scholarly journals Testing the Resilience of CSR Stocks during the COVID-19 Crisis: A Transcontinental Analysis

Mathematics ◽  
2021 ◽  
Vol 9 (5) ◽  
pp. 514
Author(s):  
María del Carmen Valls Martínez ◽  
Pedro Antonio Martín Cervantes

Investors and practitioners are increasingly concerned with financial assets within the scope of corporate social responsibility (CSR) meaning that, in recent times, such assets have become enshrined in the preferences of the new generations of investors and consumers. Just when the interest of investors was at its highest, SARS-CoV-2 (COVID-19) affected all international financial markets, so that, at first sight, it might seem that the financial assets assigned to CSR should have suffered collapses that were identical to the rest; however, our work shows the opposite, providing a comparative analysis of how the pandemic has affected the financial markets of each continent to demonstrate its outstanding resilience through the use of the Wavelets methodology. We analyzed the global impact of the registered cases of COVID-19 on the Dow Jones Sustainability World Index (DJSWI), the world’s leading indicator of sustainable companies, in addition to six other financial indices selected from each continent. The empirical results of this research show that the worldwide repercussions of the sudden outbreak of SARS-CoV-2 has had a substantially smaller effect on sustainability-related indices compared to the other considered indices. Similarly, the methodology employed allowed the establishment of a chronogram with details of the dating of COVID-19 expansion through the considered countries, a certain gradation in terms of the impact of the pandemic on these stock indices, and certain common guidelines describing their devastating effects on each of the financial markets represented by the indices in this research.

Author(s):  
Begüm Aylin Önder

Corporate social responsibility is one of the activities that goes beyond philanthropy, based on volunteerism in line with the responsibilities of enterprises towards society. This concept, which offers businesses the opportunity to look after and develop their brand image in the eyes of society, has become a necessity, not a choice, especially in today's world. In order to meet social expectations, the effectiveness of static and dynamic advertising messages implemented in all social benefit-based studies for human development such as environment, health and education is very important in terms of ensuring audience communication. In the second half of 2019, people were confined to homes and life came to a standstill all over the world in order to reduce and prevent the impact of the pandemic within the scope of the “New Type Corona Virus” (COVID-19) measures, which are from the sars-cov-2 coronavirus family, which is spreading rapidly globally starting from Wohan, Hubei Province, China. As a basic protection module for humanity against corona virus, it has incorporated the concept of social distancing into their lives in order to reduce the contact of staying at home and increasing hygiene, except in mandatory situations. During this extraordinary period, many brands on a global scale have included the concept of “social distance” in their advertising messages with the awareness of corporate social responsibility and have started to inform and educate the community about this issue by emphasizing the importance of the process. Within the scope of this research, advertising designs prepared by brands acting with corporate social responsibility awareness through the concept of social distancing during the Pandemic period were discussed and how the meaning structures behind the messages were created and transmitted. The research is limited to 3 (three) advertising designs determined by the 'judicial sampling' method (selective method). In the sample of the study, advertising narratives of brands in different sectors were explained in general framework and similar and different aspects of messages were uncovered by performing comparative analysis between messages in line with the findings obtained from the narratives. In this context, it was determined that the contrasts of “pessimism and optimism, hope and despair, happiness and unhappiness, death and life, strong and powerless, youth and old age, unity/togetherness and separation, struggle and defeat, nature and culture” were constructed as the main discourse.


