scholarly journals The Impact of Membership in a Socially Responsible Index on Stock Prices: A Systemic Review of the Literature

2021 ◽  
Vol 04 (06) ◽  
Author(s):  
Mouncif HARABIDA ◽  
Keyword(s):  
Financial Performance ◽  
Stock Prices ◽  
Textual Analysis ◽  
Systemic Review ◽  
Empirical Literature ◽  
Review Of The Literature ◽  
Inclusion Criteria ◽  
Socially Responsible ◽  
The Impact

ESG values are always at the heart of investors' concerns. Several studies have shown that company prices react to the publication of sustainability information. The objective of this work is to synthesize the existing empirical literature that evaluates the impact of additions/deletions of companies in a socially responsible index on their financial performance. The study was conducted on a number of 43 papers selected following a number of inclusion criteria over the period from 2010 to 2021. The papers were retrieved from widely recognized international databases, organized in Mendeley and transferred to NVIVO for textual analysis. We pursued this according to the methodological protocol proposed by Okoli (2015). The results of the systemic review prove that the majority of the studies confirmed the existence of a positive (negative) significant impact following the inclusion (exclusion) announcements.

scholarly journals Corporate social responsibility and stock prices: A study on the Italian market

2015 ◽  
Vol 12 (2) ◽  
pp. 600-609 ◽  
Author(s):  
Giovanni Fiori ◽  
Francesca di Donato ◽  
Maria Federica Izzo
Keyword(s):  
Financial Performance ◽  
Stock Prices ◽  
Corporate Social Performance ◽  
Social Performance ◽  
Listed Companies ◽  
Negative Influence ◽  
Main Stream ◽  
Socially Responsible ◽  
Corporate Social ◽  
The Impact

This study investigates the impact of Corporate Social Performance on stock prices of Italian listed companies. The main stream of literature focuses on the relation between CSR and financial performance, showing contradictory results that still feed a debate, which has not yet reached a unanimous and widely shared position. Concerning the selection of the measure of performance, we chose stock prices as a proxy for financial performance, in order to measure the perception and reaction of financial markets to the companies’ socially responsible behaviors. Using different social performance indicators concerning environment, community and employment activities, we found evidence that a good social performance has a negative influence on stock prices in the Italian Stock Exchange Market. This phenomenon is particularly evident if the environmental strategies of the Italian listed companies are considered. Hence, the Italian investors perceive these practices as avoidable expenses reducing shareholders’ income and companies’ value and recognize a negative market premium, in terms of lower stock prices, to socially responsible enterprises. This evidence is consistent with the peculiarities of the Italian capitalism structure, which, because of its backwardness in CSR topics and related issues, seems to be not yet mature enough to evaluate appropriately the value of these policies

scholarly journals The Link Between SRI and Financial Performance: Effects and Moderators

2013 ◽  
Vol 17 (2) ◽  
pp. 105-122 ◽  
Author(s):  
Christophe Revelli ◽  
Jean-Laurent Viviani
Keyword(s):  
Financial Performance ◽  
Meta Analysis ◽  
Socially Responsible Investment ◽  
Empirical Literature ◽  
Empirical Methods ◽  
Socially Responsible ◽  
Responsible Investment ◽  
Counting Approach ◽  
Performance Effects ◽  
Vote Counting

Over the last twenty years, the debate on financial performance of socially responsible investment (SRI) has not yielded a clear consensus, arguing mainly that there was no difference in performance between SRI and ‘conventional’ investment, although SRI could underperform or outperform in some cases. Our research, based on a meta-analysis ‘vote-counting’ approach of the empirical literature, allows us to observe that the effects of SRI on financial performance are multiple. Second, we conclude that the financial performance of SRI is radically changing according to the empirical methods employed by researchers.

scholarly journals The Impact of COVID-19 on the Stock Price of Socially Responsible Enterprises: An Empirical Study in Taiwan Stock Market

2021 ◽  
Vol 18 (4) ◽  
pp. 1398
Author(s):  
Kuo-Jung Lee ◽  
Su-Lien Lu
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Stock Price ◽  
Abnormal Returns ◽  
Recovery Phase ◽  
Socially Responsible ◽  
Cumulative Impact ◽  
Study Approach ◽  
Price Performance ◽  
The Impact

