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1
Perrault, Elise, and Cynthia Clark. "Environmental Shareholder Activism." Organization & Environment 29, no. 2 (March 23, 2015): 194–211. http://dx.doi.org/10.1177/1086026615571939.
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Vos, Tom. "Shareholder Activism in Europe: A Rising Trend?" European Company Law 20, Issue 6 (December 1, 2023): 127–32. http://dx.doi.org/10.54648/eucl2023041.
Повний текст джерелаАнотація:
This article discusses the rising trend of shareholder activism in Europe. It summarizes the empirical evidence on different levels of shareholder activism across the world and offers three potential explanations for the higher level of shareholder activism in the US compared to continental Europe. First, the omnipresence of controlling shareholders in continental Europe could explain why shareholder activism is relatively less common. Secondly, higher levels of some types of shareholder activism environmental, social and governance (such as ESG shareholder activism) in the US can be explained by differences in corporate laws, in particular the relatively low thresholds to file shareholder proposals in the US. On the other hand, higher levels other types of shareholder activism (such as hedge fund activism) are more difficult to explain by differences in corporate law between the US and continental Europe. Third, more activist-friendly securities laws in the US could also explain why shareholder activism is relatively more common in the US than in continental Europe. Because these three explanatory factors are unlikely to change soon, the article concludes that the rising trend of shareholder activism in Europe is unlikely to reach American levels. shareholder activism, engagement, ESG activism, comparative company law
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Wei, Jiaying. "Environmental, Social, and Governance Proposals and Shareholder Activism." Journal of Portfolio Management 46, no. 3 (January 18, 2020): 49–64. http://dx.doi.org/10.3905/jpm.2020.46.3.049.
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Viviers, S., and E. VdM. Smit. "Institutional proxy voting in South Africa: Process, outcomes and impact." South African Journal of Business Management 46, no. 4 (December 31, 2015): 23–33. http://dx.doi.org/10.4102/sajbm.v46i4.106.
Повний текст джерелаАнотація:
This study investigated the nature of institutional shareholder activism in South Africa with a particular focus on proxy voting as a public form of shareholder discontent. A total of 24 510 votes cast by 17 local investment managementcompanies in 2013 were analysed. Interviews were also conducted with selected investment managers to gain more insight into the proxy voting process at their companies. Based on this data, it was concluded that investment managers preferred to engage with investee companies in private and viewed proxy voting as the last link in the shareholder activism chain. As a result, only 6.6 per cent of all votes were ‘against’ resolutions tabled by 347 JSE-listed companies in 2013. Resolutions regarding shareholders’ endorsement of companies’ remuneration policies; the election and re-election of directors, particularly those serving on audit committees; and the issuance of ordinary shares elicited the most opposition. Companies that were excluded from the JSE’s Socially Responsible Investment Index in 2013 attracted significantly more oppositionthan their counterparts who were included in the index when seeking shareholder approval on the election and re-election of directors and the placing of shares under the control of directors. The same applied to companies that had low environmental, social and governance disclosure scores in 2013 as regards the issuance of shares. It is recommended, amongst others, that shareholder activism in South Africa be promoted by enhancing investor education and effecting some regulatory changes.
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Shingade, Sudam, Shailesh Rastogi, Venkata Mrudula Bhimavarapu, and Abhijit Chirputkar. "Shareholder Activism and Its Impact on Profitability, Return, and Valuation of the Firms in India." Journal of Risk and Financial Management 15, no. 4 (March 23, 2022): 148. http://dx.doi.org/10.3390/jrfm15040148.
Повний текст джерелаАнотація:
The paper’s prime objective is to understand the impact of Shareholder activism on firm performance. This study is conducted in a unique setup where traditional activist investors such as pension funds and hedge funds are not present. However, the activism cases are increasing yearly in an emerging economy like India. We have created a comprehensive shareholder activism index (sha index) using multiple activisms and corporate governance factors. To measure firm performance, we have used valuation (Tobin’s Q and Market capitalization), profitability (operating profit margin and net profit margin), and return ratios (Return on capital and return on equity). Panel data analysis (PDA) is employed for the current study as it overcomes the shortcomings of the time series analysis and cross-sectional studies. The sample comprises 37 listed firms’ data for FY2017 to FY2020. Chosen firms have experienced activism instances at least once during the 2017–2020 period. As per our analysis, shareholder activism has a significant negative impact on valuation measured in market capitalization and profitability estimated by operating profit margin. Activism primarily impacts the other four parameters negatively, but it is insignificant. India is in the nascent stage of activism, partly explaining the insignificance of the effects of shareholder activism on firm performance. Also, activist investors are targeting companies. These attacks are not fructifying desired outcomes as promoters own over 50% stake in the listed companies. The latest data for FY2021 has not been considered for the study as covid-19 impacted the businesses during the financial year. Also, we cannot capture activism instances that are not reported in regulatory filings. Unlike past research in this area, we have used a comprehensive activism index as a proxy of activism and have employed PDA instead of event studies to assess the impact on firm performance. Also, this is the first such empirical study conducted in an emerging economy setup where neither large hedge nor pension funds are present.
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Girard, Carine, and Stephen Gates. "Global Drivers of and Local Resistance to French Shareholder Activism." Journal of Applied Corporate Finance 26, no. 1 (March 2014): 94–100. http://dx.doi.org/10.1111/jacf.12058.
Повний текст джерелаАнотація:
Shareholder activism in France has made significant advances during the past 25 years even as it continues to face formidable sources of local resistance. But if the list of corporate governance improvements since 1989 described by the authors might lead one to conclude that France now has minority shareholder protection and shareholder activism comparable to those of the U.S. or U.K., powerful local interests, including much of French management, labor, and government, continue to mount effective resistance to such forces for change. The French government still works closely with French business elites and unions to manage both individual companies and the general economy. And government officials continue to speak publicly of “protecting” French firms from “illegitimate” foreign shareholders.Accordingly, the authors characterize French corporate governance as a “hybrid” model of shareholder activism, one that incorporates the perspectives and interests of the classic French stakeholder model as well as an emerging shareholder value movement. Although foreign institutional investors have increased their shareholdings in French companies and promoted “best practice” governance rules, particularly with respect to voting rights, local forces will continue to resist aggressive shareholder activism. Such a hybrid model makes the outcomes of shareholder activism less predictable, a risk that foreign investors and companies often respond to by seeking alliances with local proxy advisers and investor associations to gain “legitimacy.”
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Hadani, Michael, Jonathan P. Doh, and Marguerite A. Schneider. "Corporate Political Activity and Regulatory Capture: How Some Companies Blunt the Knife of Socially Oriented Investor Activism." Journal of Management 44, no. 5 (April 22, 2016): 2064–93. http://dx.doi.org/10.1177/0149206316638162.
