1,720,983 research outputs found
(Mandatory) ESG disclosure and the impact on firm value of publicly listed companies on the western stock market
Get PDFThis thesis investigates the influence of ESG transparency (ESG disclosure) on the firm value of European and US equities, as assessed by Tobin's Q, with the aim of providing a comprehensive picture of the effects ESG Disclosure can have on firm value. Bloomberg's ESG disclosure score is used to evaluate a sample of 644 firms from Europe and the United States (US). To distinguish the sole influence of the mandatory ESG reporting rules, a difference-indifference regression is performed with the exogenous shock being the Non-Financial Reporting Disclosure (NFRD). For this, European enterprises of the Stoxx Europe 600 which are subject to the European Union's (EU) NFRD are benchmarked to US firms of the S&P 500 that do not yet have mandatory reporting processes in place. The empirical study in this thesis demonstrates that ESG disclosure, particularly driven by environmental information disclosure, improves firm value. Mandatory reporting standards, such as the NFRD, impede this positive effect since firms are legally required to reveal ESG information, implying information asymmetry between firms and investors because firms tend to conceal unfavourable information. This thesis emphasizes the significance of developing universal ESG reporting standards to increase transparency and comparability on the stock markets.Esta tese é sobre a divulgação (obrigatória) de ESG e o impacto no valor da empresa de empresas cotadas na bolsa de valores ocidental. A presente tese investiga a influência da transparência ESG (divulgação ESG) no valor das empresas de ações europeias e norteamericanas, avaliado pelo Tobin’s Q, com o objetivo de fornecer uma imagem abrangente dos efeitos que a divulgação ESG pode ter no valor das empresas. A pontuação de divulgação ESG da Bloomberg é utilizada para avaliar uma amostra de 644 empresas da Europa e dos Estados Unidos. Para distinguir a influência exclusiva das regras de divulgação obrigatória de informações ESG, uma regressão diferença-em-diferença é realizada com o choque exógeno sendo a divulgação de informações não financeiras (NFRD). Para o efeito, as empresas europeias do Stoxx Europe 600, que estão sujeitas à NFRD da União Europeia (UE), são comparadas com as empresas norte-americanas do S&P 500, que ainda não dispõem de processos de relato obrigatórios. O estudo empírico realizado na presente tese demonstra que a divulgação de informações ESG, em particular a divulgação de informações ambientais, aumenta o valor da empresa. As normas de divulgação obrigatória, como a NFRD, impedem este efeito positivo, uma vez que as empresas são legalmente obrigadas a revelar informações ESG, o que implica uma assimetria de informação entre as empresas e os investidores, uma vez que as empresas tendem a ocultar informações desfavoráveis. Esta tese sublinha a importância de desenvolver normas universais de relato ESG para aumentar a transparência e a comparabilidade nos mercados bolsistas
Green grades and financial shades : the ESG influence on default risk
Get PDFThis paper investigates the relationship between ESG scores and Default Probability (DP) for European firms in the STOXX Europe 600 index. We model this relationship using the Altman Z-Score and Ohlson O-Score as proxies for DP in regression analysis, while controlling for leverage, volatility, and size. The findings of this study show that higher ESG scores are associated with a higher DP for the Altman Z-Score, but with a lower DP when using the Ohlson O-Score. This discordant outcome highlights the sensitivity of results to the choice of DP proxy. The conclusion is that, even though the ESG factors can influence financial stability, their effect on default risk is minimal; hence, ESG is not the primary driver of default risk.Este documento investiga a relação entre as pontuações ESG e a probabilidade de incumprimento (DP) para as empresas europeias do índice STOXX Europe 600. Modelamos esta relação utilizando o Altman Z-Score e o Ohlson O-Score como proxies para a PD numa análise de regressão, controlando simultaneamente a alavancagem, a volatilidade e a dimensão. Os resultados deste estudo mostram que pontuações ESG mais elevadas estão associadas a uma PD mais elevada para o Altman Z-Score, mas a uma PD mais baixa quando se utiliza o Ohlson O-Score. Este resultado discordante realça a sensibilidade dos resultados à escolha do indicador de PD. A conclusão é que, embora os factores ESG possam influenciar a estabilidade financeira, o seu efeito no risco de incumprimento é mínimo; por conseguinte, os ESG não são o principal fator de risco de incumprimento
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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