Suchergebnisse

AbstractThis study answers the call for more in‐depth investigations into the antecedents and effects of corporate environmental responsibility (CER). In particular, we aim to verify whether socially responsible human resource management (SRHRM) positively affects the level of CER engagement and whether CER impacts firm financial performance. Based on a sample of 317 food companies, over the study period 2010–2017, we found that SRHRM improves CER engagement, both as a whole and with reference to its sub‐pillars. Furthermore, findings from the current study reveal that CER reduces the cost of debt and negatively moderates the positive effect of SRHRM on financial costs. The paper provides original implications concerning the complementarity between social and environmental activities and the benefits for firms to communicate their environmental performance to debt holders.

Over the last decade, socially responsible investments (SRIs) have become paramount to both professionals and academics. In the aftermath of the financial crisis of 2007-8, practitioners have become much more involved in new financial models that integrate returns and positive social and environmental impacts. The authors argue that previous irresponsible financial models are anachronistic, and propose a new relationship between stakeholder and shareholder. Starting from the mainstreaming of SRI, this book recovers the social function of banks and the innovative role of crowdfunding and venture capital models. The book offers a unified perspective for firm and funder, making it a timely and invaluable read for scholars and practitioners interested in sustainable development and social impact finance.

PurposeThe increasing relevance of environmental, social and governance (ESG) engagement has attracted interest in its drivers and effects on business outcomes under different organizational settings. By focusing on family firms (FFs), we deepen both the role of business ethics as a predictor of enhanced ESG engagement and the link with improved corporate financial performance (CFP). In this way, we aim to provide new insights into the impact of business ethics and ESG engagement on FFs competitiveness.Design/methodology/approachBased on a worldwide panel of 335 FFs covering the 2002–2020 time horizon, this study adopts a two-stage Heckman model (1979) to empirically address two research questions: (RQ1) Do business ethics predict greater ESG engagement in FFs? (RQ2) Does ESG engagement positively affect the corporate financial performance (CFP) of FFs?FindingsThe results of the current study are twofold. First, we demonstrate that an ethical approach to business drives greater ESG engagement. Second, we show that higher levels of ESG engagement lead to improved financial performance in FFs.Originality/valueOur study contributes to filling the knowledge gaps regarding the drivers and effects of ESG engagement in FFs. On the one hand, we demonstrate the positive connection between dimensions that have their own identity, such as business ethics and ESG constructs. On the other hand, by shedding light on the impact of ESG engagement on improved CFP, we contribute to solving the trade-off between economic and noneconomic FF goals.

AbstractThis study responds to the need for deeper empirical investigations into the relationship between board gender diversity (BGD) and corporate environmental responsibility (CER) within the banking industry. Specifically, it investigates whether and how BGD in banks causes higher engagement in CER. To address this research question, we analyzed a sample of 132 global banks over the 2009–2019 period. The results from fixed effect panel regressions indicated that national gender inequality negatively moderates the positive influence of BGD on the CER engagement of banks. Disentangling CER into its sub‐pillars, we found that BGD affects these subdimensions differently. A higher proportion of female directors on the bank's board mainly affects CER in terms of eco‐innovation and emission management. These findings are relevant for the efficiency of new banking business models, for policymakers and for the broader spillover benefits to the worldwide community.

AbstractThe current paper analyzes whether and to what extent gender diversity (GD) in investment management teams impacts equity mutual funds' interest in the environmental, social and governance (ESG) policies of target firms. The impact of GD has been investigated from a dual perspective: the link between the proportion of women on management teams and the application of ESG screens and the role of critical mass theory in teams' decision‐making process. Based on a sample of 212 European equity mutual funds over the 2014–2018 study period, we find a positive impact of the proportion of women and critical mass on the ESG rating of investment portfolios. Evidence from the current study advances the literature on the GD effect and ESG screening while providing additional indications for equity mutual funds seeking the best ESG performance and sustainable development of target firms.