SRPN: Other Socially Responsible Investment (Topic)最新文献

{"title":"A Structural Model of Indigenous Innovation and Catch-Up for Developing Economies","authors":"Anthony Howell","doi":"10.2139/ssrn.2865116","DOIUrl":"https://doi.org/10.2139/ssrn.2865116","url":null,"abstract":"This paper introduces an extended structural innovation model a la Crepon et al. (1998), adapted to study empirically the process of indigenous innovation and catch-up in a developing economy context. Specifically, three key extensions to the original model are introduced in order to study how FDI, spillovers and policy reforms, respectively, drive innovation and what are the implications for productivity. Using a large panel of firms in China, the results reveal that receiving more FDI boosts Chinese firms’ innovation and productivity driven by their attempts to adapt foreign technologies to local applications. Moreover, FDI liberalization policies are more successful in regions with higher local industrial relatedness, indicating the importance of combining opening-up reforms with regional clustering policies to spur the indigenous innovation process and promote catch-up. Beyond the empirical findings, a key advantage of the extended structural model is that it can be readily extended to other developing economies.","PeriodicalId":118874,"journal":{"name":"SRPN: Other Socially Responsible Investment (Topic)","volume":"14 10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130243957","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism","authors":"Ian Appel, Todd A. Gormley, Donald B. Keim","doi":"10.2139/ssrn.2693145","DOIUrl":"https://doi.org/10.2139/ssrn.2693145","url":null,"abstract":"\u0000 We analyze whether the growing importance of passive investors has influenced the campaigns, tactics, and successes of activists. We find activists are more likely to seek board representation when a larger share of the target company’s stock is held by passively managed mutual funds. Furthermore, higher passive ownership is associated with increased use of proxy fights, settlements, and a higher likelihood the activist achieves board representation or the sale of the targeted company. Our findings suggest that the recent growth of passive institutional investors mitigates free-rider problems and facilitates activists’ ability to engage in costly, value-enhancing forms of monitoring.\u0000 Received September 28, 2016; editorial decision August 18, 2018 by Editor Andrew Karolyi.","PeriodicalId":118874,"journal":{"name":"SRPN: Other Socially Responsible Investment (Topic)","volume":"169 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124709054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"External Debts and Economic Growth in Nigeria: An Empirical Study Using Autoregressive Distributed Lag Model","authors":"O. S. Olasode, Taiwo Shakirudeen Babtunde","doi":"10.2139/ssrn.2801636","DOIUrl":"https://doi.org/10.2139/ssrn.2801636","url":null,"abstract":"This paper models some economic theories which explained the casual relationship between accumulated funds/loans from external sources (external debts) and economic growth with a more focus on Nigerian economy, as it is a usually trend for debts of third world and developing countries debts profile to be high, and this case is also the same with Nigeria as the country debts profile is on the increase once more after the debt cancellation of 2005 by the Paris Club of creditors. Also, the addition to empirical studies on this topic by this study is the use of Autoregressive Distributed Lag (ADL) model to capture the effect of externals debts on viability and growth of Nigerian economy from 1984-2012. The preliminary and normality tests show that all variables used in the study are positively skewed but are not normally distributes. For more diagnostic analysis of the dataset, econometric tests of stationarity (Unit Root Test) and co-integration tests were employed to avoid a spurious regression. The results of these tests indicated that all the variables exhibit Stationarity at first differenced, and also the Johansen Co-integration test shows the existence of long-run relationship between the variables. The result from the ADL model confirms the existence of a dual behaviour and effect of External Debts on Nigeria Economy. The lag 1 of external debts i.e Debts from previous, has positive effect while external debts of present year posed a negative effect on the performance of the economy. The recommendations of this study are that Nigeria government should ensure that debts incurred are channel towards productive uses and debt management office of the government should strengthen its plans and foster appropriate use of loans in the critical area the need for is identified.","PeriodicalId":118874,"journal":{"name":"SRPN: Other Socially Responsible Investment (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128858821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Case on 'Anaupcharik Mahila Shiksha Kendra' at Banasthali Vidyapith","authors":"Kanika Gupta","doi":"10.2139/ssrn.2729138","DOIUrl":"https://doi.org/10.2139/ssrn.2729138","url":null,"abstract":"India is a country with rich and varied forms of arts that have influenced the way people have dressed in the country for years. But today is the era of fast fashion where consumers buy as fast as clothes hit the racks. In this trending fashion, Khadi traditionally known as Khaddar has faced a challenge in sustaining its place in the racks of the upcoming multinational fashion wardrobes brands. Studies show that Khadi was an initiative towards Sustainable Development by Mahatma Gandhi. He led the Swadeshi movement and it meant to revive domestic products and small production houses. It enabled people of the nation with better economic sustainability. This