Three Essays On Environmental Social And Governance Transparency
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Three Essays On Environmental Social And Governance Transparency
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Author : Hendijani Zadeh Mohammad
language : en
Publisher:
Release Date : 2020
Three Essays On Environmental Social And Governance Transparency written by Hendijani Zadeh Mohammad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This dissertation is comprised of three essays on determinants and consequences of Environmental, Social, and Governance (ESG) Transparency. Transparency refers to high quantity of material and value relevant information about ESG issues. In the first essay, we explore the relationship between our two variables of interest (i.e., audit quality and public media exposure) and ESG transparency on a sample of publicly listed Canadian firms in in the S&P/TSX Index of the Toronto Stock Exchange. Results show that audit quality and public media exposure are two main drivers of ESG transparency, hence, commitment to high quality audits and exposure to high public media coverage drive firms to be more transparent about ESG issues. Finally, as a consequence of ESG transparency, we find a negative association between ESG transparency and firm-level investment inefficiency. The second essay examine whether the transparency of environmental and social (E&S) information affects financial analysts' forecast properties that reflect their information set. Focusing on a sample of non-financial and non-utility U.S. firms from the S&P 500 index, results suggest that the level of transparency vis-à-vis both E&S information is negatively related to analysts' forecast errors as well as forecast dispersion. These negative relationships become more pronounced for firms with low financial reporting quality, low media coverage, and for those with weak governance. Finally, we find that E&S transparency relates with investment efficiency essentially via analysts` information environment, which thus acts as a mediating variable. This finding is consistent with financial analysts also playing a monitoring role in capital markets. The third essay, we investigate how a firm's (E&S) transparency relates with its cash holdings. Focusing on a large sample of S&P 500 firms, results show that a higher level of E&S transparency implies lower firm-level cash holdings. The negative relationship is more pronounced for firms suffering from high information asymmetry, with low financial reporting quality, and for those with weak governance. Further analyses document that the two channels and mechanisms by which E&S transparency affect firm-level cash holdings are the cost of debt and financial constraints. Finally, our findings suggest that E&S transparency increases the market value relevance of an additional dollar in cash holdings.
Three Essays On Corporate Social Responsibility Csr Of Entrepreneurial Firms
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Author : Yefeng Wang
language : en
Publisher:
Release Date : 2019
Three Essays On Corporate Social Responsibility Csr Of Entrepreneurial Firms written by Yefeng Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Corporate Social Responsibility (CSR) is a broad management concern, it is not only critical to every aspect of modern business practice, but is also deeply incorporated into a company's daily operations via its values, norms, and decision-making process, etc. While there is an ever-increasing number of studies on CSR, many researchers have treated CSR as one single broad construct, its individual dimensions have been largely neglected. This dissertation takes the opportunity to address CSR by focusing on two dimensions: diversity and governance of three different entrepreneurial entities including clean-technology ventures, family firms in the United States and companies operate in emerging markets. In the first essay, I explore the impact of board diversity, female director representation, to be specific, on venture performance in the context of the clean-tech industry. I posit that appointing female board of directors can help clean-tech ventures overcome legitimacy constraints. I also examine the moderating effect of venture size and environmental ideology, such that this impact is stronger for small firms, and it is stronger for clean-tech ventures operating in a high level of environmental ideology state. In the second essay, I investigate how family involvement influences corporate diversity and how does corporate governance mechanism moderate such effect. The results suggest that family involvement decreases the overall corporate diversity, but family firms present more diversity-related concerns than non-family firms. Meanwhile, I suggest that the adoption of dual-class share decreases family firms' overall diversity. My third essay addresses the question of how corporate governance affect environmental information transparency directly and indirectly through seeking external verification, as well as how the legal and business environment moderates these relationships. I find that companies with strong corporate governance mechanisms are more likely to pursue external verification to alleviate traditional agency conflicts in the emerging markets. In addition, strong internal corporate governance leads to high environmental transparency directly and indirectly via seeking external verification. The legal and business environments moderate these relationships. Overall, these three essays in hopes of filling the gaps in the literature and advance the research in the areas of CSR, corporate governance, and entrepreneurship studies.
Transparency In Global Environmental Governance
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Author : Aarti Gupta
language : en
Publisher: MIT Press
Release Date : 2014-07-18
Transparency In Global Environmental Governance written by Aarti Gupta and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-18 with Political Science categories.
A critical assessment of whether transparency is a broadly transformative force in global environmental governance or plays a more limited role. Transparency—openness, secured through greater availability of information—is increasingly seen as part of the solution to a complex array of economic, political, and ethical problems in an interconnected world. The “transparency turn” in global environmental governance in particular is seen in a range of international agreements, voluntary disclosure initiatives, and public-private partnerships. This is the first book to investigate whether transparency in global environmental governance is in fact a broadly transformative force or plays a more limited, instrumental role. After three conceptual, context-setting chapters, the book examines ten specific and diverse instances of “governance by disclosure.” These include state-led mandatory disclosure initiatives that rely on such tools as prior informed consent and monitoring, measuring, reporting and verification; and private (or private-public), largely voluntary efforts that include such corporate transparency initiatives as the Carbon Disclosure Project and such certification schemes as the Forest Stewardship Council. The cases, which focus on issue areas including climate change, biodiversity, biotechnology, natural resource exploitation, and chemicals, demonstrate that although transparency is ubiquitous, its effects are limited and often specific to particular contexts. The book explores in what circumstances transparency can offer the possibility of a new emancipatory politics in global environmental governance.
