scholarly journals TWO DECADES OF DBFO ROADS IN THE UK AND SPAIN: AN EVALUATION OF THE FINANCIAL PERFORMANCE

2018 ◽  
Vol 90 (2) ◽  
pp. 269-289
Author(s):  
Basilio ACERETE ◽  
Mar GASCA ◽  
Anne STAFFORD
Keyword(s):  
Financial Performance ◽  
The Uk

scholarly journals CSR Committees and Their Effect on ESG Performance in UK, France, Germany, and Spain

2019 ◽  
Vol 11 (18) ◽  
pp. 5077 ◽  
Author(s):  
Elisa Baraibar-Diez ◽  
María D. Odriozola
Keyword(s):  
Financial Performance ◽  
Reporting Quality ◽  
Panel Data Models ◽  
Listed Firms ◽  
Independent Variables ◽  
Social Governance ◽  
Multidisciplinary Nature ◽  
Governance Models ◽  
The Uk ◽  
Corporate Social

The multidisciplinary nature of a corporate social responsibility (CSR) committee reflects the commitment as well as the expectations and demands of diverse stakeholders. So far, CSR committees have been mainly considered as variables of control in larger corporate governance models and independent variables that determine CSR or environmental, social, and governance (ESG) disclosure and its reporting quality. However, the effect on corporate performance has been biased to financial performance, so the potential of the analysis of the effect it may have on different facets of non-financial performance has not been exploited. Which it should, since it can be a fundamental tool to achieve sustainability. The objective of this contribution is to test whether companies with a CSR committee not only leads to higher economic scores, but also to higher ESG (environmental, social, governance) scores. To do this, we used regression panel data models in 197 listed firms in Spain, France, Germany, and the UK during the period 2005–2015 including the perspective of European organizations and completing the extant studies in US-based samples. Our results showed that 90% of companies in the sample had a CSR committee in 2014, and that those companies had significantly different ESG scores than those without a CSR committee. Having a CSR committee also triggered better non-financial performance when considering the four scores and the four countries independently (except for the economic scores in Spain). These results have great implications for practitioners, reflecting the importance of promoting these tools in an organization to enhance non-financial performance and sustainability.

scholarly journals ASSESSING REAL ESTATE INVESTMENT ALTERNATIVES: A MULTI-CRITERIA AND MULTI-STAKEHOLDER DECISION AID TOOL

2020 ◽  
Vol 12 (1) ◽  
Author(s):  
Vasileios A. Mantogiannis ◽  
Fotios A. Katsigiannis
Keyword(s):  
Real Estate ◽  
Financial Performance ◽  
Investment Decision ◽  
Investment Decisions ◽  
Real Estate Investment ◽  
Solution Approach ◽  
Decision Environment ◽  
Multi Stakeholder ◽  
The Uk ◽  
Severe Uncertainty

Investment decisions in private real-estate demand the consideration of several qualitative and quantitative criteria, as well as the different or even conflicting interests of the participating stakeholders. Meanwhile, certain indicators are subject to severe uncertainty, which will eventually alter the expected outcome of the investment decision. Even though multi-criteria decision making (MCDM) techniques have been extensively used in real-estate investment appraisals, there is limited evidence from the private rented sector, which constitutes a large part of the existing real estate assets. The existing approaches are not designed to capture the inherent variability of the decision environment, and they do not always achieve a consensus among the participating actors. In this work, through a rigorous literature review, we were able to identify a comprehensive list of assessment criteria, which were further validated through an iterative Delphi-based consensus-making process. The selected criteria were then used to construct an Analytical Hierarchy Process (AHP) model evaluating four real world, real estate investment alternatives from the UK private rented market. The volatility of the financial performance indicators was grasped through several Monte Carlo simulation runs. We tested the described solution approach with preference data obtained by seven senior real estate decision-makers. Our computational results suggest that financial performance is the main group of selection criteria. However, the sensitivity of the outcome indicates that location and property characteristics may greatly affect real estate investment decisions.

scholarly journals Public Venture Capital in a Regional Economy: The Welsh Development Agency, 1976–1994

