SRPN: Triple Bottom Line (Topic)最新文献

Does Sustainability Affect Private Equity Asset Class? 可持续性是否影响私募股权资产类别?

SRPN: Triple Bottom Line (Topic) Pub Date : 2019-07-15 DOI: 10.2139/ssrn.3152973

Claudio Zara

{"title":"Does Sustainability Affect Private Equity Asset Class?","authors":"Claudio Zara","doi":"10.2139/ssrn.3152973","DOIUrl":"https://doi.org/10.2139/ssrn.3152973","url":null,"abstract":"In private equity industry ESG (Entrepreneurial, Social and Governance) metrics are gaining room, passing from the risk management process to influence the orientation of investment strategies. Motivations refer both to a firmer performance of the invested portfolios during the overall investment cycle and to a growing interest of fund subscribers in sustainable investments. Referring to the investment period from 2006 to 2015, we considered a sample of 126 PE investment vehicles. Amongst them 70 are ESG compliant (the main sample) and 56 are non-ESG. In terms of geographies we covered both Europe and North America. We have found that ESG funds generated more stable returns, in terms of net IRR standard deviation, in comparison with non-ESG vehicles, even if the latter showed a superior net IRR. This evidence is in favour of ESG funds as a more stable asset class in the medium-long period. Moreover, we have found that ESG funds contributed to a better portfolio diversification inside large institutional investors. In fact, their average Treynor Ratio is better than that figured out for non-ESG funds. The better performance didn’t depend on absolute returns, in fact the Sharpe Ratio was lower, but on a weaker dependence on the systematic risk as well as on a lower value for their total risk ratio. Finally, we have found that ESG funds were able to pursue a better risk hedging against sources of operating volatility, through a superior stability of their portfolios composition. Evidence was obtained comparing their average total risk ratio with that for the non-ESG funds. This research offers a valuable contribution to the literature on sustainable finance with a specific focus on private equity asset class.","PeriodicalId":388731,"journal":{"name":"SRPN: Triple Bottom Line (Topic)","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125006664","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

Social Licence to Finance and Its Impact on the Coal Mining Industry 社会金融许可及其对煤矿行业的影响

SRPN: Triple Bottom Line (Topic) Pub Date : 2017-01-25 DOI: 10.2139/SSRN.3011039

M. Armstrong, A. Galli, C. Petter, Renato Petter, Anna Larissa Cortês da Silva, Lavinia Hollanda

{"title":"Social Licence to Finance and Its Impact on the Coal Mining Industry","authors":"M. Armstrong, A. Galli, C. Petter, Renato Petter, Anna Larissa Cortês da Silva, Lavinia Hollanda","doi":"10.2139/SSRN.3011039","DOIUrl":"https://doi.org/10.2139/SSRN.3011039","url":null,"abstract":"By analogy with Social Licence to Operate, Social Licence to Finance refers to the pressure put by society as a whole on the finance industry not to fund projects that are considered as socially undesirable/irresponsible. Because of coal’s contribution to greenhouse gas emissions and hence to global warming, many environmentally active NGOs want to put an end to coal-fired power plants and are putting pressure on the finance industry to stop funding coal-mining. There have been three main impacts: firstly some banks involved in project finance (non-recourse funding of large projects) now refuse coal projects and other restrict funding to them; secondly, socially responsible pension funds no longer invest in coal companies (e.g. the Norwegian Sovereign Fund recently divested investments in thermal coal companies worth $8 billion), and finally the Financial Stability Board now requires international banks and insurance companies to evaluate the potential impact of climate change measures on their business. Going further, the Securities and Exchange Commission (SEC) and the New York Attorney General are putting pressure on mining and oil companies listed on the NYSE to provide much more explicit warnings to investors.","PeriodicalId":388731,"journal":{"name":"SRPN: Triple Bottom Line (Topic)","volume":"33 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125841455","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 Relationship between Sustainability Performance and Sustainability Disclosure – Reconciling Voluntary Disclosure Theory and Legitimacy Theory 可持续发展绩效与可持续信息披露的关系——对自愿信息披露理论与合法性理论的调和

