scholarly journals Ownership influence and CSR disclosure in China

2018 ◽  
Vol 31 (1) ◽  
pp. 8-21 ◽  
Author(s):  
Yuan Yuan Hu ◽  
Yanhui Zhu ◽  
Jon Tucker ◽  
Yuxiao Hu
Keyword(s):  
Institutional Investors ◽  
Probit Model ◽  
Positive Influence ◽  
Ownership Type ◽  
Content Type ◽  
Corporate Managers ◽  
Chinese Firm ◽  
Csr Disclosure ◽  
Stakeholder Salience Theory ◽  
Csr Engagement

Purpose This paper aims to examine the relationship between ownership type and the likelihood of publication of a corporate social responsibility (CSR) report. Design/methodology/approach Drawing on stakeholder salience theory, the probit model is used for a sample of 1,839 Chinese listed firms to study how different types of owners influence firm CSR engagement. Findings The analysis reveals that the Chinese stock exchanges exert a positive influence on the likelihood of a firm producing a CSR report, an effect which is more significant in state-owned enterprises (SOEs). Foreign investors lead to a greater likelihood of publication of a CSR report, though this effect is weaker in SOEs. In contrast, the holdings of state and domestic institutional investors are broadly neutral. Practical implications The study helps corporate managers to recognise how particular types of shareholders will value their efforts regarding CSR activities and disclosure and also assists policymakers in improving the level of CSR disclosure through the development of new policy. Social implications Apposite CSR disclosure enhances trust and facilitates the shared values on which to build a more cohesive society. Originality/value The novelty of this study is that it addresses the effect of institutional investors on Chinese firm CSR engagement and thus provides an important insight for firms, investors and other stakeholders into the interplay of portfolio investment and CSR.

Corporate social responsibility and financial analysts: a review of the literature

2019 ◽  
Vol 10 (1) ◽  
pp. 183-207 ◽  
Author(s):  
Anne-Kathrin Hinze ◽  
Franziska Sump
Keyword(s):  
Financial Analysts ◽  
Future Research ◽  
Analyst Coverage ◽  
Content Type ◽  
Current State ◽  
State Of Research ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Relationship ◽  
Csr Engagement

PurposeThe purpose of this paper is to systematise the current state of research on the association between companies’ corporate social responsibility (CSR) engagement and financial analysts’ company assessment. Additionally, it aims to identify fruitful directions for future research that contribute to a further exploration of the link between CSR and financial analysts.Design/methodology/approachThis study reviews and synthesises existing research on CSR and financial analysts. Based on the research question, “What is the relationship between CSR engagement and financial analysts’ metrics?,” the authors conduct a systematic literature review. The authors search three major databases and use an extensive search term to ensure exhaustive coverage of the field. The paper then systemises the current state of research and identifies knowledge gaps and potential directions for future research.FindingsThe review of existing research shows that several studies confirm a positive link between CSR performance and analyst coverage, suggesting that external monitoring through analysts incentivises companies to enhance their CSR engagement. Further, results indicate that a company’s involvement in “sin” industries is linked to lower analyst coverage. Besides, a higher level of CSR disclosure is positively associated with analyst forecast accuracy, thus indicating that the provision of CSR-related information is linked to an enhanced information environment. High levels of CSR performance are associated with more positive recommendations from analysts. However, recent surveys and interview studies on analysts’ perceptions of CSR fail to uniformly support an increasing interest in CSR.Research limitations/implicationsFor a better understanding of the link between CSR engagement and financial analysts, two fruitful directions for future research are observed. First, future research designs should clearly differentiate between CSR disclosure and CSR performance and take account of interdependencies between them. Second, studies should address behavioural insights into how analysts process information and the influence of individual analyst characteristics on the link between CSR engagement and an analyst’s assessment of a company.Originality/valueThis study is the first to review the literature on the relationship between CSR and financial analysts. The association between CSR and financial analysts is particularly interesting given the pivotal role financial analysts play as information intermediaries in financial markets. This study delivers an in-depth understanding of existing studies and their theoretical underpinnings. Based on the existing literature, this paper develops innovative directions for future research.

Grade point average vs competencies: which are most influential for employability?

