1,720,988 research outputs found
Family ownership and stockholder reactions to environmental performance disclosure: A test of secondary agency relationships
No full textUsing the first ever Newsweek “Green Rankings” of the 500 largest U. S. firms in 2009 as a significant historical event, we test for the stockholder reaction to ratings of corporate environmental performance. Both the conventional null hypothesis significance testing and Bayesian approaches show that stockholders react significantly more positively to corporations with higher ratings of corporate environmental performance and that this effect is stronger in family owned firms. Our findings suggest that majority shareholders do not necessarily appropriate minority stockholders' rents when investing in environmental activities, as would be the case in the presence of “Type II” agency conflicts between majority family owners and minority stockholders. The family ownership effect is also found to be stronger in dirty (heavy polluting) industries as well as in more competitive and more opaque industry contexts
How Green Is Your Board? Board Structure and Corporate Environmental Performance
No full textThe present paper aims at exploring the relationship between firms’ board structure and their green performance, within the agency theory and resource dependence theory frameworks, in order to outline if particular types of board directors could act as a stimulating driver for firms’ environmental performance.
The theoretical analysis is completed by an empirical exploration, performed by two linear regression models, on a sample of Italian and Spanish firms included in the CSRHub database in 2015.
Our findings provide nuanced evidence that boards do affect firms’ environmental performance. We reported in fact a positive relationship between the presence of non-executivedirectors in the board and companies’ environmental performance; while the critical mass of women directors and the percentage of independent directors, together with board size, do not seem to be related with firms’ green performance
Mission Statements and the Sustainability Communication
No full textMission statements are crucial corporate communicating tools and have been considered an instrument for the strategic management process. A mission statement has become an important element for managing the organization-stakeholder relationship: such instrument enables companies to more effectively communicate the relevance of each stakeholder in their strategic orientation. The present paper is aimed at investigating the relationship between mission statements and corporate social responsibility. In particular, on the basis on an in-depth study on 193 European firms, we have analyzed if there is really a link between the content of a mission statement related to stakeholders and the CSR and environmental performance of a firm
Le PMI di fronte agli shock esogeni: quali sfide?
No full textObiettivo dello studio è riflettere sull’impatto che gli shock esogeni
possono determinare sulle PMI, indicando possibili modalità di loro
fronteggiamento. Sebbene si tenga conto dei continui cambiamenti ambientali che
coinvolgono l’agire imprenditoriale, nel contributo si focalizza l’attenzione
soprattutto sugli effetti della pandemia, della guerra e dei continui shock climatici
sulla gestione delle PMI. Emerge la necessità per i piccoli imprenditori di adottare
approcci contingenti e flessibili, capaci di adattarsi ai contesti settoriali ed alla
natura, l’intensità e la durata delle situazioni di crisi. La funzione imprenditoriale
è chiamata a far emergere capacità di leadership in grado di gestire con equilibrio
e competenza la gestione corrente anche in condizioni perturbate e allo stesso
tempo di cogliere le esigenze di innovazione, come ad esempio quelle imposte
dall’attuale fase di transizione digitale
Strategia nelle reti tra imprese
No full textIn questo contributo, che si inserisce nel Volume dedicato alla produzione scientifica del Prof. Pietro Genco, si è scelto di affrontare il tema della strategia nelle reti tra impre-se. Il Prof. Pietro Genco ha dedicato parte dei suoi studi al tema delle strategie corporate e di business delle imprese e ha sviluppato anche ricerca sui temi delle strategie nelle PMI. Le PMI fanno leva sulla rete di relazioni di filiera, verticali e orizzontali con altri attori del mercato per dare impulso alla loro competitività. Operare nel contesto di interazioni e di interdipendenze di mercato richiede approcci e azioni strategiche che riconoscono nelle interazioni e nelle interdipendenze sia un volano per lo sviluppo sia un vincolo. Il presente contributo ha l’obiettivo di riflettere sul concetto di strategia riferito all’impresa che viene considerata operare in contesti di mercato “a rete”
Does corporate ownership structure affect firms’environmental performance? Evidence in the European energy industry
No full textThe present paper aims to explore the mutual influence existing between corporate ownership structure and firms’ environmental performance.
The attention is focused on the energy industry, that represents one of the industries with the highest environmental impact and that, in the last few years, has been forced to increase efforts towards green issues.
In particular, the introduction of vertical unbundling in electricity and gas markets provides the opportunity to concentrate the attention on European energy companies operating in service activities, in which it is possible to better understand firms’ environmental performance.
The study, performing a linear regression model, examines the explanatory power of corporate governance issues, in particular firms’ ownership structure, as potential determinants of companies’ environmental performance.
The results show, in particular, that firms with more diffuse ownership present the worst environmental performance, while greater stakes held by institutional investors or by the State do not seem to be related with firms’ green performance
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