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The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts’ Perceptions and Shifting Institutional Logics 企业社会责任对投资建议的影响:分析师的看法和制度逻辑的转变
SEIN Environmental Impacts of Business eJournal Pub Date : 2015-07-01 DOI: 10.2139/ssrn.1507874
I. Ioannou, George Serafeim
{"title":"The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts’ Perceptions and Shifting Institutional Logics","authors":"I. Ioannou, George Serafeim","doi":"10.2139/ssrn.1507874","DOIUrl":"https://doi.org/10.2139/ssrn.1507874","url":null,"abstract":"type=\"main\" xml:id=\"smj2268-abs-0001\"> We explore the impact of corporate social responsibility (CSR) ratings on sell-side analysts' assessments of firms' future financial performance. We suggest that when analysts perceive CSR as an agency cost they produce pessimistic recommendations for firms with high CSR ratings. Moreover, we theorize that, over time, the emergence of a stakeholder focus shifts the analysts' perceptions of CSR. Using a large sample of publicly traded U.S. firms over 15 years, we confirm that, in the early 1990s, analysts issue more pessimistic recommendations for firms with high CSR ratings. However, analysts progressively assess these firms more optimistically over time. Furthermore, we find that analysts of highest status are the first to shift the relation between CSR ratings and investment recommendation optimism . Copyright © 2014 John Wiley & Sons, Ltd.","PeriodicalId":219371,"journal":{"name":"SEIN Environmental Impacts of Business eJournal","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128446702","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: 640
Optimal Management of an Ecosystem with an Unknown Threshold 未知阈值生态系统的最优管理
SEIN Environmental Impacts of Business eJournal Pub Date : 2010-10-01 DOI: 10.2139/ssrn.990613
N. Brozović, W. Schlenker
{"title":"Optimal Management of an Ecosystem with an Unknown Threshold","authors":"N. Brozović, W. Schlenker","doi":"10.2139/ssrn.990613","DOIUrl":"https://doi.org/10.2139/ssrn.990613","url":null,"abstract":"We consider an ecosystem with two distinct equations of motion that are separated by a threshold value of the state variable. We find that increasing uncertainty (both uncertainty embedded in the natural system and uncertainty of the decisionmaker about the location of the threshold) can lead to nonmonotonic changes in precaution: a reduction in uncertainty can first increase and then decrease optimal precautionary activity. This nonmonotonicity can help to explain why regulators often give conflicting arguments about optimal abatement policies in the face of uncertainty. For example, some regulators argue for an immediate reduction in pollutant loading until uncertainty about the underlying process is reduced while others call for no costly reductions in pollutant loading until the same uncertainty is reduced. These statements can be consistent even if both sides agree on both economic objectives and the system dynamics, but have different priors on the uncertainty involved.","PeriodicalId":219371,"journal":{"name":"SEIN Environmental Impacts of Business eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122383401","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: 57
Carbon Offset Provision with Guilt-Ridden Consumers 碳补偿条款与内疚的消费者
SEIN Environmental Impacts of Business eJournal Pub Date : 2010-08-12 DOI: 10.2139/ssrn.969494
J. Gans, Vivienne Groves
{"title":"Carbon Offset Provision with Guilt-Ridden Consumers","authors":"J. Gans, Vivienne Groves","doi":"10.2139/ssrn.969494","DOIUrl":"https://doi.org/10.2139/ssrn.969494","url":null,"abstract":"Carbon offsets allow consumers to mitigate their guilt associated with their electricity emissions. On the one hand, when offsets are purchased in an industry unrelated to electricity, offsets are complements to consumption and the introduction of an offset market causes consumption of electricity to rise. On the other hand, when offsets are purchased in a related industry – namely, to satisfy consumer demand for green electricity – consumption of dirty electricity and offsets are substitutes and dirty electricity consumption falls. In general, however, net emissions decline. We find three exceptions to this rule. When offsets are purchased in an unrelated market, too much consumer confidence in the effectiveness of offsets to sequester carbon from the atmosphere can lead to a rise in net emissions. Similarly, if there is no latent demand for offsets in their absence, the introduction of offsets can potentially cause a rise in net emissions when ‘dirty’ producers have market power. When offsets are purchased to fund green energy emissions can rise if ‘dirty’ producers can engage in pre-emptive strategic commitments and the price of offsets is chosen endogenously.","PeriodicalId":219371,"journal":{"name":"SEIN Environmental Impacts of Business eJournal","volume":"168 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124688865","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
Stochastic Income Statement Planning and Emissions Trading 随机损益表规划与排放交易
SEIN Environmental Impacts of Business eJournal Pub Date : 2010-02-18 DOI: 10.2139/ssrn.1662321
W. Ehrenfeld, H. Dannenberg
