scholarly journals ECONOMICAL EFFECTIVENESS AND SOCIAL OBJECTIVES IN CORPORATE SOCIAL REPORTS � A SURVEY AMONG POLISH PUBLICLY TRADED COMPANIES

2015 ◽  
Author(s):  
Sabina Kolodziej
Keyword(s):  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Corporate Social

Does Benefit Corporation Status Matter to Investors? An Exploratory Study of Investor Perceptions and Decisions

2020 ◽  
pp. 000765031989846 ◽  
Author(s):  
Lauren A. Cooper ◽  
Jill Weber
Keyword(s):  
Investment Decisions ◽  
Publicly Traded ◽  
Social Good ◽  
Publicly Traded Companies ◽  
Mba Students ◽  
Benefit Corporation ◽  
Financial Gain ◽  
New Type ◽  
Csr Disclosure ◽  
Corporate Social

We investigate whether the disclosure of a firm’s decision to organize as a benefit corporation (BC) rather than a traditional C corporation (CC) influences investors. We survey 136 investors and 57 MBA students and find that they expect BCs to attain higher future corporate social responsibility (CSR) than CCs even when both have equal CSR ratings. Approximately one third of our sample prefers to invest in BCs when CCs have greater financial returns, indicating a willingness by some investors to sacrifice personal financial gain for social good. Our results suggest that investors weight the information contained in BC disclosures as reliable and value-relevant in their investment decisions. We extend the CSR disclosure literature by indicating how investors weight this new type of CSR information, which may affect how BCs fare as publicly traded companies.

scholarly journals Independent Audits of Conflict Minerals Reports

2013 ◽  
Vol 7 (2) ◽  
pp. A24-A32 ◽  
Author(s):  
David N. Herda ◽  
Herbert W. Snyder
Keyword(s):  
Central Africa ◽  
Securities And Exchange Commission ◽  
Publicly Traded ◽  
Human Rights Abuses ◽  
Publicly Traded Companies ◽  
Conflict Minerals ◽  
Audit Firms ◽  
Final Rule ◽  
Audit Reports ◽  
Corporate Social

SUMMARY There has been an increasing international focus on “conflict minerals,” which are sourced from mines in Central Africa and believed to benefit armed groups that engage in serious human rights abuses. In August 2012, the U.S. Securities and Exchange Commission (SEC 2012) issued a final rule (Release No. 34-67716) related to implementing new disclosures required by the Dodd-Frank Act that are aimed at dissuading publicly-traded companies from engaging in trade that supports conflict minerals. Beginning in 2014, many publicly traded companies will be required to issue Conflict Minerals Reports, and have the reports independently assured. For the first time, there is an SEC audit requirement for corporate social responsibility information. Significant uncertainty surrounds the nature of the requisite audit procedures and the form and content of the audit reports themselves. For example, issuers have the option of engaging auditors for either an attestation engagement or a performance audit. We summarize the SEC's final rule, with particular focus on the audit requirement, and discuss some challenges that audit firms face.

Corporate Social Responsibility for Irresponsibility

2012 ◽  
Vol 12 (1) ◽  
Author(s):  
Matthew Kotchen ◽  
Jon J. Moon
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Community Relations ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
The Subject ◽  
Corporate Social ◽  
The Relationship ◽  
The Empirical Analysis

Abstract This paper provides an empirical investigation of the hypothesis that companies engage in corporate social responsibility (CSR) in order to offset corporate social irresponsibility (CSI). We find general support for the relationship that when companies do more “harm,” they also do more “good.” The empirical analysis is based on an extensive 15-year panel dataset that covers nearly 3,000 publicly traded companies. In addition to the overall finding that more CSI results in more CSR, we find evidence of heterogeneity among industries, where the effect is stronger in industries where CSI tends to be the subject of greater public scrutiny. We also investigate the degree of substitutability between different categories of CSR and CSI. Within the categories of community relations, environment, and human rights—arguably among those dimensions of social responsibility that are most salient—there is a strong within-category relationship. In contrast, the within-category relationship for corporate governance is weak, but CSI related to corporate governance appears to increase CSR in most other categories. Thus, when CSI concerns arise about corporate governance, companies seemingly choose to offset with CSR in other dimensions, rather than reform governance itself.

scholarly journals Does capital structure influence the performance of corporate social responsibility? An analysis in companies of the world's largest economies

2021 ◽  
Vol 15 ◽  
pp. e174007
Author(s):  
Paula Pontes de Campos-Rasera ◽  
Gabriela de Abreu Passos ◽  
Romualdo Douglas Colauto
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Capital Structure ◽  
Empirical Studies ◽  
Debt Financing ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Corporate Social ◽  
The Relationship ◽  
The Capital Structure