2020 ◽  
Vol 12 (6) ◽  
pp. 2395 ◽  
Author(s):  
Belen Lopez ◽  
Alfonso Torres ◽  
Alberto Ruozzi ◽  
Jose Antonio Vicente

The objective of this study is to explore empirically the dimensions that generate high impact in the finance industry to better understand its contribution from a Corporate Social Responsibility (CSR) perspective. We analyze data concerning impacts of finance sector firms certified by B Corp in order to identify the combinations that are necessary and/or sufficient to obtain a recognition of their high impact generation. The methodology followed to identify the impact dimensions is fsQCA, (fuzzy set Qualitative Comparative Analysis), a qualitative comparative analysis method applied to a sample of finance firms (n-181). The results indicate that financial sector firms exhibited four combinations focusing on different impact dimensions. Specifically, the first route indicates that a high degree of focus on customers and communities is sufficient to obtain a high impact score. The second path signals that the combination of the impacts on customers and corporate governance could lead to the same result, while in the third pathway the focus would be on the employees. Finally, the fourth route indicates that some financial firms focus strongly on their communities, corporate governance and their employees, but very weakly on the environmental dimension. Consequently, diverse combinations of CSR dimensions characterize financial sector contributions to impact generation and sustainable development.


2020 ◽  
Vol 14 (3) ◽  
pp. 399-419
Author(s):  
Sungwook Min ◽  
Namwoon Kim ◽  
Carlos Lo

Purpose The purpose of this study provides the enhancing factors of corporate social responsibility (CSR) and examines their differential effects on corporate social performances for business-stakeholder groups (i.e. investors, employees, suppliers and customers) and public-stakeholder groups (i.e. communities and the environment). Design/methodology/approach This study uses a differenced-equation model to test the differential effects of CSR-enhancing factors. The study tests the impact of each factor controlling the effects of the other CSR-enhancing factors in one multivariate analysis with survey data of 776 small and medium-sized enterprises from Hong Kong. Findings This study finds that firms give more CSR efforts for public stakeholders than for business stakeholders as firms’ financial resources, institutional conformity and their perceived regulatory pressure increase. On the other hand, firms provide more CSR efforts for business stakeholders than for public stakeholders when such efforts are based on their strategic motivation. Originality/value The main contribution of this study is to clarify diverse CSR-enhancing factors for different stakeholders, in particular, business vs public stakeholders, thus to help firms understand the effective ways to increase CSR actions for specific target stakeholder groups.


Author(s):  
Necmiye Serap Vurur

The Covid 19 pandemic is the first major crisis facing cryptocurrencies. Therefore, the reaction of the cryptocurrency markets is important. News about epidemics affects investors' decisions. Panic index (PIndex) is an index created from news about the Covid 19 outbreak. In the study, it is used to measure the impact of decisions on the crypto money market. As cryptocurrencies, Bitcoin (BTC), Etherium (ETH), and Ripple (XRP), which have the highest transaction volume in the crypto money market, are included in the analysis. The relationship between Panic Index and the three major cryptocurrencies with the largest share in the cryptocurrency market was investigated by Ardl and Hatemi-J asymmetric causality test. Traditional causality tests acknowledge that the effects of positive and negative changes are the same. However, there may be asymmetric information and different investor behaviors in financial markets. In the study, Hatemi-J [1] Asymmetric Causality Test was conducted to examine the asymmetric relationship and symmetric relationship between Pindex and cryptocurrencies by separating them into positive and negative shocks. According to the results of the Hatemi-J causality analysis, positive shocks in the panic index are the cause of negative shocks for all cryptocurrencies. In other words, increases in the panic index are caused to fall the value of Bitcoin, Ethereum, and Ripple cryptocurrencies decrease. The results show that cryptocurrencies were not a safe haven for the investor during the Covid 19 period, as they acted similarly to other financial assets.


Author(s):  
Neşe Algan ◽  
Mehmet Balcılar ◽  
Harun Bal ◽  
Müge Manga

This study investigates the impact of terrorism on the Turkish financial market using daily data from Jan 4, 1988 to May 24, 2016. In order to measure the impacts of terrorist attacks in Turkey we test for causality from terrorism index to returns and volatilities of 3 aggregate and 16 sector level stock indices using a recently developed nonparametric causality-in-test test of Balcilar et al. (2016). The results obtained indicate that there is no causality from terrorist activities to stock market returns (1st moment). However, we find significant causality at various quantiles from terrorist activates to volatility (2nd moment) of tourism, food and basic materials sectors.