{"title":"Stochastic Income Statement Planning and Emissions Trading","authors":"W. Ehrenfeld, H. Dannenberg","doi":"10.2139/ssrn.1662321","DOIUrl":"https://doi.org/10.2139/ssrn.1662321","url":null,"abstract":"Since the introduction of the European CO2 emissions trading system (EU ETS), the development of CO2 allowance prices is a new risk factor for enterprises taking part in this system. In this paper, we analyze how risk emerging from emissions trading can be considered in the stochastic profit and loss planning of corporations. Therefore we explore which planned figures are affected by emissions trading. Moreover, we show a way to model these positions in a planned profit and loss account accounting for uncertainties and dependencies. Consequently, this model provides a basis for risk assessment and investment decisions in the uncertain environment of CO2 emissions trading.","PeriodicalId":219371,"journal":{"name":"SEIN Environmental Impacts of Business eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124131883","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
An Analysis of Tourists’ Expenditure of Winter Sport Events through Tobit Censorate Model 基于Tobit审查模型的游客冬季运动项目消费分析
SEIN Environmental Impacts of Business eJournal Pub Date : 2010-02-04 DOI: 10.2139/ssrn.1547694
J. Brida, S. Schubert, L. Osti, Andrea Barquet
{"title":"An Analysis of Tourists’ Expenditure of Winter Sport Events through Tobit Censorate Model","authors":"J. Brida, S. Schubert, L. Osti, Andrea Barquet","doi":"10.2139/ssrn.1547694","DOIUrl":"https://doi.org/10.2139/ssrn.1547694","url":null,"abstract":"The aim of this study is to analyze the economic impact of the Biathlon World Cup 2009 in Antholz-Anterselva. The survey concentrates on the immediate, direct and short-term additional revenue brought into the region by foreign sport event spectators. We first apply an expenditure-based segmentation technique to data collected during the event to separate respondents according to socio-demographic variables. Second, a Tobit analysis is applied to obtain an expenditure model that is useful in explaining the different determinants of trip expenditures by spectators of the event. Results reveal significant socio-demographic differences between the four expenditure groups. For instance, heavy spenders are mainly composed by mature tourists, arriving for the first time in medium groups. We also show that the most important factors of total expenditures are income level, geographic origin of the spectator and the size of the travel group.","PeriodicalId":219371,"journal":{"name":"SEIN Environmental Impacts of Business eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132510709","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
The Welfare Implications of Oil Privatization: A Cost-Benefit Analysis of Norway's Statoil 石油私有化的福利含义:挪威国家石油公司的成本效益分析
SEIN Environmental Impacts of Business eJournal Pub Date : 2009-01-27 DOI: 10.2139/ssrn.1260280
Christian Wolf, M. Pollitt
{"title":"The Welfare Implications of Oil Privatization: A Cost-Benefit Analysis of Norway's Statoil","authors":"Christian Wolf, M. Pollitt","doi":"10.2139/ssrn.1260280","DOIUrl":"https://doi.org/10.2139/ssrn.1260280","url":null,"abstract":"The oil industry is of great economic significance to many countries, and privatisations of National Oil Companies (NOCs) have often been controversial, as have been the benefits from privatisation more generally. We conduct a social cost-benefit analysis of the partial privatisation of Norway’s Statoil and estimate net present welfare improvements of at least NOK 166 billion (US$18.4 billion) in 2001 money, which amounts to 11% of Norway’s GDP in that year. Savings on investment costs are the most important source of efficiency improvements, and two thirds of the overall benefits accrue at fellow stakeholders in Statoil-led operations. The state manages to capture 66% of the total welfare gain, with the remainder going to private shareholders and no changes to consumer surplus. It is shown that benefits from partial privatisation can be substantial, particularly if ownership change is supported by additional restructuring measures, and that privatisation can be structured with state involvement at several levels, aiming to maximise the public share of benefits.","PeriodicalId":219371,"journal":{"name":"SEIN Environmental Impacts of Business eJournal","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133353675","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: 15
The Economics of Wind Energy: A Survey and Status Report 风能经济学:调查与现状报告
SEIN Environmental Impacts of Business eJournal Pub Date : 2009-01-15 DOI: 10.2139/SSRN.1311940
John D. Martin, J. Ramsey
{"title":"The Economics of Wind Energy: A Survey and Status Report","authors":"John D. Martin, J. Ramsey","doi":"10.2139/SSRN.1311940","DOIUrl":"https://doi.org/10.2139/SSRN.1311940","url":null,"abstract":"Our objective in writing this paper is to share what we have learned about the promise of wind energy and its potential contribution to a comprehensive solution to the long-term energy needs of the U.S. economy. The immediate impetus for our interest came out of a meeting with famed oilman and entrepreneur Boone Pickens and members of his wind power team in the summer of 2008. In that meeting we learned about their vision for the role of wind power in addressing our nation's energy future. That meeting brought two friends together who share a common concern about the growing dependence of the U.S. economy on the importation of foreign oil.","PeriodicalId":219371,"journal":{"name":"SEIN Environmental Impacts of Business eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129554156","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
