{"title":"On Purpose: Towards a Unified Theory of Responsible Investment","authors":"Susheela Peres da Costa","doi":"10.2139/ssrn.3736422","DOIUrl":"https://doi.org/10.2139/ssrn.3736422","url":null,"abstract":"A functional framework for responsible investment is necessary for quality and consistency in selection, differentiation, and evaluation of varied responsible investment applications as used by investors and/or their service providers. Understanding responsible investment as an intervention aimed at correcting for gaps in conventional financial markets’ recognition of real value provides such a framework. Using this framework enables universal investors and those with similar economic interests to identify offerings capable of meeting their needs.","PeriodicalId":315186,"journal":{"name":"SRPN: Sustainable Capitalism (Topic)","volume":"194 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124329672","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":"Behaviour Modification Model for Improving Social Capital and Fostering Eclectic Theories of Economics","authors":"M. Cd, P. Aithal","doi":"10.5281/ZENODO.3707038","DOIUrl":"https://doi.org/10.5281/ZENODO.3707038","url":null,"abstract":"Behaviour modification model for improving social capital and fostering eclectic theories of economics - Retrospective Experiential","PeriodicalId":315186,"journal":{"name":"SRPN: Sustainable Capitalism (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131937890","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":"Sustainable Capital Market: A Mini-Review","authors":"A. Alkaabi, Haitham Nobanee","doi":"10.2139/ssrn.3540111","DOIUrl":"https://doi.org/10.2139/ssrn.3540111","url":null,"abstract":"Sustainable finance and investing have become the key factors of business survival, as an increasing number of countries are adopting sustainability criteria to manage their capital markets. Nevertheless, there are still many gaps in the scholarly literature on the role of sustainable finance and corporate social responsibility in the modern capital markets. Based on a thorough literature review of 23 scholarly articles, this paper explores the current state of capital markets in a wide range of countries, showing that virtually all of them have adopted sustainability ratings to determine the companies that are more ethical, trustworthy, and stable in the long run. Furthermore, the paper provides many insights into the topics of socially responsible investing, sustainable public finance, the government’s role in environmental policies, and the role of sustainability in stock market ratings.","PeriodicalId":315186,"journal":{"name":"SRPN: Sustainable Capitalism (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122079718","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":"Corporate Governance Through Voice and Exit","authors":"Marco Becht, J. Franks, Hannes F. Wagner","doi":"10.2139/ssrn.3456626","DOIUrl":"https://doi.org/10.2139/ssrn.3456626","url":null,"abstract":"How do active managers engage with portfolio firms? And, what role does monitoring and engagement play in their trading decisions? We use proprietary data from a large UK active asset manager with a long-standing commitment to stewardship to answer these questions. Our sample, based on nine years of daily data, provides a detailed picture of how fund managers’ decisions are influenced by monitoring target firms, especially through private engagements. Internal analysts and a centralised stewardship team monitor the board and management and place portfolio companies on a watch list when there are governance or other concerns. The asset manager engages more intensively with the watch list, abstaining or voting against management proposals in a third of meetings. More intensive engagement and negative votes against are associated with internal analyst downgrades and with exit by fund managers. We provide evidence that monitoring and engagement generate information advantages, which in turn contribute to alpha. Our results provide strong support for voice influencing exit.","PeriodicalId":315186,"journal":{"name":"SRPN: Sustainable Capitalism (Topic)","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115301683","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":"Boycotting as Ethical Consumerism","authors":"Suneal Bedi","doi":"10.2139/ssrn.3440824","DOIUrl":"https://doi.org/10.2139/ssrn.3440824","url":null,"abstract":"Boycotting in response to corporations making political or social statements is an ever-increasing phenomenon. While some have argued that boycotting is an impermissible form of consumer behavior, this article argues that boycotting should be considered a form of ethical consumerism. Historically, ethical consumerism has focused on charitable giving and sustainable consumption — behaviors that utilize consumer market power to do “good”. This article argues that expressive boycotting (publicly expressing dissatisfaction with a company’s political statement by not buying its products) also harnesses consumer market power to do “good” — the good being promoting certain procedural democratic principles. \u0000 \u0000The recent increase in corporations taking political and social stands creates an imbalance of power in the marketplace of ideas. By boycotting, consumers engage in counter speech and make the marketplace of ideas more robust and efficient. Hence, this article argues that this form of consumer behavior should be encouraged. The article concludes with a research agenda for consumer psychologists to better understand expressive consumer boycotts and to begin to develop interventions to encourage them.","PeriodicalId":315186,"journal":{"name":"SRPN: Sustainable Capitalism (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123082089","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":"Survey Evidence for the Role of Other-Regarding/Sustainability Aspirations in Addition to Financial Objectives in the Investment Process","authors":"David L. Rouch.","doi":"10.2139/ssrn.3545242","DOIUrl":"https://doi.org/10.2139/ssrn.3545242","url":null,"abstract":"An assessment of publicly available survey evidence motivations among institution and individual investors and their investment managers