This study examines the impact of the COVID-19 outbreak on the Taiwan stock market and investigates whether companies with a commitment to corporate social responsibility (CSR) were less affected. This study uses a selection of companies provided by CommonWealth magazine to classify the listed companies in Taiwan as CSR and non-CSR companies. The event study approach is applied to examine the change in the stock prices of CSR companies after the first COVID-19 outbreak in Taiwan. The empirical results indicate that the stock prices of all companies generated significantly negative abnormal returns and negative cumulative abnormal returns after the outbreak. Compared with all companies and with non-CSR companies, CSR companies were less affected by the outbreak; their stock prices were relatively resistant to the fall and they recovered faster. In addition, the cumulative impact of the COVID-19 on the stock prices of CSR companies is smaller than that of non-CSR companies on both short- and long-term bases. However, the stock price performance of non-CSR companies was not weaker than that of CSR companies during times when the impact of the pandemic was lower or during the price recovery phase.

scholarly journals Interventions Delivered in the Community Pharmacy to Manage Allergic Rhinitis- A Systematic Review of the Literature

Pharmacy ◽  
2020 ◽  
Vol 8 (2) ◽  
pp. 80
Author(s):  
Jéssica José ◽  
Biljana Cvetkovski ◽  
Vicky Kritikos ◽  
Rachel Tan ◽  
Sinthia Bosnic-Anticevich ◽  
...  
Keyword(s):  
Systematic Review ◽  
Allergic Rhinitis ◽  
Community Pharmacy ◽  
Selection Process ◽  
Symptom Control ◽  
Review Of The Literature ◽  
Inclusion Criteria ◽  
The Impact ◽  
Valuable Role

Pharmacists have a valuable role in the management of allergic rhinitis (AR) at the community pharmacy level. This role has been reported extensively in numerous papers. However, a systematic review of the available literature and a comprehensive analysis of the outcomes has not been published. This systematic review aimed to evaluate the impact of interventions developed by pharmacists on clinical AR outcomes. A thorough search was performed in three electronic databases, including studies published between January 2000 and June 2019. After the selection process, only three articles met the inclusion criteria and were further analysed. Despite the scarcity of the available studies, in all of them was clear that the pharmacist plays a pivotal role in the management of AR, significantly improving the patients’ quality of life and symptom control. This systematic review also stresses the utmost importance to investigate and report practices and interventions developed by pharmacists using measurable outcomes.

scholarly journals BAYESIAN ESTIMATION OF ASYMMETRIC JUMP-DIFFUSION PROCESSES

2014 ◽  
Vol 09 (03) ◽  
pp. 1450008 ◽  
Author(s):  
SAMUEL J. FRAME ◽  
CYRUS A. RAMEZANI
Keyword(s):  
Bayesian Estimation ◽  
Portfolio Choice ◽  
Stock Prices ◽  
Asset Returns ◽  
Jump Diffusion ◽  
Empirical Literature ◽  
Leverage Effect ◽  
Parameter Estimates ◽  
Price Process ◽  
The Impact

The hypothesis that asset returns are normally distributed has been widely rejected. The literature has shown that empirical asset returns are highly skewed and leptokurtic. The affine jump-diffusion (AJD) model improves upon the normal specification by adding a jump component to the price process. Two important extensions proposed by Ramezani and Zeng (1998) and Kou (2002) further improve the AJD specification by having two jump components in the price process, resulting in the asymmetric affine jump-diffusion (AAJD) specification. The AAJD specification allows the probability distribution of the returns to be asymmetrical. That is, the tails of the distribution are allowed to have different shapes and densities. The empirical literature on the "leverage effect" shows that the impact of innovations in prices on volatility is asymmetric: declines in stock prices are accompanied by larger increases in volatility than the reverse. The asymmetry in AAJD specification indirectly accounts for the leverage effect and is therefore more consistent with the empirical distributions of asset returns. As a result, the AAJD specification has been widely adopted in the portfolio choice, option pricing, and other branches of the literature. However, because of their complexity, empirical estimation of the AAJD models has received little attention to date. The primary objective of this paper is to contribute to the econometric methods for estimating the parameters of the AAJD models. Specifically, we develop a Bayesian estimation technique. We provide a comparison of the estimated parameters under the Bayesian and maximum likelihood estimation (MLE) methodologies using the S&P 500, the NASDAQ, and selected individual stocks. Focusing on the most recent spectacular market bust (2007–2009) and boom (2009–2010) periods, we examine how the parameter estimates differ under distinctly different economic conditions.

