal plurality of their members and that, as much in the front of political debate, more closed they become
O presente trabalho buscou estudar três organizações da sociedade civil de São Paulo com incidência política: a Virada Política; Bancada Ativista e a Rede de Ação Política pela Sustentabilidade com o objetivo de analisar como se dão os capitais sociais de cada uma, partindo-se das hipóteses que i) organizações que estão mais no front do debate público tendem a ter modelos de cooperação mais fechados; ii) Estrutura organizacional, modelos de cooperação, pluralidade interna do grupo, propósito e redes de relações com outras organizações são fatores predominantes para o fortalecimento de Capital Social; e iii) As organizações mais verticalizadas tendem a ter vínculos de confiança mais frágeis do que aquelas mais autogeridas. Essas organizações foram escolhidas pois são geridas por jovens e buscam ampliar a participação social na política e qualificar a democracia brasileira. A discussão conceitual foi feita em dois capítulos – o primeiro olha para o contexto social e político que estamos vivendo, com foco na crise global da democracia e nas mudanças de estrutura social geradas pela revolução tecnológica. O segundo para traça um debate entre diversos autores sobre o Capital Social, Tipos de Cooperação e Natureza dos Laços relacionais. A pesquisa foi feita através de um questionário quantitativo enviado para os três diferentes grupos e analisado através de observação participante. Entre outras coisas, a pesquisa mostra que a horizontalidade na gestão dessas organizações tende a ir de encontro com a pluralidade interna de seus membros e que, quanto mais no papel de embate político, mais fechadas elas se tornam
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Ndebele, Nomphumelelo Cindy. "Is corporate social responsibility a determinant of the capital structure of global systemically important banks?" Master's thesis, Faculty of Commerce, 2020. http://hdl.handle.net/11427/32871.
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In the wake of the recent global financial crisis, the banking industry has come under heavy criticism for the negative externalities imposed on the economy and society. The distress of the financial system during the financial crisis has triggered public discussions about the role of bank capital structures in the stability of banking institutions. While it was previously thought that regulatory capital requirements are the sole determinant of bank capital structure, recent empirical studies suggest that, instead, the standard cross-sectional determinants that explain the capital structures of non-financial firms also apply to banks. The findings from these studies prompt further investigation into what other factors determine the capital structure of banks. More recently, engagement in Corporate Social Responsibility (CSR) activities has emerged as a vital dimension through which firms develop sustainable strategies that affect overall firm performance. In addition, the subsequent reporting of CSR performance has become increasingly important as more investors incorporate information about the social behaviour of firms in their investment decisions. This suggests that CSR has implications for the financing policies of firms. In light of the development of CSR as a relevant concept in the current corporate environment and especially in the banking industry, the goal of this study is to investigate whether CSR is a determinant of the capital structure of banks through a multiple regression analysis of panel data from 2009 to 2018 for a sample of 28 Global Systemically Important Banks. Using DataStream Refinitv ESG scores to proxy for CSR, the first hypothesis proposes that socially responsible banks tend to be less leveraged than those that are socially irresponsible due to the positive influence on equity financing from the lower costs of capital, informational asymmetries and risk associated with good CSR performance. The second hypothesis examines the effect of bank size on the proposed relationship. Initial results indicate no significant relation between aggregate CSR and bank leverage, however, further analysis shows a significant negative relationship between the governance dimension of CSR and bank capital structure, suggesting that the governance structures of banks are more relevant for bank capital structure decisions. Bank size is found to have no effect on the relationship. The findings from this study have important implications that are particularly relevant in today's financial environment as calls for the restoration of public trust in banking institutions accelerate.
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Leal, Carla Camargo. "O impacto do desempenho social corporativo sobre o desempenho financeiro nas empresas brasileiras de capital aberto." Universidade Presbiteriana Mackenzie, 2007. http://tede.mackenzie.br/jspui/handle/tede/687.
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Previous issue date: 2007-12-13Fundo Mackenzie de Pesquisa
The area of corporate social responsibility is surrounded by controversies. Its defenders claim that it is necessary due to current social and environmental problems. Its opponents argue that it breaks the classic economic model of wealth generation. The research problem proposed seeks to evaluate the existence of evidences by which the corporate social performance impacts the financial results of the organizations, being them risk, financial performance or shareholders´ value distribution. To reach this objective, the arguments against the corporate social responsibility used by the classic economic model are analyzed, as far as new visions are sought under the New Institutional Economics, even though in a embryonic manner. The corporations´ motivations for the corporate social responsibility are also discussed, once they are also permeated by controversies and can unleash arguable results. The empirical part of the research involved the use of multiple regression method, applied between financial dependent variables referring to risk, performance and value distribution to shareholders, and social performance independent variables. The main sample comprises of 328 listed companies, extracted from Economatica, while a second sample includes 371 companies belonging to the largest Brazilian companies, extracted from Revista Exame Melhores e Maiores 2007. For the composition of the social performance variable, various sources of data were used, representing the companies´ participation in public socially-related indexes, certifications regarding social issues, participation in representative social responsibility associations and awards or other forms of reward received. The initial results do not point evidences that capital market exposition could cause better social performance. In general, the regression results did not favor the relation between social performance and a) risk, b) financial performance, and c) shareholders value distribution. The exception was the model using EBITDA/Total Assets as dependent variable in the main sample. Even though, in eight out of ten main models, the coefficient of the social performance variable showed signals expected by the proposed hypotheses. In the other fifteen auxiliary regression models, using the social performance components unassembled, some of the coefficients of the components were significant, although none of them has been significant in more than two models. Among the potential reasons for the non-significant statistical results it may be found the social performance variable composition. Future research can also investigate aspects related to the effects of time in the social and financial performance relation and also the possibilities of social responsibility as an idiosyncrasy factor. For the analysis relating to the distribution of shareholders value, the use of alternative metrics should be considered.
A área de responsabilidade social corporativa está cercada pela controvérsia que coloca em lados opostos os que a defendem sob a alegação da mitigação dos atuais problemas sócio-ambientais e os que a criticam sob a alegação de romper com os modelos clássicos de geração de riqueza para a sociedade. Assim, o problema de pesquisa proposto procura avaliar a existência de evidências de que o desempenho social causa impactos financeiros às organizações, seja sob a forma de risco, de desempenho ou de distribuição de valor aos seus acionistas. Para tanto, são analisados os argumentos teóricos da economia neoclássica contra a responsabilidade social, além de se buscar, de maneira embrionária, uma nova visão econômica sob a perspectiva da Nova Economia Institucional. As motivações para a responsabilidade social no âmbito organizacional também são discutidas, uma vez que também são permeadas por controvérsias e podem desencadear resultados financeiramente discutíveis. A pesquisa empírica envolveu a análise de regressões múltiplas entre as variáveis dependentes financeiras referentes ao risco, ao desempenho financeiro e à distribuição de valor aos acionistas e a variável independente de desempenho social. Foi utilizada uma amostra de 328 empresas abertas obtidas na Economática e uma amostra auxiliar de 371 empresas obtida na Revista Exame Melhores e Maiores 2007. Para a composição do desempenho social foram usadas diversas fontes de dados, representando a participação das empresas em índices de mercado relacionados a questões sociais, a adoção de normas, a participação em associações e as premiações ou outras formas de reconhecimento. Os resultados iniciais não apontaram evidências de que a exposição ao mercado de capitais possa ocasionar melhor desempenho social. No geral, os resultados das regressões não forneceram indícios da relação entre o desempenho social e a) o risco, b) o desempenho financeiro e c) a distribuição de valor para os acionistas. A exceção foi o modelo que tem o EBITDA/AT como regressando na amostra principal. Apesar disso, em oito dos dez modelos principais, os coeficientes da variável desempenho social apresentaram sinais coerentes com o esperado pelas hipóteses propostas. Nas quinze regressões auxiliares, realizadas com os componentes do desempenho social desagregados, alguns coeficientes desses componentes foram significantes, embora nenhum tenha sido significante em mais do que dois desses modelos. Dentre as potenciais razões para os resultados estatisticamente não significantes pode estar a composição da variável de desempenho social, embora estudos futuros possam investigar também aspectos relacionados aos impactos temporais do desempenho social sobre o desempenho financeiro e ainda a possibilidade da responsabilidade social se constituir em um fator idiossincrático. Para a análise relativa à distribuição de valor, o uso de métricas alternativas ao ROE também pode ser pesquisada em estudos futuros.
