scholarly journals Influence of ESGC Indicators on Financial Performance of Listed Travel and Leisure Companies

2019 ◽  
Vol 11 (19) ◽  
pp. 5529 ◽  
Author(s):  
Mercedes Rodríguez-Fernández ◽  
Eva M. Sánchez-Teba ◽  
Alberto A. López-Toro ◽  
Susana Borrego-Domínguez
Keyword(s):  
Financial Performance ◽  
Statistical Tests ◽  
Theoretical Perspective ◽  
Point Of View ◽  
Thomson Reuters ◽  
International Tourist ◽  
Governance Practices ◽  
Empirical Point ◽  
Nonparametric Statistical ◽  
The Impact

The objective of this work was to research the impact of environmental, social, governance, and controversies (ESGC) indicators on financial performance. We used a sample of financial and nonfinancial business data from international countries for 2017 obtained through the Thomson Reuters environmental, social, and corporate governance (ESG) database. The company participants in the study belong to the tourism sector and are listed on international stock market indices. The methodology used was based on parametric and nonparametric statistical tests. Evidence supports that governance practices significantly influence financial performance. The contribution of the study is two-fold—from a theoretical perspective, it adds to the existing literature and, from an empirical point of view, we developed ESGC indicators and their relationship with financial performance using a binary regression logistic model, with results that can be applied to an international tourist perspective.

On Linkhood, Topicalization and Clitic Left Dislocation

2002 ◽  
Vol 38 (2) ◽  
pp. 193-245 ◽  
Author(s):  
THEODORA ALEXOPOULOU ◽  
DIMITRA KOLLIAKOU
Keyword(s):  
Theoretical Perspective ◽  
Point Of View ◽  
Clitic Doubling ◽  
Left Dislocation ◽  
Information Packaging ◽  
Card System ◽  
Clitic Left Dislocation ◽  
Empirical Point ◽  
Definition Of ◽  
Structural Definition

This paper focuses on the Information Packaging notion of linkhood and provides a structural definition of this notion for Greek. We show that a combination of structural resources – syntactic (left dislocation), morphological (clitic duplication) and phonological (absence of nuclear accent) – are simultaneously exploited to realize linkhood in Greek, a generalization that can be captured in a constraint-based grammar such as HPSG, which permits the expression of interface constraints. We assume Vallduví's (1992) approach to Information Packaging, and Engdahl & Vallduví's (1996) implementation of the latter in HPSG, but deviate from Vallduví's work in adopting Hendriks & Dekker's (1996) revised definition of linkhood that relies on non-monotone anaphora. From an empirical point of view, our approach directly accounts for the invariable association of Clitic Left Dislocated NPs with wide scope readings, as well as a number of systematic differences in felicity conditions between Clitic Left Dislocation and other apparently related phenomena (Topicalization and Clitic Doubling). From a theoretical perspective, our analysis departs from syntax-based notions of topichood or discourse-linking and supports a definition that unifies linkhood with other anaphora phenomena. As such, it arguably overcomes previously noted problems for Vallduví's treatment of links as the current-locus-of-update in a Heim-style file-card system.

scholarly journals The Impact of Innovation Strategy on the Financial, Social and Environmental Performance

2021 ◽  
Vol 1 (1) ◽  
pp. 33-39
Author(s):  
Hamid Saremi ◽  
Masoud Mahmoudi ◽  
Mojtaba Soltaninezhad ◽  
Mohammad Hosseinpour
Keyword(s):  
Financial Performance ◽  
Environmental Performance ◽  
Positive Impact ◽  
Stock Exchange ◽  
Social Performance ◽  
Point Of View ◽  
Innovation Strategy ◽  
Management Tools ◽  
Social And Environmental Performance ◽  
The Impact

The core purpose of this study is to investigate the effect of innovation strategy on financial, social and environmental performance of companies listed on the Tehran Stock Exchange (TSE). The information used is from 129 companies listed on TSE in different industries between 2011 and 2018 (1032 observations). In order to analyze the data, a multivariate regression test was used. The results showed a positive and significant relationship between innovation strategy on financial performance and environmental performance. Also, the relationship between innovation strategy and social performance has a positive but insignificant. Innovation tools are also among the few management tools that can have a positive impact on both financial performance and the company's environmental performance. In this research, an attempt has been made to look at the idea of innovation from a financial point of view, and its results in the long run indicate the right choice of management to invest in the company's research and development unit.

scholarly journals The financial impacts of board mechanisms on performance: The case of listed Moroccan banks