2017 ◽  
Vol 9 (2) ◽  
pp. 46
Author(s):  
Erzsébet Németh ◽  
Boglárka Zsótér

Since the financial crisis in 2008 the investigation of financial literacy–especially its components (personality, attitudes, behaviour etc.) - is in the limelight. Modern economics have recognized that in order to effectively forecast financial and economic processes it is primordial to understand the attitudes of the members of society toward finances, as well as the characteristics of various social group sharing the same views and behaviours. In 2015 two relevant pieces of research were conducted in this topic in Hungary. One focuses on the financial personality types, while the other investigates Hungarians’ financial culture in general based on the research methodology of the OECD. Based on these two databases our comparative study highlights the main characteristics of financial personality types. The three clusters based on the OECD research cover the nine personality types from the results of the other Hungarian research. Our findings show that the cluster of “anxious unsatisfied” encapsulates the “economizers with little money”, the “price sensitive” and the “collector” personality types. Furthermore, the “satisfied conscious” covers the “order creates value”, the “diligent” and the “planner” personality types. Finally, the “moderately anxious unconsidered” involves the “ups and downs”, the “money-devouring” and the “cannot control finances” personality types. The clusters identified during the research show idiosyncratic financial and psychological vulnerability and/or protection.


Author(s):  
Ian Cummins ◽  
Emilio José Gómez-Ciriano

AbstractThis paper presents a comparative analysis of two reports by the UN Rapporteur on Extreme Poverty and Human Rights, one for Spain and one for the UK. In both countries, austerity policies were introduced following the banking crisis of 2008. The UN Rapporteur reports highlight the damage that was done by welfare retrenchment. In particular, the reports document the impact of austerity on the most vulnerable individuals and communities. The paper uses Somers' (2008) conceptual model of citizenship as the basis for a comparative analysis of two reports. Somers' (2008) model of citizenship is a triadic one which sees the state, market and civil society as competing elements. Each one can serve to regulate and limit the influence or excesses of the other two. Somers argues that neoliberalism has seen the dominance of the market at the expense of the role of the state and the institutions of civil society. Austerity policies saw the market dominating. Having examined the context of the two reports and their conclusions, the paper discussed the implications for individual social workers’ practice and the role of social work as a profession in tackling poverty and marginalisation.


2021 ◽  
Vol 2 (3) ◽  
pp. 9-15
Author(s):  
Khenu Lather ◽  
Munnopule Khlise ◽  
Mashue Kinneth

The purpose of this research is to evaluate the impact of the execution of the Corporate Social Responsibility program on the welfare of the local community. This research technique is descriptive qualitative, and it makes use of both primary and secondary data. The findings of this research show that the implementation of the Corporate Social Responsibility (CSR) program for the benefit of the community has not been successful, which is supported by a number of impediments to the success of these programs


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Giulio Ferrigno ◽  
Giovanni Battista Dagnino ◽  
Nadia Di Paola