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Hwang, Gumbin. "The role of corporate social responsibility education for the Korean small and medium-sized enterprises' development : a social capital theory perspective." Thesis, University of Manchester, 2016. https://www.research.manchester.ac.uk/portal/en/theses/the-role-of-corporate-social-responsibility-education-for-the-korean-small-and-mediumsized-enterprises-development-a-social-capital-theory-perspective(ab26ea85-442d-4ac5-9f1b-e6bfc8a00c74).html.
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As the significance of corporate social responsibility (CSR) increased in the last decade, more enterprises, encouraged by governments, are promoting CSR practice. Therefore, it is necessary to evaluate the conceptualisation of CSR in regions with different cultures, histories, socio-cultural practices and religions. This study was based on a social constructionism approach and the research questions were answered through reviewing the theoretical basis established according to the collection of existing studies, as well as analysing empirical findings obtained from multiple case studies of Korean small and medium-sized enterprises (SMEs) CSR champions, extensive interviews with international organisations (IOs) and Korean governmental agencies, and documents provided by the case companies, IOs and governmental agencies. This research found different characteristics of CSR between SMEs and multinational corporations regarding language and a necessity for differentiation strategy for development across firm size, industry and governance. Moreover, SMEs' global, national and organisational factors affected their learning and practice of CSR, resulting in different outcomes and peculiar characteristics. These findings could generate the new integrated model to understand CSR by combining two Social Capital Theory perspectives (Coleman, 1988; Fukuyama, 1995). This model facilitated in-depth analysis of the role of CSR in SMEs' development, building social capital on the process of SMEs' CSR practice by establishing virtuous cycles from trustful relationships internally and externally. Finally, it was shown that the CSR territory is expanding from the major Western developed countries to the emerging markets, especially in East Asia. Also, case study of the Korean CSR champions among SME sector could contribute to identifying characteristics of exemplary CSR cases to achieve social and economic responsibilities. Further, this research could provide about their conceptualisation and relationships with other education factors. Therefore, this study provides directions how other ordinary SMEs adopt CSR within their organisational settings, how policy makers set up their governmental support and how academics research about SMEs' CSR.
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Ivo, Marcos Paulo Conde. "Responsabilidade social, ambiental e desempenho financeiro nas empresas brasileiras de capital aberto." Universidade Presbiteriana Mackenzie, 2012. http://tede.mackenzie.br/jspui/handle/tede/921.
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Previous issue date: 2012-08-15The relationship between corporate financial performance and social and environmental responsibility(RSA) has being studied by many researchers, however, until now, the results are contradictory. Based on Stakeholders and Stockholders theories, in a positivist framework (quantitative), this exploratory and descriptive study evaluates the correlation between RSA and the corporate financial performance of non-financial Brazilian Companies listed in BM&FBOVESPA. The sample used was non-probabilistic, composed by 112 companies, among them, 28 belongs to RSA group and 84 are part of a comparison group (N_RSA). The financial and market data related to the years 2008, 2009 and 2010 were obtained from Economatica data base. Applying the statistical method repeated measures variance analysis and the linear mixed models, it was analised the relationship between RSA and the financials indicators ROE (return on equity), ROA (return on assets), P/E (Price/Earnings), MV /BV (market value/book value) and Sales Growing. The results obtained by analysis of variance suggest that RSA influences on the sales growing, but it wasn t possible to identify if the signal of that influence (positive or negative). For the others variable, the results suggest a neutral influence. The linear mixed models suggest that RSA influences positively ROE and is neutral for the others variables.
A relação entre responsabilidade social e ambiental (RSA) e o desempenho financeiro das empresas tem sido objeto de estudo de diversos pesquisadores, porém, os resultados obtidos até o momento são contraditórios. Fundamentado nas teorias dos Stakeholders e Stockholders, este trabalho exploratório e descritivo, com abordagem positivista (quantitativo), buscou avaliar a relação entre RSA e o desempenho financeiro das empresas brasileiras não financeiras de capital aberto com ações negociadas na BM&FBOVESPA. A amostra escolhida de forma não probabilística foi composta por 112 empresas, das quais 28 do grupo RSA e 84 do grupo de comparação (N_RSA). Os dados econômico-financeiros e de mercado dos anos de 2008, 2009 e 2010 das empresas da amostra foram obtidos da base de dados Economatica. Utilizando-se das técnicas estatísticas análise de variância com medidas repetidas e modelo linear de efeitos mistos, avaliou-se a relação entre RSA e os indicadores de desempenho financeiro ROE (retorno sobre o patrimônio líquido RPL), ROA (retorno sobre ativos RAT), P/L (preço/lucro P_L), VM/VL (valor de mercado/valor de livro) e Crescimento nas Vendas (+Vend). A análise de variância encontrou evidências que permitem inferir que RSA influencia a variável Crescimento nas Vendas, mas não foi possível identificar se positiva ou negativamente. Para as demais variáveis a influência RSA mostrouse neutra. O resultado do modelo linear de efeitos mistos obteve evidências que RSA influencia positivamente a variável ROE e é neutra para as demais variáveis estudadas.
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Johnson, Joseph Aaron. "The influence of CSR reporting models on managers' capital allocation decisions." Diss., Georgia Institute of Technology, 2015. http://hdl.handle.net/1853/53905.
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In my dissertation, I experimentally examine whether and how the reporting model a firm uses to guide its corporate social responsibility (CSR) disclosures can influence managers’ capital allocation decisions. Chapter 1 provides an overview of my research question, why this research question is important, what I predict I will find, and the main results of my experiment. In Chapter 2, I briefly review the CSR literature generally and in accounting specifically, touching particularly on what has catalyzed the recent growth in CSR disclosure, how it influences behavior, and the emerging role of CSR reporting models as well as differences among these models. Two key features that differ among available reporting models are the intended users of the disclosures (e.g., capital providers or all stakeholders) and the disclosure location (e.g., MD&A or Sustainability Report). In Chapter 3, I draw upon research in social psychology on the social contingency model to hypothesize that differences in the intended users and the disclosure location jointly influence the extent to which managers’ capital allocations are weighted toward financial versus social benefits. I also hypothesize that this influence is mediated by how accountable managers feel for financial and social performance. Chapter 4 outlines the experimental design and method I use to test my hypotheses. The results of my experiment and related statistical analyses are reported in Chapters 5 and 6, in which I find support for my predictions across two different participant populations I use as proxies for managers. Specifically, I find that participants allocate capital to social benefits across all conditions, but that their overall allocations are largely driven by financial considerations. That is, they weight financial benefits more heavily than social benefits. However, when the reporting model disconnects CSR disclosure from a more traditional financial reporting setting (i.e., when the CSR disclosures are made to all stakeholders in a Sustainability Report), participants’ weight on financial benefits is reduced. In addition, I find that these results are driven by changes in perceived accountability for both financial and social performance. I also find evidence that the influence of the CSR disclosure location is contingent on whether the disclosure audience’s preferences are perceived to uniformly favor financial benefits. Chapter 7 concludes and reiterates the important implications of my dissertation. Namely, the results of my study help inform standard setters, regulators, stakeholders, and managers about the consequences of alternative CSR reporting models and highlight the potential effects of CSR disclosure standards on stakeholder welfare.