Повний текст джерелаАнотація:
Socially oriented shareholder activism is an increasingly important mechanism through which social movement organizations seek to influence the private sector by exerting pressure on corporate activities in areas such as human rights, environmental protection, and labor policies. This activism challenges the status quo of targeted firms and potentially their institutional field, disrupting “business as usual” and often drawing negative attention to the firms. We theorize that some firms might use corporate political activity (CPA) as an indirect, nonmarket strategy aimed at regulatory capture to reduce the impact of such disruptions. We focus on one popular avenue of shareholder activism—the proxy proposal mechanism—and the role the Securities and Exchange Commission (SEC) plays in allowing omission of socially oriented shareholder proposals from the proxy ballot. Using two distinct data sources, we find evidence that for S&P 500 firms, the SEC allows for the omission of the proposals from proxy ballots more frequently for those firms more active in CPA. These findings inform the growing scholarship on socially oriented activism as well as suggest the indirect influence of CPA on government agency decision making.
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Ghahramani, Salar. "Sovereign Investors as Trustees of Environmental Intergenerational Equity." European Business Law Review 31, Issue 3 (May 1, 2020): 345–58. http://dx.doi.org/10.54648/eulr2020015.
Повний текст джерелаАнотація:
Do governmental investors such as sovereign wealth funds (‘SWFs’) have a legal duty to protect the natural environment for future generations? After providing a background on SWFs, the paper examines the relevant international law paradigms, with a particular focus on the concept of intergenerational equity – the notion that the state must preserve access to environmental resources for future generations. The article asserts that SWFs, as state actors, have a legal responsibility under international treaties and customary international law, as well as the evolving rules on complicity in international jurisprudence and general principles of international human rights law (which the author posits form the basis for intergenerational equity and environmental rights), to adopt environmental intergenerational equity as an overarching investment policy and implement the principle through shareholder activism and ESG screening. Sovereign Wealth Funds, intergenerational equity, international law, international environmental law, human rights law, shareholder activism, ESG screening
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Uchechi Emeasoba, Gabriel. "The Fallacy of the Rational Apathy Theory." Journal of corporate governance, insurance and risk management 9, no. 1 (August 17, 2022): 243–62. http://dx.doi.org/10.51410/jcgirm.9.1.16.
Повний текст джерелаАнотація:
Purpose: The appeal of the Rational Apathy Theory lies in the fact that it is not only a descriptive theory of shareholder behaviour in the modern public firm but also a powerful normative tool which recommends itself to corporate legislators and policymakers. True to their normative logic, proponents of apathy contend that since shareholders of modern public firms will never find it cost-efficient or incentivized to perform their monitoring responsibilities over corporate management, insisting on a shareholder-oriented corporate governance model is undesirable. This article rejects the determinism and immutability of the above thesis and argues that firm investors will embrace activism where the cost of corporate monitoring is reduced, and the benefits of doing so are increased. Given the ability of the internet to reduce monitoring costs for shareholders (predominantly minority shareholders) in public companies, the article campaigns for minority shareholder electronic participation in corporate governance and proposes a careful reform of corporate law and governance in post-covid Nigeria, drawing inspiration from similar reforms on electronic governance in Canada, UK, and the State of Delaware in the US. In a society where digitalization has been identified as a major catalyst for the economic revival of commercial and corporate life, this article recommends itself to policy and lawmakers, corporate boards, corporate law experts, legislators, regulators, and other relevant stakeholders.Methodology: The article adopts doctrinal and comparative methods of legal analysis.Results/Findings: The article finds that while the Rational Apathy Theory may have served the analogue world, it is unsuitable for a digital generation, where issues of cost, communication and participation could be liberalized, through the use of the internet, to serve the interest of shareholder democracy in public companies.
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Pickens, Rebecca, and Glen Dowell. "Opening the Door: The Effect of Environmental Transparency and Performance on Shareholder Activism." Academy of Management Proceedings 2017, no. 1 (August 2017): 11449. http://dx.doi.org/10.5465/ambpp.2017.11449abstract.
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Yang, Aimei, Nur Uysal, and Maureen Taylor. "Unleashing the Power of Networks: Shareholder Activism, Sustainable Development and Corporate Environmental Policy." Business Strategy and the Environment 27, no. 6 (December 19, 2017): 712–27. http://dx.doi.org/10.1002/bse.2026.
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Bhimavarapu, Venkata Mrudula, Shailesh Rastogi, and Rebecca Abraham. "The Influence of Transparency and Disclosure on the Valuation of Banks in India: The Moderating Effect of Environmental, Social, and Governance Variables, Shareholder Activism, and Market Power." Journal of Risk and Financial Management 15, no. 12 (December 16, 2022): 612. http://dx.doi.org/10.3390/jrfm15120612.
Повний текст джерелаАнотація:
Research on the impact of transparency and disclosures (TD) on the firm’s valuation presents an ambiguous result. The effect of disclosure on value is a concern because disclosure is not an economic activity. It grows further due to the embellishment of positive disclosures and the suppression of hostile facts. This situation has motivated the authors to conduct the current research. The study aims to empirically find the influence of TD on the valuation of banks in India while the Environmental, Social, and Governance Index (esgi), Shareholder activism index (shai), and Lerner Index (li) act as moderators. A panel data regression (PDR) is adopted to analyse the data in the study. Panel data for 31 public/private banks for ten years (2010–2019) are collated. The authors used econometric models to understand the linear, quadratic, and interaction association of Transparency and Disclosure (TD) with the valuation of the banks in India. It is empirically found that TD alone does not impact the valuation of banks but is positively associated with a bank’s value under the influence of the moderators, Environmental, Social, and Governance variables (esgi), and shareholder activism (shai).
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Cundill, Gary J., Palie Smart, and Hugh N. Wilson. "Non-financial Shareholder Activism: A Process Model for Influencing Corporate Environmental and Social Performance*." International Journal of Management Reviews 20, no. 2 (October 25, 2017): 606–26. http://dx.doi.org/10.1111/ijmr.12157.
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Monks, Robert, Anthony Miller, and Jacqueline Cook. "Shareholder activism on environmental issues: A study of proposals at large US corporations (2000-2003)." Natural Resources Forum 28, no. 4 (November 2004): 317–30. http://dx.doi.org/10.1111/j.1477-8947.2004.00104.x.
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Gilligan, Jonathan. "Carrots and Sticks in Private Climate Governance." Texas A&M Law Review 6, no. 1 (October 2018): 179–98. http://dx.doi.org/10.37419/lr.v6.i1.7.
Повний текст джерелаАнотація:
When public governance fails to address important environmental threats— such as climate change—private governance by firms, not-for-profits, individuals, and households can produce significant reductions in greenhouse gas emissions. Private governance can take the form of either a carrot or a stick, using incentives or punishments. Shareholder activism as a form of private governance of corporations has largely been confrontational, leading most climate-related actions to fail. This Article examines the potential for private governance to take a more collaborative approach and to frame shareholder engagement with management in terms of opportunity. It also examines private governance successes at reducing household emissions and finds that these too emphasize making it attractive and convenient for households to act.
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Velte, Patrick. "Institutional ownership, environmental, social, and governance performance and disclosure – a review on empirical quantitative research." Problems and Perspectives in Management 18, no. 3 (September 22, 2020): 282–305. http://dx.doi.org/10.21511/ppm.18(3).2020.24.
