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Identifying greenwashing in corporate‐social responsibility reports using natural‐language processing 利用自然语言处理技术识别企业社会责任报告中的 "洗绿 "行为
European Financial Management  Pub Date : 2024-07-19 DOI: 10.1111/eufm.12509
Nina Gorovaia, Michalis Makrominas
{"title":"Identifying greenwashing in corporate‐social responsibility reports using natural‐language processing","authors":"Nina Gorovaia, Michalis Makrominas","doi":"10.1111/eufm.12509","DOIUrl":"https://doi.org/10.1111/eufm.12509","url":null,"abstract":"A textual analysis of corporate‐social responsibility (CSR) reports reveals that companies engaged in environmental violations report differently from firms with a clean record. The violators issue longer, more positive and more frequent reports to relay environmental content that is more copious but less readable. The violator firms appear to modify their reporting practices right after committing a violation. The findings suggest that culpable firms exploit the current unregulated–unaudited state of CSR reporting as a means of greenwashing and call for institutional change. Our results are robust to a number of industry‐firm characteristics, including board composition, ownership dispersion and international presence.","PeriodicalId":501261,"journal":{"name":"European Financial Management ","volume":"92 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141740875","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
Short selling bans and price responses in a multimarket setting 多市场环境下的卖空禁令和价格反应
European Financial Management  Pub Date : 2024-07-12 DOI: 10.1111/eufm.12505
Yu Hu, Pankaj K. Jain, Suchismita Mishra, Robinson Reyes‐Peña
{"title":"Short selling bans and price responses in a multimarket setting","authors":"Yu Hu, Pankaj K. Jain, Suchismita Mishra, Robinson Reyes‐Peña","doi":"10.1111/eufm.12505","DOIUrl":"https://doi.org/10.1111/eufm.12505","url":null,"abstract":"We evaluate the role of short sale bans in muting the price response to negative earnings surprises for stocks cross‐listed in foreign unbanned markets. We update the global timeline of short sale restrictions up to the COVID‐19 crisis. Given low dispersion of beliefs, we observe that the effects of a stock's home market bans extend to unbanned markets, as manifested in lagged price responses, reduced short interest, and failures to deliver. In contrast, large profit opportunities created by high dispersion of beliefs trigger cross‐border short selling (regulatory arbitrage) and a leading price response in foreign unbanned markets vis‐à‐vis the home market.","PeriodicalId":501261,"journal":{"name":"European Financial Management ","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141608611","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 brown side of firm flexibility 坚定灵活的褐色一面
European Financial Management  Pub Date : 2024-07-05 DOI: 10.1111/eufm.12495
Sadok El Ghoul, Omrane Guedhami, Samir Saadi, Syrine Sassi
{"title":"The brown side of firm flexibility","authors":"Sadok El Ghoul, Omrane Guedhami, Samir Saadi, Syrine Sassi","doi":"10.1111/eufm.12495","DOIUrl":"https://doi.org/10.1111/eufm.12495","url":null,"abstract":"Using a sample of 24,321 firm‐year observations from 25 countries over the 2006–2021 period, we show that operating flexibility increases carbon emissions. This increase is due to to the efficiency and instability channels. The relation is stronger for firms where expansion flexibility outweighs contraction flexibility, and for focused and financially unconstrained firms. Cross‐country analyses indicate that the effect of flexibility on carbon emissions is more prominent in developed economies with superior institutional quality. In contrast to prior studies that highlight the beneficial consequences of operating flexibility, our findings expose its adverse effect on environmental performance.","PeriodicalId":501261,"journal":{"name":"European Financial Management ","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141573205","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
Corporate social responsibility and bank liquidity creation during financial crises 金融危机期间的企业社会责任与银行流动性创造
European Financial Management  Pub Date : 2024-05-29 DOI: 10.1111/eufm.12498
Wei‐Da Chen, Yehning Chen