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Striukova, Ludmila. "Intellectual property rights and corporate value creation : the role of governance structures and social capital." Thesis, Birkbeck (University of London), 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.424372.
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Zhang, Lei. "Social capital accumulation, business governance, and enterprise performance : a structural-equation-model approach /." View abstract or full-text, 2007. http://library.ust.hk/cgi/db/thesis.pl?SOSC%202007%20ZHANG.
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Benlemlih, Mohammed. "The double edged sword of corporate social responsibility : mechanisms to sustain shareholders' wealth and avoid social overinvestment." Thesis, Grenoble, 2014. http://www.theses.fr/2014GRENG012.
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Cette thèse de doctorat s'inscrit dans le courant de recherche qui étudie les implications financières associées à une meilleure responsabilité sociale des entreprises (RSE). Après un chapitre préliminaire qui nous permet de présenter la littérature antérieure et de situer notre recherche, nous effectuons trois études empiriques. Dans la première étude, nous étudions l'impact de la RSE sur le risque financier des entreprises (mesuré par le risque total, systématique et spécifique). En utilisant un échantillon de 5716 observations entre 2001 et 2011, nous montrons que les entreprises socialement responsables réduisent significativement leur risque systématique. Les résultats de cette étude suggèrent aussi que ces entreprises disposent d'un capital moral qui absorbe l'impact de potentiels chocs spécifiques. Quant à l'analyse des dimensions de la RSE, nous démontrons que les “ressources humaines” réduisent le plus le risque financier des firmes, suivies par le “ comportement sur le marché” et le “gouvernement d'entreprise”. Dans la deuxième étude empirique, nous nous intéressons à l'impact de la RSE sur la maturité de la dette des entreprises. En utilisant un large échantillon d'entreprises américaines, nous montrons que les entreprises socialement responsables réduisent significativement la maturité de leur dette. Nous montrons aussi que ces entreprises substituent les capitaux propres à la dette long-terme. Un niveau élevé de RSE réduit la proportion des investissements financés par de la dette long-terme et augmente la proportion des investissements financés par des capitaux propres et de la dette court-terme. Dans la troisième étude empirique, nous utilisons un échantillon de 22389 observations entre 1991 et 2012 et nous nous intéressons à la relation entre la RSE et la politique de dividendes. Nous soulignons que les entreprises socialement responsables paient plus de dividendes que les entreprises non socialement responsables. Nous démontrons aussi que les entreprises socialement responsables ont une politique de dividendes plus stable. Globalement, nos résultats empiriques valident nos hypothèses. Ils suggèrent que les entreprises socialement responsables utilisent la maturité de leur dette et leur politique de dividendes comme des mécanismes qui permettent de contrôler les phénomènes de surinvestissement en RSE. Ces mécanismes permettent de renforcer les effets positifs liés à une meilleure RSE (i.e., la réduction du risque)Corporate Social Responsibility (CSR) is, nowadays, considered one of the most debated topics in both theory and practice. This dissertation investigates some financial implications associated with high CSR involvement. After Synthesizing the existing literature in the field, we perform three empirical studies. The first empirical study examines the impact of CSR on firm financial risk (measured by total, systematic and specific risks). Using a database of 5,716 firm-year observations between 2001 and 2011, we show that a socially responsible firm avoids certain risks acknowledged by the financial market as socially responsible systematic risks, like environment penalties and consumer disloyalty. Socially responsible firms also own a moral capital that reduces the impact of some firm specific shocks and thus the idiosyncratic risk level. It appears that the most important reduction of financial risk is due to the “human resources” sub-rating, followed by “business behavior” and “corporate governance”. The second empirical study investigates the impact of CSR on firm debt maturity. Using a large sample of US firms, we find robust evidence that high CSR firms significantly reduce their debt maturity. Furthermore, high CSR firms substitute shareholders' equity for long-term debt. CSR decreases the extent to which investments are financed with long-term debt and increases the extent to which investments are financed by short-term debt and shareholders' equity. The third empirical study uses a sample of 22,839 US firm-year observations over the 1991–2012 period in order to explore the relationship between CSR and dividend payout policy. We find that high CSR firms pay more dividends than low CSR firms. Moreover, socially irresponsible firms adjust dividends quicker than socially responsible firms: dividend payout is more stable in high CSR firms than in low CSR firms. Additional results show that firms involved in two controversial activities –military business and alcohol – are associated with low dividend payouts, which is likely to be due to the high cost of external funding for these firms. Overall, our results support the expectation that socially responsible firms use debt maturity and dividend payout as mechanisms to avoid CSR overinvestment problems and to maintain the positive effects associated with high CSR strategies (i.e., risk reduction)
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Loria, Eli. "Estrutura e função do capital social na companhia aberta." Universidade de São Paulo, 2009. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-16092009-093530/.
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A inovação financeira, caracterizada pela criação de novas estruturas e instrumentos jurídicos e financeiros nas últimas décadas, impactam os tradicionais conceitos do direito societário e a própria interpretação das normas vigentes. Assim, a partir do estudo das acepções e funções exercidas pelo capital social, buscou-se confrontá-lo com instrumentos criados para obtenção de recursos para as companhias bem como com alternativas para a proteção dos credores. O presente trabalho explora o tema buscando de início identificar a origem das formas associativas e o precedente histórico da companhia aberta para, em seguida, adentrar na disciplina jurídica do capital social, suas características e propósitos. Então, por fim, trata-se, em capítulos apartados, da securitização de créditos, da desconsideração da personalidade jurídica e do patrimônio de afetação, procedendo-se a uma comparação com o instituto do capital social, sem concentração específica na disciplina desses instrumentos.Financial innovation, characterized by the development of new structures and legal and financial instruments in the past decades, impacts the traditional concepts of corporate law, as well as the interpretation of existing legislation. Starting from an analysis of the different meanings and functions of the legal capital of companies, it was sought to specifically examine this concept in light of mechanisms devised for the funding of companies and for the protection of creditors. This paper analyzes the matters seeking, initially, to identify the forms of association and the historical background of the publicly¬-held company in order to then analyze the rules pertaining to the legal capital, with its characteristics and purposes. Last, we examine, in separate chapters, of credit securitization, of the lifting of the corporate veil, and of the segregated capital, comparing each of these concepts with that of the legal capital, instead of focusing on the specific legal rules pertaining to such concepts.
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Medina, Giacomozzi Alex, and González Pedro Severino. "Responsabilidad empresarial: generación de capital social de las empresas." Pontificia Universidad Católica del Perú, 2014. http://repositorio.pucp.edu.pe/index/handle/123456789/114879.
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There is ample information on corporate social responsibility and how it should be applied in different organizations, leading to models, application areas, stakeholders and compliance levels, but not with the creation of social capital. The relationship between them is very narrow. This resource is an intangible asset that can be created according to thedifferent relationships such organization with stakeholders in relation to the economic, legal, ethical and discretionary dimension. The generation of social capital is the result of hard and continuous work in four dimensions, which does not neglect any of them. In line with this article describes the joint should be between strategy, creating value for each of stakeholders and the ability to produce social capital as a central element of corporate social responsibility.Hay una amplia información sobre la responsabilidad social empresarial y cómo esta se debe aplicar en las diferentes organizaciones, da lugar a modelos, áreas de aplicación, grupos de interés y niveles de cumplimiento, pero no así con la creación de capital social. La relación que existe entre ambas es estrechísima. Dicho recurso es un bien intangible, que se puede crear de acuerdo con las diferentes relaciones que posea la organización con los grupos de interés, en lo referente a la dimensión económica, legal, ética y discrecional. La generación de capital social es el resultado de un trabajo arduo y continuo en las cuatro dimensiones, que no deja de lado ninguna de ellas. En consonancia con ello, este artículo describe la articulación que debe darse entre la estrategia, la creación de valor para cada uno de los grupos de interés o stakeholders y la capacidad para producir capital social como elemento central de la responsabilidad social empresarial.