Re-Think Russian Investment in Southern Africa 重新考虑俄罗斯在南部非洲的投资
SEIN Environmental Impacts of Business eJournal Pub Date : 2009-01-15 DOI: 10.2139/SSRN.1592930
I. Gerasimchuk
{"title":"Re-Think Russian Investment in Southern Africa","authors":"I. Gerasimchuk","doi":"10.2139/SSRN.1592930","DOIUrl":"https://doi.org/10.2139/SSRN.1592930","url":null,"abstract":"Russia’s direct investment of about USD 3 billon in Southern Africa over the past decade has placed before the country’s government and corporate sector two choices in the accelerating race among foreign investors into Africa. The first choice is to follow the established path of direct investment from developed economies that has, in the words of a famous African leader Walter Rodney, ‘underdeveloped Africa’ and involved a serious negative environmental impact. The second choice is one that corresponds with the former Soviet Union’s policy of mutually advantageous cooperation with Africa. In the current context, this will prove possible only through joint cooperation to achieve environmental sustainability and economic diversification requiring long-term planning and innovation. The purpose of this interdisciplinary empirical research paper is to investigate the current and future state of environmental practices in joint ventures between Russia and Southern Africa as compared with other patterns of cooperation among emerging market economies.","PeriodicalId":219371,"journal":{"name":"SEIN Environmental Impacts of Business eJournal","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114428873","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: 2
Induced Diffusion: Definition, Review and Suggestions for Further Research 诱导扩散:定义、回顾及进一步研究建议
SEIN Environmental Impacts of Business eJournal Pub Date : 2009-01-09 DOI: 10.2139/ssrn.1339869
I. Diaz‐Rainey
{"title":"Induced Diffusion: Definition, Review and Suggestions for Further Research","authors":"I. Diaz‐Rainey","doi":"10.2139/ssrn.1339869","DOIUrl":"https://doi.org/10.2139/ssrn.1339869","url":null,"abstract":"There has been a good deal of work on how policy interventions can encourage the development of new/improved innovations (induced innovation). There are, however, only limited and disparate contributions on how, if at all, policy interventions can encourage the greater use of existing innovations (induced diffusion) using established diffusion theory. Most of these contributions are relatively recent and have been motivated by growing concerns for the natural environment. This paper seeks to develop the nascent concept of induced diffusion by (1) providing a generic definition for induced diffusion, (2) conducting an interdisciplinary review of studies that would fall within the definition of induced diffusion and (3) by making suggestions for future research that may help to develop the understanding of the concept. The paper concludes that the desire to tackle climate change should provide ample policy impetus to develop the concept of induced diffusion. This should not, however, obscure the potential for its wider application in areas such as healthcare and the need to develop it as a generic academic concept beyond the energy/environment nexus.","PeriodicalId":219371,"journal":{"name":"SEIN Environmental Impacts of Business eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124232425","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: 11
Substituting Wood with Nonwood Fibers in Papermaking: A Win-Win Solution for Bangladesh 用非木材纤维代替木材造纸:孟加拉国的双赢解决方案
SEIN Environmental Impacts of Business eJournal Pub Date : 2009-01-01 DOI: 10.2139/ssrn.1322292
M. Jahan, B. Gunter, A. F. M. Ataur Rahman
{"title":"Substituting Wood with Nonwood Fibers in Papermaking: A Win-Win Solution for Bangladesh","authors":"M. Jahan, B. Gunter, A. F. M. Ataur Rahman","doi":"10.2139/ssrn.1322292","DOIUrl":"https://doi.org/10.2139/ssrn.1322292","url":null,"abstract":"Bangladesh is facing an acute shortage of fibrous raw materials for the production of pulp and paper. On the other hand, the demand for paper and paper products is increasing day by day. This study reviews the availability and suitability of nonwood raw materials for pulp production in Bangladesh. It shows that Bangladesh has a huge amount of unused jute fiber, which is highly suitable for papermaking in Bangladesh. Other agricultural wastes like rice straw, dhaincha, golpata fronds, cotton stalks, corn stalks, and kash are also available and may be used for some pulp production. Given the different properties of these different nonwood fibers, jute pulp can be used as a reinforcing agent with other nonwood pulps for the production of high quality paper in Bangladesh.","PeriodicalId":219371,"journal":{"name":"SEIN Environmental Impacts of Business eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122486283","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: 30
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