1,720,960 research outputs found
Evidence on the effects of ownership, control, and board characteristics on firms’ environmental orientation
No full textAligned to public and private green transition agendas, academic literature over the past two decades has increasingly studied the firm level drivers behind firm environmental performance. Specifically, the decisions and actions of the individuals exerting control over the firm have been found to be interrelated with firm environmental performance. This thesis contributes to this stream of literature by employing a novel datasets and meta-analysis to shed light on different facets of firm environmental performance and its relationship with (i) board of directors’ characteristics, (ii) gender diversity at the board level, and (iii) family ownership. Given the multitude of facets of environmental performance; global evidence from novel datasets, unexplored research avenues, and aggregated meta-analytical work can provide additional depth to firm management, ownership, policymakers, and scholars interested in understanding how corporate control characteristics drive firm green performance. This thesis is made up of three stand-alone papers that have been drafter over the course of the doctoral degree. The first paper examines the relationship between board characteristic (gender diversity, board size, board independence, and CEO duality) and firms’ environmental SDGs adoption. Secondly, meta-analysis is employed to analyze the relationship between board gender diversity and different measures of environmental performance. Finally, the last paper focuses on relationship between family ownership and control and firms’ propensity to issue green bonds. The results of this studies confirm the view that the characteristics of governance, ownership and control and control can contribute to impact firms’ green agendas and their implementation
Policy-sensitive crypto assets: Event study of thematic returns around U.S. elections
No full textThis paper analyzes how thematic crypto asset categories responded to the 2024 U.S. presidential election using cumulative abnormal returns (CARs) within an event study framework. We examine four thematic categories: Made in U.S., DeFi & Real-World Assets, AI & Big Data, and World Liberty Financial. The results show significant negative CARs in the pre-election window, followed by sharp positive reversals on the election day and after the election. The most pronounced post-election recoveries appear in the Made in U.S. category with CARs over 40 %, suggesting market reassessment of regulatory expectations. Innovation-driven categories such as (World Liberty Financial, DeFi & Real-World Assets, and AI & Big Data) exhibit more muted responses. These findings underscore how political alignment influences crypto performance and offer new evidence on the pricing of political risk in digital asset markets
Board of Directors' characteristics and environmental SDGs adoption: an international study
No full textDrivers of environmentally conscious firm behaviour have gained increasing attention over past decades. The Board of Directors holds a central role in corporate decision-making, and previous empirical evidence suggests that its characteristics could influence corporate environmental performance. This paper contributes to the literature with the first evidence of the influence certain board characteristics have on whether a firm ultimately supports one or more environmental SDGs. Our focus is on board size, gender diversity, board independence and CEO duality. Logistic and fractional regressions on 4417 globally listed firms highlight that board size, the share of female directors, and the share of independent directors are significant drivers of support for environmental SDGs. The results and insights revealed in this study should be helpful to policymakers, investors and corporations in evaluating the effectiveness of corporate governance characteristics and fostering corporate contributions to the 2030 Agenda
Owners' Time Horizons and Firms' Environmental and Social Orientations: Evidence From Italian Private Manufacturing Firms
No full textThis study examines the relationship between ownership structure and sustainability practices in privately owned Italian manu- facturing firms. Using a dataset of 231 firms, we analyze how private equity and female ownership influence corporate environ- mental, internal social, and external social orientations. Our findings reveal that private equity ownership correlates positively with environmental orientation, as these investors prioritize practices that improve corporate value and mitigate risk. However, they tend to underinvest in external social initiatives, perceiving their benefits as long-term. In contrast, female ownership is linked to a stronger commitment to internal social responsibility. These results underscore the importance of corporate owner- ship in the shaping of sustainable corporate strategies and provide insights for both theory and practice
Environmental orientation, regional innovation, and equity crowdfunding campaigns’ outcomes: Evidence from two Italian platforms
No full textThe purpose of this paper is to examine how the crowdfunding campaigns success and long-term corporate failure are affected by the campaigns and firms’ environmental orientation, as well as by the regional innovation level. This study reveals that environmental orientations (of both campaigns and firms) are linked with higher campaign success, while only firm environmental orientation is linked with a lower probability of long-term corporate failure. Additionally, we find that regional levels of innovation are negatively linked with the probability of campaign success
Board of Directors' characteristics and environmental SDGs adoption: an international study
Full text linkDrivers of environmentally conscious firm behaviour have gained increasing attention over past decades. The Board of Directors holds a central role in corporate decision-making, and previous empirical evidence suggests that its characteristics could influence corporate environmental performance. This paper contributes to the literature with the first evidence of the influence certain board characteristics have on whether a firm ultimately supports one or more environmental SDGs. Our focus is on board size, gender diversity, board independence and CEO duality. Logistic and fractional regressions on 4417 globally listed firms highlight that board size, the share of female directors, and the share of independent directors are significant drivers of support for environmental SDGs. The results and insights revealed in this study should be helpful to policymakers, investors and corporations in evaluating the effectiveness of corporate governance characteristics and fostering corporate contributions to the 2030 Agenda
Cash Holdings and ESG: The Moderating Effect of Family Control and Family CEOs
No full textThis study investigates the relationship between cash holdings, family firms, and ESG drawing on a comprehensive dataset spanning 18 European countries from 2017 to 2023. Aligned to the trade-off theory predictions we observe an inverted U-shaped relationship between cash reserves and firms’ ESG scores, indicating that the positive correlations between cash holdings and ESG, exceeding a certain threshold leads to a marginal negative impact of cash on ESG. Additionally, our results reveal that family control positively influences the relationship between cash holdings and ESG, suggesting that family-controlled firms are more effective in utilizing higher levels of cash reserves to drive ESG performance. Importantly, we observe the negative moderation in family firms of the presence of a family CEO on the relationship between cash holdings and ESG outcomes
Board of Directors Characteristics and Environmental SDGs adoption: A global perspective.
No full textDrivers of environmentally conscious firm behaviour have gained increasing attention over the past decades. Board of Directors (BoD) holds a central role in corporate decision making, and previous empirical evidence suggests that, and its characteristics could influence CSP.
This paper contributes to the literature showing first evidence of the effects of BoD on firms’ adoption of environmental SDGs. The examined board of directors’ characteristics are: board size, gender diversity, board independence, and CEO Duality. Logistic and linear regressions on 4,366 listed firms globally highlight that board size, the share of female directors, and the share of independent directors are significant determinants of the support of environmental SDGs. Our results support stakeholder theory expectations that more diverse board members are more likely to consider a broader array of environmentally related issues. These results might be useful to policy makers, investors and corporations in evaluating the effectiveness of corporate governance characteristics in fostering the firm contribution to the 2030 Agenda
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
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