Existe muita informação sobre a responsabilidade social empresarial e ao respeito de como ela deve ser aplicada nas diferentes organizações, os modelos a serem implantados, o seu escopo, as partes interessadas e os níveis de conformidade,mas não existe informação sobre a criação do capital social. A relação entre a RSC e o capital social é muito estreita. Esterecurso é um ativo intangível que pode ser criado segundo as diferentes relações estabelecidas entre as organizações e as partes interessadas com relação às dimensões econômica, legal, ética e discricionária. A geração de capital social é o resultadode um trabalho árduo e contínuo nessas quatro dimensões, sem deixar de fora nenhuma delas. Neste sentido, este artigo descreve a articulação que deve existir entre a estratégia, a criação de valor para cada uma das partes interessada sou stakeholders, e a capacidade de produzir capital social como um item central da responsabilidade social empresarial.
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Bushell, Merly A. "Women on boards : the role of social capital and networking in corporate board director selection processes." Thesis, University of Warwick, 2015. http://wrap.warwick.ac.uk/73307/.
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There remains a paucity of women in both executive and non-executive director roles in British boardrooms. This research explores how far this is explained by differences in levels of social capital and networking activities between men and women seeking boardroom positions. While it is known that social capital is important at junior and middle management levels (with existing research showing that the quality of men’s and women’s networks differ, and that women are not able to leverage their networks to the same extent as their male colleagues) no rigorous academic research on this issue has been conducted specifically at corporate board level, largely due to the difficulty of securing access to respondents. This thesis addresses the gap in the literature by drawing on data gathered from 82 semistructured interviews with Chairs, head-hunters and aspiring or recently appointed male and female directors. The research questions asked: what is the role of social capital and networking in corporate board selection processes; how far can Human Capital Theory, Preference Theory, Attribution Theory and Self-Efficacy explain the lack of progress of senior women to board level roles?; do aspiring female directors have poorer quality networks and less social capital than their male peers; why might this be; and are female aspiring directors as willing and able to leverage their social capital as their male peers. The findings affirm the importance of social capital theory in relation to selection to boardroom roles. Preference Theory, Human Capital Theory and Attribution Theory and Self-Efficacy are not found to explain the lack of promotion of senior female executives to board director positions. Other key contributions include insights into board director selection processes, the effectiveness of regulatory and voluntary codes, and gender differences in networking and job seeking activities of aspiring directors.
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Douglas, Fernandez Whitney G. "What Does Board Capital Really Bring to the Table? Exploring the Effect of Directors’ Human and Social Capital on Effective Governance During International Expansion." FIU Digital Commons, 2014. http://digitalcommons.fiu.edu/etd/1561.
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What constitutes effective corporate governance? Which director characteristics render boards effective at positively influencing firm-level performance outcomes? This dissertation examines these questions by taking a multilevel, multidisciplinary approach to corporate governance. I explore the individual-, team-, and firm- level factors that enable directors to serve effectively as strategic resources during international expansion. I argue that directors’ international experience improves their ability to serve as effective strategic consultants and resource providers to firms during the complex internationalization process. However, unlike prior research, which tends to assume that directors with the potential to provide important resources uniformly do so, I acknowledge contextual factors (i.e. board cohesiveness, strategic relevance of directors’ experience) that affect their propensity to actually influence outcomes. I explore these issues in three essays: one review essay and two empirical essays.
In the first empirical essay, I integrate resource dependence theory with insights from social-psychological research to explore the influence of board capital on firms’ cross-border M&A performance. Using a sample of cross-border M&As completed by S&P 500 firms from 2004-2009, I find evidence that directors’ depth of international experience is associated with superior pre-deal outcomes. This suggests that boards’ deep, market-specific knowledge is valuable during the target selection phase. I further find that directors’ breadth of international experience is associated with superior post-deal performance, suggesting that these directors’ global mindset helps firms in the post-M&A integration phase. I also find that these relationships are positively moderated by board cohesiveness, measured by boards’ internal social ties.
In the second empirical essay, I explore the boundary conditions of international board capital by examining how the characteristics of firms’ internationalization strategy moderate the relationship between board capital and firm performance. Using a panel of 377 S&P 500 firms observed from 2004-2011, I find that boards’ depth of international experience and social capital are more important during early stages of internationalization, when firms tend to lack market knowledge and legitimacy in the host markets. On the other hand, I find that breadth of international experience has a stronger relationship with performance when firms’ have higher scope of internationalization, when information-processing demands are higher.
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PURCELL, DAVID A. "RACE, GENDER, AND CLASS AT WORK: EXAMINING CULTURAL CAPITAL AND INEQUALITY IN A CORPORATE WORKPLACE." University of Cincinnati / OhioLINK, 2007. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1186439336.
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Ndjoy, Henri Vincent Ndjave. "The social determinants for theiInstitutionalisation of knowledge sharing in a selected organisation in the Western Cape, South Africa." Thesis, Cape Peninsula University of Technology, 2017. http://hdl.handle.net/20.500.11838/2645.
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Thesis (MTech (Business Information Systems))--Cape Peninsula University of Technology, 2017.The aim of this study was to explore the social determinants for the institutionalisation of knowledge sharing within an organisation. Institutionalisation offers stabilising benefits and contributes to nurturing a culture of knowledge sharing. Systematic sharing of knowledge cannot take place unless there are procedures, policies and guidelines for knowledge sharing. Giddens’s concept of duality of structure was used as the theoretical lens. Institutionalisation is considered to be rules that are shared and that recognise categories of social actors and their applicable activities or relationships (Barley & Tolbert, 1997). Challenges arise when knowledge sharing is not as efficient as it should be due to many constraints. One of them is inadequate procedures and policies for knowledge sharing. Systematic sharing of knowledge cannot take place unless there are procedures, guidelines and policies for knowledge sharing (Riege 2005). Sharing of knowledge cannot be effective if suitable procedures and processes are not in place (Riege, 2005:28-32). The research used a mixed method approach and employed an interpretive case study methodology. A focus group was conducted from a qualitative stance, followed by a survey from a quantitative perspective with senior, medium and junior-level staff members working within the Development Information and Geographic Information Systems department of a selected municipality in the Western Cape, South Africa. The sample represents a hundred percent of the population being all sixty staff members for the DI & GIS department, from which seven were used for the focus group from the qualitative perspective and the remainder for the quantitative survey. For the qualitative side, content analysis was used to analyse data generated from the focus group, while a descriptive statistical analysis was employed to analyse the data gathered from the quantitative survey. The findings suggest that organisational structure, policies, processes, corporate governance and technology are major enablers for the institutionalisation of knowledge sharing in an organisation. Management support and organisational culture were also recognised as social factors for knowledge sharing institutionalisation. New strategies for reinforcing efforts to nurture and invigorate the institutionalisation of knowledge sharing within an organisation were generated and presented as a general framework.
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Nyassogbo, Tino. "Intuitu personae et opérations de capital." Thesis, Rennes 1, 2016. http://www.theses.fr/2016REN1G034.
