1,720,983 research outputs found
Sustainable and socially responsible finance: Introduction
No full textThis Special Issue on Sustainable and Socially Responsible Finance examines how sustainability considerations enter asset pricing, corporate reporting, and prudential oversight. The contributions jointly show that outcomes hinge on the interaction of heterogeneous preferences, the design and credibility of information (ratings, labels, disclosures, stress tests), and real-world constraints faced by investors, firms, and banks. Methodologically, the Issue combines portfolio construction, experimental evidence on investor motives, large-scale analyses of financial reporting around climate shocks, and market reactions to supervisory climate exercises. The unifying message is pragmatic: when sustainability information is credibly produced and appropriately integrated into decision rules, markets can accommodate alignment goals without mechanically sacrificing efficiency; where information is noisy or discretion is high, incentives and governance determine whether sustainability claims translate into real change. We conclude by outlining implications for product design, assurance, and the architecture of climate-related supervision
Does gender diversity on banks' boards matter? Evidence from public bailouts
Full text linkWe are the first to examine the impact of gender diversity on banks' boards on the probability and size of public bailouts. Our findings, based on a sample of listed European banks over the period 2005–2017, suggest that banks with more gender-diverse boards are less likely to receive a public bailout and receive a lower amount of bailout funds as a percentage of total assets than banks with less gender-diverse boards. Specifically, an increase by one standard deviation in gender diversity decreases the probability of a bailout by at least 2.44%, a significant reduction considering that the unconditional probability is 18.7%. Gender diversity is also positively related to bank performance, as proxied by ROA and Tobin's Q and with dividend payout ratios, consistent with the hypothesis that female directors are better monitors than male directors. These results are robust to a variety of econometric approaches and provide support for recent reforms in several EU countries regarding gender quotas
Investments in Nascent Project-Based Enterprises: The interplay between role-congruent reputations and institutional endorsement
Full text linkWe study nascent project-based enterprises (PBEs) through the lens of upper echelons and institutional theory. We analyse the interplay between the different role-congruent reputations of their project entrepreneurs and the institutional endorsement of their project idea, theorizing how these affect PBEs’ ability to attract private investments. In the context of the Italian film industry, we find that the commercial reputation of the project entrepreneur in the producer role is crucial for attracting investors, while the artistic reputation of the project entrepreneur in the creative director role is crucial for attaining institutional endorsement of the project idea. Finally, we find that the effect of the commercial reputation of the project entrepreneur in the producer role on attracting investments is mediated by the institutional endorsement. We contribute to the literature on PBEs by demonstrating how specific combinations of project entrepreneurs’ roles and (role-congruent) reputations can directly and indirectly attract investments
Is relationship lending still a mixed blessing? A review of advantages and disadvantages for lenders and borrowers
No full textRelationship lending is a common lending technology that is assumed to bring several benefits to small-medium enterprises (SMEs) and to financial institutions that adopt it. Notably, it could reduce information asymmetries, permitting banks to offer better credit terms to the borrower. However, it also entails some costs for both sides. The empirical evidence so far has not been conclusive in determining under what conditions relationship lending can be beneficial or harmful. Most of the studies suggest that SMEs that engage in relationship lending benefit from more credit availability (especially during a financial crisis), and lower interest rates. This occurs when they are served by small banks, are geographically close to the lender, when the bank is adequately decentralized and when it is the dominant creditor of the firm. However, under certain circumstances, banks can extract rents from the borrower or be captured by him. In addition, the consequences and the future of relationship lending will be remarkably affected by the level of competition among banks, their ownership structure, the regulatory framework and the business model that banks will have to adopt accordingly
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
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe 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
Full text linkWe 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
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