SRPN: Triple Bottom Line (Topic) Pub Date : 2016-06-24 DOI: 10.2139/ssrn.2595045

Katrin Hummel, Christian Schlick

{"title":"The Relationship between Sustainability Performance and Sustainability Disclosure – Reconciling Voluntary Disclosure Theory and Legitimacy Theory","authors":"Katrin Hummel, Christian Schlick","doi":"10.2139/ssrn.2595045","DOIUrl":"https://doi.org/10.2139/ssrn.2595045","url":null,"abstract":"The relationship between sustainability performance and sustainability disclosure remains ambiguous, both theoretically and empirically. Voluntary disclosure theory would suggest that the relationship should be positive, whereas legitimacy theory points toward a negative relationship. However, the empirical evidence regarding this relationship is mixed, which indicates that the two theories are not necessarily contradictory but that they are instead two sides of the same coin. This paper refines the theoretical reasoning associated with the two theories and provides empirical evidence for their reconciliation by moving the focus of inquiry from the quantity of sustainability disclosure toward its quality. Our results reveal that – consistent with voluntary disclosure theory – superior sustainability performers choose high-quality sustainability disclosure to signal their superior performance to the market. In addition, based on legitimacy theory, poor sustainability performers prefer low-quality sustainability disclosure to disguise their true performance and to simultaneously protect their legitimacy. The results remain robust to various additional analyses. Thus, the paper indicates that the two theories dovetail with one another by redirecting the focus toward the quality of sustainability disclosure.","PeriodicalId":388731,"journal":{"name":"SRPN: Triple Bottom Line (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130550409","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: 341

The Central Role of the Organisational Innovation in Creating Sustainable Organisation and Development: A Review 组织创新在创造可持续组织和发展中的核心作用:综述

SRPN: Triple Bottom Line (Topic) Pub Date : 2014-09-16 DOI: 10.2139/ssrn.2497185

S. Senthilnathan, A. Arulrajah

{"title":"The Central Role of the Organisational Innovation in Creating Sustainable Organisation and Development: A Review","authors":"S. Senthilnathan, A. Arulrajah","doi":"10.2139/ssrn.2497185","DOIUrl":"https://doi.org/10.2139/ssrn.2497185","url":null,"abstract":"This paper reviews the main contributions of organisational innovation in the literature towards bringing a sustainable organisation and development. The review basically illustrates four main interrelated concepts: organisational innovation, organisational performance, sustainable organisation and sustainable development, with their relationships among them. This paper also demonstrates that based on social, economical and environmental performance, the relationship between organisational innovation and organisational sustainability involves some important aspects concerning organisational innovation and its diverse components and outcomes; and the integration of every organisational innovation with the triple bottom line approach leads to develop a sustainable organisational innovation framework. This review also suggests that an organisation must transform its organizational innovation into a sustainable state (known as sustain-centric-innovation) to reflect its sustainable organisational performance that will help become sustainable organisation and then finally lead to achieve its sustainable development. Using the framework established from the existing literature, this paper recommends how diverse empirical studies can model and investigate the relationships among the variables: organisational innovation, sustainable organisation and sustainable development.","PeriodicalId":388731,"journal":{"name":"SRPN: Triple Bottom Line (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114860238","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

The Impact of Carbon Trading on Industry: Evidence from German Manufacturing Firms 碳交易对工业的影响:来自德国制造企业的证据

SRPN: Triple Bottom Line (Topic) Pub Date : 2014-03-01 DOI: 10.2139/ssrn.2389800

Sebastian Petrick, U. Wagner

引用次数: 138

Corporate Social Performance and Corporate Financial Performance: A Link for the Indian Firms 企业社会绩效与企业财务绩效:印度企业的联系

SRPN: Triple Bottom Line (Topic) Pub Date : 2013-03-01 DOI: 10.22164/ISEA.V7I1.73

Rupal Tyagi

引用次数: 26

The Trinity and the Dragon: Reconciling Finance, Human Rights and the Environment in China 三位一体与龙:调和中国的金融、人权与环境

SRPN: Triple Bottom Line (Topic) Pub Date : 2011-12-11 DOI: 10.4337/JHRE.2012.01.05

