Investment & Social Responsibility eJournal最新文献_第2页

Utility Divestitures in Germany: A Case Study of Corporate Financial Strategies and Energy Transition Risk 德国公用事业资产剥离:企业财务策略与能源转型风险的个案研究

Investment & Social Responsibility eJournal Pub Date : 2019-04-29 DOI: 10.2139/ssrn.3379545

Lena Hornlein

{"title":"Utility Divestitures in Germany: A Case Study of Corporate Financial Strategies and Energy Transition Risk","authors":"Lena Hornlein","doi":"10.2139/ssrn.3379545","DOIUrl":"https://doi.org/10.2139/ssrn.3379545","url":null,"abstract":"Germany is in the midst of a radical transformation of its power sector, which in 2016 led two of its main electric utilities, EON and RWE, to undertake dramatic restructurings. EON spun off its fossil fuel and trading segments, while RWE carved out its renewable energy, retail and grid business. \u0000The paper examines the drivers of these divestitures. Building on corporate finance literature, the paper uses a mix of comparative descriptive statistics, interviews and event studies to test four groups of hypotheses. The evidence rejects drivers related to operations and management, biased investment and investor preferences and instead points to financing-related drivers. \u0000Among the financing-related drivers, debt overhang and risk contamination seemed to have played the main role. Utilities restructured to save their healthy assets (renewables and grid infrastructure) from losses at their conventional power generation business (fossil fuel and nuclear plants). \u0000Already weakened from record losses in their fossil fuel powered generation fleet due to low electricity prices, after 2011 the nuclear exit emerged as an additional challenge to the utilities. Investors doubted the adequacy of utilities provisions for decommissioning nuclear power plants and storing toxic waste, and feared major cost increases for which the utilities would be unlimitedly liable. \u0000The paper uses existing research on divestitures in an empirical case that has implications for the evolution of European power markets. The results suggest that exiting conventional technologies as part of the transition to a more renewable energy mix might cause substantial costs. If these are not clarified and allocated ex ante, policy makers might find themselves forced to either burden tax payers or endanger utilities that are of systemic relevance to the energy sector.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"382 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115204959","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}

引用次数: 3

Mainstreaming Energy Productivity Lending Practices among Indian Financial Institutions (FIs) 将印度金融机构的能源生产力贷款实践纳入主流

Investment & Social Responsibility eJournal Pub Date : 2019-04-26 DOI: 10.2139/ssrn.3378796

Janardhana Anjanappa, Juthathip Jongwanich

引用次数: 1

Climate Risk in the US Electric Utility Sector: A Case Study 美国电力行业的气候风险:一个案例研究

Investment & Social Responsibility eJournal Pub Date : 2019-03-06 DOI: 10.2139/ssrn.3347746

A. Bertolotti, Debarshi Basu, Kenza Akallal, Brian Deese

引用次数: 10

How Do Changes in Firms’ Social Performance Affect Stakeholders? Evidence from Employee Layoffs 企业社会绩效的变化如何影响利益相关者?来自员工裁员的证据

Investment & Social Responsibility eJournal Pub Date : 2019-01-20 DOI: 10.2139/ssrn.3319311

Jun-Koo Kang, S. Selvam

引用次数: 0

Socially Responsible Investing and the Performance of European Bond Portfolios 社会责任投资与欧洲债券投资组合的表现

Investment & Social Responsibility eJournal Pub Date : 2018-09-04 DOI: 10.2139/ssrn.3289307

Patrícia Pereira, M. C. Cortez, F. Silva

引用次数: 1

Are Renewables Profitable in 2030? A Comparison between Wind and Solar Across Europe 2030年可再生能源有利可图吗?欧洲风能和太阳能的比较

Investment & Social Responsibility eJournal Pub Date : 2018-08-31 DOI: 10.2139/ssrn.3241987

V. Bertsch, Valeria Di Cosmo

{"title":"Are Renewables Profitable in 2030? A Comparison between Wind and Solar Across Europe","authors":"V. Bertsch, Valeria Di Cosmo","doi":"10.2139/ssrn.3241987","DOIUrl":"https://doi.org/10.2139/ssrn.3241987","url":null,"abstract":"The European Union has set ambitious targets for emission reduction and the penetration of renewable energy, including the electricity generation sector as one of the major emitters of CO2. After a period of subsidy-driven investments, the costs of renewables decreased strongly making investments more attractive. Since European countries differ strongly in terms of natural resources, we analyse the profitability of wind onshore and offshore and solar PV across Europe to determine where it is optimal to invest in the future and to understand which factors drive the profitability of the investments. We use a power systems model to simulate the whole European electricity market in 2030. Using the renewable revenues determined by the model, we calculate the internal rate of return to analyse how profitable each technology is in each country. We find that investments in the considered technologies are not homogeneously profitable across Europe. This suggests that cooperation between European countries can be expected to achieve the overall targets at lower costs than nationally-driven approaches. We also find that in many countries, wind onshore and solar PV are profitable by 2030 in absence of any financial support. Wind offshore does not seem to be profitable without financial support.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114353353","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}

引用次数: 8

Neoliberalism and the Corporation: Mutually Contradictory and Corrupting 新自由主义和公司:相互矛盾和腐败

Investment & Social Responsibility eJournal Pub Date : 2018-08-28 DOI: 10.2139/ssrn.3230520