case has emphasized an untold dimension for a social welfare and sustainability through revival of traditional art and Swadeshi ideology.","PeriodicalId":118874,"journal":{"name":"SRPN: Other Socially Responsible Investment (Topic)","volume":"197 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132936951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Foreign Aid Instability and Bundled Governance Dynamics in Africa","authors":"S. Asongu, Jacinta C. Nwachukwu","doi":"10.2139/ssrn.2741345","DOIUrl":"https://doi.org/10.2139/ssrn.2741345","url":null,"abstract":"Purpose- With the recent financial crisis and reduction of foreign aid by donor countries, the aid-institutions debate is shifting to how aid instability affects governance in developing countries. We engage the policy debate by assessing the role of foreign aid instability on governance dynamics in fifty three African countries for the period 1996-2010. Design/methodology/approach- An autoregressive endogeneity-robust Generalized Methods of Moments is employed. Instabilities are measured in terms of standard errors and standard deviations. Three main aid indicators are used, namely: total aid, aid from multilateral donors and bilateral aid. Principal Component Analysis is used to bundle governance indicators, namely: political governance (voice & accountability and political stability/non violence), economic governance (regulation quality and government effectiveness), institutional governance (rule of law and corruption-control) and general governance (political, economic and institutional governance). Findings- Our findings show that foreign aid instability increases governance standards, especially political and general governance. Practical implications- In the presence of foreign aid instability, governments could be constrained to improve governance standards in exchange for, or anticipation of greater dependence on local tax revenues. Moreover, bundling governance indicators improves insights into how macroeconomic variables affect governance. This is essentially because, while aid instability improves general governance, for the most part it is not consistently for economic and institutional governance. Originality/value- The paper has contributed to the aid-institutions’ literature by examining how aid instabilities affect an aggregate index of governance dynamics in Africa.","PeriodicalId":118874,"journal":{"name":"SRPN: Other Socially Responsible Investment (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129822140","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Causal Relationships between Energy Consumption, Foreign Direct Investment and Economic Growth: Fresh Evidence from Dynamic Simultaneous-Equations Models","authors":"Anis Omri, Kahouli Bassem","doi":"10.2139/ssrn.2643721","DOIUrl":"https://doi.org/10.2139/ssrn.2643721","url":null,"abstract":"This paper examines the interrelationships between energy consumption, foreign direct investment and economic growth using dynamic panel data models in simultaneous-equations for a global panel consisting of 65 countries. The time component of our dataset is 1990-2011 inclusive. To make the panel data analysis more homogenous, we also investigate this interrelationship for a number of sub-panels which are constructed based on the income level of countries. In this way, we end up with three income panels; namely, high income, middle income, and low income panels. In the empirical part, we draw on growth theory and augment the classical growth model, which consists of capital stock, labor force and inflation, with foreign direct investment and energy. Generally, we shows mixed results about the interrelationship between energy consumption, FDI and economic growth.","PeriodicalId":118874,"journal":{"name":"SRPN: Other Socially Responsible Investment (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115646008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"FDI, Aid, Terrorism: Conditional Threshold Evidence from Developing Countries","authors":"S. Asongu, U. Efobi, Ibukun Beecroft","doi":"10.2139/ssrn.2612413","DOIUrl":"https://doi.org/10.2139/ssrn.2612413","url":null,"abstract":"We investigate how foreign aid dampens the effects of terrorism on FDI using interactive quantile regressions. The empirical evidence is based on 78 developing countries for the period 1984-2008. Bilateral and multilateral aid variables are used, while terrorism dynamics entail: domestic, unclear, transnational and total number of terrorist attacks. The following findings are established. First, while the effects of multilateral aid are consistently significant with positive threshold evidence, bilateral aid is only positively significant in bottom quantiles. Second, with the slight exception of transnational terrorism in bilateral aid regressions, the impacts of terrorism dynamics are unexpectedly positive, in: (i) bottoms quantiles with domestic terrorism and the 0.25th quantile with total terrorism, for bilateral aid regressions, and (ii) the 0.25th quantile with domestic terrorism and bottom quantiles of transnational terrorism, for multilateral aid regressions. Third, interactions between terrorism and foreign aid dynamics unexpectedly yield negative effects in: (i) bilateral aid and domestic terrorism in bottom quantiles and (ii) multilateral aid and domestic (transnational) terrorism in the 0.25th(bottom) quantile(s). The modifying threshold value of bilateral aid is higher than that of multilateral aid. Fourth, there is positive threshold evidence from GDP growth, infrastructural development and trade openness. Policy implications are discussed.","PeriodicalId":118874,"journal":{"name":"SRPN: Other Socially Responsible Investment (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125180113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does