Effect of mandatory sustainability disclosure announcements:cross-country evidence

Purpose This study aims to examine whether announcements of mandatory sustainability disclosure affect corporate sustainability performance (CSP). Design/methodology/approach The authors use a quasi-experiment provided by mandatory sustainability disclosure announcements that occurred in 21 countries from 2006–2016. A difference-in-differences method is adopted. The authors restrict the drawing of all candidate treatment and control firms to a pool of firms that did not disclose sustainability information one year before the announcements. Findings The authors find that the announcements of mandatory sustainability disclosure are positively related to CSP. The positive effect is more pronounced for firms in countries with higher anticipation effects and lower awareness effects. Specifically, the authors find that the effect of the announcements is more pronounced in a country where the rule of law is higher and stakeholders are less likely to initiate communication about sustainability with firms, and with fewer active participants in and signatories to the United Nations Global Compact initiative. The findings hold under different robustness analyses. Originality/value The study enriches the knowledge about the effect of the announcements of comprehensive mandatory sustainability disclosure by analysing the consequences of these announcements. In the contribution to this growing stream of research, the authors provide evidence on the consequences of the announcements based on a cross-country sample and importantly, focusses on the non-economic consequences.

The Amenity Value of Sports Facilities: Evidence From the Staples Center in Los Angeles

U.S. cities have recently experienced a boom in new sports facility construction. Although these facilities can provide benefits to local residents, they may also generate negative externalities, making dwellings near a facility less desirable. Using a hedonic spatial difference-in-differences model, we analyze the impact of proximity to the Staples Center, a sports and entertainment venue in downtown Los Angeles, California, on house prices. Results indicate that the arena opening increased nearby house prices and that there were also positive “anticipation” effects associated with the announcement of the new arena location and local government approval.

Growth all along the road? Personality development and international contacts of (in)experienced sojourners

International student mobility (ISM) is an important educational means to promote the international (job market) potential of university students. Beyond that, it constitutes a context of personality development in young adulthood. With the present research, we tried to integrate the perspectives of applied and personality research in addressing the following questions. First, we scrutinized the robustness of ISM effects on personality development as we controlled for effects of sociodemographic characteristics and implemented a waiting group design ( N = 3070). Second, we explored ISM anticipation effects as well as the moderation of ISM effects by previous international mobility experiences. Finally, in view of the public discourse on the benefits of “Erasmus crowds”, we assessed the roles of international and host relationships with regard to the personality development of sojourners. The results largely corroborated the robustness of ISM effects on personality development. No ISM anticipation effects occurred, and effects of current ISM engagement were largely unaffected by previous international mobility experiences. Finally, international contact experiences were associated with personality development above and beyond effects of host country contacts. Implications for the understanding of personality development and potential inferences for the organization and improvement of ISM programs are discussed.

Triggering business responses to climate policy in Australia

The ‘Porter hypothesis’ predicts that well-designed environmental regulations will stimulate businesses to innovate to reduce their environmental impact for efficiency reasons. This article analyses the impacts and anticipation effects of Australia’s carbon price on firms’ carbon reduction activities, through survey data on 466 medium-to-large Australian businesses. We build upon the Porter hypothesis by demonstrating that the anticipated impact of regulation may be as important as its implementation in triggering environmental innovation, thus developing the notion of a ‘signal’ effect. JEL Classification: D22 and 033

Mobilization Effects of Multilateral Development Banks

This study uses loan-level data on syndicated lending to a large sample of developing countries between 1993 and 2017 to estimate the mobilization effects of multilateral development banks (MDBs), that is, their ability to crowd-in capital from private creditors. Controlling for a large set of fixed effects, the paper shows evidence of positive and significant mobilization effects of multilateral lending on the size of bank inflows. The number of lenders and the average maturity of syndicated loans also increase. These effects are present not only on impact but last for up to three years and are not offset by a decline in bond financing. There is no evidence of anticipation effects, and the results are robust to numerous tests controlling for the role of confounding factors and unobserved heterogeneity. Finally, the results are economically sizable, indicating that MDBs can mobilize about seven dollars in bank credit over a three-year period for each dollar invested.

Policy discontinuity and duration outcomes

Causal effects of a policy change on hazard rates of a duration outcome variable are not identified from a comparison of spells before and after the policy change if there is unobserved heterogeneity in the effects and no model structure is imposed. We develop a discontinuity approach that overcomes this by considering spells that include the moment of the policy change and by exploiting variation in the moment at which different cohorts are exposed to the policy change. We prove identification of average treatment effects on hazard rates without model structure. We estimate these effects by kernel hazard regression. We use the introduction of the NDYP program for young unemployed individuals in the UK to estimate average program participation effects on the exit rate to work as well as anticipation effects.

A New Car-Following Model considering Driving Characteristics and Preceding Vehicle’s Acceleration

In the past decades, many improved car-following models based on the full velocity difference (FVD) model have been developed. But these models do not consider the acceleration of leading vehicle. Some of them consider individual anticipation behavior of drivers, but they either do not quantitatively determine the types of driving or artificially divide the driving types rather than deriving them from actual traffic data. In this paper, driver’s driving styles are firstly categorized based on actual traffic data via data mining and clustering algorithm. Secondly, a new car-following model based on FVD model is developed, taking into account individual anticipation effects and the acceleration of leading vehicle. The effect of driving characteristics and leading vehicle’s acceleration on car-following behavior is further analyzed via numerical simulation. The results show that considering the acceleration of preceding vehicle in the model improves the stability of traffic flow and different driving characteristics have different influence on the stability of traffic flow.