Повний текст джерелаАнотація:
Since the financial crisis of 2008–2009, nonfinancial-related shareholder activism increased, as public interest entities (PIEs) should strengthen their environmental, social, and governance (ESG) activities. This study aims to determine whether institutional ownership (IO) impacts ESG performance and disclosure and vice versa. Moreover, IO’s moderating and mediating influence on the relationship between ESG and firms’ financial consequences is included. This is the first literature review focusing on IO and ESG, describing IO as independent, dependent, moderator, and mediator variable. A structured literature review with 81 empirical-quantitative (archival) studies on that topic is presented based on an agency theoretical framework. Regarding the main results, long-term IO leads to increased ESG performance. Moreover, ESG performance promotes the ratio of institutional investors. Other relationships are rather heterogeneous and too low in an amount yet, stressing major research gaps.
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Clark, Gordon L., James Salo, and Tessa Hebb. "Social and Environmental Shareholder Activism in the Public Spotlight: US Corporate Annual Meetings, Campaign Strategies, and Environmental Performance, 2001–04." Environment and Planning A: Economy and Space 40, no. 6 (June 2008): 1370–90. http://dx.doi.org/10.1068/a39198.
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Jiang, Shangyang. "The Impact of ESG Factors on the Firm Performance." Advances in Economics, Management and Political Sciences 98, no. 1 (July 31, 2024): None. http://dx.doi.org/10.54254/2754-1169/98/2024ox0134.
Повний текст джерелаАнотація:
This paper examines the impact of environmental, social, and governance (ESG) factors on corporate behavior and performance. Amid increasing concerns from stakeholders, companies are pressured to prioritize ESG aspects. This study leverages stakeholder theory, which emphasizes balancing all stakeholder interests over solely maximizing shareholder wealth. A significant shift was noted in 2019 when U.S. business leaders endorsed a "Statement of Purpose" emphasizing societal benefits over shareholder interests, reflecting a broader move towards corporate social responsibility. The paper analyzes ESG's influence on three key areas: investor expectations, risk management, and long-term strategy. It highlights the mixed research findings on the correlation between ESG ratings and stock prices, noting emerging studies that explore behavioral biases in investor decisions. In terms of risk management, ESG practices are increasingly integral, with research showing that higher ESG ratings can reduce default risks. Regulatory risks are also discussed, particularly concerning climate change policies. Furthermore, the paper explores how sustainability, driven by investor and consumer activism, is becoming central to corporate long-term strategies. Models like the ISM and concepts like double materiality are used to demonstrate how ESG factors can optimize corporate performance. Ultimately, the study concludes that ESG elements significantly impact corporate behavior, suggesting a positive correlation with firm performance.
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Smyth, Mark, and Edward Einfeld. "Operating in the context of evolving climate disclosure practices and frameworks." Australian Energy Producers Journal 64, no. 2 (May 16, 2024): S202—S205. http://dx.doi.org/10.1071/ep23091.
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The standards for companies reporting on the environmental impacts of their operations have changed drastically over the last decade and are about to become even more complex. Initially, limited regulation or guidance available to companies in relation to climate disclosures led to widely diverging practices. This has resulted in many companies facing allegations of ‘greenwashing’ and in some cases litigation and shareholder activism. However, the Australian Government has recently announced it will implement mandatory climate reporting commencing from 1 July 2024 for many Australian companies. Additional climate disclosures – encouraged by pressure from stakeholders and required by the new reporting regulations – will make environmental risk management more complex. The additional disclosures will also provide further opportunities for interference with the approval process for new projects, if there are inconsistencies between a company’s climate disclosures generally and what they have said in their project approval documents. In this paper, we provide an overview of effective strategies and mitigation steps that can be taken to reduce this risk of disruption and disincentivise activist interference more generally, drawing from recent climate change proceedings and experience advising energy and resources clients in relation to climate change and Environmental Social and Governance (ESG) issues more broadly. In particular, we will cover the aspects of the new mandatory climate reporting regime that will be most difficult to comply with; common greenwashing pitfalls; stakeholder/activist engagement planning; and how Boards should approach these issues.
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Jouffray, Jean-Baptiste, Beatrice Crona, Emmy Wassénius, Jan Bebbington, and Bert Scholtens. "Leverage points in the financial sector for seafood sustainability." Science Advances 5, no. 10 (October 2019): eaax3324. http://dx.doi.org/10.1126/sciadv.aax3324.
Повний текст джерелаАнотація:
Can finance contribute to seafood sustainability? This is an increasingly relevant question given the projected growth of seafood markets and the magnitude of social and environmental challenges associated with seafood production. As more capital enters the seafood industry, it becomes crucial that investments steer the sector toward improved sustainability, as opposed to fueling unsustainable working conditions and overexploitation of resources. Using a mixed-methods approach, we map where different financial mechanisms are most salient along a seafood firm’s development trajectory and identify three leverage points that can redirect capital toward more sustainable practices: loan covenants, stock exchange listing rules, and shareholder activism. We argue that seafood sustainability requirements need to be integrated into traditional financial services and propose key research avenues for academic, policy, and practice communities. While our study focuses on the role of finance in seafood sustainability, the insights developed are also of high relevance to other extractive industries.
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Preu, Friederike Johanna, and Benjamin J. Richardson. "German Socially Responsible Investment: Barriers and Opportunities." German Law Journal 12, no. 3 (March 1, 2011): 865–900. http://dx.doi.org/10.1017/s2071832200017132.
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In socially responsible investment terms, Germany is a contradiction. The country is considered by many as one of the pioneers of post-war environmentalism and social reform. Yet, German financial institutions are amongst the European laggards in adopting environmentally and socially informed approaches to investment. This article identifies a variety of legal, institutional and attitudinal factors which hinder the growth of the German SRI market. Its paltry size does not reflect evidence of any specific disinterest among German investors in social and environmental issues. Rather, it arises from a combination of structural impediments, particularly the institutional arrangements for German pension schemes that hinder their participation in financial markets, regulations which encourage conservative investments, and investors' preference for low-risk assets and avoidance of shareholder activism. Legal and institutional reforms over the past decade have in theory created better opportunities for SRI in Germany, although they have yet to engender significant changes in the market.
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Keaney, A. T. "THE EMERGENCE OF CORPORATE SOCIAL RESPONSIBILITY—ISSUES FOR THE AUSTRALIAN OIL AND GAS SECTOR." APPEA Journal 43, no. 1 (2003): 717. http://dx.doi.org/10.1071/aj02042.
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Recent times have seen a rise in expectations in companies’ accountability as good corporate citizens. This trend has seen an increased emphasis on corporate governance and director liability. Further disclosure is now required and/or expected against a number of measures including environmental adherence, community activities and employee relations.At the same time companies are now subject to heightened shareholder activism as well as the growth of ethical investment funds which require companies to meet certain standards of corporate behaviour before they will invest.With the recent collapse of several major Australian companies and the consequent scrutiny of their corporate behaviour, and the revelation of instances of massive levels of corporate impropriety in the US, the above trend can be expected to grow. This paper discusses:the main platforms of corporate responsibility currently on the public agenda including:good corporate governance and director liability;environmental responsibility (sustainability rather than compliance); andother areas of social responsibility including treatment of employees and preservation of employee entitlements;the regulatory issues surrounding corporate responsibility, in particular under the Corporations Act;the risks and rewards of engaging in or ignoring this process. The risks might include potential director liability and public relations issues. The rewards may include access to additional public and private capital; andissues in this debate of particular relevance to the upstream oil and gas sector.
