1,720,980 research outputs found
Crescita sostenibile: l'Europa ha un Piano
No full textLa sostenibilità è un concetto che si ritrova sempre più al centro dei dibattiti economici e sociopolitici dei Paesi all’avanguardia. L’Unione Europea, che non vuole assolutamente restare indietro rispetto agli altri su questo fronte, ha da poco elaborato il “Piano d’azione per finanziare la crescita sostenibile”. Un documento che va nella direzione di perseguire gli obiettivi già pattuiti con l’Onu e rivolgere una speciale attenzione al problema globale del cambiamento climatico. Per questo, il testo calibra anche i requisiti patrimoniali delle banche e favorisce i finanziamenti sostenibili erogati dalle stesse. Tutte indicazioni che permettono di trarre spunti interessanti sul tema per il mondo della finanza, anche in ottica futura
The link between CSR and CFP in the financial sector. A literature review (1995-2017)
No full textThe paper proposes a systematic-narrative literature review, as a new study in the scenario of the literature on the linkage between Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP) in financial sector. Based on a hand-collected dataset regarding remarkable studies published from 1995 to the first half of 2017, the study reviews and codes 39 relevant papers investigating the topic. Then, the study realizes, first, an exploratory analysis of the papers in the sample, with descriptive synthesis of principal evidences; secondly, a statistical analysis, with evidence from quantitative results reported in the selected papers, that are considered as observations of the relationship between the CFP and CSP (Corporate Social Performance). The variability of the estimates is investigated by means of the inferential statistical techniques. Both descriptive and inferential analyses show that CSR is linked to financial performance and, in particular, that CSR has a positive influence on financial performance
FINANZA SOSTENIBILE ED ECONOMIA CIRCOLARE: LEGAMI ED OPPORTUNITÀ
No full textL’economia circolare è un’economia caratterizzata dalla capacità di rigenerarsi autonomamente. Ciò significa che il suo paradigma supera il tradizionale modello economico lineare, in cui gli step «estrarre-produrre-utilizzare e gettare», oggi sempre più veloci e vicini, si susseguono realizzando un circolo vizioso che crea esternalità negative e ricadute sfavorevoli sulla nostra “casa comune”. A ciò si aggiunge, sempre nell’ambito del modello lineare, il fenomeno, ormai diffuso, dell’obsolescenza programmata dei prodotti, che innesca un processo antieconomico di abbreviazione fittizia della vita utile di molti beni, che vengono sostituiti quando ancora potrebbero funzionare adeguatamente, producendo in tal modo materiale di scarto
Sustainable disclosure versus ESG intensity: Is there a cross effect between holding and SRI funds?
No full textSustainable and Responsible Investment (SRI) funds – the largest component of the fast-expanding sustainable financial investment industry – apply environmental, social and governance (ESG) analyses to manage their investment portfolios and are particularly demanding in terms of issuers' disclosure. In this paper we take a step forward and ask whether adopting high-quality sustainability disclosure is important also for SRI funds' holding companies. Specifically, we introduce a novel metrics on the extent of holding companies' sustainability disclosure based on the quality of their Global Reporting Initiative (GRI) reporting. In parallel, we use a standard approach to measure a fund's ESG intensity, that is, the weighted ESG average of a fund's investments. Indeed, we find that an SRI fund's ESG intensity systematically improves when the associated holding company improves its GRI sustainability disclosure. Moreover, we show that this positive effect of holdings' disclosure on a fund's ESG intensity is larger in jurisdictions with less stringent regulation on disclosure, where the signaling value of GRI disclosure is supposedly heightened. Our results do not seem to be driven by endogeneity between a fund's ESG intensity and its holding company's GRI reporting. First, a fund's ESG investment policy and its holding company's sustainability disclosure policy lie on separate decision ladders. Second, we show that the two variables are empirically uncorrelated. Third, our results prove resilient to a battery of robustness checks. The implication of our finding is that holding companies' sustainability disclosure engagement can reap a benefit for their managed SRI funds – provided ESG ratings are reliable –, whose enhanced credibility might prove a key competitive factor
On the drivers of corporate social responsibility in banks: evidence from an ethical rating model
No full textThe purpose of the paper is the construction of a multidimensional ethical rating model, based on many items that represent the most significant Corporate Social Responsibility drivers of the banks. The items considered have
been drawn from literature and from corporate reporting and websites of banks and then subjected to content analysis. The model, applied to a sample of European banks, was divided into four areas of analysis (Disclosure; Organization and Management; Offer of Socially Responsible Instruments; International Agreements, Certifications and Indexes) to identify the most frequent ethical conducts and the ones that require improvement measures
The impact of sustainability-oriented practices on banking efficiency. An analysis through DEA model.
No full textThis chapter analyses whether banks’ sustainability-oriented practices are factors that positively affect a bank’s operational efficiency. To achieve the aim of the study, a non-parametric Data Envelopment Analysis (DEA) is applied to calculate banking efficiency. Second, using a panel data analysis on a worldwide sample of 205 listed banks, observed for the period 2018–2023, the study assesses the impact of sustainability practices on bank efficiency. The findings indicate that governance and social practices significantly enhance banking efficiency, while environmental innovation poses short-term efficiency challenges due to high initial costs. As managerial implications, this chapter emphasizes the need for banks to strategically balance sustainability efforts with operational goals, aligning practices with regulatory requirements to achieve sustainable growth
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe 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
Full text link“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
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