2021 ◽  
Vol 3 (2) ◽  
pp. 93-113
Author(s):  
Issam El Idrissi ◽  
◽  
Youssef Alami ◽  
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Fixed Effects ◽  
Audit Committee ◽  
Negative Impact ◽  
Governance Mechanisms ◽  
Return On Equity ◽  
Corporate Governance Mechanisms ◽  
Governance Practices ◽  
The Impact

Abstract Purpose: The present study examines the impact of corporate governance mechanisms on listed Moroccan banks' financial performance. Research methodology: This study investigates the relationship between listed banks' governance mechanisms and financial performance in the CSE for six years between 2014-2019. This study employs three performance measures, return on assets, return on equity, and Tobin's Q, to determine bank performance. This research uses the GMM EGLS approach to analyze data. In the first phase of this empirical research, we did use OLS, Fixed Effects, and Radom Effects regressions to show their inefficiency. Results: Our results portray that most board mechanisms have a negative impact on financial performance. In comparison, the audit committee and nomination & remuneration committee have a positive effect on financial performance. Limitations: Many qualitative and quantitative factors could influence financial performance and not only the used variables in this paper. Contribution: This research shows that the dynamic connection between corporate governance and financial performance is robust in the Moroccan banking context. Also, our study has important implications for establishing good corporate governance practices in emerging economies.

scholarly journals The Impact of Board Diversity, CEO Characteristics, and Board Committees on Financial Performance in the Case of Romanian Companies

2021 ◽  
Vol 15 (1) ◽  
pp. 7
Author(s):  
Bogdan Aurelian Mihail ◽  
Dalina Dumitrescu ◽  
Carmen Daniela Micu ◽  
Adriana Lobda
Keyword(s):  
Financial Performance ◽  
Audit Committee ◽  
Stock Exchange ◽  
Board Members ◽  
Board Diversity ◽  
Board Committees ◽  
Positive Effects ◽  
Governance Practices ◽  
The Impact ◽  
Ceo Characteristics

This paper examines the impact of board diversity, CEO characteristics, and board committees on the financial performance of the companies listed on the Bucharest Stock Exchange (BSE). In order to test the influence of these characteristics, detailed data on more than 70 firms are collected by hand, for the 2016–2020 period, and comprehensive regression models are estimated. The findings show that there are positive effects of board diversity especially with regard to the independent board members. In terms of the board committees, the audit committee is found to have a favourable influence. The regression coefficients imply that a 10% increase in the share of independent board members would be associated with a 0.93% increase in ROE. Based on these findings, it can be argued that improving the corporate governance practices of the companies listed on the BSE would increase the performance and the value of these firms.

scholarly journals TOURIST DEVELOPMENTS IN COVID PANDEMIC CONDITIONS ON THE EXAMPLE OF ISTRIA COUNTY, CROATIA

2021 ◽  
Author(s):  
Pavlo Ružić ◽  
◽  
Dragoljub Amidžić ◽  
Keyword(s):  
World Economy ◽  
Point Of View ◽  
Living Standards ◽  
Theoretical Research ◽  
Tourist Destination ◽  
Major Health ◽  
Empirical Point ◽  
Quantitative Impact ◽  
The Impact ◽  
Statistical Indicators

The occurance of the COVID pandemic in 2020 caused major health problems to the population and the world economy, an economic crisis with an evident decline in financial and productive power, rising unemployment and falling living standards. Unemployment and declining living standards were reflected in tourism trends, which were largely absent in such conditions. Following the stated assumptions, the purpose and goal of this paper is to investigate the impact of the COVID pandemic in the segments of tourist trends on the example of the Istrian tourist destination. The research was conducted from a theoretical and empirical point of view. Theoretical research is focused on finding relevant insights into the impact of the COVID pandemic on tourism trends. Empirical research based on statistical indicators will determine the quantitative impact of the pandemic on tourism trends.

scholarly journals THE IMPACT OF CORPORATE GOVERNANCE ON FINANCIAL PERFORMANCE OF LEBANESE BANKS

2021 ◽  
pp. 70-85
Author(s):  
Bilal Jibai
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Direct Relationship ◽  
Annual Reports ◽  
Quantitative Methodology ◽  
Substantial Evidence ◽  
New Knowledge ◽  
Governance Practices ◽  
The Impact ◽  
Governance Disclosure

The aim of this research is to study the impact of corporate governance disclosure on the financial performance of Lebanese banks. The impacts of corporate governance consequences on financial performance are the problem being faced by many firms. This research applies a quantitative methodology to the data from 29 banks’ annual reports for the year 2018. This data was analyzed using regression analysis means. This empirical study intends to find substantial evidence which would help acquire new knowledge and better understanding of how virtuous corporate governance practices and disclosures may help improve banks’ performance. In particular, validation of our research hypotheses may help with assessing the importance of corporate governance disclosure for the financial performance of Lebanese banks. The research proves there is a direct relationship between diversity on board and financial performance, as well as, between frequency of Board meetings and financial performance.  