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Viviers, S., and N. S. Eccles. "35 years of socially responsible investing (SRI) research: General trends over time." South African Journal of Business Management 43, no. 4 (December 31, 2012): 1–16. http://dx.doi.org/10.4102/sajbm.v43i4.478.
Повний текст джерелаАнотація:
This article describes 35 years of academic research into investment practices that in some way integrate a consideration of environmental, social and corporate governance issues. A review of 190 academic papers was undertaken to identify trends in five domains, namely ‘Primary Name’, ‘Research Themes’, ‘Ethical Foundations’, ‘Research Approach’ and ‘SRI Strategies’. The evidence reveals that more than half the researchers refer to such investment practices as Socially Responsible Investing (SRI) and for this reason the name is used in this review as a generic term for the genre. A myriad of other names were also identified. In terms of research themes, one particularly dominant theme was that of financial performance, which was often discussed in relation to fiduciary responsibility and legal aspects. Although the primary ethical foundation was not always directly observable, the majority of papers implied utilitarianism or ‘the greatest good for the greatest number’. Increased mention of ethical egoism (self-interest) is observed in later periods. An equal split between qualitative and quantitative research methodologies was noted, with a qualitative approach being more favoured in recent years. Three SRI strategies have dominated academic discussions over the past 35 years, namely negative screening, positive screening and shareholder activism. Gaps in the literature have been identified and suggestions for future research made.
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Abdul Razak, Muhammad Umar, Wan Zulhafiz Wan Zahari, Abdul Mu'iz Abdul Razak, Azlan Roni, and Nurul Ula Ulya. "The Legal Framework of Shareholders Activism in Malaysia in Promoting Environmental, Sustainability and Governance (ESG)." Environment-Behaviour Proceedings Journal 6, no. 16 (March 28, 2021): 203–8. http://dx.doi.org/10.21834/ebpj.v6i16.2663.
Повний текст джерелаАнотація:
Environmental, sustainability and governance (ESG) are components in a corporate sustainability reporting. This paper analysed the legal framework in Malaysia to promote ESG. It employed library-based doctrinal study and comparative legal analysis in a descriptive, analytic and prescriptive manner. Despite the availability of legal framework, the shareholder’s proposal is mostly turned down in general meeting. Nevertheless, there is a growing trend of shareholders activist advocating ESG-related matters. This paper contributes to the discussion on strengthening the framework to promote ESG reporting practices in Malaysia. Keywords: ESG; shareholders activism, shareholder’s proposal, eISSN: 2398-4287© 2021. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BYNC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians/Africans/Arabians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia. DOI: https://doi.org/10.21834/ebpj.v6i16.2663
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Graham, John R., Mark T. Leary, and Michael R. Roberts. "The Leveraging of Corporate America: A Long‐Run Perspective on Changes in Capital Structure." Journal of Applied Corporate Finance 28, no. 4 (December 2016): 29–37. http://dx.doi.org/10.1111/jacf.12208.
Повний текст джерелаАнотація:
In a study published recently in the Journal of Financial Economics, the authors of this article documented a substantial increase in the use of debt financing by U.S. companies over the past century. From 1920 until the mid‐1940s, the aggregate leverage of unregulated U.S. companies was low and stable, with the average debt‐to‐capital ratio staying within the narrow range of 10% to 15%. But during the next 25 years, the use of debt by U.S. companies more than doubled, rising to 35% of total capital. And since 1970, aggregate leverage has remained above 35%, peaking at 47% in 1992. Moreover, this pattern has been observed in companies of all sizes and operating in all unregulated sectors.Changes in the characteristics of U.S. public companies during this period provide little help in explaining the increase in corporate leverage. For example, the displacement of tangible by intangible assets in many sectors of the U.S. economy during the past 50 years would have led most economists to predict, holding all other things equal, a reduction rather than an increase in aggregate corporate leverage. Instead, according to the authors' findings, the main contributors to the increases in U.S. corporate leverage since the 1940s have been external changes, including increases in corporate income tax rates, the development of financial markets and intermediaries, and the reduction in government borrowing in the decades following World War II. The authors' analysis also identifies these last two changes—the development of financial markets, including the rise of institutional investors and shareholder activism, and the post‐War reduction in government debt—as having played the biggest roles in the leveraging of corporate America.
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Yang, Lukai, Xinhui Huang, and Xiaochuan Song. "The Role of Passive Investors in Corporate Governance and Socially Responsible Investing: Evidence from Shareholder Proposals." Sustainability 16, no. 1 (January 3, 2024): 416. http://dx.doi.org/10.3390/su16010416.
Повний текст джерелаАнотація:
We study whether the substantial rise in passive ownership reshapes activist shareholders’ behavior in sponsoring shareholder proposals, which shareholders use to address issues they believe are crucial for the sustainable growth of a company. Our findings reveal a positive impact of passive investors on the initiation of governance, socially responsible investing (SRI), and an aggregate of both proposals. Interestingly, we show that managerial ability and board co-option potentially moderate their link. In the subsequent analysis, we note a constructive influence of passive investors on post-initiation outcomes, evidenced by an increase in withdrawal and voting percentage of proposals corresponding to heightened levels of passive ownership. These findings suggest that passive investors foster communication between activists and management and endorse the case even when it progresses to the voting stage. More importantly, the market values these proposals positively as reflected in higher observed buy-and-hold returns. Finally, our results are robust to instrumental variable analysis using Russell reconstitution as an exogenous shock. Taken together, our study offers broad implications that passive investors can indirectly engage in promoting sustainable practices by encouraging activist investors to sponsor governance and socially responsible proposals, a collaborative approach where shareholders contribute to sustainability efforts.
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Prado-Lorenzo, José Manuel, Isabel María García-sánchez, and Isabel Gallego Álvarez. "Effects of Activist shareholding on corporate social responsibility reporting Practices: An empirical study in spain." Cuadernos de difusión 17, no. 32 (June 30, 2012): 7–16. http://dx.doi.org/10.46631/jefas.2012.v17n32.01.
Повний текст джерелаАнотація:
New business practices are mainly characteristic of large firms, especially those quoted on the stock market. Listed companies show a higher commitment to corporate social responsibility (CSR) practices because capital markets allow activists to become a firm’s socially oriented shareholders. These actors, although small in number, have a significant influence over other larger block-holders. Recent decades have witnessed a significant increase in societal pressure to control the behavior of companies owing to the risks deriving from the economic, social and environmental effects of their business activity. The aim of this work is to test the effect that CSR activist shareholders have on the decision to disclose corporate social responsibility information in the Spanish context, controlling for the rest of the dimensions in Ullmann’s theoretical framework.
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Tomoda, Yasunobu, and Yasunori Ouchida. "Endogenous bifurcation into environmental CSR and non-environmental CSR firms by activist shareholders." Journal of Environmental Economics and Management 122 (October 2023): 102883. http://dx.doi.org/10.1016/j.jeem.2023.102883.