Full textAbstract:
Dans l’épure de la classification traditionnelle des sociétés, l’intuitu personae est considéré comme une notion inutile, absente du fonctionnement des sociétés par actions. Pourtant, sous l’effet des considérations financières des fonds d’investissement et des fonds de pension qui apportent des capitaux importants, l’intuitu personae fait étonnement son retour dans le droit des sociétés. L’intuitu personae, locution latine qui désigne « la considération de la personne » est une notion polymorphe. Ainsi, son identification dans les opérations de capital n’est pas aisée et oblige à analyser les techniques mises en place par le législateur par le biais des clauses d’agrément, des actions de préférence ou des opérations de transmission universelle de patrimoine. La notion révèle ainsi ses forces et ses faiblesses au contact de la contractualisation du droit des sociétés. Cette redécouverte de l’intuitu personae oblige également à s’interroger sur son rôle dans les nouvelles orientations du paysage sociétaire. L’intuitu personae fragilise les critères de définition de la société, affecte les fonctions traditionnelles du capital social et s’impose comme un facteur de mutation. Son impact est considérable dans le contexte d’un droit des sociétés traversé par des courants contradictoires. Dès lors, cette étude propose de conceptualiser les bouleversements opérés par l’intuitu personae dans les opérations de capital. À cet égard, l’intuitu personae contribue à la modernisation du droit des sociétésIn the blueprint of traditional classification of companies, the concept of intuitu personae is considered a useless concept in regard to corporations’ transactions. However, due to financial considerations of investment funds and pension funds that provide important capital, intuitu personae astonishingly makes a return into Corporate Law. Intuitu personae is a Latin expression meaning “the reputation of the person”. It is a polymorphic concept. Consequently, it’s identification in capital operations is not easy task and requires the analysis of techniques implemented by the legislator through approval clauses, preference shares or universal transmission of wealth operations. The concept reveals its strengths and weaknesses in regards to Corporate Law. This rediscovery of the concept of intuitu personae also raises questions about its role in the new directions of the societal landscape. Intuitu personae weakens the definition criteria of the company. It affects the traditional functions of capital shares and establishes itself as a mutation factor. Its impact is significant in the context of Corporate Law crossed by conflicting currents. Therefore, this study proposes to conceptualize the changes made by intuitu personae in capital transactions. In this regard, the intuitu personae contribute to the modernization of Corporate Law
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Stoll, Bettina. "Sozial und ökonomisch handeln : Corporate Social Responsibility kleiner und mittlerer Unternehmen /." Frankfurt am Main : Campus, 2009. http://deposit.d-nb.de/cgi-bin/dokserv?id=3228921&prov=M&dok_var=1&dok_ext=htm.
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Hsu, Shu-Chen, and 許淑貞. "Corporate Social Responsibility and Capital Structure." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/fx4ttc.
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碩士國立彰化師範大學
財務金融技術學系
105
Based on data of 800 listed nonfinancial companies on the Taiwan Stock Exchange (TWSE) covering the period of 2007~2015, this master thesis examines how corporate social responsibility (CSR) affects a firm’s financial decision ranging from equity financing to debt financing, namely, capital structure. While existing literature has mentioned that a firm’s engaging in CSR has benefit versus cost, this thesis proposes that a firm with superior performance on CSR tends to taking greater care on financial risk to protect stockholders as well as stakeholders from bankruptcy, thus decreases to issue debt. Empirical result from multivariate regression estimation generally shows that greater degree of CSR engagement is associated with lower degree of debt using in terms of lower corporate debt ratio. This supports the negative linkage between CSR and capital structure.
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TSENG, PO-JEN, and 曾柏仁. "Corporate Social Responsibility, Social Capital, and Operating Performance." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/vw3vf4.
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博士國立高雄科技大學
財務金融學院博士班
107
Past studies demonstrate the impact of Corporate social responsibility (CSR) on firms’ financial performance. However, the channel by which CSR improves firms’ financial performance gains little attention. This study examines this issue by considering corporate social capital and implementing Balanced Scorecards (BSC), which takes not only financial performance but also non-financial information into account. We use two-stage data envelopment analysis to analyze the relation among CSR, corporate social capital and firm performance. The results of this study suggest that CSR implemented by corporates has positive impact on their social capital, which farther improve their operating performance. The results shed light on the relation between corporate social capital and operating performance and provide more thoroughly analyses of the roles of CSR.
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Wang, Che-hsiang, and 王哲祥. "The Study of Social Capital and Corporate Social Responsibility." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/38065163611194834233.
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CHEN, WEN-SUNG, and 陳文松. "Corporate Social Responsibility and Capital Structure Adjustments." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/12282121486398389010.
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碩士國立臺北大學
統計學系
104
This paper investigates how corporate social responsibility (CSR) impact on company recapitalization behavior. Last literatures showed that while firms with lower debt ratio has high profits, firms will have more resources to invest CSR activities in the future. However, whether engaged in CSR will affect capital structure adjustments? whether it will reduce the traditional swaps theoretical execution? Literatures have not yet a clear answer. Thus, the study attempts to investigate the relationship between CSR (including corporate governance, community, environment, diversity, employee relations, human right, and product) and capital structure adjustments. In this study, we use a general linear regression model. First of all, firms with above-target (below-target) debt ratio engage in CSR activities does accelerate (decelerate) capital structure adjustments to optimal. Second, for above-target (below-target) firms, doing CSR strengths activities will accelerate (decelerate) the speed of the adjustments. Firms with above-target debt ratio have more ability to adjust the financial leverage toward optimum value and increase the firms’ value. Firms with below-target debt ratio tend to maintain lower leverage and retain more resources to invest CSR activities in the future. Third, doing CSR concerns activities let the speed of the capital structure adjustments slow down. It indicates that firms with high risky tend to keep higher leverage. Engage in CSR concerns activities results firms have finite capacity so that the speed of the adjustments slow down. This study suggest that the manager would consider to implement the spirit of CSR while deciding financing policy, and enhance the firms’ positive image.
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"Essays in corporate governance and social capital." Tulane University, 2005.
Find full textAbstract:
These essays study the effects of corporate governance and social capital on firm characteristics such as firm performance and firm value. The first essay addresses with the relationships between ownership concentration, financial performance, and economic characteristics of Colombian firms. Using panel data for 144 firms that issue securities in the Colombian economy between the years 1995 and 2003, we study the determinants of ownership and accounting performance. We find a strong inverse U-shaped effect of earnings variation on ownership concentration, and a U-shaped effect of earnings variation on accounting performance. Additionally, accounting performance positively affects ownership concentration, and ownership concentration affects accounting performance, although the tendency of its effect is not clear. After controlling for endogeneity, we find that ownership concentration has a nonmonotonic effect on accounting performance, with an initial negative effect and, as the ownership becomes highly concentrated, a positive effect. The second essay is a follow-up of the first essay for a sample of Latin American firms. The essay studies the effects of ownership concentration on the accounting returns for a panel of 532 publicly listed Latin-American firms between the years 1999 and 2003. The firms are from five countries: Colombia, Brazil, Chile, Peru and Venezuela. The third essay presents a theoretical model of cooperation and agency costs focusing in the extent of cooperation among the manager and the investors, an important variable absent in agency cost analyses. Two types of cooperation are studied: (1) generalized cooperation, a behavior close to social capital, a comprehensive concept that characterizes the inclination to cooperate among the individuals of a given society; and (2) discriminating cooperation, a concept close to cooperation with relatives. These types of cooperation affect managerial private benefits differently; while generalized cooperation reduces agency costs, discriminating cooperation may enlarge them, until the manager becomes highly close toward his cooperating investor. The fourth essay presents evidence about the impact of cooperation on firms' characteristics. Social capital has its basis in the social cohesion built across generations. Fragmented societies likely score low in social capital, a deficiency that hinders their development. Moreover, some forms of social capital can have negative consequences: when cooperation is oriented to rent seeking or when it is selective. Some empirical tests associate social capital with economic growth, but there is no evidence of its impact at firm levels. The essay tries to fill that void. With a sample of firms from forty four countries, we find that social capital is positively associated with firm value, and has a U-shaped effect on firm size. Additionally, a form of selective social capital, family cooperation, has a U-shaped effect on firm value and an inverse U-shaped effect on firm size. While the U-shaped effect of social capital on firm size was unexpected, at least the negative slope, all additional effects present the expected theoretical shapes, which are the result of two contrasting forces: the agency cost of managerial private benefits and focused or generalized cooperation. (Abstract shortened by UMI.)acase@tulane.edu
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Wang, Wei-Syun, and 王偉勳. "The Relationship among Corporate Social Responsibility, Intellectual Capital and Corporate Performance." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/14426879421902749740.