2019 ◽  
Vol 9 (3) ◽  
pp. 418-433
Author(s):  
Maria Jesus Freire-Seoane ◽  
Carlos Pais-Montes ◽  
Beatriz Lopez-Bermúdez
Keyword(s):  
Grade Point Average ◽  
Soft Skills ◽  
Probit Model ◽  
Positive Influence ◽  
Grade Point ◽  
Content Type ◽  
Individual Level ◽  
Generic Competencies ◽  
Job Finding ◽  
European University

Purpose The purpose of this paper is to measure the combined influence that soft skills and Graduate Point Average (GPA) achievements have on the employability of higher education (HE) graduates, and the possible mitigating effects that score attainments have on some ex ante issues, like the gender asymmetries existing in labour market, or the great difference between some knowledge fields, regarding their unemployment rates. Design/methodology/approach The methodology used is a probit model, performed on a sample of 1,054 HE graduates, coming from a middle-sized European university. Findings The results show: a clear positive influence of the GPA on job finding odds; that some generic competencies improve this probabilities but another ones act as penalties; and that GPA and systemic competencies enhancement initiatives (at an individual level or at HE policy institutions level) could act as attenuators for the gender inequality or for the low recruitment perspectives existing on some knowledge fields like humanities or social sciences. Originality/value A wide scientific literature can be currently found on generic competencies and their influence on the employability odds, but the results regarding GPA attainments are still too heterogeneous and scarcely explored. On the other hand, there’s a non-solved controversy in the literature about the influence of the GPA results on the odds that a HE graduate has to obtain a job: do GPA signal correctly the best candidates? Do current employers prefer competencies scores over GPA attainments? This paper will contribute to clarify these questions.

How does cluster location and intellectual capital impact entrepreneurial success within high-growth firms?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yama Temouri ◽  
Vijay Pereira ◽  
Glenn W. Muschert ◽  
Vikash Ramiah ◽  
Michael Babula
Keyword(s):  
Knowledge Management ◽  
Intellectual Capital ◽  
High Growth ◽  
Probit Model ◽  
Positive Influence ◽  
Research Model ◽  
Entrepreneurial Success ◽  
Content Type ◽  
Cluster Membership ◽  
Growth Firms

PurposeThe purpose of this paper is to examine the role of intellectual capital and knowledge management in the entrepreneurial success of firms through a research model which is subsequently tested empirically.Design/methodology/approachThe paper utilises the knowledge-based perspective to formulate three sets of hypotheses which the authors subsequently test in the empirical analysis on data derived from the Orbis database, which includes over 1-million data points from approximately 240,000 firms across 174 geographic subdivisions of economic regions in 14 European countries, from 2010 to 2013. The analysis utilises probit model regressions on the likelihood of becoming a high-growth firms (HGF), in the presence of a number of control factors including firm age, firm size, tangible assets, foreign ownership, competitiveness (via Herfindahl index), return on assets, industry sector and country location.FindingsFindings from our analysis suggest that investments in intangible assets and generating patents from research and development (R&D) efforts is positively related to the likelihood of becoming a HGF. In addition, cluster membership seems to be a positive influence on becoming a HGF, however the moderating impact of intangible investments and patents is less clear in clusters.Research limitations/implicationsThe authors highlight the mixed effects from cluster membership and the beneficial impact from intellectual capital and knowledge management in achieving high growth firm status.Originality/valueThe authors derive and test our research model, which outlines the interrelationship of the various factors leading to firms becoming high-growth firms. The results suggest that there may be further fruitful ground for future investigation in the intersections of knowledge management and intellectual capital concepts within entrepreneurial contexts.