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Ghosh Ray, Kamal. "Green cost calculus for corporate environmental responsibility." Social Responsibility Journal 15, no. 6 (September 2, 2019): 819–36. http://dx.doi.org/10.1108/srj-09-2018-0238.
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Purpose The purpose of this study is to show that corporations may resort to legal compliance instead of acting voluntarily towards abatement of environmental damages as a strategy for improving their reputation. Design/methodology/approach Based on the natural philosophy and postulate of business, theoretical models have been developed to justify the purpose of this paper. Financial impacts of Indian revenue law on environmental damage prevention by the polluting firms have been gauged mathematically. Findings Corporate environmental responsibilities have seemed to be more reputation-led than innovation-led or efficiency-led. Reputation-led environmental responsibilities can have ways to bypass innovations and some firms can simply comply with regulations at the society’s cost (may be to a sizeable extent). If penalty is imposed on companies in the form of taxation for damaging the environment, then companies get chances to pass the financial burden to the shareholders in the form of lower dividend pay-outs. Unless the capital market supports corporate green initiatives, there may be destruction of shareholder wealth. Research limitations/implications Extensive empirical analysis have not been conducted as the paper concentrates on developing theoretical understanding of the models of “green cost”. Practical implications The exploration and outcomes of this paper can offer several directions to the government, business and social activists in articulating green economic policy for the benefits of all. Social implications The civil society will understand better what the corporate environmental responsibility really means for them. Originality/value This paper has made a modest endeavour to develop theoretical models of both “green cost internalisation” and “green cost externalisation”. It has paved the path for further deliberations and research.
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Николай Яковлевич, Леонтьев, and Февралев Владислав Валерьевич. "Factors of formation of the organization's dividend policy." STATE AND MUNICIPAL MANAGEMENT SCHOLAR NOTES 1, no. 3 (September 2023): 97–103. http://dx.doi.org/10.22394/2079-1690-2023-1-3-97-103.
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The formation of a dividend policy is an important aspect in the distribution of the resulting net profit of the organization. The conflict of interests of interested parties, manifested in the process of financial and economic activity of the enterprise, is expected to worsen during periods of distribution of net profit. In their activities, organizations can form a dividend policy based on various approaches. The ratio between the invested part of net profit and the part directed to the payment of dividends to shareholders depends on this. In addition, the adoption of financial strategic decisions is influenced by the requirements of legislation and various significant factors located both in the internal and external environment of the organization. The interests and strengths of a number of stakeholders (stakeholders) and the portrait of a particular shareholder/investor also influence the dividend policy.
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Leavy, Brian. "Lord John Browne: beyond CSR – why business needs to engage more radically with society." Strategy & Leadership 44, no. 4 (July 18, 2016): 32–40. http://dx.doi.org/10.1108/sl-06-2016-0040.
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Purpose This interview with petroleum executive John Browne, lead author of Connect: How Companies Succeed by Engaging Radically with Society, discusses sustainability practices that could be more successful than those of the Corporate Social Responsibility (CSR) movement. Design/methodology/approach Lord Browne, a British peer, was CEO of BP (British Petroleum) from 1995 to 2007 and is currently executive chairman of L1 Energy, He was interviewed by Prof. Brian Leavy, an S&L contributing editor Findings Connected leadership means integrating societal and environmental considerations into core business strategy at every level of the company. Practical implications The key lesson for business leaders in the wake of …accidents and scandals is that reputation is an outcome of your core business activity, not something constructed alongside it. Social implications Shareholder value, as a theory, presents a false tension between serving stakeholders and shareholders. Originality/value Browne was the first Big Oil chief executive to acknowledge the link between man-made carbon emissions and global warming. His insights into integrating social responsibility and corporate strategy are cutting edge.
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Adriani, Ade, and Maria Chatarina Maharani Putri Mahayana. "STAKEHOLDER POWER ANALISYSIS UNTUK MEMPREDIKSI KUALITAS PENGUNGKAPAN SUSTAINABILITY REPORT (Studi Empiris Pada Perusahaan Peserta Asia Sustainability Reporting Rating Tahun 2019)." JWM (JURNAL WAWASAN MANAJEMEN) 9, no. 3 (December 29, 2021): 202–15. http://dx.doi.org/10.20527/jwm.v9i3.194.
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This research aims to obtain evidence of the effect of stakeholders’ pressure, such as pressure from consumer, shareholder, creditor, employee, government, mass media, and community and environmental activist toward the quality of company’s sustainability report disclosure in Indonesia. The population in this research were the Indonesian companies that join to be participants in Asia Sustainability Reporting Rating (ASRRAT) 2019. This research used the purposive sampling method. Data were analyzed by ordinal logistic regression using IBM SPSS 24. The result showed that the pressure from community and environmental activist improves the quality of sustainability report disclosure. It means that higher the pressure from consumer, community and environmental activist to company will increase the quality of sustainability reporting disclosure. On other hand, the pressure from shareholder, creditor, employee, government and mass media to quality of company’s sustainability report disclosure influence with a lower level of confidence. Stakeholder pressure affects the quality of sustainability report disclosure by 44,6%, while 55,4% level of quality can be influenced by other factors
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Dilek, Derwis. "ESG-focused hedge fund activism." Economic Analysis Letters 2, no. 4 (July 17, 2023): 1–6. http://dx.doi.org/10.58567/eal02040001.
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Investment funds are increasingly focusing on ESG issues, seeking to contribute to improving environmental, social, and governance concerns. ESG-focused investing involves promoting good ESG performance and may result in a decrease in expected financial returns. This may lead to a conflict between solely profit-focused shareholders and ESG-focused investors, who may respond accordingly. As such, a firm's ESG commitment may trigger several events that can affect the stock price. A firm's ESG commitment may increase its stock price; however, the end of such commitment may also positively affect the stock price. Hedge funds may consider this in their activism which may reshape the way hedge funds target firms and influence their actions accordingly.
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Sakawa, Hideaki, and Naoki Watanabel. "Family Control and Corporate Innovation in Stakeholder-Oriented Corporate Governance." Sustainability 13, no. 9 (April 30, 2021): 5044. http://dx.doi.org/10.3390/su13095044.
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This study investigates the effects of family control on corporate innovation activity in publicly traded firms in Japan under stakeholder-oriented corporate governance. In a sample of 14,991 firm-year observations in publicly traded firms in Japan during the period 2007 to 2016, we tested whether family owners or board members are enhancing research and development investments. While theoretical perspectives of principal–principal conflicts generally assume a negative relationship between family control and research and development intensity, we find a positive relationship, which supports the stewardship theory perspective. Additionally, we find that main bank ownership positively moderates the relationship between family control and research and development, suggesting that the main bank could affect the decision-making of family board members in the long-term. This result is supported by the close relationships between the main bank and client firms. Furthermore, our study reveals that the shareholder orientation of foreign shareholders suppresses family board members’ long-term orientation. We conclude that the exploitation presumed by principal–principal conflict perspectives has not been thoroughly investigated in Japan’s stakeholder-oriented corporate governance system.