scholarly journals Do sustainability practices influence financial performance? Evidence from the Nordic financial industry

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
ABM Fazle Rahi ◽  
Ruzlin Akter ◽  
Jeaneth Johansson
Keyword(s):  
Financial Performance ◽  
Positive Relationship ◽  
Good Governance ◽  
Generalized Method Of Moments ◽  
Negative Relationship ◽  
Financial Industry ◽  
Content Type ◽  
Thomson Reuters ◽  
Sustainability Practices ◽  
The Impact

Purpose The purpose of this study is to explore the impact of sustainability (environmental, social and governance or ESG) practices on the financial performance (FP) of the Nordic financial industry. Design/methodology/approach The study covers a sample selection of observations for a total of 152 firm-years for 39 financial companies within the Nordic region (Sweden, Denmark, Finland and Norway) for the business years including 2015–2019. Data regarding ESG and FP indicators were extracted from the Thomson Reuters Eikon database in July 2020. This is a quantitative study using regression and a generalized method of moments. Findings Using static and dynamic estimators, the authors found both positive and negative impacts of sustainability practice on FP. The authors identified a negative relationship between ESG practices and FP (return on invested capital, return on equity and earnings per share). The authors identified a positive relationship between governance and return on assets. Originality/value A key contribution to the accounting literature is the finding that there is a risk for financial firms in adopting sustainability practices, as they follow a logic that contradicts the purely economic rationale. On the other hand, the positive relationship between governance and FP helps not only companies but also regulators and researchers to understand the positive impact of a good governance structure.

scholarly journals The Impact of Bank-Specific Attributes on Web- Based Disclosure Practices of Global Banks

2020 ◽  
Vol 19 (1) ◽  
Author(s):  
Manpreet Kaur ◽  
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Firm Value ◽  
Descriptive Analysis ◽  
Mean Value ◽  
Web Based ◽  
Governance Practices ◽  
Informational Environment ◽  
The Impact ◽  
Global Banks

This paper examines the extent of web disclosure practices of the top thirty global banks. The paper also investigates the impact of bank-specific characteristics such as bank size, financial performance and corporate governance on web disclosure practices. To analyse the extent of web disclosure practices, a disclosure index of 101 items of information was formulated. To check the hypotheses of the study, an OLS regression framework was estimated on a sample of the top thirty global banks. Descriptive analysis indicates that global banks’ web disclosure is at an acceptable level as the mean value was 73. The results show that large sized banks and banks that follow good corporate governance practices extensively use their websites to disclose information. On the contrary, financial performance negatively affects the extent of web-based disclosure in a global context. The study contributes to the existing literature of webbased disclosure and the findings are useful for managers and investors. For managers it helps to meet the actual and potential informational needs of investors and for investors it helps in the decision to invest in a richer informational environment and better-assessed firm value. KEYWORDS: Web-based disclosure; global banks

scholarly journals The Moderating Role of Corporate Governance on the Relationship between Capital Structure and Financial Performance

2017 ◽  
Vol 6 (1) ◽  
pp. 89-105
Author(s):  
Muhammad Iqbal ◽  
Faisal Javed
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Financial Performance ◽  
Optimal Level ◽  
Equity Capital ◽  
Board Structure ◽  
Governance Mechanism ◽  
Governance Practices ◽  
The Impact ◽  
The Relationship

The key purpose of this research paper is to explore the moderating effect of Corporate Governance on the relationship between accounting base financial performance i.e. ROA, and ROE and Capital Structure of 173 Manufacturing firms listed in KSE of Pakistan for the period of 2009 to 2014. In this study multiple regression method is used under fixed effect regression model approach on panel data. The empirical results show that the inclusion of Corporate Governance Index (CGI) as moderating variable has influenced the interaction between Capital Structure and Financial Performance which was positively significant. The result is generally found that the most of Pakistani manufacturing listed firms pursue good corporate governance mechanism and use good and optimal level of Capital Mix to get the better and high financial performance. Furthermore, the corporate governance sub-indices i.e. board structure (BOD-I) and transparency & disclosure (DISC-III) both also have positive and statistically significant association with both firms performance variables: ROA and ROE. Moreover, the ownership structure sub-index (OWS-II) has not significant influence on financial performance. In last, the capital structure also has positive relationship with financial performance, interestingly about 70 per cent of Capital is financed by Equity capital and the Debt capital signifies 30 per cent only. The core significance of this paper is to investigate the impact of Corporate Governance practices on financial decisions from the Pakistani perspective.

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