The influence of institutional qualities on CSR engagement: a comparison of developed and developing economies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Abdullah Al-Mamun ◽  
Michael Seamer
Keyword(s):  
Human Capital ◽  
Financial Development ◽  
Rule Of Law ◽  
Developing Economies ◽  
Capital Formation ◽  
Human Capital Formation ◽  
Content Type ◽  
Developed Economies ◽  
Csr Disclosure ◽  
Csr Engagement

Purpose This study aims to investigate the effects of institutional qualities on corporate social responsibility (CSR) engagement from a global perspective. Design/methodology/approach The authors examine CSR engagement across 83 developed and developing economies focusing on four potential institutional drivers: the rule of law, economic financial development, human capital formation and exposure to international trade. Findings The authors find that the level of human capital formation and financial development is positively associated with CSR engagement in both developing and developed economies. However, the rule of law was only associated with CSR engagement in developing economies whereas the level of international trade was found having no association with CSR engagement across both developed economies and developing economies. Research limitations/implications The effect of macroinstitutional qualities on aggregate CSR engagement practices across 83 developed and developing economies was examined; however, the analysis did not attempt to identify the relevance of these institutional factors at the micro or mezzo level and how they interplay with firm-level factors. Practical implications The empirical findings in this study offer some important insights into the theoretical constructs of institutional qualities and institutional logics that impact CSR engagement from both developing and developed economy contexts. Not only will these findings encourage regulators and stakeholders to call for enhanced CSR engagement, it will also benefit the accounting and assurance profession’s efforts to evaluate organizational risk and mitigate corporate opportunistic use of CSR disclosure. The finding that strengthening a country’s rule of law enhances CSR engagement in developing economies is further evidence for the current debate in the accounting literature regarding mandating firm CSR disclosure. Originality/value The authors conclude that improving the level of human capital formation and encouraging financial development is important for the overall social well-being of all economies, whereas developing economies can further encourage CSR engagement by enhancing their rule of law.

How does ownership by corporate managers affect R&D in the UK? The moderating impact of institutional investors

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ahmed Hassanein ◽  
Mahmoud Marzouk ◽  
Mohsen Ebied A.Y. Azzam
Keyword(s):  
Institutional Investors ◽  
Fixed Effects ◽  
Negative Impact ◽  
Optimal Level ◽  
Management Decision ◽  
Managerial Ownership ◽  
Nonlinear Relationship ◽  
Content Type ◽  
Corporate Managers ◽  
The Uk

PurposeThis paper tests for a positive, a negative and a nonlinear relationship between the share of ownership controlled by firm managers and the management decision to invest in research and development (R&D). Likewise, it examines whether or not institutional investors induce corporate managers with ownership stakes to spend on R&D.Design/methodology/approachIt examines a sample of the United Kingdom (UK) Financial Times Stock Exchange (FTSE) all-shares firms over a longitudinal period from 2009 to 2018. The R&D is measured by the natural logarithm of a firm's R&D spending and a firm's R&D expenditure scaled by its total assets at the end of the year. The results are estimated using the year/industry fixed effects as well as the firm fixed effects.FindingsThe results show a positive effect on R&D spending at a lower level of managerial ownership, and a negative impact at a higher managerial ownership level. The findings jointly suggest an inverse U-shaped nonlinear relationship between ownership by firm managers and management decisions on R&D spending. The results also demonstrate that the effect of institutional investors' ownership on R&D spending decisions is observable only at a lower level of managerial ownership and disappears at a higher level.Practical implicationsThe results shed the light on the role of managerial ownership in promoting firm innovation. They suggest an optimal level of equity ownership by corporate managers that maximizes R&D spending, implying that firms can effectively manage their R&D spending by restructuring their managerial ownership to maintain an appropriate level of managerial ownership to align managerial interests with shareholder interests by either increasing it to the optimal level or decreasing it when it becomes above this level. The findings also support the limited degree of monitoring and the long-term perspective offered by institutional investors in the UKOriginality/valueThe study provides new evidence on the non-monotonic effect of the share of ownership controlled by firm managers on R&D spending decisions. It also expands the growing body of literature and contributes to the debate on the effectiveness of institutional investors in the UK.