2019 ◽  
Vol 20 (4) ◽  
pp. 978-1006 ◽  
Author(s):  
LEON GOOBERMAN ◽  
TREVOR BOYNS
Keyword(s):  
Venture Capital ◽  
Financial Performance ◽  
Market Failure ◽  
Regional Economy ◽  
Commercial Activity ◽  
Development Agency ◽  
Equity Investments ◽  
The Uk ◽  
Public Venture Capital

Between 1976 and 1994 the UK Government’s Welsh Development Agency made 2,304 loan and equity investments totaling £117.8 million. The agency aimed to address difficulties faced by firms in obtaining finance, and such intervention was justified by the market failure and spillover hypotheses. This article assesses the agency’s investment activities against both justifications. It finds that while some investments succeeded, the portfolio’s financial performance was poor, and the agency did not address widespread market failure. Evidence of spillover returns existed, but cannot be quantified accurately across the portfolio. The article argues that the agency’s two venture capital objectives, to assemble a profitable portfolio and to grow employment levels through boosting commercial activity, were incompatible within a poorly performing regional economy. Although spillovers can justify public venture capital in such economies, expectations as to financial performance should be realistic in the absence of an ecosystem that facilitates demand for capital.

Controlling corporate management: UK and US initiatives

Legal Studies ◽  
1994 ◽  
Vol 14 (2) ◽  
pp. 244-265 ◽  
Author(s):  
C. A. Riley
Keyword(s):  
Financial Performance ◽  
Corporate Law ◽  
Company Law ◽  
Corporate Management ◽  
Political Climate ◽  
Share Ownership ◽  
The Uk ◽  
And Control

Corporate law — both in the UK and US — remains preoccupied with the separation of ownership and control. Share ownership, the story runs, has become so dispersed in the larger company that control of its affairs has passed from shareholders to managers. It is assumed that managers will have interests which conflict with those of shareholders and will use their control to further the former at the expense of the latter. The orthodox response has been to stress the paramountcy of shareholder interests and to seek ways of compelling management to advance those interests in preference to their own. The urgency with which these prescriptions for company law have been pursued has rather fluctuated, depending upon the wider economic and political climate within which companies operate. Thus, the take-over activity of the late 1980’s created its own excesses, as in the Guinness affair. The subsequent recession, with its effect on profits, caused further strain, exacerbated by rises in executives’ pay and generous severance awards at times unrelated to the companies’ own financial performance. A number of substantial corporate failures or controversies have provided a further impetus.

scholarly journals Towards developing a measure of disorganization

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dinuka Herath
Keyword(s):  
Financial Performance ◽  
Linear Relationship ◽  
Production Function ◽  
Design Methodology ◽  
Polynomial Regression ◽  
Empirical Studies ◽  
Employment Relations ◽  
Content Type ◽  
The Individual ◽  
The Uk

PurposeThis paper aims to test the hypothesized concave relationship between disorganization and individual financial performance using UK Workplace Employment Relations Study (WERS) datasets. Given there are no prior studies measuring disorganization we start with using scale items from currently validated scales, WERS, and try to determine the extent to which the current scales are applicable for measuring disorganization and subsequently highlight the limitations of current measures.Design/methodology/approachThis paper is based on the UK Workplace Employment Relations study (WERS) datasets of 2011 which is the largest publicly accessible dataset available. The datasets used were the financial performance survey (FPS) data and the management survey (MS) data with 545 unique records. Polynomial Regression was used to test the hypotheses. An aggregated index for disorganization (IV) was developed, and a production function was used to determine the individual financial performance per worker (DV).FindingsA significant linear relationship between disorganization and individual financial performance was discovered. However, this relationship was linear and did not exhibit the theorized concave relationship. The findings further indicated the need for more refined measures of disorganization and limitations of the current measures.Originality/valueWhile the study is exploratory in nature, this is the first study to date which attempts to measure disorganization in an applied setting. Thus, the work presented here is foundational to any future empirical studies on the topic. The limitations uncovered are of particular importance.

scholarly journals ESG disclosure and firm performance before and after IR

2020 ◽  
Vol 28 (3) ◽  
pp. 429-444 ◽  
Author(s):  
Khaldoon Albitar ◽  
Khaled Hussainey ◽  
Nasir Kolade ◽  
Ali Meftah Gerged
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Gender Diversity ◽  
Ownership Concentration ◽  
Content Type ◽  
Moderation Effect ◽  
Corporate Governance Mechanisms ◽  
Before And After ◽  
The Uk ◽  
The Relationship