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Wang, Wennanxiang, Ridong Hu, Cheng Zhang, and Yang Shen. "Does Socially Responsible Investing Make a Better Society?—A Micro Perspective through Mutual Funds and Their Investee Companies." Sustainability 15, no. 11 (May 26, 2023): 8671. http://dx.doi.org/10.3390/su15118671.
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Socially responsible investing (SRI) aims to guide corporate behavior through investing and thus to make a better society since its debut. From a micro perspective, this study aims to empirically examine whether the propensity for SRI of mutual funds promotes the corporate social performance (CSP) of investee companies and to determine what are the mechanisms under this promotion effect and under what circumstances this promotion effect gets stronger. After our main analysis confirms the promotion effect in China, our mechanism analysis shows the following: mutual funds with a high propensity for SRI promote investee CSP, because they promote internal control and demand better disclosure of social responsibility information; the promotion effect of mutual funds as shareholders from within a company can substitute for the effects of a good external environment such as a highly marketized region or a competitive industry. Our heterogeneity analysis further shows that the promotion effect is stronger in state-owned enterprises, where corporate executives are more willing to accept suggestions related to social responsibility and in a good social trust atmosphere, which sheds light on shareholder activism in private and informal manners.
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Ingley, Coral, Morina Rennie, Jens Mueller, Graham Cocks, Donald Warrick, and Liljana Erakovic. "Reformed and engaged boards – not activist shareholders." World Review of Entrepreneurship, Management and Sustainable Development 7, no. 3 (2011): 302. http://dx.doi.org/10.1504/wremsd.2011.040811.
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Serly, Serly. "Analisis Pengaruh Tata Kelola Perusahaan, Environmental Sensitivity, Financial Distress, dan Manajemen Laba terhadap Pengungkapan Sukarela Perusahaan Keluarga yang Terdaftar di Bursa Efek Indonesia." Global Financial Accounting Journal 5, no. 2 (October 31, 2021): 125. http://dx.doi.org/10.37253/gfa.v5i2.6084.
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The purpose of this research is to analyze the effect of good corporate governance, environmental sensitivity, financial distress, and earnings management on voluntary disclosure in family firms listed on the Indonesian Stock Exchange. Voluntary disclosure is measured by good corporate governance (board activity, board size, non-executive directors, foreign ownership, government ownership, institutional ownership, mangerial ownership, and number of shareholders), environmental sensitivity, financial distress, and earnings management as independent variable. Industry type and firm size as control variable. The data used in this study are the annual reports of non-financial companies listed on the Indonesian Stock Exchange. The target population consists of 139 firms or 695 firm-year observations of companies listed on the Indonesia Stock Exchange for the period 2011-2015. The data obtained were tested with panel regression. The results show that board size, number of shareholders, environmental sensitivity, and firm size have positive significant impact on voluntary disclosure. Institutional ownership and financial distress have negative significant impact on voluntary disclosure. In contrast, this research found that board activity, non-executive directors, foreign ownership, government ownership, managerial ownership, earnings management, and leverage have no significant effect on voluntary disclosure.
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Byrd, John, and Elizabeth S. Cooperman. "Let's talk: an analysis of the “vote vs. negotiated withdrawal” decision for social activist environmental health shareholder resolutions." Journal of Sustainable Finance & Investment 4, no. 3 (June 25, 2014): 230–48. http://dx.doi.org/10.1080/20430795.2014.928998.
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Fitz-Patrick, David, Mariano Young Jr., Daniel Scott, Ingrid L. Scully, Gary Baugher, Yahong Peng, Kathrin U. Jansen, William C. Gruber, and Wendy Watson. "16. A Randomized Phase 1 Study of a Novel Pneumococcal Conjugate Vaccine in Healthy Japanese Adults in the United States." Open Forum Infectious Diseases 7, Supplement_1 (October 1, 2020): S30—S31. http://dx.doi.org/10.1093/ofid/ofaa439.061.
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Abstract Background Because of the number and variability of serotypes causing pneumococcal disease among different geographic regions, age groups, and environmental backgrounds, expanding serotype coverage with pneumococcal conjugate vaccines (PCVs) is a continued unmet need. Methods This phase 1, randomized, double-blind study included healthy Japanese adults aged 18–49 years residing in the United States. Subjects were randomized 1:1:1 to receive a single dose of a 20-valent PCV (containing 13-valent PCV [PCV13] serotypes plus 8, 10A, 11A, 12F, 15B, 22F, 33F), a novel pneumococcal polysaccharide conjugate vaccine with extended coverage, or PCV13 (control). Safety was the primary endpoint and included reactogenicity events occurring ≤ 14 days after vaccination, adverse events (AEs) ≤ 1 month after vaccination, and serious AEs (SAEs) ≤ 6 months after vaccination. The secondary endpoint was pneumococcal serotype-specific immunogenicity as determined by opsonophagocytic activity (OPA) titers on sera collected before and 1 month after vaccination. Results Overall, 35 subjects received PCV20 and 35 subjects received PCV13. One subject withdrew before the 1-month follow-up. Local reactions and systemic events across groups were generally mild or moderate (Figure 1). Two vaccine-related AEs occurred (injection site erythema and swelling in the PCV20 group); no severe AEs, SAEs, or safety-related withdrawals were reported. OPA geometric mean titers increased for all 20 serotypes in the PCV20 group and all 13 serotypes in the PCV13 group 1 month after vaccination; corresponding OPA geometric mean fold rises from baseline to 1 month after vaccination are reported (Figure 2; Figure 3). Figure 1 Figure 2 Figure 3 Conclusion PCV20 was well tolerated and induced serotype-specific functional OPA immune responses that are anticipated to be associated with protection in Japanese adults. ClinicalTrials.gov: NCT03642847. Funding: Pfizer Inc. Disclosures David Fitz-Patrick, MD, Pfizer Inc (Grant/Research Support) Mariano Young Jr., MD, Pfizer Inc (Employee, Shareholder) Daniel Scott, MD, Pfizer (Employee, Shareholder) Ingrid L. Scully, PhD, Pfizer Inc (Employee, Shareholder) Gary Baugher, PharmD, Pfizer Inc (Employee, Shareholder) Yahong Peng, PhD, Pfizer (Employee, Shareholder) Kathrin U. Jansen, PhD, Pfizer (Employee, Shareholder) William C. Gruber, MD, Pfizer (Employee, Shareholder) Wendy Watson, MD, Pfizer (Employee, Shareholder)
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Ryu, Min-Ah. "Exploring and Analyzing ESG Activity Evaluation Factors of Sports Brands using Delphi and AHP Techniques." Korean Journal of Sport Science 34, no. 3 (September 30, 2023): 477–88. http://dx.doi.org/10.24985/kjss.2023.34.3.477.
