1,720,980 research outputs found
Corporate Valuation: Looking beyond the Forecast Period through New 'Fuzzy Lenses'
No full textNovel suggestions and insights on corporate valuation are provided adopting a still unconventional approach: fuzzy logic. It recalls the (Sophist) concepts of imprecision, vagueness, and ambiguity, overcoming the common (Aristotelian/Boolean) logic founded on dichotomy. Fuzziness has been applied to economics and appears, for most part in cognitive contexts characterized by uncertainty and complexity, growingly adequate to business and information sciences. In this paper, our goal is to revisit and expose the future horizon value attributable to a business after n years (in the medium and long term, beyond the normal five-to-ten-year forecast period) through a fuzzy multivalent number, rather than a limiting crisp (single-valued) one. Since the 'continuing' or 'terminal' value is a big slice of the overall corporate value, such 'picture' results in an amusing and suggestive (impressionistic) visualization, as financial numbers are looked through deconstructing and zooming lens. Abductively, absolute conclusions on business values are precluded, but several levels of feasibility or adequacy are possible, showing a blurry multiplicity of gathered numbers. The fuzzy approach enlarges the extent of the sensitivity analysis made by the expert (appraiser) and enables the decision makers (administration) having for processes or predictions more information with characteristics of completeness, transparency, and credibility. Finally, the approach sheds light on different value possibilities rather than sharply estimating and releasing only one single (most likely) value
Impact of environmental, social, and governance information on economic performance: Evidence of a corporate 'sustainability advantage' from Europe
Full text linkBoth UN Agenda 2030 and the Directive n. 2014/95/EU have recently promoted a marked improvement in sustainability disclosure, especially for larger companies or groups. Starting from this premise, we carried out an original study on the financial materiality of the E-S-G (environmental, social and governance) information of primary companies listed on major European indices in Belgium, France, Germany, Italy and Spain (BEL, CAC, DAX, FTSE-MIB, IBEX). Within the Stakeholder Theory and the Corporate Social Responsibility (CSR)-Corporate Social Perfomance (CSP) framework, our empirical analysis examined the impact of non-financial results (assessed through sustainability indicators) on economic (financial and market) performance in the timespan 2014-2017. We propose a different approach from previous studies, based on a PLS (Partial least squares)/SEM (Structural equation modeling) methodology together with the unprecedented consideration of "ESG" measures (Environmental, Social and Governance), either absolute (scores) or relative (extra-performance over industry sector). We find that, despite the absolute level of the individual ESG scores not being impactful, the "distance" from the industry average-normal figures (excess or abnormal ESG performance) is positively relevant, collaterally revisiting the notion of competitive advantage in sustainability terms. Corporate size is shown to be a significant background factor (as slack resources proxy). Social, environmental and governance responsibility (to all stakeholders) appear to be important as a competitive factor of the modern firm
Alcune riflessioni critiche sull'armonizzazione dei modelli di governo societario, tra localismo e globalizzazione
No full text
- …