scholarly journals Educational Podcasts in Kinesiology: A Scoping Review

2020 ◽  
pp. 1-13
Author(s):  
Scott W.T. McNamara ◽  
Matthew Shaw ◽  
Kylie Wilson ◽  
Angela Cox
Keyword(s):  
Instrument Development ◽  
Scoping Review ◽  
Data Driven ◽  
College Courses ◽  
Review Of The Literature ◽  
Inclusion Criteria ◽  
Full Inclusion ◽  
Rigorous Research ◽  
Scoping Reviews ◽  
The Impact

Educational podcasts are developed specifically for learning purposes. Preliminary research suggests that many college courses and practitioners regularly use educational podcasts and that this medium is a beneficial tool to use to supplement the learning process. However, there is limited scholarly work examining the use of educational podcasts within kinesiology fields. Thus, the purpose of this study was to conduct a scoping review of the literature on the use of educational podcasts in the field of kinesiology. The Preferred Reporting Items for Systematic Reviews extension for Scoping Reviews Checklist guided this investigation. Six databases were searched. Fourteen articles met the full inclusion criteria. Of these, 11 were data-driven research articles, and three were practitioner articles. Much of the research identified lacked critical information related to research design, instrument development, and findings. Thus, the authors recommend that more rigorous research in this area be conducted to discern the impact of educational podcasts within the field of kinesiology.

scholarly journals Passive ESG Portfolio Management—The Benchmark Strategy for Socially Responsible Investors

2021 ◽  
Vol 13 (16) ◽  
pp. 9388
Author(s):  
Julian Amon ◽  
Margarethe Rammerstorfer ◽  
Karl Weinmayer
Keyword(s):  
Financial Performance ◽  
Portfolio Management ◽  
Asset Allocation ◽  
Factor Model ◽  
Five Factor Model ◽  
Strong Support ◽  
Socially Responsible ◽  
A Value ◽  
Significant Difference ◽  
The Impact

In this article, we investigate the notion of doing well while doing good from the perspective of passive portfolio strategies. We analyze a number of asset allocation strategies based on ESG-weighting and compare their financial and ESG performance for the US and Europe. We find no significant difference in the financial performance but superior ESG performance of ESG-based strategies. It can be concluded that, compared to a naive strategy, socially responsible investors are willing to pay a small premium for the impact of the portfolio via transaction costs when rebalancing the portfolio according to their preferences for social responsibility. In addition, when comparing the ESG-based strategies to a value-weighted strategy, we observe no significant difference in ESG performance but a high degree of significance in the superior financial performance of the ESG-based strategy. We also analyze the strategies with regards to the factor loadings given by the Fama–French five-factor model and a sixth factor denoted GMB (Good minus Bad) and find significant differences across the regions and strategies. Overall, the results show strong support of ESG-based strategies being preferred by socially responsible investors but also suggest that such strategies might be preferred by conventional investors looking for a passively managed alternative compared to a value-weighted index. Furthermore, it seems that such a strategy might be a more adequate benchmark for active SRI funds.

765 The Impact of Peer Support Group Programs on Psychosocial Outcomes for Burn Survivors & Caregivers: A Review of the Literature

2020 ◽  
Vol 41 (Supplement_1) ◽  
pp. S216-S217
Author(s):  
Mariel S Bello ◽  
Sarah A Stoycos ◽  
Brenda T Carrera ◽  
Dawn Kurakazu ◽  
John Briere ◽  
...  
Keyword(s):  
Peer Support ◽  
Support Group ◽  
Psychosocial Outcomes ◽  
Review Of The Literature ◽  
Inclusion Criteria ◽  
Peer Support Group ◽  
Outpatient Group ◽  
Burn Survivors ◽  
The Impact ◽  
Group Programs