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PURPOSE This study aimed to identify and establish ESG activity assessment factors tailored for sports brands, offering a foundational framework for fostering sustainability within the sports industry.METHODS A Delphi survey was conducted between December 1, 2022, and January 31, 2023, involving university professors, sports brand executives, ESG researchers, sports marketing majors , a nd sports brand influencers. Data were analyzed using SPSS WIN 24.0 and MS Excel, encompassing research subject classification, consistency verification, and empirical analysis.RESULTS The assessment of ESG activity evaluation factors of sports brands revealed that governance, social, and environmental dimensions ranked in descending order of relative importance. Among specific evaluation criteria, the adoption of employee ethics regulations was deemed paramount in the governance evaluation area, while support for stakeholder welfare and social well-being took precedence in the social evaluation category. In the environmental sector, the production and delivery of eco-friendly, durable products held the highest significance. Further analysis, considering the weighted priorities of all evaluation factors, emphasized the importance of factors, such as the adoption of employee ethics regulations, support for stakeholder welfare, social well-being, and the production and delivery of eco-friendly, durable products. Conversely, disclosure of company information and issues, support for the underprivileged, and general shareholders' meeting or agenda for the protection of shareholders' rights and interests ranked lower.CONCLUSIONS In summary, this study validates the role of governance (G) aspects within ESG activities for sports brands, alongside environmental and social dimensions. It highlights the importance of a balanced ESG framework, particularly in an era marked by heightened social responsibility awareness among consumers. Prioritizing governance in marketing strategies not only distinguishes sports brands but also necessitates impactful promotion and advertising efforts.
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Emel, Jody. "An Inquiry into the Green Disciplining of Capital." Environment and Planning A: Economy and Space 34, no. 5 (May 2002): 827–43. http://dx.doi.org/10.1068/a3428.
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‘Following the money’ has become a popular strategy for many NGOs trying to change corporate and institutional practice. Individual shareholders, pension funds, banks, and other investors capitalize projects that cause ecological degradation or social injustice. Pressuring shareholders to divest, invest responsibly, or encourage executives to alter undesirable practices has become de rigueur for civil-society groups working for social change. Such strategies produce value or norm change, greater accountability, activist networks across national boundaries, and improvements in environmental management. Disinvestment helped bring down apartheid in South Africa. But how far can these ‘disciplining’ strategies go in terms of significantly ameliorating ecological destruction and violations of human rights? I explore this question using the case study of the campaign by Friends of the Earth against the operations of Freeport – McMoRan Copper and Gold Inc. in Irian Jaya (West Papua).
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Ozili, Peterson K. "Financial stability: does social activism matter?" Journal of Financial Regulation and Compliance 28, no. 2 (June 7, 2019): 183–214. http://dx.doi.org/10.1108/jfrc-08-2018-0118.
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Purpose This study investigate the impact of social activism on financial system stability. Design/methodology/approach Financial stability was analysed from two complementary perspectives: bank-led financial stability and financial system stability driven by sector-wide credit supply. Social activism was analysed from three perspectives: gender equality advocacy, environmental sustainability advocacy and social protection advocacy. Findings The findings reveal that gender equality and environmental sustainability advocacy have significant positive effects for financial stability, whereas social protection advocacy has a significant negative effect for financial stability. In addition, social activism has negative effects for financial stability in the post-2008 financial crisis era. Finally, there are differential effects for country-groups, for instance, social activism strongly improves bank-led financial stability in African countries and for BLEND countries (countries that are eligible for International Development Association (IDA) borrowing based on per capita income levels and are also creditworthy for some borrowing from the International Bank of Restructuring and Development). The findings are relevant for the on-going debate about whether social inclusivity and activism has any economic value for the stability of businesses and the financial system. The findings have implications. Research limitations/implications The implication for policy-making is that the pressure on, or commitment of, financial institutions to be socially inclusive in all social matters such as gender equality, environmental sustainability and social protection does not guarantee stability in the financial system – whether bank-led financial stability or sector-wide financial stability. Therefore, regulators should ensure that financial institutions exercise careful discretion when adjusting their risk models to include all “social risk” factors amidst the recent pressure on corporations to be socially inclusive. Practical implications Another implication for business practice is that business leaders in financial institutions should identify the optimal level of social inclusivity that improves the stability of their corporations, because it would seem counterproductive if business leaders adopt full-scale social inclusion (or considerations) that subsequently make their corporations financially unstable which could lead to loss of shareholders wealth. Originality/value This study is the first attempt to investigate the impact of social activism on financial stability to determine whether greater social activism promotes stability or instability in the financial system.
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Novikov V., Novikov V. "THEORETICAL ANALYSIS OF BUSINESS VALUE ADDED VALUATION MODELS." Vìsnik Sumsʹkogo deržavnogo unìversitetu 2022, no. 3 (2022): 91–96. http://dx.doi.org/10.21272/1817-9215.2022.3-10.
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The purpose of this study is to conduct a theoretical analysis of scientific models of business value added management, based on the estimated indicators of evaluation in the current unstable conditions of economic activity. In addition, among the objectives of the study was an analysis of the reasons and preconditions for the owners and stakeholders to assess the value of the business, identified the components, effective management of which will increase its value and capitalization. The focus is on management models such as economic value added, market value added, shareholder value added and value added cash flow. It is established that each of the indicators used in the model has its own characteristics, which are its advantages and disadvantages. For example, it was found that the indicator economic value added is the most used among all indicators due to the availability of analytical data, taking into account many aspects of the enterprise, which provides stakeholders with the necessary amount of information for decision-making. At the same time, its calculation requires performers of high analytical accuracy and meticulousness. In addition, this model is similar to the joint-stock management model. Both focus primarily on foreign economic, market factors influencing asset value and investment attractiveness among potential investors. It was found that the value-added model of cash flow allows to better understand, based on finding the net cash flow, the initial value of net assets and the weighted average rate of capital financing, how cash flow from investments exceeds the cost of attracting them, informing owners, shareholders and others liquidity of the business and prospects for its value growth. Therefore, a conclusion is made on further research on improvement, unification of existing management models in conditions of instability.
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PLYASKINA, Аlona, Ryslan OHORODNYK, and Tetiana OHORODNYK. "FORMATION OF INNOVATIVE-INVESTMENT APPROACH IN MANAGEMENT OF FOREIGN ECONOMIC ACTIVITY OF TRANSPORT INDUSTRY COMPANIES." Herald of Khmelnytskyi National University 302, no. 1 (January 2022): 175–77. http://dx.doi.org/10.31891/2307-5740-2022-302-1-29.
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Ukraine is currently at the stage of formation and consolidation of the industry, significantly inferior to Western European countries in terms of both quality and complexity of services provided by national transport companies. BSC (Balanced Score-Card) is not only an evaluation system, but also serves as a means of strategic management, as it allows you to formulate a strategy for the development of the company, and translate it into the plane of specific strategic objectives and indicators that determine them. The component of internal business processes determines the activities that are most important for achieving the goals of consumers and shareholders. The goals and indicators of this component are formed after the development of financial and customer components, which allows you to focus the parameters of internal business processes on the satisfaction of customers and shareholders.
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Pizzi, Simone. "The Relationship between Non-financial Reporting, Environmental Strategies and Financial Performance. Empirical Evidence from Milano Stock Exchange." Administrative Sciences 8, no. 4 (November 27, 2018): 76. http://dx.doi.org/10.3390/admsci8040076.