Companies are under external and internal pressure to adopt Corporate Social Responsibility (CSR) practices. Positive and significant results of the relationship between CSR and financial performance are not always confirmed in empirical studies, demonstrating, thus, no consensus has been achieved in CSR literature yet. Thereby, we seek to understand the influence of capital structure on the performance of CSR practices, since there is a theoretical omission about intangible attributes. We formulated three hypotheses about the relationship between CSR and: the capital structure (H1); the debt financing (H1a); and the shareholder’s equity (H1b). We used a sample of 1,642 publicly traded companies on the 10 highest GDP countries. Using GMM 2SLS estimator, the results reveal positive and significant relationship between shareholders’ equity and CSR, while for the relationship between debt financing and CSR shown a negative and significative correlation. Our findings suggest that companies with higher scores of CSR tend to finance itself through equity. We found differences between countries related to the Capital Structure volume required to achieve a CSR positive index. Our findings provoke further debate concerning the reasons that conduct organizations to adopt such practices and foster new discussions about the aspects that involve social practices responsible adoption in companies.

Boards of directors in Russian publicly traded companies: the gender aspect

2018 ◽  
pp. 142-155 ◽  
Author(s):  
T. A. Garanina ◽  
A. A. Muravyev
Keyword(s):  
Boards Of Directors ◽  
Company Performance ◽  
Corporate Boards ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Representation Of Women ◽  
Female Directors ◽  
Female Director ◽  
Gender Aspect ◽  
Longitudinal Dataset

This article studies the gender composition of corporate boards of Russian companies, including its relation to company performance. The analysis is based on a unique longitudinal dataset of virtually all Russian companies whose shares were traded on the stock market in 1998-2014. It shows a relatively small representation of women, just 12% of all the seats, while about 40% of the companies did not have any female director. At the same time, both the share of companies that appoint female directors and the share of female directors on boards show a clear upward trend. The econometric analysis suggests a positive link between the presence of female directors on boards and company performance, especially when firms appoint several, rather than one, female directors.

The Market Value and Reputational Effects from Lost Confidential Information

2015 ◽  
Vol 5 (4) ◽  
Author(s):  
Joseph K. Tanimura ◽  
Eric W. Wehrly
Keyword(s):  
Information Security ◽  
Market Value ◽  
Direct Costs ◽  
Publicly Traded ◽  
Confidential Information ◽  
Publicly Traded Companies ◽  
Security Breaches ◽  
Customer Information ◽  
Employee Information

According to many business publications, firms that experience information security breaches suffer substantial reputational penalties. This paper examines incidents in which confidential information, for a firms customers or employees, is stolen from or lost by publicly traded companies. Firms that experience such breaches suffer statistically significant losses in the market value of their equity. On the whole, the data indicate that these losses are of similar magnitudes to the direct costs. Thus, direct costs, and not reputational penalties, are the primary deterrents to information security breaches. Contrary to many published assertions, on average, firms that lose customer information do not suffer reputational penalties. However, when firms lose employee information, we find significant reputational penalties.

Valuation of Stock Options of Non‐Publicly Traded Companies

2007 ◽  
Vol 22 (1) ◽  
pp. 11-20 ◽  
Author(s):  
William R. Cron ◽  
Randall B. Hayes
Keyword(s):  
Stock Options ◽  
Publicly Traded ◽  
Publicly Traded Companies

scholarly journals Relationship Between Free Cash Flows and Corporate Governance Levels in the Light of Agency Theory

2021 ◽  
Vol 20 ◽  
pp. e3206
Author(s):  
Glaysson Aguilar de Araújo ◽  
Lara Alves Corrêa ◽  
Valéria Gama Fully Bressan ◽  
João Estevão Barbosa Neto ◽  
Bruna Camargos Avelino
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Cash Flows ◽  
Least Square ◽  
Publicly Traded ◽  
Potential Conflict ◽  
Return On Equity ◽  
Publicly Traded Companies ◽  
Corporate Governance Mechanisms ◽  
Free Cash Flows

This research analyzes the relationship between free cash flows (FCFs) and the different levels of Corporate Governance present in the Brazilian stock market. To this end, the sample was composed of 212 Brazilian publicly traded companies listed on Brasil, Bolsa, Balcão [B]³, in the period from 2010 to 2018. The methodology consisted of estimating a regression for panel data, using the random effects model, estimating by generalized least square (GLS) and assuming adjustments for autocorrelation and robust standard errors for heteroscedasticity. The results found, for the sample studied, suggest that Corporate Governance levels are positively related to the FCFs. In synergy, when compared to the Traditional level of [B]³, companies listed on the Novo Mercado and Level 2 levels tend to present higher FCF values. In addition, the larger the size of the companies and the higher their return on equity, the higher their FCFs tend to be, just as companies in stages of maturity tend to present lower FCF values. The relevance of this research is based on analyzing, in a stock market subject to imperfections, factors that may affect decisions about the level of cash maintenance of companies, more specifically by evaluating how Corporate Governance mechanisms relate to the theory of FCFs, in a context of potential conflict of interest.

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