Purpose This paper aims to investigate the effect of environmental, social and governance disclosure (ESGD) on firm performance (FP) before and after the introduction of integrated reporting (IR) further to exploring a potential moderation effect of corporate governance mechanisms on this relationship. Design/methodology/approach Ordinary least squares and firm-fixed effects models were estimated based on data related to FTSE 350 between 2009 and 2018. The data has been mainly collected from Bloomberg and Capital IQ. This analysis was supplemented with applying a two-stage least squares (2 SLS) model to address any concerns regarding the expected occurrence of endogeneity problems. Findings The results show a positive and significant relationship between ESGD score and FP before and after 2013, among a sample of FTSE 350. Furthermore, the study is suggestive of a moderation effect of corporate governance mechanisms (i.e. ownership concentration, gender diversity and board size) on the ESGD-FP nexus. Additionally, this paper finds that firms voluntarily associated with IR have a tendency to achieve better firm financial performance. Practical implications The findings of the present study have several policy and practitioner implications. For example, managers may engage in ESGD to enhance their firms’ financial performance by the voluntary involvement in IR, which believed to help investors to rationalise their investment decisions. Likewise, the results reiterate the crucial need to integrate more social, environmental and economic regulations to promote sustainability in the UK. The paper also offers a systematic picture for policymakers in the UK as well as future researchers. Social implications The findings of this paper indicate that IR plays a significant role in the relationship between ESGD and FP, where IR firms seemed to be achieving better FP as compared with their non-IR counterparts. This implies that stakeholders may have played a magnificent effort to encourage firms’ voluntary engagement in IR in the UK. Originality/value To the best of the authors’ knowledge, this is the first study to explore the potential moderating effect of ownership concentration, gender diversity and board size on the relationship between ESGD and FP and to examine whether firms’ voluntary involvement in IR can lead to better FP after the introduction of IR in 2013 in the UK.

Measuring the financial performance of green buildings in the UK commercial property market

2011 ◽  
Vol 16 (2) ◽  
pp. 163-185 ◽  
Author(s):  
Franz Fuerst ◽  
Patrick McAllister ◽  
Jorn van de Wetering ◽  
Peter Wyatt
Keyword(s):  
Financial Performance ◽  
Green Buildings ◽  
Property Market ◽  
Commercial Property ◽  
The Uk

scholarly journals Corporate governance and financial performance for engaging socially and environmentally responsible practices

2019 ◽  
Vol 15 (2) ◽  
pp. 171-185 ◽  
Author(s):  
Simona Fiandrino ◽  
Alain Devalle ◽  
Valter Cantino
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Linear Regression Analysis ◽  
Multivariate Linear Regression Analysis ◽  
Content Type ◽  
Stakeholder Relationships ◽  
The Social ◽  
Social And Environmental Performance ◽  
The Uk ◽  
Corporate Social

PurposeThis paper aims to reconcile the conflicting understanding on the nexus between corporate governance (CG), corporate financial performance (CFP) and corporate social responsibility (CSR) by investigating how companies engage with CSR practices.Design/methodology/approachThe study carries out a multivariate linear regression analysis on a sample of 361 listed companies from five countries in Europe: France, Germany, Italy, Spain and the UK.FindingsCG mechanisms and CFP have an impact on CSR because they affect social and environmental practices strongly and significantly. Furthermore, the findings describe the capacity of CSR to influence both the CG structure and the CFP.Research limitations/implicationsThe present research limits the analysis on the social and environmental performance of companies that communicate their commitment to stakeholders without distinguishing between “greenwashing” companies that implement CSR to improve corporate reputation and those companies that pursue effective societal benefits, taking care of stakeholder relationships.Practical implicationsThe CSR approach can drive the CG structure and improve CFP if managers perceive the implementation of sustainable practices as an integrated process rather than a mere outcome.Originality/valueThis paper seeks to disentangle the nexus between CG, CFP and CSR, not yet precisely defined by scholars in the context of five countries in Europe.

Sign in / Sign up

Export Citation Format

Share Document