David Ciepley

{"title":"Neoliberalism and the Corporation: Mutually Contradictory and Corrupting","authors":"David Ciepley","doi":"10.2139/ssrn.3230520","DOIUrl":"https://doi.org/10.2139/ssrn.3230520","url":null,"abstract":"Neoliberalism and the corporate economy stand in fundamental contradiction. First, corporations are created and sustained through government intervention in the economy, contradicting neoliberal strictures. Second, the neoliberal attempt, in the face of this contradiction, to better square the corporation with free market principles, by treating it as a private partnership of stockholders as opposed to a state franchise, renders the corporation dysfunctional. Particularly damaging has been the application of a distorted version of agency theory that, as I show, is indebted to game theory, in which stockholders are modeled as the “principal” and management (and workers) as their opportunistic agent. This exaggerated “agency problem” has been addressed through a massive reallocation of firm revenues, from reinvestment and workers, to executives and stockholders. Far from supercharging capital accumulation, as widely assumed, neoliberalism has the opposite effect, decapitalizing the corporation, the state, and the worker in order to enrich the stockholder and stock-compensated executive. In contradiction to its ideals, neoliberalism applied to a corporate economy lowers investment, slows growth, heightens irresponsibility, intensifies worker coercion, and sharply raises economic inequality. And for all this, it fails to reduce the corporation’s dependence on government intervention.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"239 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121515171","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}

引用次数: 1

Do Investors Actually Value Sustainability? New Evidence from Investor Reactions to the Dow Jones Sustainability Index (DJSI) 投资者真的重视可持续性吗?投资者对道琼斯可持续发展指数(DJSI)反应的新证据

Investment & Social Responsibility eJournal Pub Date : 2018-04-01 DOI: 10.2139/ssrn.2418300

Olga Hawn, A. Chatterji, W. Mitchell

{"title":"Do Investors Actually Value Sustainability? New Evidence from Investor Reactions to the Dow Jones Sustainability Index (DJSI)","authors":"Olga Hawn, A. Chatterji, W. Mitchell","doi":"10.2139/ssrn.2418300","DOIUrl":"https://doi.org/10.2139/ssrn.2418300","url":null,"abstract":"Research Summary: Research exploring investor reactions to sustainability has substantial empirical limitations, which we address with a large‐scale longitudinal financial event study of the first global sustainability index, DJSI World. We examine investor reactions to firms from 27 countries over 17 years that are added, deleted, or continue on the index. We find that once relevant controls and comparisons to observationally equivalent firms beyond the index are included, DJSI events have only limited significance and/or materiality. Nonetheless, investors' valuation of sustainability around the world has evolved over time, involving diminishing reactions to U.S. firms and increasing benefits, particularly of continuation on the index, over time. The study highlights the importance of careful analysis and longitudinal global samples in making inferences about the financial effects of social performance. Managerial Summary: The debate about how investors perceive corporate social responsibility (CSR) predates Milton Friedman's famous statement that the only social responsibility of business is to increase profits. Although extensive research has studied whether sustainability contributes to financial performance, we have yet to understand whether investors believe it pays off. This financial event study of reactions to the addition, continuation, and deletion from DJSI World, the first global sustainability index, shows that investors care little about DJSI announcements. Nonetheless, there is some evidence that global assessments of sustainability are converging and that investors may increasingly be valuing continuation on the DJSI, suggesting that firms may gain at least limited benefits from reliable sustainability activities.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127065288","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}

引用次数: 171

Мировые Кластеры Научных Исследований В Области Управления Инновациями (Global Clusters for Scientific Research in the Field of Innovation Menedgement) МировыеКластерыНаучныхИсследованийВОбластиУправленияИнновациями全球科研领域的集群创新Menedgement)

Investment & Social Responsibility eJournal Pub Date : 2017-10-02 DOI: 10.2139/ssrn.3046987

R. Fedosova

{"title":"Мировые Кластеры Научных Исследований В Области Управления Инновациями (Global Clusters for Scientific Research in the Field of Innovation Menedgement)","authors":"R. Fedosova","doi":"10.2139/ssrn.3046987","DOIUrl":"https://doi.org/10.2139/ssrn.3046987","url":null,"abstract":"<b>Russian Abstract:</b> Статья посвящена выявлению исследовательских кластеров в области управления инновациями. На основе морфологического анализа публикаций в отечественных и зарубежных наукометрических базах выявлено семантическое ядро наиболее актуальных направлений исследований. Определены направления для развития теории и методологии управления инновациями, базовым из которых является формирование концепции национальной инновационной среды. <b>English Abstract:</b> The article is devoted to the identification of research fronts in the field of innovation management. On the basis of morphological analysis of publications in national and international scientometric databases identified semantic core of the most important areas of research. Identified areas for development of theory and methodology of innovation management, the base of which is the formation of the concept of national innovation environment.","PeriodicalId":185902,"journal":{"name":"Investment & Social Responsibility eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128450430","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}

引用次数: 0

CSR in the Banking Sector: A Legitimacy Approach to the Shareholders’ and Stakeholders’ Debate 银行业的企业社会责任:股东和利益相关者辩论的合法性途径

Investment & Social Responsibility eJournal Pub Date : 2017-03-02 DOI: 10.33844/MBR.2017.60272

C. Chedrawi, Souheir Osta

引用次数: 3