躲避子弹:用可持续的商业战略和环境方法克服乌克兰武装冲突的财务影响

IF 5.7 Q1 BUSINESS, FINANCE
M. Mattera, Federico Soto
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引用次数: 5

摘要

目的本研究旨在评估可持续商业模式对建立企业声誉和韧性的影响。具体而言,上市公司的财务业绩将在2022年2月24日乌克兰武装冲突开始后进行评估。以三重底线理论为基础,对西班牙IBEX-35指数中上市公司的情况进行了分析。本文根据环境、社会和公司治理(ESG)战略的使用情况来评估财务绩效和企业声誉,以遵守其企业社会责任(CSR)。设计/方法/方法为了实现这一目标,对在西班牙运营的能源公司进行了评估。具体而言,考虑在西班牙最大交易平台的基准指数IBEX35中上市的能源行业运营公司。分析包括评估其股票价值的波动,以及使用可再生能源和其他限制对外国事件依赖的能源的影响。此外,还考虑了非金融信息的传播和传播,以及在这些领域内使用国际标准。调查结果显示,长期的企业社会责任承诺和ESG战略会显著影响公司克服危机和改善财务业绩的能力。此外,在乌克兰武装冲突期间,坚持向可再生能源转型的能源公司表现出更强的业绩,对不确定和疲软的市场的依赖性更低。实践意义研究结果有助于TBL理论的发展和可持续商业模式的创建。通过引入ESG战略,企业能够改善人与利润的全球平衡,同时提高其韧性。这有助于全面提高它们克服危机的能力,并随着时间的推移保持其财务业绩和公司声誉。政策制定者也可以从这一知识中受益,引入监管,通过ESG战略促进和支持公司发展其企业社会责任,以确保组织能够在困难时期支持经济,具有更可持续的发展能力。独创性/价值该分析评估了公司在意外和前所未有的敌对环境中运营时,通过适当的ESG战略对TBL的长期承诺的结果。先前的研究侧重于财务绩效和ESG战略方面的一些变量之间的联系,但没有考虑到危机加剧的具体背景(即大流行病和武装冲突)。这可以为人们、利润和地球在建立可持续和成功的组织方面所能做出的贡献提供重要的见解。最后,本文概述了有助于公司克服极端困难的关键因素,例如在受两次危机共同影响的环境中运营。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Dodging the bullet: overcoming the financial impact of Ukraine armed conflict with sustainable business strategies and environmental approaches
PurposeThe purpose of this study is to evaluate the influence of sustainable business models in building corporate reputation and resilience. Specifically, the financial performance of listed companies will be evaluated following the beginning of the armed conflict in Ukraine on 24 February 2022. Taking as a standpoint the triple bottom line (TBL) theory, the case of firms listed in the Spanish IBEX-35 index is analysed. The present paper evaluates financial performance and corporate reputation, based on the usage of Environment, Social and Corporate Governance (ESG) strategies to adhere to their Corporate Social Responsibility (CSR).Design/methodology/approachTo achieve this goal, energy firms operating in Spain are evaluated. Specifically, companies operating in the energy sector listed in the IBEX35, benchmark index of Spain’s largest trading platform are considered. The analysis comprises evaluating the fluctuation in the value of their stock and the influence of usage of renewable and other power sources that limit dependency on foreign events. In addition, communication and dissemination of non-financial information, and usage of international standards within these areas, are considered as well.FindingsResults show long-term CSR commitments and ESG strategies significantly impact firm’s ability to overcome crises and improve financial performance. Additionally, energy firms that adhered to the energy transition into renewables display stronger performance and lower dependency on uncertain and weakened markets during the Ukraine armed conflict.Practical implicationsThe results contribute to the advancement of the TBL theory and the creation of sustainable business models. By introducing ESG strategies, firms are able to improve the people-profit-planet balance and at the same time improve their resilience. This contributes to an overall enhancement of their capacity to overcome crises and sustain their financial performance and corporate reputation over time. Policy makers can also benefit from this knowledge, introducing regulation that promotes and supports companies’ development of their CSR through ESG strategies, to ensure more sustainable organisations that can support the economy in a context of hardship.Originality/valueThe analysis evaluates the results of a firm’s long-term commitment to the TBL through adequate ESG strategies when operating in unexpected and unprecedented hostile environments. Previous research has focused on the link between some variables concerning financial performance and ESG strategies yet not considering the specific context of an enhanced crisis (i.e. a pandemic and armed conflict). This can provide significant insight into the contribution that people, profit and planet can provide in building sustainable and successful organisations. Lastly, the paper outlines the key factors that contributed to the firm’s ability to overcome extreme hardships, such as operating in an environment affected by a combination of two crises.
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来源期刊
Journal of Risk Finance
Journal of Risk Finance BUSINESS, FINANCE-
CiteScore
6.20
自引率
6.70%
发文量
37
期刊介绍: The Journal of Risk Finance provides a rigorous forum for the publication of high quality peer-reviewed theoretical and empirical research articles, by both academic and industry experts, related to financial risks and risk management. Articles, including review articles, empirical and conceptual, which display thoughtful, accurate research and be rigorous in all regards, are most welcome on the following topics: -Securitization; derivatives and structured financial products -Financial risk management -Regulation of risk management -Risk and corporate governance -Liability management -Systemic risk -Cryptocurrency and risk management -Credit arbitrage methods -Corporate social responsibility and risk management -Enterprise risk management -FinTech and risk -Insurtech -Regtech -Blockchain and risk -Climate change and risk
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