Determinants of CSR disclosure: an evidence from India

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fahad P ◽  
Nidheesh KB
Keyword(s):  
Firm Size ◽  
Export Performance ◽  
Listed Companies ◽  
Foreign Ownership ◽  
Negative Influence ◽  
Positive Influence ◽  
Firm Age ◽  
Financial Leverage ◽  
Content Type ◽  
Csr Disclosure

Purpose This paper aims to undertake an empirical investigation on firm characteristics determining corporate social responsibility (CSR) disclosure and its subcategories such as environmental, social and governance disclosures. Design/methodology/approach The sample consisted of listed companies in BSE 500 index for a period of 10 years from 2007 to 2016. Panel data regression method is used for the analysis. Seven variables are analyzed, namely, firm age, financial leverage, firm size, foreign ownership, promoter ownership, export performance, innovation and firm popularity. Findings The result shows that firm age and financial leverage are positively influencing CSR, environmental and social disclosure score but both are negatively influencing governance score. Firm size is positively associated with all four disclosure scores. Among ownership variables, foreign ownership shows a positive influence and promoters ownership shows a negative influence towards CSR, environment and social disclosures. No association is found between both ownership variables and governance disclosure score. Further analysis also finds that there is a difference in this relationship during crisis period. Research limitations/implications The study focuses only on listed companies in Indian capital market. In terms of implication, theoretical bases discussed in the literature review and hypotheses development are mostly validated. Practical implications The findings are important for the firm, stakeholders and policymakers. A firm may think about appointing experts in CSR to spend the amount wisely and improve CSR disclosure to compete in the international market; stakeholders have to pressure the firm to provide more CSR disclosure and for policymakers this study study provides useful inputs to design legal framework on CSR. Originality/value The measurement of CSR disclosure using environmental, social and governance (ESG) score is novel in Indian context, even though the methodology is often used in literature.

On the value relevance of analyst opinions and institutional shareholdings in China

2016 ◽  
Vol 24 (3) ◽  
pp. 206-225 ◽  
Author(s):  
Wei Huang ◽  
Agyenim Boateng
Keyword(s):  
Institutional Investors ◽  
Firm Value ◽  
Value Relevance ◽  
Analyst Forecasts ◽  
Governance Mechanism ◽  
Chinese Firms ◽  
Ownership Type ◽  
Internal Governance ◽  
Content Type ◽  
Stock Analysts

Purpose This paper aims to examine the relevance of stock analysts’ opinions and institutional investors’ shareholding to the value of Chinese firms. Design/methodology/approach The authors use both internal and external corporate governance mechanism to investigate value relevance of analyst opinion and institutional shareholding to Chinese firms. Findings The authors find that Tobin’s Q is positively related to analysts’ consensus forecast optimism and institutional investors’ shareholding but negatively related to analyst forecast dispersions. Further analysis using subsamples of partially state-owned enterprises and non-state-owned firms indicate that institutional investors have significant impact on firm value for all firms irrespective of the ownership type, whereas analyst forecasts opinions appear to have significant effects on partially state-owned firms but insignificant effects on non-state-owned firms. The results also show that internal governance appears to be an important pre-requisite that affects analysts’ forecast opinions and that good internal governance reinforces external governance mechanism to create firm value. Originality/value Studies analysing the effects of both internal and external mechanisms on firm value in emerging economies are scant. This study attempts to extend and contribute to this line of research by investigating the relevance of institutional investors and stock analysts’ opinion to firm valuation.

The impact of corporate governance characteristics on banks’ corporate social responsibility disclosure

2019 ◽  
Vol 9 (1) ◽  
pp. 75-102 ◽  
Author(s):  
Łukasz Matuszak ◽  
Ewa Różańska ◽  
Małgorzata Macuda
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Banking Sector ◽  
Positive Influence ◽  
Content Type ◽  
Csr Reporting ◽  
Csr Disclosure ◽  
Corporate Social ◽  
Majority Shareholder

Purpose The purpose of this paper is to investigate the extent and trend of corporate social responsibility (CSR) reporting in commercial banks in Poland and examine the link between corporate governance characteristics, namely size of the bank, ownership, boards size, board diversity and CSR disclosures in the banks. Design/methodology/approach The annual reports and CSR reports of the banks were examined between 2008 and 2015 using content analysis and panel data analysis. Findings The results indicate that banks improved their CSR reporting practices during examined period. There are statistically significant differences in the level of CSR disclosures between banks with a different ownership structure. Both foreign majority shareholder group as well as state majority shareholder group have a positive influence on CSR as compared with Polish majority shareholder (PMS) group (excluding State). Moreover, being listed on stock exchange has a positive influence on CSR as compared with not being listed. Further, the results also revealed that there is a significant positive effect of almost all variables related to the management board, namely, size, female board leadership and foreign board members on CSR disclosure, whereas all supervisory board variables and all considered ownership variables have no statistically significant impact on CSR disclosure. Originality/value This research contributes to the existing literature because the banking sector is often excluded from CSR studies due to its specific legal regulations and seemingly little environmental impact. Moreover, there are only few studies analysing the effect of boards characteristics on the banks CSR disclosure, especially in emerging countries. This study is also the first of this kind focusing on the two-tier system. Furthermore, the study provides the instrument to measure CSR in the banking industry. Finally, the research stresses the crucial implications for banking sector, shareholders and regulatory bodies.