Three Essays On Corporate Environmental Governance Involvement And Leadership
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Author : Yuhao Ba
language : en
Publisher:
Release Date : 2021
Three Essays On Corporate Environmental Governance Involvement And Leadership written by Yuhao Ba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
Transparency In Esg And The Circular Economy
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Author : Cristina Dolan
language : en
Publisher: Business Expert Press
Release Date : 2021-11-30
Transparency In Esg And The Circular Economy written by Cristina Dolan and has been published by Business Expert Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-30 with Business & Economics categories.
A holistic view of ESG goes beyond environmental issues, which are closely linked to social issues. Both come from the governance of an organization: the integrity with which decisions are made and implemented, ultimately defining corporate culture. ESG affects the daily lives of everyone in today’s connected world where organizations, companies, and individuals depend on each other at various levels. Lack of sustainability for any entity threatens its future existence, disrupting the entire ecosystem. The use of data to measure ESG outcomes is a young science that is increasingly critical to upholding our very lifestyle. Data clearly presents impact across the entire ESG spectrum, providing the necessary specificity for informed decision making, and ensuring the transparency and accountability, which uphold sustainability.
Three Essays On Corporate Environmental Disclosures And Environmental Performance
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Author : Hani Tadros
language : en
Publisher:
Release Date : 2015
Three Essays On Corporate Environmental Disclosures And Environmental Performance written by Hani Tadros and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The objective of this dissertation is to study the incentives of firms to disclose their environmental information and examine the reliability of the information disclosed. To achieve this objective, there is a need to first understand what constitutes environmental disclosures. The first essay, a review of prior disclosure studies, provides a classification of the different types of environmental disclosures and a synopsis about the motivation to disclose each type of information, the reliability and the relevance of the information disclosed to different stakeholders. The outcome of this research shows that many types of environmental information are relevant to the financial and non-financial stakeholders; however, there are still other types of information that needs to be researched to finally achieve a comprehensive framework of environmental disclosures. The second essay examines the association between environmental disclosures and firms’ environmental performances. The study provides a framework to explain the disclosure process demonstrating the effect of economic and legitimacy factors, environmental performance, and the media communicating these disclosures on the amount and type of information reported. The results suggest that environmental reporting is biased; where firms with higher levels of environmental performance disclose more voluntary information while firms with low-environmental performance tend to meet the mandatory disclosure requirements. There is little evidence to suggest that firms with low-environmental performances use their environmental disclosures to maintain the legitimacy of their environmental operations. The third essay examines the reliability of environmental performance indicators disclosed. The results suggest that the reporting of firms’ EPIs might be free of bias as the study finds no association between the information disclosed and firms’ environmental performance. In general, the dissertation provides assurances over the reliability of environmental information disclosed. There is no denial that firms are subject to pressures from non-financial stakeholders to justify the impact of their operations on the environment. This dissertation shows that firms attempt to use their environmental disclosures to mitigate the effects of these pressures; however, it also suggests that the need to legitimize their operations is not the main driver behind the reporting of environmental information.
Essays On Portfolio Optimization And Esg Ratings Under Risk Constraints And Incomplete Information
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Author : Janke, Oliver
language : en
Publisher: Lehmanns Media
Release Date :
Essays On Portfolio Optimization And Esg Ratings Under Risk Constraints And Incomplete Information written by Janke, Oliver and has been published by Lehmanns Media this book supported file pdf, txt, epub, kindle and other format this book has been release on with Business & Economics categories.
In this thesis, we analyze various problems of dynamic portfolio optimization as well as green capital requirements under risk constraints and incomplete information. First, we examine the problem of optimal expected utility under the constraint of a utility-based shortfall risk measure in an incomplete market. The existence and uniqueness of an optimal solution to the problem are shown using a Lagrange multiplier and duality methods. Second, we consider the optimization problem under various levels of the investor’s information. By using martingale representation theorems, we demonstrate the existence and uniqueness of optimal solutions, which differ in their market dynamics. Third, we analyze the effects of green- and brownwashing on banks’ lending to firms, on the regulator’s deposit insurance subsidy, and on carbon emissions under different green capital requirement functions. Furthermore, we show that green capital requirements may compromise financial stability.