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碩士靜宜大學
會計學系
103
Previous study pointed out that empirical findings of a positive relationship between corporate social responsibility and financial performance might be spurious, because those model ignored the mediating effects of missing variables. The purpose of this paper is to examine the relationships among corporate social responsibility, intellectual capital and corporate performance. Our results indicate that there is a direct relationship between corporate social responsibility and corporate performance and intellectual capital is significantly positive with corporate performance. Additionally, corporate social responsibility seems to be a predictor, but its not a consequence of corporate performance, and this relationship does not form a virtuous circle.
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"The philanthropic contract: Building social capital through corporate social investment." SOUTHERN CROSS UNIVERSITY, 2009. http://pqdtopen.proquest.com/#viewpdf?dispub=3335572.
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YANG, CHENG-XIN, and 楊程馨. "The Optimal Capital Structure of Corporate Social Responsibility." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/688nk5.
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碩士國立高雄第一科技大學
金融系碩士班
105
The question of whether an optimal capital structure actually exists remains a mystery despite decades of fierce debate. Capital structure is associated with a firm’s corporate governance and operating performance, whilst an optimal capital structure is the best debt-to-equity ratio for a company, which maximizes enterprise value. Therefore, the aim of this paper was to explore how different levels of corporate social responsibility (CSR) exert an influence on the capital structure of listed companies in Taiwan. This paper is the first to employ the quantile unit root test and Fourier function developed by Bahmani-Oskoee et al. (2016) to verify the existence of an optimal capital structure in companies with varying levels of CSR. Empirical results indicate that firms focusing on CSR activities tend to have an optimal capital structure because they carry their economic responsibility well and are able to maximize enterprise value. Contrarily, firms that pay little attention to CSR are prone to rejecting an optimal capital structure and will be unlikely to maximize enterprise value. This study provides empirical findings of the advantages of CSR for listed companies in Taiwan: companies pursuing CSR will be more likely to have an optimal capital structure (aka target capital structure), which may decrease a firm’s financing cost and maximize enterprise value. Firms with low levels of CSR do not have a target capital structure, and cannot maximize enterprise value by reducing financing costs.
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MacKay, Jon. "Corporate Governance and Firm Performance: Analyzing the Social Capital of Corporate Insiders." Thesis, 2012. http://hdl.handle.net/10012/7207.
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This dissertation is concerned with how the social capital of corporate insiders is associated with the governance and performance of publicly listed small and medium- sized enterprises (SMEs) in Canada. The premise of social capital theory is that relationships matter and that network structures have implications for outcomes. Encouraging SME growth and performance is an important part of economic policy. In Canada, going public is one way innovative SMEs can access capital for growth.
This research considers the network of relationships between directors, owners and senior officers in a public corporation – i.e. the social capital of corporate insiders – to better understand corporate governance. Family-run firms, large corporate ownership and professional relationships between directors have been the subject of numerous corporate governance studies. They can also be considered networks. In this research, I assume that these various networks act to unite corporate insiders into coalitions with similar interests. I consider the implications of social capital on firm performance in terms of effective control, director independence, CEO ownership, and family control of the firm. The hypotheses, generated from the theory of internal social capital of the firm, are tested using fixed and random effects regression models on a panel of Canadian industrial SMEs that had an initial public offering between 2000 and 2010. SME performance is measured by Tobin’s Q.
I find support for the idea that the structure of social capital within the firm is related to corporate governance and associated with performance. My results indicate that having multiple coalitions in the firm, as well as more independent directors, are both positively associated with performance. There are also indirect effects related to the social capital of the firm. After controlling for the structure of social capital in the firm, CEO ownership is found to have no association with firm performance, except in a few cases where the CEO owns in excess of 40 percent of the firm. Once these cases are omitted from the sample there does not appear to be a significant relationship between CEO ownership and performance. These few cases suggest the role of CEO may be important to performance outcomes in highly controlled firms. Further case-study research into this finding may be merited. Finally, I find no evidence that family-run firms have valuations that differ from other firms.
The theory of internal social capital of a firm contributes to the corporate gov- ernance literature by considering how the network of relationships within the firm affects outcomes. There are also useful methodological contributions from this re- search. Theoretically grounded network measures determine: (i) a scale of effective control of a firm when there are multiple coalitions of owners, and (ii) a way to iden- tify truly independent directors. Entrepreneurs, directors and managers will find this research useful because it outlines how the structure of relationships within an SME is associated with firm valuation.
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Huang, Hui-Yu, and 黃慧瑜. "Corporate Social Responsibility and Evaluation on the Capital Market." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/3bnz76.
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碩士亞洲大學
財務金融學系
107
Various problems in Taiwan, such as the global financial crisis, food safety crises, product fraud, and environmental pollution of well-known enterprises, have seriously affected order in the capital markets and caused social unrest in recent years. At the same time, corporation social responsibility (CSR) has gotten more and more attention at home and abroad and become a trend of international enterprises. The world is now placing more emphasis on the positive and negative effects that enterprises have on society, the economy, and the environment. Therefore, this study utilizes the sample companies’ websites to collect certificated data of listed (OTC) companies in Taiwan to integrate and analyze CSR reports. Listed (OTC) companies in the high-technology industry of Taiwan from 2009 to 2018 are taken as the samples to comprehensively explore the relevance between capital market characteristics and CSR reports, with capital market characteristics measured through information asymmetry, Tobin's Q, and stock returns. The study’s results herein show that disclosing CSR reports indeed eases information asymmetry between enterprises. Moreover, compared to enterprises whose CSR reports are not disclosed, enterprises that did disclose CSR reports have significantly higher market values and stock returns. Overall, disclosing CSR reports provides positive evidence for enterprises’ market values. Hence, it can be inferred that CSR reports positively affect capital markets.
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Xiao, Yan-Chang, and 蕭延錩. "The Relationships among Corporate Social Responsibility, Green Human Capital, Corporate Image and Corporate Competitiveness in Europe." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/pc799c.
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碩士國立彰化師範大學
財務金融技術學系
107
The global economy has been changing rapidly in recent years. Although the European economy has become stable after the financial crisis, the economic growth in Europe is slowing down day by day and uncertainly potential factors are still very high. In order to strengthen the economic structure of Europe and the environmental sustainability, the European Union proposed a “Europe 2020: Europe’s growth strategy” in 2010 and launched the policies and guidelines, including increasing overall employment rates and concerning about environmental issues. It aims to make the EU become a smart, sustainable and inclusive economy in the world. With this growth strategy, most corporations in Europe have increased the consciousness of environmental protection and the hire of green human capital. This study explored the impact of corporate social responsibility on corporate competitiveness. Furthermore, the study examined the intermediary role of green human capital and corporate image on the impact of corporate social responsibility on corporate competitiveness. An online survey questionnaire was conducted in Europe for convenient sampling to full-time employees and “SPSS 20” software for statistical analysis. There were 260 questionnaires collected with 230 valid returns. Statistical methods included descriptive statistical analysis, reliability and validity analysis, Pearson correlation coefficient analysis and hierarchical regression analysis. The results of this study show that corporate social responsibility has a positive impact on green human capital, corporate image, and corporate competitiveness. Green human capital and corporate image have partial mediating effects between corporate social responsibility and corporate competitiveness. Based on the research results, this study provides conclusions and recommendations for European corporations and Taiwanese corporations that would like to develop their business in Europe, and further research as a reference.
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Hung, Shu-Chi, and 洪淑琪. "Corporate Voluntary Disclosure and the Capital Market characteristics: Evidence from Corporate Social Responsibility Reports." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/77453388364215134966.