{"title":"Corporate social responsibility and bank liquidity creation during financial crises","authors":"Wei‐Da Chen, Yehning Chen","doi":"10.1111/eufm.12498","DOIUrl":"https://doi.org/10.1111/eufm.12498","url":null,"abstract":"Using a sample of US banks, this paper investigates how corporate social responsibility (CSR) performance affects bank liquidity creation in financial crises. It shows that banks with better CSR performance reduce more liquidity creation in crises. This effect is stronger for banks with lower <jats:italic>Z</jats:italic>‐scores or higher earnings volatility. In addition, the results are driven by bank CSR performance related to community, employee relations and diversity. These results are consistent with the notion that banks with good CSR performance reduce liquidity creation to avoid financial distress, which would hurt their employees and the communities they serve.","PeriodicalId":501261,"journal":{"name":"European Financial Management ","volume":"53 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141195257","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
Retail motor gasoline prices and the interest rate on mortgage loans 车用汽油零售价格和抵押贷款利率
European Financial Management  Pub Date : 2024-05-14 DOI: 10.1111/eufm.12496
Balbinder Singh Gill
{"title":"Retail motor gasoline prices and the interest rate on mortgage loans","authors":"Balbinder Singh Gill","doi":"10.1111/eufm.12496","DOIUrl":"https://doi.org/10.1111/eufm.12496","url":null,"abstract":"A significant negative relationship exists between the price of retail motor gasoline and the interest rate on mortgage loans. Prospective homeowners avoid purchasing a mortgage‐financed home in areas where gasoline prices are rising to avoid endangering their future mortgage payments due to the greater cost of motor fuel consumption. The passage of government regulations and incentives aimed at increasing either the demand for or supply of alternative fuels, lowering the cost for gasoline customers to switch to alternative fuels, lessens the negative impact of gasoline prices on the cost of mortgage credit. Public transit mitigates the negative gasoline price impact.","PeriodicalId":501261,"journal":{"name":"European Financial Management ","volume":"74 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141148163","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
‘Take Back Control’: The implications of Brexit uncertainty on investor perception of ESG reputational events 夺回控制权"：英国脱欧的不确定性对投资者对 ESG 声誉事件看法的影响
European Financial Management  Pub Date : 2024-05-04 DOI: 10.1111/eufm.12490
Erdinc Akyildirim, Thomas Conlon, Shaen Corbet, Les Oxley
{"title":"‘Take Back Control’: The implications of Brexit uncertainty on investor perception of ESG reputational events","authors":"Erdinc Akyildirim, Thomas Conlon, Shaen Corbet, Les Oxley","doi":"10.1111/eufm.12490","DOIUrl":"https://doi.org/10.1111/eufm.12490","url":null,"abstract":"This study examines the impact of Brexit on investor reactions to Environmental, Social and Governance (ESG) events in UK companies. Post‐Brexit, investors show reduced sensitivity to ESG incidents, suggesting relaxed corporate accountability for ESG disasters. We observe varied investor responses to different ESG events, with most having less financial influence after Brexit. This research informs regulators, stakeholders and policymakers in the post‐Brexit era, emphasising the need for strong ESG regulations and communication in influencing investor behaviour. It contributes to understanding the relationship between regulatory changes, corporate reputation and investor reactions post‐Brexit.","PeriodicalId":501261,"journal":{"name":"European Financial Management ","volume":"92 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140832959","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
Geopolitical risk and global green bond market growth 地缘政治风险与全球绿色债券市场增长
European Financial Management  Pub Date : 2024-03-25 DOI: 10.1111/eufm.12484
Charilaos Mertzanis, Imen Tebourbi
{"title":"Geopolitical risk and global green bond market growth","authors":"Charilaos Mertzanis, Imen Tebourbi","doi":"10.1111/eufm.12484","DOIUrl":"https://doi.org/10.1111/eufm.12484","url":null,"abstract":"Using individual transaction data, we investigate how geopolitical risk influences green bond issuance across 73 countries during 2008–2021. We consider deal characteristics, as well as economic and institutional factors. We find a positive association between geopolitical risk and green bond issuance. The effect shows nonlinearity and time delays. Our findings remain robust after conducting sensitivity and endogeneity analysis. After decomposing the geopolitical risk index, we discover that all its components have positive correlations with green bond issuance. Lastly, our study highlights the crucial role of the underwriters' network and specific geopolitical jurisdictions as drivers for global green bond market expansion.","PeriodicalId":501261,"journal":{"name":"European Financial Management ","volume":"2018 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140301436","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
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