Abstract Introduction Providing peer support group programs for burn survivors and their caregivers is an integral part of facilitating short- and long-term psychosocial recovery. Despite this, there is a lack of availability and standardization of these groups, which is partly due to a paucity of literature on this subject. The purpose of this study is to review the literature of the various types of peer support groups programs and their subsequent impact on psychosocial outcomes for burn survivors and their families. Methods A systematic review of the literature utilizing PubMed, PsycINFO, and Medline, was conducted for articles published between 1990 and 2018. Searches used the AND function to identify articles that crossed both a burn term (burn patient OR burn survivor OR burn care OR burn recovery) and a support group-related term (support, peer participation, aftercare, burn camp, outpatient group, inpatient group, group training). Inclusion criteria were studies in English, human subjects, peer support group programs, and studies that assessed psychosocial outcomes. Results Twenty articles met our inclusion criteria (7 for outpatient groups, 3 for inpatient groups, 2 for combined inpatient/outpatient groups, and 8 for burn camps). For outpatient peer support programs, all articles (n=7) demonstrated improvements in psychosocial outcomes including life satisfaction, acceptance of self, and reduced levels of isolation. For inpatient programs, all articles (n=3) reported improvements in emotional processing, concerns from caregivers, and coping strategies. The 2 articles that examined combined inpatient/outpatient programs reported substantial declines in post-traumatic stress, depression, and anxiety. Interestingly, findings were inconsistent for burn camps, 5 articles reported improvements in self-esteem, social integration, and reduced anxiety and depression while 3 articles demonstrated no significant changes. Conclusions Peer support group programs in various settings improve psychosocial well-being for both patients and caregivers. Inpatient/outpatient regimens were consistently beneficial while burn camps had inconsistent findings. Applicability of Research to Practice Peer support group programs are necessary for effective burn survivor and caregiver healing, regardless of format. Our ABA-verified burn center is currently working on a study to determine optimal inpatient/outpatient regimens of peer support.

scholarly journals Exploring the Impact of Sustainability on Corporate Financial Performance Using Discriminant Analysis

2020 ◽  
Vol 12 (6) ◽  
pp. 2346 ◽  
Author(s):  
Ayşe İrem Keskin ◽  
Banu Dincer ◽  
Caner Dincer
Keyword(s):  
Discriminant Analysis ◽  
Financial Performance ◽  
Stock Prices ◽  
Stock Exchange ◽  
Easy Access ◽  
Corporate Financial Performance ◽  
Company Size ◽  
Financial Variables ◽  
Market Variables ◽  
The Impact

The impact of sustainability on corporate financial performance has been an important subject of both academic and professional debate since the 1990s. However, there is a lack of consensus in the literature, and studies from developing countries remain scarce. Accordingly, this study uses discriminant analysis to shed light on the variables that discriminate between sustainable and non-sustainable companies using the companies included in Borsa Istanbul (BIST100) (Istanbul Stock Exchange) and the Borsa Istanbul Sustainability Index for a three-year period. Financial and market variables are used in the analysis. Financial variables include the return on equity (ROE), return on assets (ROA), leverage ratios, and company size. The analysis also incorporates market variables such as alpha, beta, volatility, earnings per share, and the price to book ratio. The results show that the relationship between sustainability and performance is significantly influenced by the company size, leverage, volatility, and price to book ratio. The large companies are considered to be more sustainable as their commitment is well recognized. In this way, they attract more investors. Therefore, their stock prices are less volatile and achieve a better price to book ratio. They obtain easy access to external financing compared to companies considered to be non-sustainable. Moreover, they are less volatile in the market and better valued by investors.

scholarly journals THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY (CSR) ON ISLAMIC BANKING PERFORMANCE IN MALAYSIA

2021 ◽  
Vol 3 (8) ◽  
pp. 01-15
Author(s):  
Nur Hanisah Razali ◽  
Nizam Jaafar ◽  
Ismail Ahmad
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Financial Performance ◽  
Future Research ◽  
Socially Responsible ◽  
Firm Financial Performance ◽  
Effect Regression ◽  
Corporate Social ◽  
The Impact ◽  
The Relationship

Corporate Social Responsibility (CSR) activities can lead the company to gain better recognition from citizens and investors. CSR has become one of the added values for a company in increasing competition from global and domestic. However, there are some critics who contend that the CSR benefits surpass the actual cost and some also claim that for the company to be socially responsible is too expensive. Therefore, the objective of this study is to determine the relationship between Corporate Social Responsibility (CSR) impacts on the Islamic Banks' financial performance, specifically in Malaysia. This study used Fixed Effect Regression Model to achieve the objectives of this study. The independent variables used to determine CSR comprise of environment, community, and workplace and marketplace expenditure ratio. Meanwhile, to measure the financial bank performance that is the dependent variable, Return on Asset (ROA) is used in this study. Based on this model, the researcher concluded that CSR’s elements which are environment, community, and marketplace have significant impacts on banks financial performance. This is consistent with Stakeholder Theory which states that the firm financial performance is determined by external stakeholders. In order to enhance the study future research may segregate the focus of the study specifically on Islamic Bank or conventional banking. Future research may also conduct research on the different industries.

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