Purpose Drawing upon the importance of research and development (R&D) alliances in driving firm innovation performance, extant research has analyzed individually the impact of R&D alliance partner attributes on firm innovation performance. Despite such analyzes, research has generally underestimated the configurations of partner attributes leading to firm innovation performance. This research gap is interesting to explore, as firms involved in R&D alliances usually face a combination of partner attributes. Moreover, gaining a better understanding of how R&D partner attributes tie into configurations is an issue that is attracting particular interest in coopetition research and alliance literature. This paper aims to obtain a better knowledge of this underrated, but important, aspect of alliances by exploring what configurations of R&D alliance partner attributes lead firms involved in R&D alliances to achieve high innovation performance. To tackle this question, first, this study reviews the extant literature on R&D alliances by relying on the knowledge-based view of alliances to identify the most impactful partner attributes on firms’ innovation performance. This paper then applies a fuzzy set qualitative comparative analysis (fsQCA) to explore the configurations of R&D alliance partner attributes that lead firms involved in R&D alliances to achieve high innovation performance. Design/methodology/approach This study selects 27 R&D alliances formed worldwide in the telecom industry. This paper explores the multiple configurations of partner attributes of these alliances by conducting a fsQCA. Findings The findings of the fsQCA show that the two alternate configurations of partner attributes guided the firms involved in these alliances to achieve high innovation performance: a configuration with extensive partner technological relatedness and coopetition, but no experience; and a configuration with extensive partner experience and competition, but no technological relatedness. Research limitations/implications The research highlights the importance of how partner attributes (i.e. partner technological relatedness, partner competitive overlap, partner experience and partner relative size) tie, with regard to the firms’ access to external knowledge and consequently to their willingness to achieve high innovation performance. Moreover, this paper reveals the beneficial effect of competition on the innovation performance of the firms involved in R&D alliances when some of the other knowledge-based partner attributes are considered. Despite these insights for alliance and coopetition literature, some limitations are to be noted. First, some of the partners’ attributes considered could be further disentangled into sub-partner attributes. Second, other indicators might be used to measure firms’ innovation performance. Third, as anticipated this study applies fsQCA to explore the combinatory effects of partner attributes in the specific context of R&D alliances in the telecom industry worldwide and in a specific time window. This condition may question the extensibility of the results to other industries and times. Practical implications This study also bears two interesting implications for alliance managers. First, the paper suggests that R&D alliance managers need to be aware that potential alliance partners have multiple attributes leading to firm innovation performance. In this regard, partner competitive overlap is particularly important for gaining a better understanding of firm innovation performance. When looking for strategic partners, managers should try to ally with highly competitive enterprises so as to access their more innovative knowledge. Second, the results also highlight that this beneficial effect of coopetition in R&D alliances can be amplified in two ways. On the one hand, when the partners involved in the alliance have not yet developed experience in forming alliances. Partners without previous experience supply ideal stimuli to unlock more knowledge in the alliance because new approaches to access and develop knowledge in the alliance could be explored. On the other hand, this paper detects the situation when the allied partners are developing technologies and products in different areas. When partnering with firms coming from different technological areas, the knowledge diversity that can be leveraged in the alliances could drive alliance managers to generate synergies and economies of scope within the coopetitive alliance. Originality/value Extant research has analyzed individually the impact of R&D alliance partner attributes on firm innovation performance but has concurrently underestimated the configurations of partner attributes leading to firm innovation performance. Therefore, this paper differs from previous studies, as it provides an understanding of the specific configurations of R&D alliance partner attributes leading firms involved in R&D alliances to achieve high innovation performance.


Author(s):  
Mercedes Sánchez-Apellániz ◽  
Miriam Núñez ◽  
Maria José Charlo-Molina

There are two schools of thought in analyzing the effects of globalization on women. One school, basically optimistic but with some reserves, argues that participation in global trade and in financial markets will improve the situation of all citizens, including women. The other has got a more critical perspective and argues that economic globalization will further increase existing inequalities and will lead to new ones. Both sides of the discussion on the effects of globalization on women are valid, but there is a the need to go beyond the sterile debate on whether globalization is good or bad, and reach a more constructive and wider-scope debate on how to achieve the best possible outcomes of globalization for women. Globalization must be analyzed from a multidimensional perspective and it is only by means of this process and by analyzing the real experiences of actors in adapting to globalization that we can understand the true outreach of globalization. According to this alternative perspective and in trying to develop a constructive debate on the impact of globalization on women a set of practices have to be detected, analyzed, and promoted in order to minimize the negative impacts of globalization on women and reinforce the positive ones. They include, among others: cultural change; sustained and mutually-agreed action programs among business schools, companies, and other interest groups such as the public sector; and removing the glass ceiling in MNCs, including codes of conduct as a part of their corporate social responsibility.


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