What determines the presence of works councils in Polish companies?

2018 ◽  
Vol 40 (5) ◽  
pp. 787-800 ◽  
Author(s):  
Katarzyna Skorupińska-Cieślak
Keyword(s):  
Industrial Relations ◽  
Probit Model ◽  
Union Density ◽  
Positive Influence ◽  
Private Companies ◽  
Shift Workers ◽  
Content Type ◽  
Works Councils ◽  
Precise Analysis ◽  
First Time

Purpose The purpose of this paper is to analyze the factors influencing the presence of works councils in Polish companies. The study also considers the incidence of councils in organizations and management’s attitude towards these institutions of employee participation. Design/methodology/approach Based on a sample of 402 Polish private companies, the probit model was calculated to identify the determinants of a works councils’ presence. The coverage of active councils was evaluated on the MRPiPS database and the GUS database. Findings The data show that the coverage of works councils in Polish organizations fell suddenly after the introduction of the amendment of the Act from 2009. Moreover, trade union density has a strong positive influence on the occurrence of works councils in companies. Councils are also more likely to be found in older foreign-owned companies in which forms of direct participation are used. Additionally, a higher share of shift workers in companies is associated with a higher probability of works councils’ presence. Research limitations/implications There are some difficulties with obtaining a precise analysis of the coverage of works councils in Poland. Practical implications Polish findings may be useful for other countries of Central and Eastern Europe with similar characteristics of industrial relations and similarly short traditions of works councils. Originality/value This paper extends the previous research on the operation of works councils in Polish industrial relations by providing an econometric analysis of the determinants of councils’ presence in companies. Such an analysis has been conducted in Poland for the first time.

Platform ecological circle for cold chain logistics enterprises: the value co-creation analysis

2020 ◽  
Vol 120 (4) ◽  
pp. 675-691 ◽  
Author(s):  
Benhong Peng ◽  
Yuanyuan Wang ◽  
Sardar Zahid ◽  
Guo Wei ◽  
Ehsan Elahi
Keyword(s):  
Influencing Factors ◽  
Resource Sharing ◽  
Structural Equation ◽  
Dynamic Capabilities ◽  
Positive Influence ◽  
Cold Chain ◽  
Enterprise Performance ◽  
Logistics Industry ◽  
Content Type ◽  
Logistics Enterprises

Purpose The purpose of this paper is to propose a framework of value co-creation in platform ecological circle for cold chain logistics enterprises to guide the transformation and development of cold chain logistics industry. Design/methodology/approach This paper establishes a conceptual framework for the research on the platform ecological circle in cold chain logistics, utilizes a structural equation model to investigate the influencing factors of the value co-creation of the platform ecological circle in the cold chain logistics enterprises and elaborates the internal relations between different influencing factors regarding the value co-creation and enterprises’ performance. Findings Results show that resource sharing in logistics platform ecological circle can stimulate the interaction among enterprises and this produces a positive influence on their dynamic capabilities, which, in turn, affects the they to work together to plan, implement and solve problems, so as to achieve the goal of improving enterprise performance. Practical implications The shared resources and value co-creation activities in the platform ecological circle are very important for the transformation and development of cold chain logistics enterprises. Therefore, enterprises should promote value co-creation through realizing resource sharing and creating a win-win cooperation mechanism. Originality/value This paper targets at incorporating the resource sharing in platform ecological circle for cold chain logistics enterprises, explores from an empirical perspective the role of the resource sharing in cold chain logistics enterprises in enhancing the dynamic capabilities of enterprises, thereby encouraging the value co-creation behavior, and ultimately boosts enterprise performance and stimulates business development.

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