OFDI Affect Economic Growth? Evidence from Cross-Country Regression and Time Series Analysis","authors":"Fayyaz Ahmad, M. Draz, Su-chang Yang","doi":"10.2139/ssrn.2613840","DOIUrl":"https://doi.org/10.2139/ssrn.2613840","url":null,"abstract":"The purpose of this study is to examine the impact of Outward Foreign Direct Investment (OFDI) on economic growth. Two econometric approaches are applied: cross-country regression for the sample of the selected ASEAN countries and a time series approach for China. Both approaches suggest that OFDI has a negative impact on economic growth. Several specifications and estimations techniques confirm that our findings are robust. In addition, the Granger causality test indicates unilateral causality from OFDI to GDP. Thus, the result specifies that increasing investment abroad decrease domestic growth. Most of the previous studies primarily focused on production, employment and exports in relation with outward investment on a firm level. This paper, in contrast, focuses on the aggregate impact of outward investment on economic growth of selected ASEAN countries. This analysis covers a period of more than three decades.","PeriodicalId":118874,"journal":{"name":"SRPN: Other Socially Responsible Investment (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125974954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Coût Moyen Pondéré Du Capital Et Performance Sociale De L’Entreprise: Quelle Décote Ou Surcote Adopter Dans Les Modèles De Valorisation? (Weighted Average Cost of Capital and Corporate Social Performance: Which Discount or Premium to Choose in Valuation Models?)","authors":"Vincent Lapointe, Jean-Marc Clamy","doi":"10.2139/ssrn.2787359","DOIUrl":"https://doi.org/10.2139/ssrn.2787359","url":null,"abstract":"French Abstract: Cette etude fait une synthese d’une selection de recherches publiees dans le domaine de la responsabilite sociale des entreprises afin de proposer aux praticiens de l’evaluation financiere une decote-surcote du cout moyen pondere du capital (CMPC) en fonction de la performance extra-financiere de l’entreprise. Par exemple, toutes choses egales par ailleurs, il est observe une decote de 107 bps du CMPC pour les entreprises les mieux notees. Nous comparons cette observation, et d’autres, avec les pratiques professionnelles grâce a un sondage aupres de praticiens francais. English Abstract: This study summarizes a selection of published researches on corporate social responsibility in order to propose to financial evaluation practitioners an increase-decrease of weighted average cost of capital (WACC) depending on the extra-financial performance of the firm. For instance, everything else being equal, it has been observed a decrease of 107 bps of the WACC between a firm that is well rated et a firm that is badly rated. We compare this observation, as well as others, with usual professional practices thanks to a survey of French practitioners.","PeriodicalId":118874,"journal":{"name":"SRPN: Other Socially Responsible Investment (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114276118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Responsible Investment in China","authors":"Qian Li","doi":"10.4324/9780203104415.CH14","DOIUrl":"https://doi.org/10.4324/9780203104415.CH14","url":null,"abstract":"China, officially the People's Republic of China, includes Mainland China and two special administrative regions, Hong Kong and Macao. The political, legal and economic systems of Mainland China are different from those of the special administrative regions. The development stage of responsible investment (RI) in Hong Kong is more advanced than that in Mainland China, while RI in Macau is still under-developed and has rarely been discussed. Therefore, this chapter uses data from Mainland China to avoid ambiguity and maintain clarity.RI in China differs from the conventional definition that incorporates financial objectives with additional considerations of environmental, social and corporate governance (ESG) criteria into the investment process. In the Chinese context, RI signifies the adoption of four selection criteria – economic indicators, ethics, sustainability and legal issues; hence these criteria represent preferences towards government policy, tax and legal requirements in portfolio selection. RI mutual funds in China can be ESG inclusive, fully integrating ESG criteria into investment, or ESG themed, such as environmentally-friendly funds, low-carbon funds and sustainable investment funds. Besides RI mutual funds, institutional and individual investors can also invest in ESG-themed pension funds, life and property insurance, renewable energies, green projects, etc. Compared with RI mutual funds, RI applied to other asset classes, such as venture capital, hedge fund and private equity, are relatively insignificant. This chapter seeks to provide an overview of RI in China. It begins with a statistical overview of China’s social and economic background in order to provide some thoughts on the driving forces of RI. It is followed by reporting the historical progress and state of the RI market in China and showing the rapid growth of the RI mutual funds industry. It then discusses the practices of RI institutions, aiming to provide a deeper understanding of support and engagement activities in China. It further briefly discusses the most urgent ESG risks, the most risk-exposed industries and the most controversial companies in China. In the end, it provides suggestions to promote the development of RI from both policy and investment perspectives.","PeriodicalId":118874,"journal":{"name":"SRPN: Other Socially Responsible Investment (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116071537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}