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碩士輔仁大學
會計學系碩士班
103
Experienced the food safety and fraud events, environmental pollution made by the famous enterprises, Taiwan has facing the serious corporate social responsibility (CSR) issues. It not only becomes the unstable factors in society, but also influences the order in capital market. With a global commitment in CSR, we have noticed the importance relative to understanding ‘How the enterprise’s operating influences the society, environments and economics.’ Moreover, the disclosure of CSR report has been an international trend. Therefore, in this study, we have collected and classified the CSR reports and authentication services, announced by Taiwan listed and Over-The-Counter company, from the domain web database in Taiwan. With a sampling period from 2003 to 2013, we examine the relationship between the voluntary disclosure of CSR reports and the capital market characteristics. And measuring the capital market characteristics by several important parameters, information asymmetry and Tobin’s Q, stock returns and institutional investor holdings, finally the analyst’s intention in forecasting the target enterprise. As a result of impacting on the environment, we also explore the relationship between the environment sensitive industry and the capital market characteristics. In sensitive test, we try to illustrate if the CSR reports with authentication or enterprises to be awarded a prize will has critical impacts on the capital market characteristics. With an empirical result, the first of all, we have found that disclosure of CSR report, indeed, decreases the situation of information asymmetry. Moreover, comparing to the enterprises without the CSR report disclosure, the enterprises with CSR report disclosure usually performs with a higher market value, stock returns and institutional investor holdings. Furthermore, it is worse in information asymmetry and has the lower institutional investor holdings in an environment sensitive industry. However, the analyst’s intention in forecasting and tracking the enterprise will be higher, on the contrary, possibly because of the characteristics and the worse information asymmetry in this industry. Likewise, the enterprise in environment sensitive industry disclose their CSR reports that also reduce the situation of information asymmetry and raise up the institutional investor holdings apparently. As a result in a sensitive test, the certificated CSR report has a significant contribution to decrease the situation of information asymmetry. However, in other capital market characteristics researches, the conclusions do not meet what we anticipated. We suppose that the authentication services to CSR report should be still an unfamiliar area to the participants in Taiwan capital market. Eventually, with statistically significant, the enterprises which are awarded the ‘Excellence in Corporate Social Responsibility’ have the better performance in handling the situation of information asymmetry and market value, stock returns and the institutional investor holdings. Generally speaking, disclosing the CSR report will be helpful to lower the situation of information asymmetry; meanwhile, attracting the institutional investors to engage in relative investment. Also, we have found the positive evidences in better performance on market value and stock returns. Therefore, we conclude that the CSR report does have positive driving force to the capital market.
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陳威霆. "Impact of corporate social capital on Taiwan’s IC spin-offs." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/55926477759617336330.
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碩士國立交通大學
科技管理研究所
97
The purpose of this study is to discover the impact of social capital on corporate spin-offs. This was done by conducting a survey and using DEMATEL and ANP analysis methods. The objectives were to explore the impact relationship between the dimensions of social capital in successful IC spin-offs and the importance of factors of social capital. This was followed by practical implementation methods. The results from the two analysis methods are discussed. First, DEMATEL revealed that the relational dimension strongly affected both structural and cognitive dimensions, and that the relational dimension had a feedback loop. Second, ANP calculated that trust and identity factors within the relational dimension were the strongest. In the structural dimension the network ties were the most influential. In the cognitive dimension shared narratives was the key factor.
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Vinhas, Ana Luís Silva. "Effects of Corporate Social Responsibility on firms’ Capital Structure choice." Master's thesis, 2021. http://hdl.handle.net/10773/32050.
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The main objective of this study is to see how Corporate Social Responsibility (CSR) affects firms’ choice of capital structure and what are the implications of disclosure of CSR statements on the capital structure. There is a need to better understand the relationship between CSR and capital structure, and that is the objective inserted in this dissertation theme. There are no studies, as far as we are aware of, related to this theme and linked to the market of Portuguese companies, so it would be important to study the specific case of Portugal and understand the impact of Corporate Social Responsibility concerning the capital structure of some companies. To perform this study we use a sample of 22 Portuguese companies listed on the stock exchange between 2010 and 2019. The main conclusions that can be drawn from the results are that reporting and CSR practices impact the capital structure of the companies under study, especially leverage. Also, the release of sustainability reports or CSR statements in annual reports has increased over the years, which indicates a greater concern of the companies. Sustainability reporting should be adopted by all companies, especially the larger ones so that the transparency of companies can also increase and shareholders will be more satisfied and gain more confidence in the market.O principal objectivo deste estudo é ver como a Responsabilidade Social Corporativa (RSC) afecta a escolha da estrutura de capital das empresas e quais são as implicações da divulgação de informações relativas à RSC na estrutura de capital. Há necessidade de compreender melhor a relação entre RSC e estrutura de capital, e é esse o objectivo inserido neste tema de dissertação. Tanto quanto sabemos, não existem estudos relacionados com este tema e ligados ao mercado das empresas portuguesas, pelo que seria importante estudar o caso específico de Portugal e compreender o impacto da Responsabilidade Social Corporativa no que respeita à estrutura de capital de algumas empresas. Para a realização deste estudo utilizamos uma amostra de 22 empresas portuguesas cotadas na bolsa de valores entre 2010 e 2019. As principais conclusões que podem ser retiradas dos resultados são que a elaboração de relatórios e as práticas de RSC têm impacto na estrutura de capital das empresas em estudo, especialmente na alavancagem. Além disso, a publicação de relatórios de sustentabilidade ou declarações de RSC em relatórios anuais aumentou ao longo dos anos, o que indica uma maior preocupação por parte das empresas. O lançamento de relatórios de sustentabilidade deve ser adotado por todas as empresas, especialmente as maiores, para que a transparência das empresas possa também aumentar e para que as partes interessadas fiquem mais satisfeitas e ganhem mais confiança no mercado.
Mestrado em Economia
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Hsieh, Sung-Hui, and 謝松諱. "Readability of Corporate Social Responsibility Report and Capital Market Benefits." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/k6q9at.
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碩士國立臺灣大學
會計學研究所
105
The objective of this research is to investigate whether the readability of corporate social responsibility (CSR) reports has positive capital market benefits, measured by analyst coverage, analyst forecast accuracy, and analyst forecast dispersion. The sample includes S&P 1,500 index firms covered by ASSET4 database and issuing a standalone CSR report from years 2002 to 2013. The empirical results show that higher readability of CSR reports is associated with greater analyst coverage and lower degree of analyst forecast dispersion. However, the empirical results do not support that better readability of CSR reports improve analyst forecast accuracy. In addition, we also find that the effect of CSR report readability on analyst coverage is stronger when the firm has better corporate social performance and better corporate governance quality.
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Huang, Cheng-Ze, and 黃承澤. "Board Social Capital and Corporate Performance in Taiwanese Business Groups." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/456da2.
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碩士國立東華大學
企業管理學系
106
Business groups are composed of more than two group members. Generally speaking, the decision-making core of Taiwan group companies is located on the board. Each director of the board has its own unique social capital. Business groups can use these social capital to create different synergies. This study will focus on the social capital perspective, discussing the business group members of the board relational social capital and structural social capital, the relational social capital mainly represents the trust and cognitive between the directors, the structural social capital mainly represents of the group member boards location in social network. We will finally discuss the impact of the difference in status between the group members on the firm performance. The research object is the Taiwanese business groups from 2006 to 2016, of which 40 are selected business groups. The results of this study show that the board relational social capital has a significant negative impact on the firm performance. The degree centrality and closeness centrality has a significant positive impact on firm performance. In terms of differences in group membership, the status variables established in this study have a significant positive impact on firm performance. In summary, this study suggests that managers of group companies should have more comprehensive consideration and supervision mechanisms in the future to avoid the occurrence of agency problems. In addition, the board social network of the business groups. The position of the group should also be arranged according to the situation of the group members, in order to optimize the allocation of resources. Finally, the results of this study also show that the members of the higher status group will have better performance, which is one of the important findings of this study. .