Fiona S. Cunningham, David Kinley

{"title":"The Trinity and the Dragon: Reconciling Finance, Human Rights and the Environment in China","authors":"Fiona S. Cunningham, David Kinley","doi":"10.4337/JHRE.2012.01.05","DOIUrl":"https://doi.org/10.4337/JHRE.2012.01.05","url":null,"abstract":"The Equator Principles experiment in forging a trinity of corporate responsibilities – financial, social and environmental – is now ten years old. By a number of measures, it has been a success. From an initial cohort of ten financial institutions, membership of the Equator Principles has expanded to 73 by late 2011, who together manage some 70% of project finance worldwide. Yet there is one major gap in their coverage, namely the lack of uptake of the Equator Principles by Chinese banks and their mixed record of respecting best practice social and environmental standards in their lending activities. In this article we focus on the importance of China’s commercial banks to the future of the Equator Principles and the obstacles that appear to be preventing them from adopting the Equator Principles. It is not only the size of China’s current and future slice of the international financial pie that makes this an important exercise (three of the world’s top ten banks are Chinese, as are no less than 15 of the top 25 fastest growing banks worldwide), it also casts a unique light on how a non-Western country of increasing significance to global affairs grapples with the vital, but extremely complex, intersections of finance, the environment and human rights.","PeriodicalId":388731,"journal":{"name":"SRPN: Triple Bottom Line (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116658677","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

Investor's Perception of Value Creation in Environmental Strategies: The Impact of Past Environmental Performance on Future Stock Market Returns 投资者对环境策略中价值创造的感知:过去环境绩效对未来股市回报的影响

SRPN: Triple Bottom Line (Topic) Pub Date : 2006-08-01 DOI: 10.2139/ssrn.941433

Juan Santaló, C. Kock

{"title":"Investor's Perception of Value Creation in Environmental Strategies: The Impact of Past Environmental Performance on Future Stock Market Returns","authors":"Juan Santaló, C. Kock","doi":"10.2139/ssrn.941433","DOIUrl":"https://doi.org/10.2139/ssrn.941433","url":null,"abstract":"In this paper we test whether investors incorporate into stock market prices the future increase or decrease in firm value due to corporate strategies that cause better or worse firm environmental performance. We report strong evidence that low-polluter companies have substantial abnormal positive returns in the subsequent years after the environmental information was publicized while in the same period of time, high-polluter companies have no abnormal returns (positive or negative). On the contrary, we find exactly the opposite results when we analyze stock market behavior the exact same day the environmental information was publicly released. This is, for this exact publication date high polluter companies have significant negative abnormal returns while low-polluter companies have abnormal returns that are not statistically different than zero. Overall, our results are consistent with a world in which investors have been slow to properly evaluate future increases in firm value associated with current good firm environmental performance while on the other hand investors have correctly discounted the future negative financial effects corresponding to high-polluter companies.","PeriodicalId":388731,"journal":{"name":"SRPN: Triple Bottom Line (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127916725","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

Does the E-Marketing Determine the Sustainable Performance of Firm’s Sportswear Industry in Thailand 网络营销是否决定泰国运动服装企业的可持续绩效

SRPN: Triple Bottom Line (Topic) Pub Date : 1900-01-01 DOI: 10.14198/jhse.2019.14.proc5.46

sudawan somja, Sumalee Srisuponvanit, K. Jermsittiparsert

{"title":"Does the E-Marketing Determine the Sustainable Performance of Firm’s Sportswear Industry in Thailand","authors":"sudawan somja, Sumalee Srisuponvanit, K. Jermsittiparsert","doi":"10.14198/jhse.2019.14.proc5.46","DOIUrl":"https://doi.org/10.14198/jhse.2019.14.proc5.46","url":null,"abstract":"The main objective of the study is to explore the e-marketing as a determinant of the sustainable performance of firm’s Sportswear industry in Thailand. The present study is unique because of its focus on the e marketing in general and its impact on the sustainable organizational performance. Empirical evidence has been provided by this study for the hypothesized theoretical associations in accordance with the research framework. The study has surveyed the sportswear manufacturing firms. The final sample is 238 and response rate is 43 percent. The SEMPLS is used to analyse the data. The findings of the study have provided support to the hypothesized results. Several important implications can be made by this research. The research has identified several relations with regard to the literature on sustainability. The study has tested the direct and indirect relations among the variables, which were identified by the literature. The understanding of managers for achieving sustainable business performance through use of e marketing practices can be enhanced by the suggested model. Moreover, the e marketing process improves when it involves the technological aspects. From practical aspects, the study motivates the shareholders, top management, government, marketing department, policy makers, and practitioners to improve the sustainability of business.","PeriodicalId":388731,"journal":{"name":"SRPN: Triple Bottom Line (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131372448","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