Three Essays On Firms And International Institutions
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Author : Calvin Thrall
language : en
Publisher:
Release Date : 2022
Three Essays On Firms And International Institutions written by Calvin Thrall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
A long-underappreciated fact in the field of international political economy is that, while states are the actors who create international political institutions, it is often nonstate actors—particularly firms—who are most directly affected by them. As firms' operations have become increasingly global over the course of the last five decades, international institutions such as economic treaties have become increasingly important for firms' bottom lines. Theorizing from the corporate perspective, this project details three strategies by which firms influence and engage with international institutions: first, by lobbying for the creation of favorable institutions; second, by shifting their legal forms in order to gain access to new institutions; and third, by cooperating with international institutions to govern their own operations (when it is profitable to do so). In the first essay, I study the role of multinational firms in the development of international institutions. Over the course of the 20th century, states have developed large networks of bilateral or small-group economic treaties in several issue areas. These treaties, which are important tools of foreign economic policy, redistribute the gains and losses of globalization. Why do states sign treaties with some partners and not others? Motivated by the observation that the same pairs of states tend to sign multiple treaties within a short time period, I develop a theory of treaty regime coevolution that centers corporate demand for treaties. Firms expand into new foreign markets in search of profit, paying fixed costs to do so. However, once the initial cost is paid, these firms become the primary beneficiaries of any future treaty between home and host states. Incumbent firms therefore have incentive to lobby home state legislators and diplomats in favor of signing treaties with their host states, across several issue areas. Strong private sector demand can lead to the formation of multiple types of treaties between pairs of states, creating firm-driven interdependence across treaty networks. Using quantitative and qualitative data—including novel data from the USSR, declassified diplomatic cables, and elite interviews—I find support for my theory. The results have implications for the decline of multilateralism in foreign policy, and suggest new avenues for studying the effects of treaties. In the second essay, I study a case in which overlap between international institutions generated opportunites for corporate arbitrage. Multinational firms frequently route their foreign investments through intermediate shell companies. Increasingly, firms engage in proxy arbitration, using these shell companies to access other states' bilateral investment treaties and file investor-state disputes against their host states. I argue that proxy arbitration is actually a spillover effect of corporate tax avoidance. Firms invest abroad through intermediate shell companies to access the bilateral tax treaty network, reducing their withholding taxes. Because the tax and investment treaty networks overlap extensively, these "tax-planning" firms often gain investment treaty coverage as a side benefit, enabling them to file proxy arbitration in the event of a dispute. Using novel, fine-grained data on the ownership structures of multinational firms, I find evidence in support of the spillover effects theory. The results suggest that understanding the true effects of global governance institutions requires attention to how firms strategically change their legal forms to access or avoid them. Finally, in the third essay, I ask whether or not firms can cooperate with international institutions in a way that produces normatively positive outcomes. Multinational firms operate in multiple national jurisdictions, making them difficult for any one government to regulate. For this reason much of the regulation of multinational firms is done by the firms themselves, increasingly in conjunction with international organizations by way of public-private governance initiatives. Prior research has claimed that such initiatives are too weak to meaningfully change firms' behavior. Can public-private governance initiatives help firms self-regulate, even if they lack strong monitoring or enforcement mechanisms? I take two steps towards answering this question. First, I introduce a new measure of firms' performance on ESG (environmental, social, and governance) issues: the extent to which the firms issue public responses to claims of misconduct from civil society actors. Second, I argue that public-private governance initiatives allow firms to benefit from the legitimacy of their public partners, lowering the reputational cost of transparent response. Employing novel data on firm responses to human rights allegations from the Business and Human Rights Resource Center, I find that membership in the largest and most prominent initiative, the United Nations Global Compact, significantly increases firms' propensity to respond transparently to stakeholder allegations. These results suggest a limited but important role for public-private initiatives in global governance
Responsible Investing
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Author : Matthew W. Sherwood
language : en
Publisher: Taylor & Francis
Release Date : 2023-05-15
Responsible Investing written by Matthew W. Sherwood and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-15 with Business & Economics categories.
Responsible Investing serves as a holistic resource on Environmental, Social, and Governance (ESG) investing for undergraduate and graduate programs. It provides a thorough background and history of ESG investing, as well as cutting-edge industry developments, introducing the reader to the rapidly evolving field of responsible investing. Building on the first edition, this second edition provides updates where appropriate, as well as new emphasis on the development of standards in terminology and metrics. Opening with the background of ESG investing, the book discusses the development of ESG risks and provides an overview of ESG rating systems. It outlines the current position of ESG investing in portfolio management through granular analysis, offers insight into common investor concerns about ESG investments, presents qualitative theories, and reviews literature modeling ESG investment performance. Finally, the authors provide readers with a foundation on the development of financial models measuring risk and return, which can be used to evaluate the performance of ESG investments. This edition features updated statistics and a new chapter on regulation, reporting, and taxonomy in ESG investing, as well as new international case studies. Following a summary approach, Responsible Investing is a valuable textbook, providing a context in which upper-level students of ESG investment and sustainable finance can specialize.
Governance Risk And Compliance Handbook
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Author : Anthony Tarantino
language : en
Publisher: John Wiley & Sons
Release Date : 2008-03-11
Governance Risk And Compliance Handbook written by Anthony Tarantino and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-03-11 with Business & Economics categories.
Providing a comprehensive framework for a sustainable governance model, and how to leverage it in competing global markets, Governance, Risk, and Compliance Handbook presents a readable overview to the political, regulatory, technical, process, and people considerations in complying with an ever more demanding regulatory environment and achievement of good corporate governance. Offering an international overview, this book features contributions from sixty-four industry experts from fifteen countries.