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CHENG, PO-HSUN, and 鄭伯勳. "The Effect of Corporate Social Responsibility on the Capital Allocation." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/284253.
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碩士國立高雄應用科技大學
財富與稅務管理系碩士在職專班
104
This thesis contains listed firms in Taiwan from 2007 to 2014, and uses the “Corporate Citizen Award” record from Common Wealth Magazine as the measure of corporate social responsibility (CSR) performance. This thesis investigates the effect of CSR on the efficiency of capital allocation based on agency problem and information asymmetry perspectives. The empirical results find that CSR rating is positively related to the efficiency of capital allocation, CSR could improve the information transparency and reduce information asymmetry and agency problem to moderate the efficiency of capital allocation. The CSR components are concern, this result shows that firms overinvesting in environmental activities will reduce the efficiency of capital allocation. The firms with higher CSR rating or community involvement have less underinvestment problem. Moreover, the firms keeping the interest of customers, employees, innovation investment could mitigate the agency and overinvestment problem because of accommodating stakeholder preferences.
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HUANG, CHYI-LIN, and 黃麒霖. "Corporate Social Responsibility and Corporate Financial Performance: The Intervening Effects of Social Capital, Environmental Munificence and Environmental Dynamism." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/85860383985544608003.
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碩士國立東華大學
國際企業學系
103
The research issues of corporate social responsibility (CSR) have been highly raising scholars’ interests in the field of management. This study aims at exploring the intervening variables including social capital, environmental dynamism and environmental munificence, which may mediate or moderate the relationship between CSR and corporate financial performance (CFP). Evidence based on Taiwanese listed firms shows that social capital plays a mediating role on connecting CSR and CFP. The mechanism is that CSR first has a positive impact on the social capital and social capital subsequently produces a positive effect on CFP. In addition, as a moderator environmental dynamism strengthens the positive relationship between CSR and social capital. Furthermore, environmental dynamism weakens the positive relationship between social capital and CFP.
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Liao, Ying-Yu, and 廖映喻. "The Impact of Corporate Social Responsibility on Corporate Financial Performance: Human Capital as a Mediator." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/86940637886047702103.
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碩士國立中央大學
人力資源管理研究所
102
To comprehend the relation between corporate social responsibility commitment、human capital and financial performance, the study use KLD Domini 400 indicator measures corporate social responsibility commitment and use the average personal compensation as indicate of human capital to examine the relations between financial performance. There doesn’t have any study found out the relationship between CSR investment, human capital and financial performance, so this study proposed some practical and follow-up study suggestion. Our data come from two sources. First, the measurement of CSR disclosure which is based on CSR reports of 81 firms in Taiwanese context from 2003 to 2013. There are altogether 301 data, including 39 firms in high-tech industry, 23 firms in service industry and 18 firms in traditional manufacturing industry. Second, the data of financial performance and human capital are sourced from TEJ, annual reports and prospectuses. The final sample are 57 firms, including 36 firms in high-tech industry, four in service industry and 17 firms in traditional manufacturing industry, total are 211 data. And adapted the gross profit margin of financial performance as the dependent variable. The result shows that CSR investment has positive influences on financial performance. CSR investment has positive influences on human capital. Human capital has positive influences on human capital and human capital has mediation effect on financial performance.
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Chang, Chun-yu, and 張君瑜. "The Impact of Corporate Social Responsibility on Firm Performance: The Moderating Effects of Corporate Reputation and CEO Social Capital." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/54245281851874373072.
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碩士國立中正大學
會計與資訊科技研究所
98
This study examines the impact of corporate social responsibility on firm financial performance and the moderating effect of firm reputation and CEO’s social capital. Our results support a positive relationship between corporate social responsibility and financial performance. Besides, corporate social responsibility most strongly affects performance in high-reputation firms. Further, our results find that corporate social responsibility most strongly affects performance in firms with less social capital. In summary, firm reputation and CEO’s social capital are important factors in moderating the relationship between corporate social responsibility and firm performance.
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Lock, Lee Laurence. "Corporate Social Capital and Firm Performance in the Global Information Technology Services Sector." 2008. http://hdl.handle.net/2123/2316.
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Doctor of Philosophy(PhD),The confluence of a number of marketplace phenomena has provided the impetus for the selection and conduct of this research. The first is the so called value relevance of intangibles in determining share market performance of publicly listed companies. The growing gap between market and book values has been proposed as an indication of the impact of intangibles on share price values. A second related phenomenon is the increasing reliance on share price appreciation as the principal means for shareholder return as opposed to returns through dividends. This suggests that share prices are becoming an even more critical firm performance measure than traditional accounting-based firm performance measures like return on investment (ROI). A third phenomenon is the rapid growth in marketplace alliances and joint ventures, the number of which has grown rapidly over the past 30 years. The explanation for these phenomena may lie in the concept of corporate social capital (CSC) which, as an intangible asset (IA), has been proposed in several normative studies. CSC has been defined as “the set of resources, tangible or virtual, that accrue to a corporate player through the player’s social relationships, facilitating the attainment of goals” (Leenders & Gabbay, 1999, p3). However, constructs for CSC have only been loosely defined and its impacts on firm performance only minimally empirically tested. This research addresses this gap in the literature. The key aim of this research is to explore the impact of CSC on firm performance. Through the use of CSC as a lens for viewing a firm’s intangibles, several important sub-components of the CSC formulation are exposed. These include a firm’s market centrality (CENT), absorptive capacity (AC), internal capital (INC), human capital (HC) and financial soundness. Therefore, an extended aim for this research is to identify the differential impacts of the CSC sub-components on firm performance. Firm performance was measured as ROI, market-to-book ratios (Tobin’s Q) and total shareholder return (TSR). Overall, the research results indicate that CSC is a significant predictor of firm performance, but falls short of fully explaining the market-to-book value disparity. For this research an innovative computer-supported content analysis (CA) technique was devised to capture a majority of the data required for the empirical research. The use of a commercial news aggregation service, Factiva, and a standard taxonomy of terms for the search, allowed variables for intangible constructs to be derived from a relatively large sample of firms (n=155) from the global information technology services (ITS) sector from 2001 to 2004. Data indices for joint venture or alliance activity, research and development (R&D) activity, HC, INC and external capital (EC) were all developed using this CA approach. The research findings indicated that all things aren’t equal in terms of how the benefits of CSC accrue to different firms in the sector. The research indicated that for larger, more mature firms, financial soundness does not necessarily correlate with improved shareholder return. The inference is that these firms may have reached a plateau in terms of how the market is valuing them. In terms of market centrality, the research indicates that software firms could benefit from building a larger number of alliances and becoming more centrally connected in the marketplace. The reverse is true, however, for larger, more established firms in the non-software sectors. These companies can be penalised for being over-connected, potentially signalling that they are locked into a suite of alliances that will ultimately limit their capacity to innovate and grow. For smaller, potentially loss-making firms, the research indicates that investments in HC are potentially the only investment strategy that could result in improvements in profitability and shareholder return. Investments by such firms in R&D or INC developments are likely to depress shareholder value and therefore should be minimised in favour of HC investments. For larger, more established firms, investment in HC is beneficial for both ROI and TSR. Investments in areas like R&D and INC were found to be only beneficial to those firms who have the financial capacity to afford it. Firms that don’t appear to have the financial resources to support the level of investments they are making in R&D and/or INC were penalised by the market. Overall, the research provides specific insights into the links between firms and their performance, through appropriate investments in CSC. In terms of research practice, this research demonstrates the viability of computer-supported CA. Progress in the development of more intelligent search technologies will provide increasing utility to CA researchers, promising to unlock a vast range of textual source data for researchers that were previously beyond manual CA practices.