of the extent to which investment approaches are driven by other regarding aspirations and sustainability concerns as well as financial objectives.","PeriodicalId":315186,"journal":{"name":"SRPN: Sustainable Capitalism (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124930133","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":"The Language of Sustainable Finance, Economics and Aspiration","authors":"David L. Rouch.","doi":"10.2139/ssrn.3544781","DOIUrl":"https://doi.org/10.2139/ssrn.3544781","url":null,"abstract":"An assessment of key policy documents on sustainable finance to establish the extent to which they use the vocabulary of positive and negative incentives or social outcomes in the context of motivation.","PeriodicalId":315186,"journal":{"name":"SRPN: Sustainable Capitalism (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114725144","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":"The Nature of Money in a Convertible Currency World","authors":"Carolyn Sissoko","doi":"10.2139/ssrn.3056081","DOIUrl":"https://doi.org/10.2139/ssrn.3056081","url":null,"abstract":"In a world where the means of exchange is convertible into the numeraire consumption good at a fixed rate, no one wants to hold money over time – and due to convertibility there is no means by which the Friedman rule can generate deflation. This is the environment we study in this paper in order to demonstrate that there is still a way to reach the first-best: institutionalize the naked shorting of the unit of account, or in other words establish a banking system. \u0000To motivate the benefits of a banking system, the environment has real productivity shocks that are constantly changing the optimal level of economic activity, so the optimal quantity of money is inherently stochastic. Efficiency in such an environment requires the capacity to expand the money supply on an “as needed” basis. We show how a debt-based payments system that relies on banks to certify the individual debtors’ IOUs addresses the monetary problem. \u0000This model explains (i) central bank monetary policy as a means of stabilizing the banking system and (ii) usury laws as means of promoting equilibria that favor non-banks over those that favor banks. Furthermore, by modeling a commercial bank-based monetary system as an efficient solution to a payments problem this paper develops a theoretic framework that may be used to evaluate central bank digital currency proposals.","PeriodicalId":315186,"journal":{"name":"SRPN: Sustainable Capitalism (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114729945","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}
Valeria A. Arsenyevа, S. Litvinova, V. Parakhina, Z. Kozenko, Mikhail Y. Denisov
{"title":"Innovational Development for Transitional Economy – Russia Case Study","authors":"Valeria A. Arsenyevа, S. Litvinova, V. Parakhina, Z. Kozenko, Mikhail Y. Denisov","doi":"10.5709/CE.1897-9254.224","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.224","url":null,"abstract":"The purpose of this article is to develop mechanisms of innovational development for countries with transitional economies. The methodological base of the research consists of a factor analysis of the structure of GDP adapted to the analysis of the innovational development of countries with a transitional economy, distinguishing the innovational sphere of the economy, the structure of manufactured innovational goods, the structure of the creation of leading production technologies, and the structure of the leading production technologies. During the course of the research, the authors determined the key problems inhibiting innovational development in Russia and other countries with transitional economies, determined the most important preconditions of Russia’s transition to an innovation-oriented type of economic development, and offered instruments for Russia’s transition to an innovation-oriented type of economic development. As a result, the authors developed working mechanisms of the innovational development of countries with a transitional economy. The authors come to the conclusion that the innovational development of an economy is an important condition for the adaptation of countries with a transitional economy to new market conditions because it allows the private manufacturing of products that are competitive in global markets. High innovational activity is one of the most important features of a market economy compared to an administrative & command economic system; thus, without the development of innovations, transitioning to a new type of economic system is impossible for countries with a transitional economy.","PeriodicalId":315186,"journal":{"name":"SRPN: Sustainable Capitalism (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125779612","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":"Corporate Sustainability: First Evidence on Materiality","authors":"Mozaffar Khan, George Serafeim, Aaron S. Yoon","doi":"10.2139/ssrn.2575912","DOIUrl":"https://doi.org/10.2139/ssrn.2575912","url":null,"abstract":"Using newly-available materiality classifications of sustainability topics, we develop a novel dataset by hand-mapping sustainability investments classified as material for each industry into firm-specific sustainability ratings. This allows us to present new evidence on the value implications of sustainability investments. Using both calendar-time portfolio stock return regressions and firm-level panel regressions we find that firms with good ratings on material sustainability issues significantly outperform firms with poor ratings on these issues. In contrast, firms with good ratings on immaterial sustainability issues do not significantly outperform firms with poor ratings on the same issues. These results are confirmed when we analyze future changes in accounting performance. The results have implications for asset managers who have committed to the integration of sustainability factors in their capital allocation decisions.","PeriodicalId":315186,"journal":{"name":"SRPN: Sustainable Capitalism (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128479875","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}
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