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The CSR theme has taken on an increasingly central role within financial markets. In fact, the last decade has been characterized by a rapid development of “socially responsible” investment, conventionally known as SRI. In this sense, an increasing number of listed firms have reported their non-financial information to the purpose to favor the interaction with their stakeholders. The relevance of these information tools stems from the need to protect investors against companies operating through greenwashing mechanisms. The aim of this research is to assess the effect of CSR on financial economic performance. As already happened within similar studies concerning economic entities different from Italy, the study assesses how the ability to generate income, and, thus, to distribute value towards the shareholder, are influenced by the orientation of companies in the field of sustainability accounting and the aptitude to check the environmental risk associated with the exercise of business activity.
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Kim, Jootae, Sungjin Son, and Ick Jin. "The Effects of Shareholding of the National Pension Fund on Environmental, Social, Governance, and Financial Performance: Evidence from the Korean Manufacturing Industry." Sustainability 14, no. 18 (September 19, 2022): 11788. http://dx.doi.org/10.3390/su141811788.
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With the growing number of environmental, social, and governance (ESG) problems, many companies have begun to implement more sustainable business practices. In the midst of this change, institutional shareholders declare and adopt socially responsible investment procedures, which is a way of engaging in investor activism. Despite the growing interest in investor activism following the introduction of the stewardship code, little attention has been paid to how socially responsible investment practices of institutional investors affect the non-financial value of the pillars of environmental, social, and governance as well as financial performance, including short-term accounting (ROE, ROA) and long-term market performance (Tobin q). The current study examines whether the national pension fund (NPF), the world’s third-largest Korean pension fund, can increase the ESG performance of investee firms in addition to accounting and market performance through institutional investors’ shareholding. This study, by applying path analysis, attempts to explore the relationship between the NPF’s socially responsible investing, ESG, and the financial performance of the investee firms. This research offers evidence that ESG performance acts as a moderator or a mediator between NPF’s shareholding and financial performance.
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Savčuk, Olga. "INTERNAL AUDIT EFFICIENCY EVALUATION PRINCIPLES." Journal of Business Economics and Management 8, no. 4 (December 31, 2007): 275–84. http://dx.doi.org/10.3846/16111699.2007.9636180.
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Current business environment has experienced rapid and revolutionary change with far reaching consequences for companies worldwide. Management responses to fierce global competition include improved quality and risk management initiatives, reengineered structures and processes and greater accountability to ensure more timely, reliable and relevant information for decision‐making and to secure confidence and trust of the investors. Over the last few years the importance to the strong corporate governance of managing risk has been increasingly acknowledged. Companies are under pressure to identify all the business risks they face: social, ethical and environmental as well as financial and operational, and to explain how they manage them to an acceptable level. Therefore in order to reach its objectives each company has to develop and implement an approach to assessing and managing the uncertainties and opportunities it faces in the pursuit of its business strategy, with the intention of maximizing shareholder value and performance, i.e. meeting the determined objectives. Shareholders are extremely demanding with respect to the activities of the management and want an independent and objective assessment of the risk management and governance system the management is responsible for. In this radically changed business environment the internal auditing gained an important role within companies. Over the past sixty years internal audit developed from control function responsible for inspection of accounting and financial data to a strategic partner for the shareholders and the management of the company in improving governance processes. In current environment the management of the company more and more rely on the internal audit to evaluate whether controls are sufficient to manage risks and uncertainties. This developing role of the internal auditing is also reflected in its current definition, i.e. internal auditing is an independent, objective assurance and consulting activity designed to add value and improve a company's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Only efficient internal audit can perform its tasks properly. Internal audit efficiency depends on its subordination level, which must be appropriate for internal audit to be independent and objective, on the professional qualification and practical experience of internal audit staff, on the internal audit strategy, activities and value added to the company and on the ability to improve itself. The article analyses efficient internal audit establishment and support issues and internal audit efficiency estimation principles. Taking into account the scope of organization's direction and control, internal audit takes on important roles, integrating several other governance and control aspects into organizational governance and stands out as the most important, single mechanism for ensuring adequate and effective governance of the organization. The article provides criteria to assess efficiency of internal audit which could be applied when implementing internal audit function or improving the existing one.
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Iliev, Plamen. "CORPORATE CONTROL." KNOWLEDGE - International Journal 58, no. 1 (June 1, 2023): 239–43. http://dx.doi.org/10.35120/kij5801239i.
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In the various theoretical sources, the corporation is most often considered as a legal entity that appears as an object of obligations under a certain law and is created by one or more natural persons for a certain purpose. Usually, the owners of the corporation, who are shareholders, hire other people to run it, such as a board of directors. Thus, those who manage and make decisions for the corporation are not shareholders, but managers. Thus, a corporation is a legal entity created to do business and has the same rights as an ordinary enterprise, to own and trade its own shares, to buy raw materials, materials and assets, to produce and sell goods and services, etc.The corporation is managed by a manager or team, such as hired management personnel, who are responsible for the corporate debts, which does not apply to shareholders, and even if there is a risk of loss of liquid assets, this only applies to their invested capital, as per thus, corporate business is characterized by limited liability. In addition, there are no risks and complications in the transfer of rights to shares when they are sold, which means that the sale of shares cannot undermine the entire activity. Regardless of everything, in corporations, corporate management and corporate control come to the fore, the latter having the objectives of protecting the interests of the shareholders, monitoring the rights and obligations of the governing bodies, preventing conflicts of interest, controlling information about interested parties such as customers, suppliers, creditors, competitors, institutions, etc., as well as for its disclosure and transparency, to monitor the existence and application of an anti-corruption policy and an environmental and personnel policy, for the establishment of an audit committee, and internal control systems and audit etc.
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Tillotson, Pete, Raphael Slade, Iain Staffell, and Krista Halttunen. "Deactivating climate activism? The seven strategies oil and gas majors use to counter rising shareholder action." Energy Research & Social Science 103 (September 2023): 103190. http://dx.doi.org/10.1016/j.erss.2023.103190.
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Ghachem, Dorsaf Azouz, Nadia Basty, and Qasim Zureigat. "Ownership Structure and Carbon Emissions of SMEs: Evidence from OECD Countries." Sustainability 14, no. 21 (November 3, 2022): 14408. http://dx.doi.org/10.3390/su142114408.
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This work investigates the impact that the ownership structure of small- and medium-sized enterprises (SMEs) in Organization for Economic Co-operation and Development (OECD) countries exerts on the level of corporate carbon emissions, as well as the moderating effect of innovation on this relationship. Based on panel data from 32 OECD countries during 2015–2020, a pooled least-square panel model was developed for estimation. The results show that public, foreign, and institutional investors have a significant negative effect on carbon emissions. Conversely, strategic investors contribute to increasing carbon emissions. Moreover, findings provide evidence of mixed moderating effects of innovation on the relationship between types of owners and carbon emissions. Hence, strategic shareholders contribute to implementing environmental policies through innovation, while public and foreign investors incur Research and Development expenditures to boost firms’ economic activity, ignoring social and environmental commitments. Our results confirm the relationship between ownership structure and carbon emissions and the moderating effects of innovation on this association. Environmental innovation allows for improving worldwide firms’ competitiveness and long-term performance.